MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAINT GOBAIN
GLASS INDIA LIMITED |
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Registered Office : |
Plot No. A-1, Sipcot
Industrial Park, Sriperumbudur – 602 105, Kanchipuram District, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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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 : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 29935250 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ram |
|
Designation : |
Working with Managing Director |
|
Date : |
16.07.2008 |
LOCATIONS
|
Registered
Office : |
Plot No. A-1, Sipcot
Industrial Park, Sriperumbudur – 602 105, Kanchipuram District, Tamilnadu,
India |
|
Tel. No.: |
91-4111-262832/
2621833/ 27162851/ 2621834 |
|
Fax No.: |
91-4111-262841 /
262848 / 27162834 |
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E-Mail : |
sathya.narayanan@in.calyon.com
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|
Website : |
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Location : |
Owned |
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Corporate
Office : |
Plot No. A1, Sipcot Industrial Park, Sriperumbudur – 602 160, Tamilnadu, India |
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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, Maharashtra
Tel. 91-20-27120047/1441/0623
Fax. 91-20-27120777 v Survey No. 616/619, Pune – Nashik Highway
Alandi Phata, Kurli Village, Chakan Taluka, Khed, Pune, Maharashtra
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, Tamilnadu, India Tel. No. :
91-4111-32832/6/9 Fax No. :
91-4111-32841 E-Mail : sggi@md4.vsnl.net.in |
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Branches : |
v 102 A, L Block, Anna Nagar, Chennai –
600040, Tamilnadu, India Tel. No : 91-44-26630040 v 19 Avenue Road, Nungambakkam, Chennai –
600034, Tamilnadu, India Tel. No : 91-44-28212069/28215246/28227450 v AL 221, 14th Main Road, Anna
Nagar, Chennai – 600040, Tamilnadu, India Tel. No : 91-44-26286734 v Plot No. 2209/2 Anna Nagar, Chennai –
600040 Tel. No : 91-442-6222384 v AK 44, 11th Main Road, Anna
Nagar, Chennai – 600040, Tamilnadu, India Tel. No : 91-44-26212206 v 3A Wallace Garden, Second Street,
Nungambakkam, Chennai – 600006, Tamilnadu, India Tel. No : 91-44-28211366 v 29 Barnaby Road, Kilpauk, Chennai –
600010, Tamilnadu, India Tel. No : 91-44-26433195 v 318 Village Road, Nungambakkam, Chennai –
600034, Tamilnadu, India Tel. No : 91-44-28212021 |
DIRECTORS
|
Name : |
Mr. B. Santhanam |
|
Designation : |
Managing Director
|
|
Address : |
29 Ranjit Road, Kotturpurm, Chennai – 600085, Tamilnadu, India |
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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, 3rd Street, 176, Juhu Road,Mumbai – 400049,
Maharashtra, India |
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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, Paris – 75015, France |
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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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Name : |
Mr. Aschen Broich
Jalques |
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Designation : |
Director |
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Address : |
7 Rue Franklin, 78100 Saint Germainla Defense Cedex, France |
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Date of Birth/Age : |
03.06.1954 |
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Date of Appointment : |
15.06.1998 |
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Name : |
Mr. Biarnex
Daniel |
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Designation : |
Director |
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Address : |
Les Miroiors 18 Avene, Dalsace 92096, France |
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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 : |
50 Bis Boulevard General Leclerc 92200, Neuilly Sur Sene, France |
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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, 55 Chimbi Road, Bandra – 400050, Maharashtra, India |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
08.03.2000 |
KEY EXECUTIVES
|
Name : |
Mr. L.
Venkateswaran |
|
Designation : |
Company Secretary
|
|
Address : |
Flat S8, Subiksha Apartments, No. 21, Puliyur, 1st Lane,
Trustpuram, Kodambakkam – 600 024, Tamilnadu, India |
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Date of Birth/Age : |
10.02.1958 |
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Date of Appointment : |
29.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2004
|
Names of Shareholders |
|
No. of Shares |
|
Saint Gobain
Glass Deutschland, Germany |
|
37753813 |
|
Saint Gobain
Promotions Et Participation |
|
16715780 |
|
Grindwell Norton
India Limited |
|
2500000 |
|
Total |
|
56,969,593 |
As on 31.12.2006
|
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 Alsace 920961, La Defensecedex France Tel. No: 33(1) 47 6230 00 |
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Exports : |
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Countries : |
v
Japan v
Asian
Countries |
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Imports : |
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Countries : |
v Brazil v Worldwide |
PRODUCTION STATUS
As on 31.12.2006
|
Particulars |
Unit |
Installed
Capacity |
|
Glasses of various
types |
Tonnes |
650 tonnes of float glass everyday |
GENERAL
INFORMATION
|
Customers : |
v
Retailers v
OEM’s |
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No. of Employees : |
750 |
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Bankers : |
Irungattukottai Branch, Chennai, Tamilnadu, India
27the Floor, Two Pacific Place,
88, Queensway, Hong Kong
New London Bridge House, 25 New London Bridge Street, London SE19TB
Corporate accounts group
branch, 149, greams road, Chennai 600006
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|
Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
N. Ramesh Rajan Chartered
Accountants |
|
Address : |
32, Khader Nawaz
Road, Nungambakkam, Chennai - 600034, Tamilnadu, India |
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|
|
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Associates/Subsidiaries : |
v
Saint
Gobain NorPro India Limited 208, B Wing, Floral Deck Plaza, MIDC Central Road, Andheri
(East), Mumbai – 400093, Maharashtra, India Tel. No. 91-22-28239944 -
Acts
as Manufacturers of Glass and Abrasives v
Grindwell
Norton Limited Army and Navy Building, First Floor, 148, M.G. Road,
Mumbai – 400001, Maharashtra, India 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, Maharashtra,
India Tel. No. 91-20-7120047 Fax. 020-7120777 -
Acts
as Manufacturers of Glass and Abrasives v
Saint
Gobain Vetrotex India Limited Hyderabad-Bangalore Highway Thimmapur, Shadnagar Taluka,
Mahaboob Nagar District, Palmakul Post 509 325, Andhra Pradesh 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, IDC Mehrauli Road, Gurgaon – 122001, Haryana, India 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, Whitefield
Main Road, Bangalore – 560048, Karnataka, India 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
France v
Saint-Gobain
Deutschland, Germany v
Grindwell
Norton Limited v
Saint-Gobain
Seva , France v
Hankuk
Glass Industries, Kerala v
Saint-Gobain
Cristllaria Spain v
Saint-Gobain
Recherche, Spain v
Saint-Gobain
Glass, France v
Saint-Gobain
Vetrotex India Limited v
Saint-Gobain
Glass Portugal v
Saint-Gobain
Icover France v
Saint-Gobain
Glass Limited UK v
Saint-Gobain
Oberland, Germany v
Saint-Gobain
Exprover |
|
|
|
|
Holding Company : |
v
Compagnie-De-Saint-Gobain
Vintage Less Miroirs, 18
Alsace, 92096 LA, Cedex, France 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 |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1] Share Capital |
569.695 |
569.696 |
569.696 |
|
2] Reserves &
Surplus |
5417.355 |
5385.526 |
5381.998 |
|
3] Profit &
Loss Account |
0.000 |
0.000 |
0.000 |
NETWORTH
|
5987.050 |
5955.222 |
5951.694 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
6101.658 |
5137.853 |
1166.457 |
|
2] Unsecured
Loans |
37.287 |
154.687 |
250.000 |
TOTAL BORROWING
|
6138.945 |
5292.540 |
1416.457 |
|
DEFERRED TAX
LIABILITIES |
330.000 |
229.300 |
0.000 |
|
|
|
|
|
TOTAL
|
12455.995 |
11477.062 |
7368.151 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
9972.343 |
9821.956 |
4287.063 |
|
Capital work in
progress |
1222.231 |
1295.745 |
2564.663 |
|
|
|
|
|
|
INVESTMENTS |
343.244 |
537.503 |
843.723 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
Inventories |
1807.798 |
1280.005 |
924.788 |
|
Sundry Debtors |
1380.730 |
559.881 |
470.489 |
|
Cash & Bank
Balances |
247.540 |
142.087 |
148.483 |
|
Other Current
Assets |
3.954 |
1.834 |
1.624 |
|
Loans &
Advances |
389.253 |
352.080 |
149.981 |
|
Total Current Assets |
3829.275 |
2335.887 |
1695.365 |
Less:
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
Current
Liabilities |
2631.238 |
2397.298 |
1829.059 |
Provisions
|
279.860 |
116.731 |
193.604 |
Total Current Liabilities
|
2911.098 |
2514.029 |
2022.663 |
|
Net
Current Assets |
918.177 |
(178.142) |
(327.298) |
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
12455.995 |
11477.062 |
7368.151 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
|
4.332 |
3.639 |
|
|
Other Income |
|
0.127 |
0.061 |
|
|
Total Income |
|
4.459 |
3.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.155 |
0.202 |
|
|
Provision for Taxation |
|
0.080 |
0.105 |
|
|
Profit/(Loss) After Tax |
|
0.075 |
0.097 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
0.744 |
0.598 |
|
|
Purchases made for re-sale |
|
0.656 |
0.191 |
|
|
Consumption of stores and spares parts |
|
0.156 |
0.123 |
|
|
Increase/(Decrease) in Finished Goods |
|
(0.018) |
0.044 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.220 |
0.162 |
|
|
Managerial Remuneration |
|
0.008 |
0.006 |
|
|
Payment to Auditors |
|
0.001 |
0.001 |
|
|
Interest |
|
0.228 |
0.055 |
|
|
Insurance Expenses |
|
0.039 |
0.026 |
|
|
Power & Fuel |
|
0.634 |
0.478 |
|
|
Depreciation & Amortization |
|
0.579 |
0.548 |
|
|
Other Expenditure |
|
1.057 |
1.266 |
|
Total Expenditure |
|
4.304 |
3.498 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
--
|
1.69 |
2.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
3.58 |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
3.48 |
5.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.05
|
0.42 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
0.93 |
0.84 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Larson and
Turbo
v
Hyundai Motors
Form 8
|
Name of the company |
SAINT GOBAIN GLASS INDIA LIMITED |
|
Presented
By |
SAINT GOBAIN GLASS
INDIA LIMITED AND STANDARD CHARTERED BANK, NEW LONDON BRIDGE HOUSE, 25 NEW
LONDON BRIDGE STREET, LONDON |
|
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
1040.000 millions |
|
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, New London Bridge
House, 25 New London
Bridge Street, London SE19TB |
Form 8
|
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 India of the company |
Plot No. A-1,
Sipcot Industrial Park, Sriperumbudur – 602 105, Kanchipuram District,
Tamilnadu, India |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Name :Calyon Bank
[Formerly known as Credit Lyonnais] Address :27the
Floor, Two Pacific Place 88, Queensway City : Hong Kong ISO country code
: HK e-mail ID : sathya.narayana@in.calyon.com
|
|
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 |
[a] 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 [b] 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 [c] 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 [d] 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, Kanchipuram – 602 106 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
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 on or upon or about the premises and godowns at Plot A 1 SIPCOT
Industrial Park, Sriperumpudur, Kanchipuram – 602 106, 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 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, Sriperumbudur,
Kanchipuram 602 106, on Pari Passu |
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 Asia, in general and in
Indian subcontinent in particular. Saint Gobain’s entry into and growth in any
market is through investments into manufacturing activities, wherein they bring
in their advanced technological competence to provide state of the art products
to the customers in those markets.
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 India, Sri Lanka and Bangladesh” was in continuation of
Saint-Gobain’s strategy to expand its presence while continuing to consolidate
and grow in India.
Subject is the
largest green field investment in India. Set up at a cost of Rs. 5250 million
it has India’s largest and most modern Floatglass. Plant designed to produce
International Standard advanced float glass for the automotive, mirroring and
architectural segments. The Plant, located at Sreeperumbudur near Chennai and
spread over a sprawling 120 acres area, has the capacity to produce 650 Tons of
International Quality Floatglass everyday.
The company is a
subsidiary of Saint Gobain, manufacturing and marketing float glass and allied
products in India. From its world class manufacturing facilities in India Saint
Gobain Glass India produces wide range of float glass products – clear glass,
tinted glass, reflective glass, and mirrors.
The company’s state
of the art float glass plant is located at Sri perambudur, 46 km from Chennai,
on the Chennai – Bangalore highway. Spread over a picturesque 120 acres, it is
India’s most modern and largest glass plant with a capacity to produce 650 tons
of float glass everyday, or 47 million square meters of 2mm thick glass per
annum.
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 imports raw
materials and capital goods.
It is focussing on
Abrasives, Ceramics, Fibre, Reinforcements and Flat Glass. The formation for ‘General delegation for
India, Sri Lanka and Bangladesh’ was in continuation of the company’s strategy
to expand its presence while continuing to consolidate and grow in India.
The company’s
largest green field investment in India set up at a cost of 5250.000 millions,
it has India’s largest and most modern Float glass Plant designed to produce
International Standard advanced float glass for the automotive, mirroring and
architectural segments.
Today the Saint Gobain
Group in India Consists of:
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 India would find application in the following areas :
v
Architectural
Segment
v
Automotive
Segment
v
Mirroring
Segment
v
Miscellaneous
Areas (e.g. Photoframing, solar panels, visi-coolers)
Subject is Saint-Gobain's largest
greenfield investment in India. Set up at a cost of Rs 5,250 million, it has
India's largest and most technologically advanced float glass plant.
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 India:
- 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 India, blue.
- Online, Pyrolitic coated reflective glass for the first time in
India.
Saint Gobain Glass
India is committed to manufacturing Floatglass that adheres to the strictest
Quality Norms in the World. Within 55 days of commencement of production at the
Sreeperumbudur, the first exports started and by December 2000, almost half the
production was being exported to markets across the world.
In the domestic
market the company’s clear float glass is valued for the following unique
characteristics:
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 Details
Enriched by a long history beginning in France in 1665 with the
formation of Manufacture Royale des Glaces de Miriors, Saint-Gobain has
diversified and evolved over the years.
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:
v Building
Distribution
v Construction
Products
v Flat
Glass
v High
Performance Materials
v 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 India. Since then the Group has made
substantial investments in India and has steadily consolidated and strengthened
its position.
The Group today has nine companies in India offering a variety of engineered
materials.
The Saint-Gobain Glass product range in India is offered through two companies:
- 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
India is offered through four companies:
- 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 Hyderabad.
- 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 India is
offered through three companies
- 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 India.
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
India also, they are striving towards rapid growth. And to accelerate the
growth rate they are continuously seeking talented and focused individuals who
can significantly contribute and be an integral part of this process.
They
are committed to building people capability through their continuous efforts to
upgrade skill and enhance knowledge. Their training and development initiatives
range from organizing Management Development Programmes to cross-functional
career development opportunities, from outbound training programmes to
individualized 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
- Employee rights
Current Profile
Saint-Gobain established its
presence in India by acquiring a majority stake in Grindwell Norton in 1996,
and thereafter went on to consolidate and strengthen its presence within the
country. The Group has adopted a systematic focus in launching its individual
businesses in India and currently operates in three business sectors: Flat
Glass, High Performance Materials and Construction Products.
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 Hyderabad
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
India, Sri Lanka and Bangladesh in 1996. The Delegation facilitates the
establishment of new businesses in India, ensures synergy and co-ordination
between the businesses and companies in India and functions as a link between
the Companies and the businesses in India.
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 India to
manufacture and market their federated glass. These are Saint-Gobain Glass
India Limited and Saint-Gobain Sekurit India Limited
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 India’s largest and most
modern float glass plant, producing clear glass, tinted glass, pyrolytic
reflective glass and mirrors for the architectural and mirroring segment
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.
Press Release
SGGI Plans New Float in
Bhiwadi - Rajasthan
The second plant will come up at Bhiwadi in Rajasthan. The company has already a state-of-the-art global standard facility on a 177-acre land at Sriperumbudur, near here. In the first phase, the company is planning to put up a 300,000-tonne float glass plant at Bhiwadi. The initial investment will be around Rs.10000.000 millions. The plant is expected to go on stream in the first quarter of 2010.
Today, Saint-Gobain, headquartered in Paris (Annual results 2007, gross sales - 43.4 billion Euros; operating income - 4.1 billion Euros) is a world leader in building materials. It operates in 54 countries, featuring No 116 in the Fortune 500 list in terms of sales turnover (2007 Global 500). Saint-Gobain has organized its businesses into five sectors – Flat Glass, Construction Products, Building Distribution, Packaging and High Performance Materials. Each Business Sector has a strong leadership position in the global market in its area of operation.
Saint-Gobain Group in India
The Saint-Gobain Group came to India in 1996 when it acquired a majority stake in Grindwell Norton, the Group's first subsidiary in India. The Group has come a long way since then. Today there are eight companies in India, operating in three of Saint-Gobain's five sectors and offering a variety of engineered materials.
SGGI in
expansion phase
Saint-Gobain Glass India
Saint-Gobain Glass India Ltd (SGGI), a subsidiary of Compagnie de Saint-Gobain, manufactures and markets a wide variety of flat glass products and solutions. It started operations in the year 2000 with the commissioning of its first float glass plant. Since then it has rapidly expanded and deepened its presence in the Indian Flat Glass Market. Today SGGI is the clear market leader in the flat glass industry with a strong brand and a current market share of 40%. SGGI pioneered several product, market, manufacturing innovations that helped in the emergence of product differentiation and segmentation in what was seen as a Commodity industry.
World Glass Complex
From the beginning, Saint-Gobain Glass invested in world class manufacturing facilities in India. These facilities have been housed in the World Glass Complex, located at Sriperumbudur, a 1500 year old temple town near Chennai.The World Glass Complex is one of the largest investments in a single location globally by Saint-Gobain. It has come up at a cumulative investment of over Rs 15000.000 millions Spread over a campus of 177 acres, the World Glass Complex hou
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 :
The 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.
The 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. 42.94 |
|
UK Pound |
1 |
Rs. 85.78 |
|
Euro |
1 |
Rs. 68.01 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|