MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAINT-GOBAIN GLASS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-1,
Sipcot Industrial Park, Sriperumbudur Chennai – 602105, Tamilnadu |
|
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Country : |
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|
|
Financials (as on)
: |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
02.04.1997 |
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|
|
|
Com. Reg. No.: |
18 - 37875 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.569.696 Millions |
|
|
|
|
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 and Toughened Wire Glass, Heat Treated Glass, Glass Wares and
Mirrors. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 39000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company having fine track. Financial position of
the company appears to be sound. Directors are reported to be experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can
be considered normal for normal business dealings under usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/ Factory 1 : |
Plot No. A-1,
Sipcot Industrial Park, Sriperumbudur Chennai – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27162832 |
|
Fax No.: |
91-44-27162840 /
41 |
|
E-Mail : |
Venkateswaran.L@saint-gobain.com
sathya.narayanan@in.calyon.com
|
|
Website : |
|
|
Area : |
100000 sq. ft on
About 125 Acres Land (Owned ) |
|
|
|
|
Factory 2 : |
T-94-95 Bhosari
Industrial Estate, Pune – 411 026, |
|
Tel. No.: |
91-20-27120047/1441/0623 |
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Fax No.: |
91-20-27120777 |
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|
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Factory 3 : |
Survey No. 616/619, Pune – |
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Tel. No.: |
91-952135-252809/255937 |
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Fax No.: |
91-952135-252247 |
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E-Mail : |
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Branches : |
Located at: ·
·
·
Rajasthan ·
Uttar
Pradesh ·
·
·
·
Thane ·
·
·
·
Palakaad |
DIRECTORS
As on 16.09.2010
|
Name : |
Mr. Bhuvarghamurthy
Santhanam |
|
Designation : |
Managing Director
|
|
Address : |
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|
Date of Birth/Age : |
02.03.1957 |
|
Qualification: |
B. Tech (Civil) PGD/ MGT |
|
Date of Appointment : |
22.01.1998 |
|
DIN : |
00494806 |
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|
Name : |
Mr. Anand Mahajan
|
|
Designation : |
Whole-time Director |
|
Address : |
Fiona, |
|
Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
02.04.1997 |
|
DIN : |
00066320 |
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|
|
|
Name : |
Mr. Oliver Francois Bousquet |
|
Designation : |
Director |
|
Address : |
5, Reu Du Midi, |
|
Date of Birth/Age : |
11.03.1950 |
|
Date of Appointment : |
30.06.2008 |
|
DIN : |
02746320 |
|
|
|
|
Name : |
Mr. Joseph Andrew
Pereira |
|
Designation : |
Alternate
Director |
|
Address : |
No.8, Coral Reef,
55, Chimbai Road, Bandra, Mumbai – 400050, Maharashtra India |
|
Date of Birth/Age : |
24.11.1948 |
|
Date of Appointment : |
05.04.2007 |
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DIN : |
00130239 |
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|
|
|
Name : |
Mr. Jean Pierre
Floris |
|
Designation : |
Director |
|
Address : |
3, |
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Date of Birth/Age : |
09.07.1948 |
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Date of Appointment: |
30.06.2008 |
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DIN : |
02504627 |
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|
|
Name : |
Mr. Benott D’Lribarne |
|
Designation : |
Director |
|
Address : |
5, Reu Bellavoine, |
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Date of Birth/Age : |
09.09.1961 |
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Date of Appointment : |
09.07.2002 |
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DIN : |
01610383 |
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|
|
|
Name : |
Mr. Patrick Dupin |
|
Designation : |
Director |
|
Address : |
51, Avenue De Paris, |
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Date of Birth/Age : |
09.12.1963 |
|
Date of Appointment : |
20.06.2007 |
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DIN : |
01522067 |
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|
|
|
Name : |
Mr. Tyagarajan Bhaskaran |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.B2, Plot no.587, |
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Date of Birth/Age : |
20.07.1960 |
|
Qualification: |
B.Com, SICWAI |
|
Date of Appointment : |
20.06.2007 |
|
DIN : |
02168348 |
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|
|
|
Name : |
Mr. Ramakrishnan Subramanian |
|
Designation : |
Whole-time Director |
|
Address : |
E-3, Juniper Apartments, Tas Enclave, 10th Main Road Extension,
Anna Nagar, Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
26.01.1966 |
|
Qualification: |
B. Tech (Electronics), Diploma in (PGDM) |
|
Experience: |
17 Years |
|
Date of Appointment : |
20.06.2007 |
|
DIN : |
01521968 |
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|
|
|
Name : |
Mr. Swaminathan Eisenhower |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.A-102, Prince Villa No.15, |
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Date of Birth/Age : |
24.11.1954 |
|
Date of Appointment : |
20.06.2007 |
|
DIN : |
01521855 |
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|
|
|
Name : |
Mr. Mahadeo Achyut Puranik |
|
Designation : |
Alternate Director |
|
Address : |
Blog No. 73B, Flat No.21, Brindavan Majiwade, Thane - 400603, |
|
Date of Birth/Age : |
10.12.1955 |
|
Date of Appointment : |
31.03.2010 |
|
DIN : |
00130340 |
KEY EXECUTIVES
|
Name : |
Mr. L.
Venkateswaran |
|
Designation : |
Company Secretary
|
|
Address : |
Flat No. FOE, 4th Floor, Block 2, Jains Kences, Retreat 15
Reddy Street, Virugambakkam, Chennai – 600092, |
|
Date of Birth/Age : |
10.02.1958 |
|
Date of Appointment : |
31.03.2010 |
|
PAN No. : |
AAMPV0608D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Saint Gobain
Glass Deutschland GMBH, |
|
37753813 |
|
Grindwell Norton
Limited, |
|
2499993 |
|
Societe De
Participations Financieres Et Inductriellers (Spafi), |
|
29481196 |
|
Grindwell Norton
Limited B |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
Grindwell Norton
Limited Joseph Pereira, |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
Grindwell Norton
Limited Puranik A Mahadev, |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
|
|
|
|
Total |
|
69735009 |
AS ON 16.09.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.42 |
|
Bodies corporate |
3.58 |
|
|
|
|
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. |
||||
|
|
|
||||
|
Products : |
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 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
ABN
Amro Bank N. V., Credit
Administration Department, 63, Chulia Street, Singapore – 049514, Singapore ·
Indian
Overseas Bank, Irungattukottai
Branch, Chennai, Tamilnadu, India ·
Calyon
Bank 27th Floor, Two Pacific Place, 88, Queensway,
Hong Kong ·
·
Standard
Chartered Bank, New London Bridge
House, 25 New London Bridge Street,
London SE19TB ·
State
Bank of Corporate
Accounts Group Branch, 149, Greams Road, Chennai 600006, Tamilnadu, India ·
HSBC
Bank ·
Standard
Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution: |
Calyon Bank- 27th Floor, |
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|
|
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Auditors : |
|
|
Name : |
Price Water House Chartered
Accountants |
|
Address : |
32, |
|
PAN No. : |
AAEFP5579P |
|
|
|
|
Holding Company : |
Ø
Saint
Gobain Glass Deutschland GMBH, Ø
Societe
De Participations Financieres Et Industriellers (Spafi), Ø
Saint
Gobain Promotion et Participations Internationales, France |
|
|
|
|
Ultimate Holding Company: |
Ø
Compagnie-De-Saint-Gobain
Vintage Less Miroirs,
18 Alsace, 92096 LA, Cedex, France Tel. No. 33 (1)
476 230 00 |
|
|
|
|
Fellow Subsidiary : |
Ø
Grindwell
Norton India Limited Ø
Saint
Ø
Hankuk
Glass Industries, Ø
Saint
Gobain Glass Ø
Saint
Gobain Cristellaria Ø
Saint
Gobain Sekurit Ø
Saint
Gobain Vetrotex India Limited Ø
Saint
Gobain Isover Ø
Saint
Gobain Glass Ø
Saint
Gobain K and K Ø
Saint
Gobain Oberland Ø
Siant
Ø
Saint-Gobain Exprover Ø
Saint-Gobain Glass Ø
Saint Gobain Glass Solar Control Ø
Saint Ø
Saint Gobain Hankuk Ø
Saint Gobain Ø
Saint Gobain Sekurit Ø
Saint Gobain Glass Mexico Ø
Saint Gobain Sekurit Deutschland, GmBH Ø
Saint Gobain Hanglass, Japan Ø
Saint Gobain Vitrage Ø
Saint Gobain Direction Technique Ø
Saint Gobain Gyproc (Formerly known as India
Gypsum) Ø
Saint Gobain Autover Distribution S.A Ø
Savoie SEPR Ø
SEPR Italia Ø
Verrerie Aurys Ø
Hankuk Sekurit Limited Ø
Saint Gobain Hanglas CIFG Ø
SG Vertax Ø
Shanghai Saint Jungle Ø
Saint Gobain Sekurit – France Ø
SG Glass Polska Ø
Saint-Gobain Glass Benelux S.A. Ø
SG Sekurit Thailande Company Limited Ø
Cesa Construction Ø
Najing New Nawnoo Glass Industries Ø
SG Glass Italia SpA Ø
SG Glass Ø
Saint Gobain India Delegation Ø
Saint Gobain Crystal and Detectors Indi Ø
SEPR Refractories India Limited Ø
Saint Gobain Ø
Saint-Gobain Techniver S.A Ø
Saint-Gobain Cristaleria S.A Ø
Vetrotech Saint -Gobain Hong Kong Ø
Vetrotech Saint-Gobain International AG Ø
Verrerie de Saint-Just Ø
Saint-Gobain Glass UK Limited Ø
Saint-Gobain Hanglas Sekurit ( Ø
Saint-Gobain (Singapore) private Limited Ø
Saint-Gobain Autover International BV Ø
Savoie Réfractaires Ø
Saint-Gobain Recherche Ø
Direction technique internationale Ø
Saint-Gobain Conceptions Verrieres Ø
Saint-Gobain Glass Benelux SA Ø
Saint-Gobain Glass Deutschland GmbH Ø
Saint-Gobain Photovoltaic Glass Ø
Saint-Gobain Cristaleria S.A Ø
Vetrotech Saint Gobain FR Ø
Saint Gobain Vidros S/A Ø
Eckelt Glas GMBH Ø
Crisa-Norte, Spain Ø
Saint - Gobain do Brasil Produtos Ø
SEPR Refractories India Limited Ø
Saint Gobain Ø
Saint-Gobain Techniver S.A Ø
Saint-Gobain Cristaleria S.A Ø
Vetrotech Saint -Gobain Hong Kong Ø
Vetrotech Saint-Gobain International AG Ø
Verrerie De Saint-Just Ø
Saint-Gobain Glass UK Limited Ø
Saint-Gobain Hanglas Sekurit ( Ø
Saint-Gobain (Singapore) Private Limited Ø
Saint-Gobain Autover International BV Ø
Savoie Réfractaires Ø
Saint-Gobain Recherche Ø
Direction Technique Internationale Ø
Saint-Gobain Conceptions Verrieres Ø
Saint-Gobain Glass Benelux SA Ø
Saint-Gobain Glass Deutschland GmbH Ø
Saint-Gobain Photovoltaic Glass Ø
Saint-Gobain Cristaleria S.A Ø
Vetrotech Saint Gobain FR Ø
Saint Gobain Vidros S/A Ø
Eckelt Glas GMBH Ø
Crisa-Norte, Spain Ø
Saint - Gobain do Brasil Produtos Ø
Cebrace crystal Plano Ø
Saint - Gobain K.K., Tokyo Ø
Saint-Gobain Sekurit CR Spol.S R.O, Czech
Republic Ø
Saint
Gobain Glass |
CAPITAL STRUCTURE
AS ON 16.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity shares |
Rs.10/- Each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69735009 |
Equity Shares |
Rs.10/- Each |
Rs.697.350 Millions |
|
|
|
|
|
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity shares |
Rs.10/- Each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56969593 |
Equity Shares |
Rs.10/- Each |
Rs.569.696 Millions |
|
|
|
|
|
NOTE:
56,969,593 Equity Shares of Rs.10/- Each, fully paid up (of the
above 37753813 shares are held by Saint Gobain Glass Deutsland, Germany;
16715780 shares are held by Societe De Participations Financiers Et
Industrielles and 2500000 by Grindwell Norton India Limited. All these entities
are subsidiaries of the ultimate holding company Compagnie De Saint Gobain,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
569.696 |
569.696 |
569.696 |
|
|
2] Share Application Money |
1914.813 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7299.696 |
6230.783 |
5466.691 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9784.205 |
6800.479 |
6036.387 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
250.000 |
3027.563 |
5531.799 |
|
|
2] Unsecured Loans |
1664.394 |
2676.455 |
42.352 |
|
|
TOTAL BORROWING |
1914.394 |
5704.018 |
5574.151 |
|
|
DEFERRED TAX LIABILITIES |
1409.800 |
1053.900 |
647.222 |
|
|
|
|
|
|
|
|
TOTAL |
13108.399 |
13558.397 |
12257.760 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9773.419 |
9694.609 |
10378.819 |
|
|
Capital work-in-progress |
1101.148 |
1796.035 |
486.133 |
|
|
|
|
|
|
|
|
INVESTMENT |
469.404 |
357.384 |
233.309 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1902.830
|
2319.087
|
1670.329 |
|
|
Sundry Debtors |
2013.821
|
1935.693
|
1597.276 |
|
|
Cash & Bank Balances |
206.233
|
380.336
|
318.009 |
|
|
Other Current Assets |
13.519
|
0.000
|
0.266 |
|
|
Loans & Advances |
679.929
|
885.377
|
493.515 |
|
Total
Current Assets |
4816.332
|
5520.493
|
4079.395 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2653.539
|
3177.230
|
2157.640 |
|
|
Current Liabilities |
338.457
|
605.925
|
310.505 |
|
|
Provisions |
59.908
|
26.969
|
451.751 |
|
Total
Current Liabilities |
3051.904
|
3810.124
|
2919.896 |
|
|
Net Current Assets |
1764.428
|
1710.369
|
1159.499 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13108.399 |
13558.397 |
12257.760 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11828.601 |
13841.323 |
9387.919 |
|
|
|
Other Income |
274.654 |
178.773 |
250.944 |
|
|
|
TOTAL (A) |
12103.255 |
14020.096 |
9638.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
9116.901 |
10969.839 |
7487.049 |
|
|
|
TOTAL (B) |
9116.901 |
10969.839 |
7487.049 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2986.354 |
3050.257 |
2151.814 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
304.588 |
703.912 |
452.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2681.766 |
2346.345 |
1699.602 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1028.043 |
1185.659 |
935.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1653.723 |
1160.686 |
764.483 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
584.810 |
396.595 |
324.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1068.913 |
764.091 |
439.550 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1012.010 |
247.919 |
247.901 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
43.955 |
|
|
|
Dividend |
NA |
NA |
338.115 |
|
|
|
Tax on Dividend |
NA |
NA |
57.462 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2080.923 |
1012.010 |
247.919 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
1074.773 |
1532.187 |
1319.827 |
|
|
TOTAL EARNINGS |
1074.773 |
1532.187 |
1319.827 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1199.621 |
2145.226 |
1083.938 |
|
|
|
Stores & Spares |
310.668 |
274.597 |
166.452 |
|
|
|
Packing Material |
4.234 |
2.899 |
2.990 |
|
|
|
Capital Goods |
92.612 |
437.188 |
141.637 |
|
|
|
Traded Goods |
62.505 |
104.202 |
175.398 |
|
|
TOTAL IMPORTS |
1669.640 |
2964.112 |
1570.415 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.76 |
13.41 |
7.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
31.12.2007 |
|
PAT / Total Income |
(%) |
8.83
|
5.45
|
4.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.98
|
8.39
|
8.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.33
|
7.63
|
5.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.17
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
1.40
|
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.45
|
1.40 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The financial results reported above are for 12 months and the previous period
is for 15 months and hence not comparable.
The sales during the year 2009-10 have grown by 7.2% on annualized
basis. The Indian economy was severely affected by the global economic melt
down in the first half of the financial year and there were signs of recovery
in the second half. Consequently, the Indian glass market has not grown
significantly and the export market has also dropped. During the year, there
were two new entrants to the Indian glass market. The effective funds
management along with cash generation has resulted in reduction in interest
cost. The company has also initiated
many cost reduction projects. These efforts have helped in improving the
operating income during 2009-10 from 13.30% to 16.20%
In Automotive Glass Business, the company has increased the capacity and
with the Indian economy improving, the sales have increased.
During the year the company has received application money for equity
shares amounting to Rs. 1920.000 millions and the equity shares have been
allotted in April 2010.
FUTURE PROSPECTS:
The Indian glass market is expected to grow at a pace higher than the
previous year. With the full presence of the competitors the company is
expected to grow at a moderate rate. The company will continue to focus on the
value added product and to work on the cost reduction and efficiency
improvement projects to improve the operating profit margin.
The company plans to expand the capacity by putting a new facility at
Bhiwadi, Rajasthan the land has been identified and the setting up of the
facility has been initiated
CONTINGENT
LIABILITY
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Claims against the company not acknowledged as debts in respect of
various cases relating to taxation |
160.865 |
93.955 |
|
The company has availed customs duty exemption for imports under
export promotion capital goods scheme. The company is in the process of
meeting obligation under the scheme |
244.199 |
265.787 |
|
|
|
|
|
Total |
405.064 |
359.742 |
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 |
Plot No. A-1, |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Name :Calyon Bank
[Formerly known as Credit Address :27th Floor, Email : Sathya.narayanan@in.caylon.com
|
|
Nature of
description of the instrument creating or modifying the charge |
23.02.2004 –
Being the date of original 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 |
FIXED ASSETS
Ø
Land
Ø
Building
Ø
Plant and Machinery
Ø
Data Processing Equipments
Ø
Furniture, Fixture and office equipments
Ø
Vehicles
Ø
Software
Ø
Technical Knowhow
AS PER WEBSITE
Saint Gobain Glass in
Saint-Gobain Glass
Saint Gobain Glass in
the World
The Flat Glass Division of Saint-Gobain, Saint-Gobain
Vitrage, is firmly established and proactive in Europe and
The SG Group
Practical solutions for everyday living
The products and solutions developed by the SAINT-GOBAIN Group impact almost
every aspect of their daily life. Today it is among the top one hundred
industrial groups worldwide and is a European or world leader in all of its
areas of activity.
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 records 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.44.46 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.