MIRA INFORM REPORT

 

 

Report Date :

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SAINT - GOBAIN GLASS INDIA LIMITED

 

 

Registered Office :

Plot No. A-1, Sipcot Industrial Park, Sriperumbudur Chennai – 602 105,  Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

02.04.1997

 

 

Com. Reg. No.:

18 - 37875

 

 

Capital Investment / Paid-up Capital :

Rs.569.696 Millions

 

 

CIN No.:

[Company Identification No.]

U26109TN1997PLC037875

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHES05530A

 

 

Legal Form :

 A Closely held Public Limited Liability Company.  

 

 

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.

 

 

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 39130000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

LOCATIONS

 

Registered Office /  Factory 1 :

Plot No. A-1, Sipcot Industrial Park, Sriperumbudur Chennai – 602 105,  Tamilnadu, India

Tel. No.:

91-44-27162832

Fax No.:

91-44-27162840 / 41

E-Mail :

Venkateswaran.L@saint-gobain.com

sgg1@saint.gobain.co.in

sriraman.r@saint-gobain.com

sathya.narayanan@in.calyon.com

mahesh.a@saint-gobain.com

infobcci.gnoho@saint-gobain.com

geeta.b@saint-gobain.com

venkataraman.s@saint-gobain.com

Website :

http://www.saint-gobain.com

http://www.saint-gobain-glass.com/in

Area :

100000 sq.ft on About 125 Acres Land (Owned )

 

 

Factory 2  :

T-94-95 Bhosari Industrial Estate, Pune – 411 026, Maharashtra, India

Tel. No.:

91-20-27120047/1441/0623

Fax No.:

91-20-27120777

 

 

Factory 3 :

Survey No. 616/619, Pune – Nashik Highway Alandi Phata, Kurli Village, Chakan Taluka, Khed, Pune, Maharashtra, India

Tel. No.:

91-952135-252809/255937

Fax No.:

91-952135-252247

E-Mail :

http://www.saint-gobain-sekurit.com

 

 

Branches :

Located at:

 

·         Punjab, Haryana

·         Delhi

·         Rajasthan

·         Uttar Pradesh

·         Bhopal

·         Calcutta

·         Assam

·         Thane

·         Hyderabad

·         Bangalore

·         Pondicherry and Palakaad

 

 

DIRECTORS

 

As on 16.09.2010

 

Name :

Mr. Bhuvarghamurthy Santhanam

Designation :

Managing Director

Address :

29 Ranjit Road, Kotturpurm, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

02.03.1957

Qualification:

B. Tech (Civil) PGD/ MGT

Date of Appointment :

22.01.1998

DIN :

00494806

 

 

Name :

Mr. Anand Mahajan

Designation :

Whole-time Director

Address :

Fiona, 3rd Street, 176, Juhu Road, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.01.1953

Date of Appointment :

02.04.1997

DIN :

00066320

 

 

Name :

Mr. Oliver Francois Bousquet

Designation :

Director

Address :

5, Reu Du Midi, Vincennes, France – 094003

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, India

Date of Birth/Age :

24.11.1948

Date of Appointment :

05.04.2007

DIN :

00130239

  

 

Name :

Mr. Jean Pierre Floris

Designation :

Director

Address :

3, Bis Avenue Gounod, Croissy, Sur Siene, France – 078290

Date of Birth/Age :

09.07.1948

Date of Appointment:

30.06.2008

DIN :

02504627

 

 

Name :

Mr. Benott D’Lribarne

Designation :

Director

Address :

5, Reu Bellavoine, Le Peco, France – 078230

Date of Birth/Age :

09.09.1961

Date of Appointment :

09.07.2002

DIN :

01610383

 

 

Name :

Mr. Patrick Dupin

Designation :

Director

Address :

51, Avenue De Paris, Versailles, France - 078000

Date of Birth/Age :

09.12.1963

Date of Appointment :

20.06.2007

DIN :

01522067

 

 

Name :

Mr. Tyagarajan Bhaskaran

Designation :

Whole-time Director

Address :

Flat No.B2, Plot no.587, SBOA School Road, Anna Nagar West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

20.07.1960

Qualification:

B.Com, SICWAI

Date of Appointment :

20.06.2007

DIN :

02168348

 

 

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

 

 

Name :

Mr. Swaminathan Eisenhower

Designation :

Whole-time Director

Address :

Flat No.A-102, Prince Villa No.15, Rajamannar Street, T Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

24.11.1954

Date of Appointment :

20.06.2007

DIN :

01521855

 

 

Name :

Mr. Mahadeo Achyut Puranik

Designation :

Alternate Director

Address :

Blog No. 73B, Flat No.21, Brindavan Majiwade, Thane - 400603, Maharashtra, India

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, Tamilnadu, India

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, Germany

 

37753813

Grindwell Norton Limited, India

 

2499993

Societe De Participations Financieres Et Inductriellers (Spafi), France

 

29481196

Grindwell Norton Limited B Santhanam, India

 

1

Grindwell Norton Limited Anand Y Mahajan, India

 

1

Grindwell Norton Limited Joseph Pereira, India

 

1

Grindwell Norton Limited Aju Verghese, India

 

1

Grindwell Norton Limited Puranik A Mahadev, India

 

1

Grindwell Norton Limited Praksh Sabarad, India

 

1

Grindwell Norton Limited Deepak Chindarkar, India

 

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 :

ITC Code No

Product Description

7005.10

Float Glass

 

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

 

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
  • Hong Kong and Shanghai Banking Corporation
  • Standard Chartered Bank, New London Bridge House,  25 New London Bridge Street, London      SE19TB
  • State Bank of India, Corporate accounts group branch, 149, Greams Road, Chennai 600006
  • .HSBC Bank
  • Standard Chartered Bank

 

 

Facilities :

Secured Loan (Rs.in millions)

31.03.2010

31.03.2009

Loans Fron banks

 

 

Term Loans I

0.000

2302.563

Term Loans II

0.000

125.000

Short term Loans

250.000

600.000

Total

250.000

3027.563

Note:

  1. Term loans repayable within one year
  2. Term loan I are secured by a paripassu charge on the fixed assets of the company
  3. Term loan II are secured by a paripassu charge on the fixed assets of the company and second charge over current assets including receivables
  4. short term loans are secured by a paripassu charge on the existing and future stocks and receivables and second charge on the fixed assets of the company.

 

 

 

Unsecured Loan (Rs.in millions)

31.03.2010

31.03.2009

Term Loans

772.072

772.072

Short term loans from banks – repayable within 1 year

866.837

1899.681

Bank over draft - book

25.485

4.702

Total

1664.394

2676.455

Note:

External Commercial borrowing from related party (repayable within 1 year - nil)

 

Banking Relations :

--

 

 

Financial Institution:

Calyon Bank- 27th Floor, Two Pacific Place, 88, Queensway, Hong Kong

 

 

Auditors :

 

Name :

Price Water House

Chartered Accountants

Address :

32, Khader Nawaz Road, Nungambakkam, Chennai - 600034, Tamilnadu, India

PAN No. :

AAEFP5579P

 

 

 

 

Holding Company :

Ř       Saint Gobain Glass Deutschland GMBH, Germany

Ř       Societe De Participations Financieres Et Industriellers (Spafi), France

Ř       Saint Gobain Promotion et Participations Internationales, France

 

 

Ultimate Holding Company:

Ř       Compagnie-De-Saint-Gobain

Vintage Less Miroirs, 18 Alsace, 92096 LA, Cedex, France

Tel. No. 33 (1) 476 230 00

 

 

Fellow Subsidiary :

Ř       Grindwell Norton India Limited

Ř       Saint Gobain Seva, France

Ř       Hankuk Glass Industries, Korea

Ř       Saint Gobain Glass Italia, Italy

Ř       Saint Gobain Cristellaria Spain

Ř       Saint Gobain Sekurit India limited, India

Ř       Saint Gobain Vetrotex India Limited

Ř       Saint Gobain Isover France

Ř       Saint Gobain Glass Portugal

Ř       Saint Gobain K and K Japan

Ř       Saint Gobain Oberland

Ř       Siant Gobain Glass, France

Ř       Saint-Gobain Exprover *

Ř       Saint-Gobain Glass UK

Ř       Saint Gobain Glass Solar Control *

Ř       Saint Gobain SEPR, France

Ř       Saint Gobain Hankuk Japan

Ř       Saint Gobain Nanjing

Ř       Saint Gobain Sekurit Korea

Ř       Saint Gobain Glass Mexico*

Ř       Saint Gobain Sekurit Deutschland, GmBH*

Ř       Saint Gobain Hanglass, Japan *

Ř       Saint Gobain Vitrage Odessa

Ř       Saint Gobain Direction Technique*

Ř       Saint Gobain Gyproc (Formerly known as India Gypsum)*

Ř       Saint Gobain Autover Distribution S.A *

Ř       Savoie SEPR

Ř       SEPR Italia

Ř       Verrerie Aurys

Ř       Hankuk Sekurit Limited*

Ř       Saint Gobain Hanglas CIFG Qingdao

Ř       SG Vertax

Ř       Shanghai Saint Jungle

Ř       Saint Gobain Sekurit – France *

Ř       SG Glass Polska *

Ř       Saint-Gobain Glass Benelux S.A.

Ř       SG Sekurit Thailande Company Limited*

Ř       Cesa Construction

Ř       Najing New Nawnoo Glass Industries *

Ř       SG Glass Italia SpA

Ř       SG Glass Romania, SRL

Ř       Saint Gobain India Delegation*

Ř       Saint Gobain Crystal and Detectors Indi

Ř       SEPR Refractories India Limited

Ř       Saint Gobain India Foundation

Ř       Saint-Gobain Techniver S.A*

Ř       Saint-Gobain Cristaleria S.A

Ř       Vetrotech Saint -Gobain Hong Kong *

Ř       Vetrotech Saint-Gobain International AG

Ř       Verrerie de Saint-Just

Ř       Saint-Gobain Glass UK Limited

Ř       Saint-Gobain Hanglas Sekurit (Shanghai) Company Limited

Ř       Saint-Gobain (Singapore) private Limited *

Ř       Saint-Gobain Autover International BV *

Ř       Savoie Réfractaires *

Ř       Saint-Gobain Recherche *

Ř       Direction technique internationale *

Ř       Saint-Gobain Conceptions Verrieres *

Ř       Saint-Gobain Glass Benelux SA *

Ř       Saint-Gobain Glass Deutschland GmbH *

Ř       Saint-Gobain Photovoltaic Glass

Ř       Saint-Gobain Cristaleria S.A

Ř       Vetrotech Saint Gobain FR *

Ř       Saint Gobain Vidros S/A

Ř       Eckelt Glas GMBH*

Ř       Crisa-Norte, Spain*

Ř       Saint - Gobain do Brasil Produtos*

Ř       SEPR Refractories India Limited

Ř       Saint Gobain India Foundation

Ř       Saint-Gobain Techniver S.A*

Ř       Saint-Gobain Cristaleria S.A

Ř       Vetrotech Saint -Gobain Hong Kong *

Ř       Vetrotech Saint-Gobain International AG

Ř       Verrerie de Saint-Just

Ř       Saint-Gobain Glass UK Limited

Ř       Saint-Gobain Hanglas Sekurit (Shanghai) Company Limited

Ř       Saint-Gobain (Singapore) Private Limited *

Ř       Saint-Gobain Autover International BV *

Ř       Savoie Réfractaires *

Ř       Saint-Gobain Recherche *

Ř       Direction technique internationale *

Ř       Saint-Gobain Conceptions Verrieres *

Ř       Saint-Gobain Glass Benelux SA *

Ř       Saint-Gobain Glass Deutschland GmbH *

Ř       Saint-Gobain Photovoltaic Glass

Ř       Saint-Gobain Cristaleria S.A

Ř       Vetrotech Saint Gobain FR *

Ř       Saint Gobain Vidros S/A

Ř       Eckelt Glas GMBH*

Ř       Crisa-Norte, Spain*

Ř       Saint - Gobain do Brasil Produtos*

Ř       Cebrace crystal Plano *

Ř       Saint - Gobain K.K. , Tokyo*

Ř       Saint-Gobain Sekurit CR spol.s r.o, Czech Republic*

Ř       Saint Gobain Glass Egypt

 

 

CAPITAL STRUCTURE

 

As on 16.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75,000,000

Equity shares

Rs. 10/- Each

Rs. 750.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

69,735,009

Equity Shares

Rs.10/- Each

Rs.697.350 Millions

 

 

 

 

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75,000,000

Equity shares

Rs. 10/- Each

Rs. 750.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

56,969,593

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, France)

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                                                                  (I)

584.810

396.595

324.933

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

1068.913

764.091

439.550

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1012.010

247.919

247.901

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

--

--

43.955

 

Dividend

--

--

338.115

 

Tax on Dividend

--

--

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

(Rs.in millions)

Particulars

31.03.2010

31.03.2009

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 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 :27th  Floor, Two Pacific Place, 88, Queensway, Hong Kong

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

 

Ř       Land

Ř       Building

Ř       Plant and Machinery

Ř       Data Processing Equipments

Ř       Furniture, Fixture and office equipments

Ř        Vehicles

Ř        Software

Ř        Technical Knowhow

 

AS PER WEBSITE

 

Saint Gobain Glass in India – Leading Glass Manufacturer (India)

 

Saint-Gobain Glass India is a 100% subsidiary of Saint Gobain France, one of the leading float glass manufacturer in the world. It manufactures and markets solar control glass, fire resistant glass and other various types of float glasses in India from its World Glass Complex which is located at Sriperumbudur 40 km from Chennai.

 

Saint Gobain Glass in the World

 

The Flat Glass Division of Saint-Gobain, Saint-Gobain Vitrage, is firmly established and proactive in Europe and America and is now strengthening its presence in Asia. Its industrial capacity makes it the leading manufacturer of flat glass in Western Europe and a front runner worldwide.

 

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, India Prisons Service, Interpol, etc.

 

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. 44.91

UK Pound

1

Rs. 72.89

Euro

1

Rs. 64.48

 

 

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

NO

--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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.