MIRA
INFORM REPORT
|
Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASAHI INDIA GLASS
LIMITED (w.e.f 26.09.2002) |
|
|
|
|
Formerly Known
As: |
ASAHI INDIA
SAFETY GLASS LIMITED |
|
|
|
|
Registered
Office : |
38, Okhla
Industrial Area, Phase-III, New Delhi-110020 |
|
|
|
|
Country: |
|
|
|
|
|
Financials (as
on): |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.12.1984 |
|
|
|
|
Com. Reg. No.: |
55-019542 |
|
|
|
|
Paid-up Capital : |
Rs.159.900
millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L26102DL1984PLC019542 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
DELA00705F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCA7706R |
|
|
|
|
Legal Form : |
Public limited liability
company. The company’s shares are listed on the Stock Exchanges |
|
|
|
|
Line of
Business : |
Manufacturing of
Toughened Glasses and Laminated Glasses. |
|
|
|
|
No. of Employees : |
3000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
|
|
|
|
|
Maximum Credit Limit : |
USD 8734400 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
successful Indo- Japanese joint Venture. It is a well established and a reputed
company having satisfactory track. Directors are reported to be experienced
and respectable businessmen. Trade relations are fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can
be considered good for normal business dealings at 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 : |
38, Okhla
Industrial Area, Phase-III, New Delhi-110020, |
|
Tel. No.: |
91-11-41001690/
92 |
|
Fax No.: |
91-11-41002691 |
|
E-Mail : |
gopal.ganatra@aisglass.com |
|
Website : |
|
|
|
|
|
Corporate
Office 1 : |
12, Basant Lok,
Vasant Vihar, |
|
Tel. No.: |
91-11-26142288/3536/3537/9403 |
|
Fax No.: |
91-11-26142324/26148696
/ 4062288/ 44 |
|
E-Mail : |
|
|
|
|
|
Corporate
Office 2 : |
5th
Floor, Tower B, Global |
|
Tel. No.: |
91-124-4062212-19 |
|
Fax No.: |
91-124-4062244/88 |
|
E-Mail : |
|
|
|
|
|
Sales and
Marketing Head Office : |
C-203/B, Forture 2000, Bandra - Kurla
Commercial Complex, Bandra (East), Mumbai - 400 051, |
|
Tel. No.: |
91-22-3062 0101,3062 0107 |
|
Fax No.: |
91-22-3062 0119 |
|
|
|
|
Factory : |
Works (Auto) 94.4 Kms. Stone, Tel: 91-1284 - 260366, 260367,260774 Fax: 91-1284 – 260185 Plot No. T-16, MIDC Industrial Area,
Taloja, Dist. Raigad – 410208, Tel: 91-22-27410171-74 Fax:91-22-27410090 Plot No. F-76 to 81, SI.PCOT, Industrial
Park, Irungattukottai, Sriperumpdur Taluk, District Kancheepuram,
Tamil Nadu -602105, Tel: 91-4111500442,500443 Fax: 91-4111500441 Works (Float) Plot No. T-7, MIDC Industrial Area, Taloja,
Dist. Raigad -410208, Tel: 91-22-27410171-74 Fax:91-22-27410090 Village- Latherdeva Hoond, Tel: 91-1-332-224114
Sub Assembly Unit No. 28, Tel No.: 91-80-28437139 Fax No.: 91-80-28437455
1301/B, GIDC, Halol,
District- Panchmahal 389350, Tel No. : 91-2676-225610
Integrated Glass Plant Plot –A, AIs Industrial Estate, Village Latherdeva Hoon, Mangular Jhabrera Road, PO: Jhabrera,Tehsil Roorkee, District Haridwar-247667, Uttarakhand, India Tel No.: 91-1332-224010/ 14/ 15/ 16/ 19 Fax No. : 91-1332-
224114 |
|
|
|
|
Zonal Office : |
West C-203/B, Forture 2000, Bandra - Kurla
Commercial Complex, Bandra (East), Mumbai - 400 051, Tel: 91-22-3062 0101,3062 0107 Fax:91-22-30620119 North 0-986, New Friends Colony, New Delhi-110 065, Tel.: 91-11- 26311105/1186/1197 Fax:
91-11- 26311198 South and East Chennai, Tel.: 91-44-2642 3698/2642 0716 Fax: 91-44-2642 0651 |
|
|
|
|
AIS GAS
SOLUTIONS |
|
|
|
|
|
Sales Office: |
Gundecha
Industrial Estate, 4th Floor, Office No. 414, |
|
Tel. No.: |
91-22-32472689 |
|
Fax No.: |
91-22-67031181 |
|
|
|
|
Sales Office |
1104, 11th
Floor, Prestige Meridien-I, M |
|
Tel. No.: |
91-80-41512634/
35 |
|
Fax No.: |
91-80-41512636 |
|
|
|
|
Sales Office |
No. 145, 1st
Floor, 100 Feet Road, Aalam Centre, Senthil Nagar, Chennai-600094, Tamilnadu,
India |
|
Tel. No.: |
91-44-23620213 |
|
Fax No.: |
91-44-23620113 |
DIRECTORS
|
Name : |
Mr. B. M. Labroo |
|
Designation : |
Chairman |
|
Qualification
: |
M. A. (Political Science) from |
|
Experience : |
In Marketing, Finance, Corporate Governance
|
|
Other
Directorships : |
|
|
|
|
|
Name : |
Mr. Sanjay Labroo |
|
Designation : |
Managing Director and Chief Executive
Officer |
|
Qualification
: |
Graduate in Finance and Management from |
|
Other
Directorships : |
|
|
Profile : |
Mr. Labroo has been nominated by the Government of India as a Director
on the Central Board of the Reserve Bank of |
|
|
|
|
Name : |
Mr. Surinder Kapur |
|
Designation : |
Director |
|
Qualification
: |
Doctorate in Mechanical Engineering from M.S. and a B.S. in Engineering from |
|
Other
Directorships : |
|
|
Profile : |
Sona Group, an industrial conglomerate was promoted by Dr. Kapur in
1987 to manufacture auto components for the Indian automotive industry. The
Group comprises of Sona Koyo Steering Systems Limited. (SKSSL) and includes
other group companies - Sona Okegawa Precision Forgings Limited. (SOPL),
Mahindra Sona Limited (MSL), Sona Somic Lemforder Components Limited. (SSLCL),
Sona Cold Forgings Limited (SCFL), Sona e-Design and Technologies Limited
(Se-DAT) and Fuji Autotec France S.A.S. set up in technical and financial
collaboration with reputed global auto suppliers, who are world-leaders in
these components/systems. Dr. Kapur has also been associated with various
chambers of commerce and trade organizations. Presently, he is a member of
the National Manufacturing Competitiveness Council and the Chairman of CII's
“ |
|
|
|
|
Name : |
Mr. Gautam Thapar |
|
Designation : |
Director |
|
Qualification
: |
Graduate in Chemical Engineering from |
|
Profile : |
Mr. Thapar is the Chairman of Thapar Group. The Group operates in six
sectors - Power Equipments, Forestry, Agri Business, Chemicals, Utilities,
Infrastructure and IT. The Group companies include, Crompton Greaves Limited,
|
|
|
|
|
Name : |
Mr. Arvind Singh |
|
Designation : |
Director and Chief Operating Officer (Auto) |
|
Qualification
: |
M.B.A. from International Management Institute, |
|
Experience : |
22 years of experience in corporate planning and business development
functions. |
|
Profile : |
Mr. Singh is the Director and Chief Operating Officer of the Auto Glass
SBU of AIS. Mr. Singh joined AIS in May, 1991 and held various positions. Mr.
Singh is also a Director on the Board of Asahi India Map Auto Glass Limited,
AIS Glass Solutions Limited and Shield Autoglass Limited. |
|
|
|
|
Name : |
Mr. Rahul Rana |
|
Designation : |
Director |
|
Qualification
: |
M.B.A. degree from the University of lllinois at Urbana Champaign, USA
and a B.S. in Finance from S.R.C.C, University of |
|
Profile : |
Mr. Rana is the Chief Executive Officer of SAMCO, a subsidiary of EFG
Bank, |
|
|
|
|
Name : |
Mr. Shinzo Nakanishi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kimikazu Ichikawa |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Montu Burna |
|
Designation : |
Accounts Department |
|
Name : |
Mr. Sailesh |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30,964,621 |
19.36 |
|
|
18,384,200 |
11.50 |
|
|
49,348,821 |
30.86 |
|
|
|
|
|
|
3,519,996 |
2.20 |
|
|
35,520,000 |
22.21 |
|
|
39,039,996 |
24.41 |
|
Total shareholding of Promoter and Promoter Group (A) |
88,388,817 |
55.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
116,475 |
0.07 |
|
|
6,931 |
- |
|
|
586,943 |
0.37 |
|
|
2,024 |
- |
|
|
2,024 |
- |
|
|
712,373 |
0.45 |
|
|
|
|
|
|
26,765,560 |
16.74 |
|
|
|
|
|
|
19,666,755 |
12.30 |
|
|
20,848,448 |
13.04 |
|
|
3,545,633 |
2.22 |
|
|
218,815 |
0.14 |
|
|
3,320,544 |
2.08 |
|
|
6,274 |
- |
|
|
70,826,396 |
44.29 |
|
Total Public shareholding (B) |
71,538,769 |
44.73 |
|
Total (A)+(B) |
159,927,586 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
159,927,586 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Toughened Glasses and Laminated Glasses. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
Float Glass – Clear 7005.10 Float Glass –
Tinted 7005.21
|
PRODUCTION STATUS (As on 31.03.2010):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production** |
|
|
|
|
|
|
Toughened Glass |
Sq. Meters |
7762000 |
6000813 |
|
Laminated Glass |
Nos. |
4450000 |
3535796 |
|
Architectural Glass |
Sq. Meters |
1404000 |
369371 |
|
Float Glass* |
Cony. Sq.mts |
71890000 |
60774093 |
|
Mirror Glass |
Sq.mts |
-- |
1182609 |
|
Reflective Glass |
Cony. Sq.mts |
3650000 |
1416153 |
* Installed capacity of Float Glass includes capacity of Reflective
Glass also.
** Net of Breakages.
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No of Employees: |
3000 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes : 1] Working Capital
Loans are secured by way of first charge on the current assets and second
charge on fixed assets of the Company, both present and future. 2] Foreign
Currency Term Loans from banks are secured by way of first pari-passu charge
on specified movable and immovable assets of the Company. 3] Rupee Term
Loans from banks of Rs. 3138.7 millions are secured by first pari-passu
charge on fixed assets at all plants except at Roorkee. The balance being
Short Term Loan of Rs. 382.5 millions are secured by way of subservient
charges on fixed assets of plant at Roorkee, Chennai and/or first charge on
Bangalore Sub Assembly Unit. 4] Foreign
Currency/Rupee Term Loan from others are secured by subservient charge on
Rewari and Chennai plant and first pari-passu charge on T-7 plant Taloja,
both present and future. 5] Loan from
Distt. Industries Centre is secured by way of first pari-passu charge on
fixed assets of plant at Rewari.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Auditors 1: |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Jagdish Sapra and
Company Chartered
Accountants |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
23, Prakash
Apartments, 5, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Internal Auditors : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
GSA and Associates Chartered Accountants |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Subsidiaries : |
·
AIS Glass Solutions Limited ·
Integrated Glass Materials Limited ·
GX Glass Sales and Services Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Associates : |
·
AIS Adhesives Limited ·
Asahi India Map Auto Glass Limited ·
Vincotte International India Assessment Services
(P) Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000
millions |
|
600000 |
Preference Shares
|
Rs.100/- each |
Rs.60.000
millions |
|
9000000 |
Preference Shares
|
Rs.10/- each |
Rs.90.000
millions |
|
|
Total |
|
Rs.650.000 millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159927586 |
Equity Shares |
Rs.1/- each |
Rs.159.900
millions |
|
|
Total |
|
Rs.159.900 Millions |
Note:
* Of the above, 135463793 Shares are allotted as fully paid bonus
shares by capitalisation of General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
159.900 |
159.900 |
159.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
2023.700 |
1872.200 |
1859.900 |
|
|
4] Foreign
Currency Monetary Item Translation |
0.000 |
12.600 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
2183.600 |
2044.700 |
2019.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13036.500 |
12281.500 |
12842.300 |
|
|
2] Unsecured
Loans |
2312.300 |
2424.800 |
3330.700 |
|
TOTAL BORROWING
|
15348.800 |
14706.300 |
16173.000 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
1200.800 |
|
|
|
|
|
|
|
TOTAL
|
17532.400 |
16751.000 |
19393.600 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
11199.700 |
11731.100 |
13496.800 |
|
Capital work-in-progress
|
1024.200 |
527.400 |
434.100 |
|
|
|
|
|
|
|
INVESTMENT
|
83.900 |
69.900 |
63.900 |
|
DEFERREX TAX ASSETS
|
161.500 |
269.700 |
1441.600 |
|
Impaired Assets held for disposal
|
12.700 |
12.500 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
3800.000
|
3192.000
|
3503.800
|
|
|
Sundry Debtors
|
2388.700
|
1807.000
|
1761.000
|
|
|
Cash & Bank Balances
|
216.800
|
121.800
|
168.700
|
|
|
Other Current Assets
|
155.500
|
136.200
|
0.000
|
|
|
Loans & Advances
|
1369.800
|
1082.500
|
1335.200
|
Total Current Assets
|
7930.800
|
6339.500
|
6768.700
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
2349.200
|
1654.500
|
1915.100
|
|
|
Other Current Liabilities
|
467.700
|
496.200
|
856.500
|
|
|
Provisions
|
63.500
|
48.400
|
39.900
|
Total Current Liabilities
|
2880.400
|
2199.100
|
2811.500
|
|
Net Current Assets
|
5050.400
|
4140.400
|
3957.200
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
17532.400 |
16751.000 |
19393.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15182.100 |
12627.300 |
12182.100 |
|
|
|
Other Income |
166.700 |
338.500 |
115.400 |
|
|
|
TOTAL (A) |
15348.800 |
12965.800 |
12297.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing |
9253.100 |
7806.800 |
7675.400 |
|
|
|
Personnel |
1141.200 |
895.600 |
822.500 |
|
|
|
Selling, Administration and Others |
2229.200 |
1749.700 |
2371.700 |
|
|
|
Reversal of impairment loss |
(0.200) |
(1.000) |
(1.400) |
|
|
|
Prior period adjustments |
0.700 |
9.500 |
8.700 |
|
|
|
TOTAL (B) |
12624.000 |
10460.600 |
10879.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2724.800 |
15.600 |
1420.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1278.000 |
1278.300 |
1243.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1446.800 |
(1262.700) |
177.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1183.700 |
1244.800 |
1134.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
263.100 |
(17.900) |
(957.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
108.500 |
(28.200) |
(556.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
154.600 |
10.300 |
(401.600) |
|
|
|
|
|
|
|
|
|
Add |
TAX ADJUSTMENT
OF EARLIER YEARS |
3.100 |
2.000 |
(4.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
633.300 |
621.000 |
1027.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
784.800 |
633.300 |
621.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
446.800 |
940.300 |
(1368.400) |
|
|
TOTAL EARNINGS |
446.800 |
940.300 |
(1368.400) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2742.600 |
1747.600 |
(1663.600) |
|
|
|
Stores & Spares |
411.300 |
373.000 |
(293.500) |
|
|
|
Capital Goods |
443.300 |
117.300 |
(351.000) |
|
|
|
Traded Goods |
24.900 |
23.900 |
(33.500) |
|
|
|
Others |
156.800 |
42.900 |
-- |
|
|
TOTAL IMPORTS |
3778.900 |
2304.700 |
(2341.600) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.95 |
0.08 |
(2.54) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
3922.000 |
3996.700 |
4131.900 |
|
Total Expenditure |
3243.500 |
3592.700 |
3821.900 |
|
PBIDT (Excl OI) |
678.500 |
404.000 |
310.000 |
|
Other Income |
3.800 |
5.500 |
5.500 |
|
Operating Profit |
682.300 |
409.500 |
315.500 |
|
Interest |
335.900 |
371.200 |
376.300 |
|
PBDT |
0.000 |
0.000 |
0.000 |
|
Depreciation |
346.400 |
38.300 |
(60.800) |
|
Profit Before Tax |
299.600 |
306.800 |
305.500 |
|
Tax |
46.800 |
(268.500) |
(366.300) |
|
Profit After Tax |
15.700 |
(87.100) |
(114.900) |
|
Net Profit |
0.000 |
0.000 |
0.000 |
|
|
31.100 |
(181.400) |
(251.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.00
|
0.08
|
(3.27)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.73
|
(0.14)
|
(7.86)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
(0.10)
|
(4.72)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.01)
|
(0.47)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.34
|
8.27
|
1.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.88
|
2.41
|
LOCAL AGENCY FURTHER INFORMATION
History
Subject is the largest integrated glass company in India. They manufacture
a wide range of international quality automotive safety glass, float glass,
architectural processed glass and glass products. They are transforming
themselves from being a manufacturer of world class glass and glass products to
a solutions provider by moving up the value chain of auto glass and
architectural glass and providing design, products and services that make glass
more versatile and user-friendly.
Subject was incorporated in the year 1984 as Indian Auto Safety Glasses. The
company was promoted as a joint vanture by Maruti Udyog, Asahi Glass Company,
The company has the following three Strategic Business Units. They are AIS Auto
Glass, AIS Float Glass and AIS Glass Solutions Limited
Subject is the largest manufacturer of world class automotive safety glass in
Subject is a premier manufacturer of international quality glass and value
added glass like reflective glass and mirror. Their manufacturing plants are
located at Taloja in
Subject is the face of the architectural glass processing business of
AIS. They have been supplying a wide range of high quality architectural
processed glass, comprising of toughended glass, laminated glass, insulated
glass units and value added glass products. Their processing facilities are
located at Taloja in
In the year 1986, the company started commercial production of toughened
automotive glass with installed capacy of 260000 sq.mtrs. In the year 1990,
they installed first printing line to produce automotive glass with black
ceramic and heat lite printing. During the year 1993-94, they set a new plant
to produce laminated safety glass.
The company is the first Indian glass company to get the QS-9000 and ISO-9002
certification through TUV
The company name was changed from Asahi India Safety Glass Limited to Asahi
India Glass Limited with effect from 26th September 2002. During the year
2005-06, AIS Glass Solutions Limited became the subsidiary of AIS. The company
increased the production capacity of Laminated Glass and Toughened by 660000
Nos and 1110000 sq mtr respectively.
During the year 2005-06, the company commissioned Tempered Glass Manaufacturing
unit and Laminated Windshields Manufacturing unit at Chennai in Tamilnadu.
During the year 2006-07, the company increased the production capacity of Flaot
Glass, Laminated Glass and Toughened Glass by 44520000 sq mtr, 410000 Nos and
720000 sq mtr respectively. Also, the commercial production of reflective glass
and mirror at the Integrated Glass plant in Roorkee, Uttarakhand commenced on
April 18, 2007 and May 25, 2007 respectively.
During the year 2007-08, the production capaity of Toughened Glass, Laminated
Glass, Architectural Glass and Mirror Glass increased by 2592000 sq mtr, 80000
Nos, 504000 sq mtr and 3650000 sq mtr respectively. The architectural glass
processing plant in Roorkee in Uttarakhand commenced their operation in
September 2007.
During the year 2006-07, the company received award for 'Achieving Targets of
Quality' and 'Achieving Targets of Delivery' from Toyota Kirloskar Motors
Limited They received '5 Star Award' and award 'Best Quality Performance' from
Hyundai Motors India Limited They also received Construction World's Award for
the largest and most profitable glass company.
PROFILE:
Subject is an integrated glass company. AIS produces glass
products. The Company operates in three strategic business units (SBUs): AIS Auto
Glass, AIS Float Glass and AIS Glass Solutions. AIS Auto Glass is a supplier of
automotive glass to passenger car industry in India. As of March 31, 2010, AIS
Auto Glass had four plants located at Bawal, Roorkee, Chennai and Taloja, and
three sub-assembly units/warehouses at Halol, Pune and Bangalore. AIS Float
Glass produces a range of value-added varieties of glass, such as heat
reflective glass, heat absorbing glass, solar control glass, colored glass and
mirrors. AIS Glass Solutions supplies the products, such as AIS Stronglas, AIS
Securityglas, AIS Acousticglas, Solar low, AIS Ceramic Printed Glass, high
value special glass products like AIS Shower Enclosure, AIS Tabletops and AIS
Shelves. As of March 31, 2010, AIS Glass Solutions had three glass processing
facilities located at Roorkee, Taloja and Chennai. For the nine months ended 31
December 2010, Asahi India 0Glass Limited's revenues increased 17% to RS11.38B.
Net income totaled RS142M, vs. a loss of RS75M. Revenues reflect an increase in
income from Automotive Glass segment and higher income from float glass
business segments. Net income also reflects a decrease in depreciation expense,
decreased interest expense and improved operating margin.
PERFORMANCE OVERVIEW
The performance of
the Company during 2010-11 was largely on expected lines and well on the
projected recovery track. The strong macro environment, especially the huge
upsurge in demand both in the automotive and real estate sectors has further
helped the Company to gather stronger momentum during the year. However, owing
to capacity mis-match there were locational demand supply imbalances, due to
which the Company had to incur huge expenditure on premium freight and
sacrifice some operating efficiencies to ensure that customer demands are met
consistently. As a result of the above, the net sales of the Company increased
20.23% from Rs. 12627.3 millions in 2009-10 to Rs.15182.1 millions in 2010-11.
Operating profit has increased 8.77% from Rs. 2505.2 millions in the previous
year to Rs. 2724.8 millions in 2010-11. The Company posted the profit after tax
(PAT) of Rs. 151.5 millions in 2010-11 as against profit after tax of Rs. 12.3
millions in the previous year. A detailed analysis of Company's operations in
terms of performance in markets, manufacturing activities, business outlook,
risks and concerns forms part of the Management Discussion and Analysis, a
separate section of this Annual Report.
MANAGEMENT
DISCUSSION AND ANALYSIS
Economic Overview
There were mixed macro-economic
trends in 2010-11 – while there was steady recovery in real economic growth,
there were some
concerns related to inflation, sovereign debt in advanced economies and
economic stability in
peripheral European countries.
THE GLOBAL ECONOMY
After contracting
by 0.5% in 2009, world economic output was back on positive track registering
5% growth in 2010. Much of the new growth impetus came from developing and
emerging economies that witnessed 7.3% growth in 2010 compared to 2.7% in 2009.
Even the advanced economies recovered from a 3.4% contraction in output in 2009
to a growth of 3% in 2010.
In fact, the
global financial crisis is no longer the major force dictating the pace of
economic activity in developing
countries. The
majority of these nations have or are close to regaining full-capacity activity
levels. Consequently,
for emerging
economies, there are now country-specific productivity and sector specific
factors that are the dominant determinants of growth.
Amongst the
advanced economies, the US economy, which had contracted by 2.6% in CY2009,
recovered steadily to grow by 2.8% in CY2010. However, in the first quarter of
CY2011, growth slowed down a bit to 1.8%. Unemployment rate, which was at 9.8%
in April 2010 reduced to 8.8% in March 2011. Since then, it has increased to
9.1% by May 2011. So, while growth is returning to the economy, unemployment
rate still remains a concern for the US economy.
The recovery in
Europe continues to face substantial headwinds from uncertainty surrounding sovereign
debt in several Euro Area member countries, and a widereaching but necessary
process of fiscal consolidation.
The positive
development is resurgence of real economic growth in two of Europe’s largest
economies – Germany and France. While Germany grew by 3.5% in CY2010 and
unemployment is today well below pre-crisis
levels, France
recovered from recession to grow by 1.5% in CY2010. But, in many of the other
EU countries, growth continues to get affected by fairly austere fiscal
consolidation programmes, ongoing banking-sector restructuring and an increased
scepticism regarding the financial sector that is leading to increasing
borrowing costs. As these economies witness a phase of tighter monetary policy,
there may be additional stress in their financial sectors, presenting further
challenges. There are some signs that growth might slow down in this region
in 2011, but one
expects economic activity to remain at least at today’s levels.
While robust
domestic demand growth in developing countries has supported output in high
income countries
by providing them
with markets, it has accentuated supply-side constraints in some domestic
economies as well as in global energy and commodities markets. On the one hand,
the low-end middle-income countries were responsible for 46% of global growth
in 2010. On the other hand, they were responsible for most of the increase in
global oil and metal demand over the past 5 years, and their growth was,
therefore, responsible for much of the rise in global inflation. In addition,
still loose policies and ample global credit flows have contributed to domestic
inflation pressures and asset price bubbles in some middle-income countries.
World Bank estimates suggest that both non-oil commodities and oil prices have
increased by over 27% in 2010
Macroeconomic
policy in developing countries needs to turn towards medium-term productivity
improvements, managing inflationary
pressures and re-establishing the fiscal and monetary cushions that allowed
most developing countries to come through the crisis so well. In contrast,
activity in high-income and some developing
European countries
will continue to focus on overcoming the crisis-related problems, including
banking-sector, fiscal and household restructuring.
INDIA
The Indian economy
continued to progress appreciably – recording 8.5% growth in 2010-11 on the
back of 8% growth in 2009-10. Chart C shows the quarter-wise GDP growth since
Q1, 2008-09. After 4 consecutive quarters of well over 8% growth, GDP growth
slowed down to 7.8% in Q4, 2010-11.
prevailing in the
Indian economy. First, there are high prevailing rates of inflation. While in
the beginning of 2010-11, much of this inflation was driven by high prices of
food, as the year progressed, non-food manufacturing product inflation also
increased significantly. These high price levels have curbed general
consumption spending
in the country. In
the process, consumption demand has reduced affecting economic growth. Chart D
shows that
WPI based
inflation has remained at levels over 8% for most of the period since March
2010. of AIS’s primary end users - automobile and housing - purchases, are
getting affected by rising loan rates. On a long term macro-perspective, high
rates of interest have a negative impact on investments. And, a slowdown in
investments may lead to lower economic growth in the future. Third, poor
implementation by certain nodal agencies, issues related to land acquisition
and environmental clearance, and governance deficit have significantly slowed down
infrastructure development in India during the second half of 2010-11. The
uncertainties on borrowing costs have further accentuated this slowdown.
Infrastructure spends were expected to bolster economic growth, so a slowdown
in this sector is also leading to an economic slowdown.
AIS: FINANCIAL
PERFORMANCE
Under these
external conditions, AIS delivered a much improved financial performance in
2010-11. On the one hand, the Company managed healthy revenue growth by
successfully leveraging opportunities in a growing market. On the other hand,
it had to deal with the challenge of offsetting rising input costs and
preventing major drop in profit margins. The highlights of the Company’s
performance, as a consolidated entity are:
• Total Income
increased by 19% from Rs.13267.6 millions in 2009-10 to Rs.15747.2 millions in
2010-11
• Given the
prevailing high prices of key inputs, materials costs increased at a faster
rate of 37% to Rs. 4684.8 millions in 2010-11. Some of these higher costs were
offset by reducing power and fuel consumption, which is also a major input in
the glass industry. These costs grew at a lower rate of 18% to Rs.3063.8
millions in 2010-11
• Driven by strong
top-line growth, operating EBIDTA grew by 9% from Rs.2576.0 millions in 2009-10
to Rs.2797.4 millions in 2010-11
• Profit Before
Tax (PBT) increased from loss of Rs.16.4 millions in 2009-10 to Rs.280.0
millions in 2010-11. And Profit After Tax (PAT-before minority interest)
increased significantly to Rs.168.6 millions
in 2010-11, while PAT after minority interest was Rs.167.8 millions
• With this
performance, the EPS in 2010-11 was Rs.1.05 Clearly, AIS has turned a corner
and emerged out of the difficult times witnessed in the recent past. In the
subsequent sections, we detail the developments and performance of different
businesses of AIS.
PERFORMANCE
The financial and
performance highlights of AIS Auto Glass in 2010-11 is as follows:
• Revenues
increased by 18% from Rs.7157.8 millions in 2009-10 to Rs.8427.1 millions in 2010-11
• Segment Profits
before interest and un-allocable items reduced from Rs.1242.2 millions in
2009-10 to Rs.931.5 millions in 2010-11
AIS Auto Glass
produces a wide range of auto glass fitments. The basic products are laminated (front)
windscreens, tempered window glasses (sidelites) and the back glass (backlite)
of a standard passenger car. In addition to supplying these products to
automobile manufacturers as original equipment (OE) components, the Company
also sells its products in the after-sales and service market in India. Table 1
gives the Company’s share of business in terms of volume in each segment of the
automobile industry. The Company is the dominant player in the passenger car
and MUV segment with a share over 75%. Within this segment, its share in
passenger cars is over 77% and in MUVs it is around 64%.
The dominance in
market share in a growing market translated into growth in sales of both its
core products –tempered and laminated glass. During 2010-11, AIS Auto Glass
increased production of laminated glass by 21% from 2,915,877 pieces to
3,535,796 pieces over the last year. Production of tempered glass increased
from 23% over the pervious year.
A critical aspect
of the auto glass business is the Company’s ability to partner customers in
developing products for new models of vehicles being launched. The engineering
ability to develop these products as per targets and adhering to the strict
quality requirements goes a long way in enhancing the Company’s relationships
with its customer. During 2010-11 too, the Company successfully started
strategic supplies for new models. Table 3 lists the details
OPERATIONS
Over the years,
AIS Auto Glass has transformed from a single location manufacturing Company
into a Company with multiple production and assembling facilities across
different regions of India. Much of this widespread growth was necessitated by
newer customer relationships, where it was imperative for AIS to be close to
the customers’ manufacturing facilities in order to provide seamless service
and effective delivery. Today, AIS Auto Glass has four production facilities.
Two of which are located in North India at Bawal (Haryana) and Roorkee
(Uttarakhand); the third unit is located in the south at Chennai (Tamil Nadu)
and the fourth one – a laminated line – is located in the west at Taloja (near
Mumbai). It also operates three sub-assemblies cum warehouses at Bangalore
(Karnataka), Halol (Gujarat) and Pune (Maharashtra). Given the spurt in demand,
most of the facilities operated at close to full capacity and the challenge was
to effectively plan capacity utilisation across a wide range of products,
maintain quality and delivery schedules. The aim was to operate optimally and
assure no production disruptions at customers’ plants. The capacity constraint
and mismatch in locational demand and supply resulted in the SBU incurring
heavy costs on premium freights to ensure that the goods reaches customers on
time. Besides this, the SBU also lost on high-margin sales in the burgeoning
after market. Both these factors negatively impacted the operations and
resultant financial performance of AIS Auto Glass.
While the Company
focused on productivity gains to generate maximum production from the existing
assets, it was clear that some capacity expansion was necessary to support the
business. AIS has carefully evaluated its production capacities and focused on
a stage-wise capacity expansion plan. In the first phase, capacity expansion
projects were carried out for both tempered and laminated glass. Much of the
new laminated capacities were installed at Roorkee and Taloja. With the
incremental investments, total laminated capacity has increased from 3.68
million pieces at the beginning of 2010-11 to 4.45 million pieces at the
end of 2010-11. Tempered capacity has been enhanced from 7.41 million sqm. at
the beginning of 2010-11 to 7.76 million sqm. at the end of 2010-11. The
sub-assembly facility at the ‘Toyota Suppliers Park’ near Bangalore (Karnataka)
successfully commenced operations in 2010-11. A next phase of capacity
expansion is already planned and being implemented. This includes enhancement
of direct production and supporting equipment, most of which will come on line
in 2011-12 and 2012-13. Total project outlay, including new tooling, is
estimated at around Rs.1250.0 millions. The Company’s engineering prowess and
high quality of delivery standards continue to be recognised by its customers.
As every year, AIS Auto Glass received several awards and appreciations from the
customers. The Bawal Plant of AIS Auto Glass received the “TPM Excellance
Award, 2010”.
FUTURE OUTLOOK
In the backdrop of
the current state of Indian economy, rising interest rates and fuel prices,
demand for vehicles
in 2011-12 is
expected to grow at a slower rate. The last two years saw significantly high
growth in the auto sales.
Estimates suggest
that the automotive industry shall grow at a reduced average rate of 12-15% in
2011-12. Table 4 has the detailed data.
Owing to the
intense competition, the frequency of new models launches from all OEMs is
expected to increase
further. The
challenge, therefore, is to be able to design and engineer automotive glasses
for new models within
a stringent time
frame. AIS has already displayed its ability to successfully desgin, engineer
and deliver new products and identifies this capability as a major source of
competitive advantage, which it will continue to develop and leverage. In
2011-12, the challenge will continue to be on the sourcing front. There will continue
to be a supply side constraint in auto quality raw glass and high energy prices
will drive input costs up. AIS has devised a sourcing strategy and will focus
on manufacturing efficiencies and economies of scale to deal with this. The
Company will benefit from the new capacities coming on line to better service
the growing demand and enhance customer relationships. Timely completion of the
next phase of new capacity development projects will also be very important and
the Company is laying major emphasis on careful expansion. This kind of
consistent high growth trend has warranted capacity expansions from a leader
like AIS Auto Glass. AIS has been carefully executing all its brownfield
expansions, with a very cautious ‘time to market’ approach.
OUTLOOK
With India
regaining its growth momentum, the construction industry is expected to grow.
More importantly, more sophisticated and energy efficient architecture will be
the order of the day. So clearly, the float glass industry is poised for
growth. With consolidation at one end and new entrants at the other,
competition will be intense. While the larger players will be increasing their
scale and size to dominate the market, new entrants will be able to garner
share through their product specific or geography specific competencies. As
observed before, the key differentiator shall remain the product mix of high
value-added products. Also, the business will have to become more
customer-centric and provide end to end services. AIS Float Glass is constantly
increasing its product portfolio and offering value-added, customer oriented
products. In the realty and construction sector, functional benefits like
energy savings and design aesthetics will drive the future market. Already, the
Energy Conservation and Building Code (ECBC) has set norms that are expected to
come into effect for buildings that have a floor area
of 10,000 square
feet or greater. ECBC norms stipulate that a minimum level of energy efficiency
standards have to be maintained, including thermal performance
requirements for
walls, roofs and windows. Glass is an integral part of the green movement and
addresses a host of issues raised under the ECBC. These norms have created a new
set of opportunities and a new market segment for glass. Within the float glass
space, there will be competition in the value added segment where customer
connect in terms of product quality, efficacy and marketing will be key
differentiators. AIS has geared itself with innovative solutions to meet these
challenges and grow the float business significantly from 2011-12.
Awards
The Directors take pleasure in reporting the following awards/recognitions received by your Company during the year:
Maruti Suzuki India Limited Certificate of Appreciation
Vendor Performance Award Gold Category
Manufacturing Excellence Award
Toyota Kirloskar Motors Limited Achieving Target of Quality
Achieving Target of Delivery
Whirlpool of India Limited Best
Supplier Award Gold Category
Tata Motors Limited Cost
Efficiency Award
Mahindra and Mahindra Limited First Prize for Lowest PPM
First Prize for Best Delivery Logistics
Automotive Components Excellence Award
Manufacturers Association Bronze Medal
(ACMA)
Fixed Assets:
- Building
- Plant and Machinery
- Electrical Installation and Fittings
- Furniture and Fixtures
- Miscellaneous Assets
- Vehicles
- Computer Software
- License Fee
- E Mark Changes
PRESS
RELEASE
ASAHI INDIA GLASS COMMISSION'S PRODUCTION OF
LAMINATED WINDSHIELDS
Accord Fintech (India)
17 May 201
India, May 17 -- Asahi India Glass has commissioned the
production of laminated windshields, at its existing plant at Taloja near
Mumbai. The company has also considered brownfield expansion during the
quarter. The brownfield expansion was considered at its board meeting held on
May 16, 2011.Last year in August, Asahi India glass was planning to expand its
laminated glass capacity up to 5.3 million units from the existing 3.5 million
units per annum. In this regard, the company will invest about Rs 140 crore
within next one year.Asahi India Glass manufactures a spectrum of
international quality automotive safety glass, float glass, architectural
processed glass and glass products. Published by HT Syndication with permission
from Accord Fintech.
ANISH FIRM TO SET
UP CEMENT EQUIPMENT PLANT IN HARYANA
Indo-Asian News Service
20 March 2011
Chandigarh, March. 20 -- Danish multinational EEL Private Limited, a subsidiary of the FL Smidth group, will set up a new project in Haryana to manufacture hi-tech machines for cement and its allied industries, a senior official said Sunday. According to Rajeev Arora, managing director of Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), the foundation stone of the project will be laid Tuesday in Bawal industrial area, 90 km from New Delhi. The project is spread over 30 acres at the Growth Centre in the industrial area. The company from Denmark, a world leader in cement technology and equipment, will commence first phase production by March 2012. The project will be completed by November 2013, Arora said. 'The project would generate direct employment opportunities for more than 1,750 people besides supporting ancillaries within the state,' added Arora. The EEL, which has majopr clients in the Indian cement industry, is setting up the plant to meet this increased demand for allied products from cement manufacturing units. The company already has its presence through a manufacturing facility in Gurgaon since 1998, employing over 750 workers. Spread in nearly 3,375 acres, the Growth Centre at Bawal is located by the national highway in Rewari district. It has been developed as a mega-industrial hub. The centre comprises service ancillaries, commercial services and other essential services catering to auto-components, light-engineering, chemicals, machinery and equipment, electronic components, pharmaceuticals and textile products. Multinationals like YKK (Japan), Becton Dickinson (US), Mitsui, Indo-Japan Lighting, Posco, Liberty Group, Asahi India Glass, Guetermann AG (Germany) and others have already established their units in Bawal. Published by HT Syndication with permission from Indo-Asian News Service.
Press Release
AIS
(ASAHI INDIA GLASS LTD.) ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND
QUARTER ENDED 30th SEPTEMBER, 2011
New
Delhi, 10th November, 2011 - AIS (Asahi India
Glass Ltd.), India's largest integrated glass Company announced its unaudited
financial results for the second quarter ended 30th September, 2011
at its Board Meeting held today.
The
consolidated financial performance highlights for the quarter ended 30th
September, 2011 are as follows -
•
Gross Sales at Rs.
4595.0 millions increased by 5.09% over the corresponding figure of the
previous period (Rs. 4372.6 millions)
•
Net sales at Rs.
4090.1 millions, reflected an increase of 3.84% over the previous period (Rs.
3938.9 millions)
•
Earnings before
Depreciation, Exchange Difference, Interest and exceptional items at Rs. 625.1
millions registered a decline of 4.71%
over the corresponding period of the previous year.
•
Loss before Tax
(LBT) for the second quarter ended 30th September, 2011 was recorded
at Rs. 287.1 millions as against profit of Rs. 78.7 millions in the previous
period.
The table below
gives the details of the financial performance both on standalone and
consolidated basis -
|
AIS - Financial Results
for the second quarter ended 30th September, 2011 (Rs. In Millions) |
||||||
|
Particulars |
(Standalone) |
(Consolidated) |
||||
|
2011 |
2010 |
Change
(%) |
2011 |
2010 |
Change
(%) |
|
|
Gross
Sales |
4439.5 |
4184.1 |
6.10 |
4595.0 |
4372.6 |
5.09 |
|
Net
Sales |
3981.3 |
3787.7 |
5.11 |
4090.1 |
3938.9 |
3.84 |
|
EBITDA before
Exchange Difference |
630.5 |
639.6 |
(1.42) |
625.1 |
656.0 |
(4.71) |
|
Profit/(Loss)
Before Tax |
(268.5) |
75.4 |
|
(287.1) |
78.7 |
|
AIS - Financial Results for the
second quarter ended 30th September, 2011
(Rs. In Millions)
|
|
(Standalone) |
(Consolidated) |
||||
|
Particulars |
2011 |
2010 |
Change (%) |
2011 |
2010 |
Change (%) |
|
Gross
Sales |
8709.1 |
8072.8 |
7.88 |
9027.2 |
8421.0 |
7.20 |
|
Net
Sales |
7869.3 |
7051.3 |
11.60 |
8058.5 |
7327.4 |
9.98 |
|
EBITDA
before Exchange Difference |
1311.8 |
1278.7 |
2.59 |
1314.5 |
1321.7 |
(0.54) |
|
Profit/(Loss)
Before Tax |
(221.7) |
99.8 |
|
(246.4) |
116.3 |
|
Speaking about the performance of AIS, Mr.
Sanjay Labroo, MD and CEO, AIS Said-
"Our
performance in this quarter have been significantly impacted due to external
events like drop in sales led by the MSIL strike and huge increase in the costs
of furnace oil, other key materials and adverse impact of foreign exchange and
interest rates.
However, the
underlying performance remains steady and I am confident that in the near
future, financial performance shall get back to normal again.
Overall, the
business points towards the right direction of profitable growth."
About AIS:
Subject
is a joint venture between the Labroo family, Asahi Glass Co. Ltd. of Japan,
and Maruti Suzuki India Limited. AIS began operations in 1987.
Subject today, is the largest glass company in India,
manufacturing wide range of international quality automotive safety glass,
float glass and architectural processed and value added glass. Subject has the
following three operating business units - AIS Auto Glass, AIS Float Glass and
AIS Glass Solutions.
AIS Auto Glass is
India's largest manufacturer of world class automotive safety glass and is, in
fact, one of the largest in the field in Asia. It is sole supplier to almost
all the OEMs and has a market share of approx. 77 per cent in the Indian
passenger car industry.
AIS Float Glass is
the leading manufacturer of international quality float glass. It currently has
a market share of approximately 23 per cent in the Indian float glass market.
AIS Glass
Solutions, which is a subsidiary of AIS, has emerged
as the largest processor in the country. AIS Glass Solutions, offering
end-to-end glass solutions, currently has a complete range of high quality
architectural processed glass.
|
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.52.85 |
|
|
1 |
Rs.85.44 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.