MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAINT-GOBAIN GLASS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A1,
Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, Tamilnadu |
|
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
02.04.1997 |
|
|
|
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Com. Reg. No.: |
18-37875 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.697.350 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 (62) |
|
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 45000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established and reputed company having fine track
record. Latest financial of the year 2012 is not available from the previous
year financials, The company’s performance capability seems to be good. Financial position of the company appears
to be sound. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
10.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
10.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office/ Factory 1 : |
Plot No. A1, Sipcot
Industrial Area, Sriperumbudur, Chennai – 602 105, |
|
Tel. No.: |
91-44-27162832 to
39 / 41-1132834 |
|
Fax No.: |
91-44-27162840 /
41 / 41-1132841 |
|
E-Mail : |
venkateswaran.l@saint-gobain.com
sathya.narayanan@in.calyon.com
|
|
Website : |
|
|
Area : |
100000 sq. ft on
About 125 Acres Land |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
T-94-95 Bhosari
Industrial Estate, Pune – 411 026, |
|
Tel. No.: |
91-20-27120047/1441/0623 |
|
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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Factory 4 : |
At Plot No 36, MIDC Industrial Estate, Jhagadia District, Bharuch, Gujarat, India |
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Tel No.: |
91-79-66052564 |
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|
|
|
Principal Office : |
Saint-Gobain Vitrage, Les Miriors, 18, avenue d’Alsace –
92096 La Defense Cedex, France |
|
Tel No. : |
33 (1) 47623000 |
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|
|
|
Branches : |
Located at: ·
·
·
Rajasthan ·
Uttar
Pradesh ·
·
·
·
Thane ·
·
·
·
Palakaad |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anand Y
Mahajan |
|
Designation : |
Whole-Time Director |
|
Address : |
Fiona, |
|
Date of Birth/Age : |
03.01.1953 |
|
Qualification : |
M.A (ECON), MBA (USA) |
|
Date of Appointment : |
02.04.1997 |
|
DIN No.: |
00066320 |
|
|
|
|
Name : |
Mr. Joseph Andrew
Pereira |
|
Designation : |
Alternate
Director |
|
Address : |
No.8, Coral Reef,
55, |
|
Date of Birth/Age : |
24.11.1948 |
|
Date of Appointment : |
05.04.2007 |
|
DIN No.: |
00130239 |
|
|
|
|
Name : |
Mr. Mahadeo Achyut Puranik |
|
Designation : |
Alternate
Director |
|
Address : |
Building No. 73B, Flat No.21, Brindavan Majiwade, Thane - 400603, |
|
Date of Birth/Age : |
10.12.1955 |
|
Date of Appointment : |
31.03.2010 |
|
DIN NO.: |
00130340 |
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|
|
|
Name : |
Mr. Santhanam
Bhuvarghamurthy |
|
Designation : |
Managing Director
|
|
Address : |
|
|
Date of Birth/Age : |
02.03.1957 |
|
Qualification: |
B. Tech (Civil) PGD/ MGT |
|
Date of Appointment : |
22.01.1998 |
|
DIN No.: |
00494806 |
|
|
|
|
Name : |
Mr. Swaminathan Eisenhower |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.A-102, Prince Villa No.15, |
|
Date of Birth/Age : |
24.11.1952 |
|
Qualification: |
B. Tech – Chem |
|
Date of Appointment : |
26.04.2010 |
|
DIN No.: |
01521855 |
|
|
|
|
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 : |
26.04.2010 |
|
DIN NO.: |
01521968 |
|
|
|
|
Name : |
Mr. Patrick Dupin |
|
Designation : |
Director |
|
Address : |
51, Avenue De Paris, |
|
Date of Birth/Age : |
09.12.1963 |
|
Date of Appointment : |
20.06.2007 |
|
DIN NO.: |
01522067 |
|
|
|
|
Name : |
Mr. Benoit D’Iribarne |
|
Designation : |
Director |
|
Address : |
5, Reu Bellavoine, |
|
Date of Birth/Age : |
09.09.1961 |
|
Date of Appointment : |
09.07.2002 |
|
DIN NO.: |
01610383 |
|
|
|
|
Name : |
Mr. Tyagarajan Bhaskaran |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.B2, Plot No.587, |
|
Date of Birth/Age : |
20.07.1960 |
|
Qualification: |
B.Com, Associate ICWAI |
|
Date of Appointment : |
26.04.2010 |
|
DIN NO.: |
02168348 |
|
|
|
|
Name : |
Mr. Jean Pierre
Floris |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
09.07.1948 |
|
Date of Appointment: |
30.06.2008 |
|
DIN NO.: |
02504627 |
|
|
|
|
Name : |
Mr. Bousquet Olivier |
|
Designation : |
Director |
|
Address : |
5, Reu Du Midi, |
|
Date of Birth/Age : |
11.03.1950 |
|
Date of Appointment : |
30.06.2008 |
|
DIN NO.: |
02746320 |
KEY EXECUTIVES
|
Name : |
Mr. L.
Venkateswaran |
|
Designation : |
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 |
|
|
|
|
Name : |
Mr. Padmakumar P |
|
Designation : |
Team Leader – Human Resources |
|
|
|
|
Name : |
Mr. Sreeram Srinivasan |
|
Designation : |
Business Head – Automobile Glass |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Foreign Promoters |
|
|
|
Saint Gobain Glass
Deutschland GMBH, |
|
37753813 |
|
Societe de
Participations Financieries et Industrielles |
|
54109767 |
|
|
|
|
|
Indian Body Corporate |
|
|
|
Grindwell Norton
Limited, India (A Subsidiary of
Compagnie de Saint-Gobain (Saint-Gobain) |
|
2499993 |
|
|
|
94363573 |
|
Individuals (Jointly with Grindwell Norton Limited) |
|
|
|
Grindwell Norton
Limited |
|
1 |
|
Grindwell Norton
Limited B Santhanam, India |
|
1 |
|
Grindwell Norton Limited
and Mr. J. A. J. Pereira, India |
|
1 |
|
Grindwell Norton
Limited Aju Verghese, India, India |
|
1 |
|
Grindwell Norton
Limited Puranik A Mahadev, |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
Grindwell Norton
Limited |
|
1 |
|
Total |
|
94363580 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
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 and Toughened Wire Glass, Heat Treated Glass, Glass Wares and
Mirrors. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
Licensed Capacity:
Not
Available*
Installed
Capacity:
|
Particulars |
Unit |
31.03.2011 |
|
Glass # |
Tons |
475000 |
|
Laminated Glass # |
Pcs |
1300000 |
|
Tempered (S/L) Glass # |
Pcs |
6000000 |
|
Tempered (B/L) Glass # |
Pcs |
1200000 |
Actual Production:
|
Particulars |
Unit |
31.03.2011 |
|
Glass (**) |
Tons |
420106 |
|
Laminated Glass (**) |
Pcs |
751762 |
|
Tempered Glass (**) |
Pcs |
4918705 |
Notes:
* Under the liberalized
policy of the Government, Company’s products are exempted from licensing
provision under the Industries (Development and Regulation) Act, 1951.
# installed
capacity is as certified by the management and relied upon by the auditors,
being a technical matter.
(**) Net of breakages / unusable glass.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India · Calyon Bank 27th Floor, Two Pacific Place, 88, Queensway, Hong Kong · ABN Amro Bank N. V., Credit Administration Department, 63, Chulia Street, Singapore – 049514, Singapore · Canara Bank, Corporate service Branch; 1 Floor; Spencer Tower, 770-A; Anna Salai, Chennai - 600002, Tamilnadu, India · Indian Overseas Bank, Irungattukottai Branch, Chennai, Tamilnadu, India · 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, Tamilnadu, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
Calyon Bank- 27th Floor, |
|
|
|
|
Auditors : |
|
|
Name : |
A J Shaikh Chartered
Accountant |
|
Address : |
32, |
|
PAN No. : |
AAEFP5579P |
|
|
|
|
Holding Company : |
·
Saint
Gobain Glass Deutschland GMBH, ·
Societe
De Participations Financieres Et Industriellers (SPAFI), ·
Saint
Gobain Promotion et Participations Internationales, France |
|
|
|
|
Ultimate Holding Company: |
Compagnie-De-Saint-Gobain
* Vintage Less
Miroirs, 18 Tel. No. 33 (1)
476 230 00 |
|
|
|
|
Fellow Subsidiary : |
·
Saint-Gobain Promotions et Participations
Internationales, France ·
Saint-Gobain Deutschland, ·
Grindwell Norton India Limited ·
Saint-Gobain Seva , France ·
Hankuk Glass Industries , Korea ·
Saint-Gobain Glass Italia, Italy ·
Saint-Gobain Cristellaria Spain ·
Saint-Gobain Sekurit India Limited, India ·
Saint-Gobain Vetrotex India Limited ·
Saint-Gobain Isover France ·
Saint-Gobain Glass ·
Saint Gobain K and K ·
Saint Gobain Oberland ·
Saint-Gobain Glass, France ·
Saint-Gobain Exprover ·
Saint-Gobain Glass UK ·
Saint Gobain Glass Solar Control ·
Saint Gobain SEPR, France ·
Saint Gobain Hankuk ·
Saint Gobain ·
Saint Gobain Sekurit ·
Saint Gobain Glass ·
Saint Gobain Sekurit Deutschland, GmBH ·
Saint Gobain Hanglass, Japan ·
Saint Gobain Vitrage Odessa ·
Saint Gobain Direction Technique ·
Saint Gobain Gyproc (Formerly known as India
Gypsum) ·
Saint Gobain Autover Distribution S.A ·
Savoie SEPR ·
SEPR Italia ·
Verrerie Aurys ·
Hankuk Sekurit Limited ·
Saint Gobain Hanglas CIFG ·
SG Vertax ·
Shanghai Saint Jungle ·
Saint Gobain Sekurit – France ·
SG Glass Polska ·
Saint-Gobain Glass Benelux S.A. ·
SG Sekurit Thailande Company Limited ·
Cesa Construction ·
Najing New Nawnoo Glass Industries ·
SG Glass Italia SpA ·
SG Glass ·
Saint Gobain ·
Saint Gobain Crystal and Detectors India Limited ·
SEPR Refractories India Limited ·
Saint Gobain ·
Saint-Gobain Techniver S.A ·
Saint-Gobain Cristaleria S.A ·
Vetrotech Saint -Gobain Hong Kong ·
Vetrotech Saint-Gobain International AG ·
Verrerie de Saint-Just ·
Saint-Gobain Glass UK Limited ·
Saint-Gobain Hanglas Sekurit (Shanghai) Company,
Limited ·
Saint-Gobain (Singapore) Pte Limited ·
Saint-Gobain Autover International BV ·
Savoie Réfractaires ·
Saint-Gobain Recherche ·
Direction technique internationale ·
Saint-Gobain Conceptions Verrieres ·
Saint-Gobain Glass Benelux SA ·
Saint-Gobain Glass Deutschland GmbH ·
Saint-Gobain Photovoltaic Glass ·
Saint-Gobain Cristaleria S.A ·
Vetrotech Saint Gobain FR ·
Saint Gobain Vidros S/A ·
Eckelt Glas GMBH ·
Crisa-Norte, Spain ·
Saint - Gobain do Brasil Produtos ·
Cebrace crystal Plano ·
Saint - Gobain K.K. , Tokyo ·
Saint-Gobain Sekurit CR spol.s r.o, ·
Saint Gobain Glass Egypt |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94364000 |
Equity Shares |
Rs.10/- each |
Rs.943.640
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94363580 |
Equity Shares |
Rs.10/- each |
Rs.943.636 millions |
|
|
|
|
|
As on 31.03.2011
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 |
|
|
|
|
|
Footnotes
Of the above
Issued, Subscribed and Paid-up capital of the company 37,753,813 shares are
held by Saint-Gobain Glass Deutschland Germany, 29,481,196 shares are held by
Societe De Participations et Industrielles and 2,500,000 by Grindwell Norton
Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
697.350 |
569.696 |
569.696 |
|
|
2] Share Application Money |
0.000 |
1914.813 |
0.000 |
|
|
3] Reserves & Surplus |
10522.099 |
7299.696 |
6230.783 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11219.449 |
9784.205 |
6800.479 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
250.000 |
3027.563 |
|
|
2] Unsecured Loans |
1591.511 |
1664.394 |
2676.455 |
|
|
TOTAL BORROWING |
1591.511 |
1914.394 |
5704.018 |
|
|
DEFERRED TAX LIABILITIES |
1290.000 |
1409.800 |
1053.900 |
|
|
|
|
|
|
|
|
TOTAL |
14100.960 |
13108.399 |
13558.397 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10338.945 |
9773.419 |
9694.609 |
|
|
Capital work-in-progress |
1828.278 |
1101.148 |
1796.035 |
|
|
|
|
|
|
|
|
INVESTMENT |
244.227 |
469.404 |
357.384 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2194.249
|
1902.830
|
2319.087
|
|
|
Sundry Debtors |
2119.005
|
2013.821
|
1935.693
|
|
|
Cash & Bank Balances |
248.635
|
206.233
|
380.336
|
|
|
Other Current Assets |
2.745
|
13.519
|
0.000
|
|
|
Loans & Advances |
598.835
|
679.929
|
885.377
|
|
Total
Current Assets |
5163.469
|
4816.332
|
5520.493
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2939.901
|
2653.539
|
3177.230
|
|
|
Other Current Liabilities |
435.949
|
338.457
|
605.925
|
|
|
Provisions |
98.109
|
59.908
|
26.969
|
|
Total
Current Liabilities |
3473.959
|
3051.904
|
3810.124
|
|
|
Net Current Assets |
1689.510
|
1764.428
|
1710.369
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14100.960 |
13108.399 |
13558.397 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011
(12 Months) |
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12984.349 |
11828.934 |
13841.323 |
|
|
|
Other Income |
430.844 |
448.959 |
178.773 |
|
|
|
TOTAL (A) |
13415.193 |
12277.893 |
14020.096 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
4030.510 |
4190.371 |
|
|
|
|
Manufacturing service costs |
2362.220 |
1863.467 |
|
|
|
|
Employee related expenses |
783.855 |
590.337 |
|
|
|
|
Administrative selling other expenses |
3028.479 |
2647.364 |
|
|
|
|
TOTAL (B) |
10205.064 |
9291.539 |
10969.839 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3210.129 |
2986.354 |
3050.257 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
78.295 |
304.588 |
703.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3131.834 |
2681.766 |
2346.345 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1058.126 |
1028.043 |
1185.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2073.708 |
1653.723 |
1160.686 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
687.718 |
584.810 |
396.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1385.990 |
1068.913 |
764.091 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2080.923 |
1012.010 |
247.919 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3466.913 |
2080.923 |
1012.010 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
1061.818 |
1074.773 |
1532.187 |
|
|
TOTAL EARNINGS |
1061.818 |
1074.773 |
1532.187 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1199.621 |
2145.226 |
|
|
|
Stores & Spares |
|
310.668 |
274.597 |
|
|
|
Packing Material |
NA |
4.234 |
2.899 |
|
|
|
Capital Goods |
|
92.612 |
437.188 |
|
|
|
Traded Goods |
|
62.505 |
104.202 |
|
|
TOTAL IMPORTS |
NA |
1669.640 |
2964.112 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
20.18 20.18 |
18.76 18.28 |
13.41 -- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (12
Months) |
31.03.2010 (12
Months) |
31.03.2009 (15
Months) |
|
PAT / Total Income |
(%) |
10.33
|
8.71
|
5.45
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.97
|
13.98
|
8.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.38
|
11.33
|
7.63
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.17
|
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
14.19
|
19.57
|
0.84
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.58
|
1.45
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
The sales during
the financial year 2010-11 have grown by 9.8%. Effective funds management along
with reduction in debts has resulted in sizeable reduction in interest cost.
The Company has also initiated many cost reduction projects. These efforts have
helped in improving the Operating Income during 2010-11 by 16.78%.
FUTURE PROSPECTS
The Indian Economy
is expected to have sustained growth in 2011-12. However, the industrial growth
may be moderate. The rise in input costs and inflation are main concerns.
The Indian Glass
Market is expected to have slow growth during 2011-12. The Company will take efforts
to sustain the growth. The Company will continue to focus on the Cost Reduction
and Efficiency Improvement projects to improve the Operating Profit margin.
The plant
construction work had commenced in Bhiwadi, Rajasthan, where The Company is
setting up a new facility.
CONTINGENT
LIABILITY
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Claims against the Company not acknowledged as debts in respect of
various cases relating to taxation |
174.351 |
74.287 |
|
Channel Financing |
100.133 |
86.578 |
|
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 |
195.237 |
244.199 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
|
|
|
|
Rupee Term Loan bank Unsecured |
1589.399 |
1638.909 |
|
Other Debt Unsecured |
2.112 |
25.486 |
|
Total |
1591.511 |
1664.395 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge |
|
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. A1, Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105,
E-Mail : Venkateswaran.L@Saint-Gobain.com
|
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-mail : pattabhi.srinivasan@hdfcbank.com
|
|
Nature of description of the instrument creating or modifying the
charge |
Memorandum relating to hypothecation of machinery |
|
Date of instrument Creating the charge |
30.05.2011 |
|
Amount secured by the charge |
Rs.3000.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest As per Bank rate of interest Terms of
repayment Repayable in 8 equated quarterly installments from the end of the
first year. Margin As per the Bank norms Extent and
operation of the charge First charge on pari passu basis by way of hypothecation on movable
plant and machinery located in Sriperumbudur. |
|
Short particulars of the property charged |
First charge by way of hypothecation on pari passu basis over the
movable plant and machinery of the company situated at Sriperumbudur. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Data Processing
Equipments
·
Furniture, Fixture and
office equipments
·
Vehicles
AS PER WEBSITE
Profile
Subject established its
presence in
Within these sectors, a variety of products
are manufactured by eight different companies:
FLAT GLASS
Subject, which manufactures and markets float glass
and mirrors from its plant near Chennai
Saint-Gobain Sekurit India Limited (SGSI), which offers a
range of automotive glass products.
HIGH PERFORMANCE MATERIALS
Grindwell Norton Limited (GNO), which
manufactures and markets abrasives, silicon carbide, high performance
refractories and performance plastics from its six manufacturing locations.
Saint-Gobain Crystals and Detectors
India Limited (SGCD), which manufactures and markets radiation detection
and measurement products, and SEPR
Refractories India Limited (SEPR), which manufactures and markets
electrofused refractories.
CONSTRUCTION PRODUCTS
Saint-Gobain Weber (SGW), which offers
facade and tiling solutions and technical mortars
Saint-Gobain SEVA Engineering India
Limited (SGSEIL), which manufactures top rolls, tempering furnaces and
toolings for the automotive sector, moulds for containers and some building
hardware products, and
Saint-Gobain Gyproc India (formerly
India Gypsum), which manufactures an extensive range of Gypsum boards
and plasters systems and solutions for partitions, wall panels, ceilings and
internal wall linings.
In order to further its business growth in the Indian sub-continent, Subject also established the General
Delegation for
Subject places great emphasis on developing its
businesses and strengthening its presence in the Indian market. This combined
with its investment in manufacturing activities to fuel growth, makes it
possible to bring in advanced technological competency in providing
state–of–the-art products to the customers.
PRESS RELEASES
SAINT-GOBAIN ACQUIRES
SEZAL GLASS' FLOAT GLASS BIZ FOR RS 6860.000 MILLIONS
31 May 2011
The floating glass facility in Jhagadia Industrial Estate in Bharuch, Gujarat has the capacity to produce 550 tons of flat glass a day.
The deal will expand Saint Gobain's glass business in India.
Sezal Glass' 550 TPD float glass plant became operational in FY10 and started
to export float glass within the first quarter of operation.
Mumbai-based Sezal Glass (formerly known as Sejal Architectural Glass Limited) is a manufacturer of float glass and a glass processing company.
Its own brands include Kool Glass, Tone Glass, Solid Glass, Armour Glass, Firebran Glass, Oyster Glass Basins and Fresca. Its retail brands include lights, sanitary wares and tiles.
The company sells its float glass under the 'Sezal Glass' brand and processed glasses under nine different brands. It also has retail showrooms under 'Sezal Encasa' brand at different locations in Mumbai, offering branded home and office interior products.
It's other plant is located in Silvassa, which is a glass processing unit.
Company has recently signed MOU with Gujarat Government for setting up its second float glass manufacturing facility at Bharuch at an investment of Rs.7500.000 Millions. It is unclear for the current deal, whether this will also be transferred to Sain-Gobain.
Earlier this year, company raised Rs. 180.000 Millions from Brand Equity Treaties by issuing 20 Mn shares for Rs.9 per share on preferential basis.
Last year, Sezal Glass entered in a JV with UK-based CGI International (CGII), a manufacturer and supplier of specialist glasses, for supplying fire rated glass in India.
Recently, Saint-Gobain Glass India Limited and French parent firm Saint-Gobain Sekurit SA France, announced to delist the listed entity, Saint-Gobain Sekurit India Ltd, from BSE.
The promoters have agreed to buy-back publicly held shares of the company, constituting 14.23% of the total outstanding equity capital at Rs.31 per share, under the SEBI rules to effect delisting.With the delisting announcement, company's share price has increased from Rs.21 to a high of Rs.42 in a month. Yesterday, company's stock closed at Rs.38.55 on BSE.
SAINT-GOBAIN SEEKS
LAND TO SET UP SOLAR GLASS FACILITY
CHENNAI, JUNE
3:
Glass maker Saint-Gobain has approached the Tamil Nadu and Andhra Pradesh governments seeking 60 acres for putting up a factory to produce glass for solar power plants, Mr. B. Santhanam, President-Flat Glass, South Asia, Egypt and Managing Director – Saint-Gobain Glass India Ltd, told a press conference here today.
Depending upon its outlook of the solar power industry (which would be influenced by how the Centre approaches the Jawaharlal Nehru National Solar Mission), the French multinational could invest anywhere between Rs 6000.000 Millions and Rs 30000.000 Millions in creating the facilities, he said.
At its Sriperumbudur complex (near Chennai), where Saint-Gobain has a 1,200 tonnes-per-day float glass plant, the company has some 50 acres of spare land, but would prefer to earmark it for expansion of float glass capacity.
Solar glass (base glass and mirrors) is an entirely different product, based on a different technology and hence Saint-Gobain would like the facility to be at another place, but close to its main plant at Chennai.
An additional, major attraction is the prospect of getting liquefied natural gas from the upcoming LNG terminal project that is being put up by Indian Oil Corporation at Ennore, near Chennai.
SEZAL ACQUISITION
Saint-Gobain Glass India Ltd, which recently received $140 million (Rs 6300.000 Millions) of equity infusion from its parent, announced on Tuesday its intention to acquire the float glass business of Sezal Glass Limited, based in Bharuch, Gujarat, for Rs 6860.000 Millions. Glass business is heavy on logistics costs and a geographically distributed production helps cut down the costs. The Sezal acquisition gives Saint-Gobain a foothold in the western part of India.
On an average, Saint-Gobain's products travel 1,400 km to reach the customer. The Sezal acquisition halves this distance, Mr Santhanam said. Further, Sezal will help Saint-Gobain address the growing automotive market in Gujarat. India's largest car manufacturer Maruti is to set up a car plant in the State. General Motors (at Halol) and Tata Motors (at Sanand, for Nano cars) have facilities there.
BHIWADI PLANT
Saint-Gobain is putting up another plant at Bhiwadi, Rajasthan (65 km from Delhi) with an investment of Rs 10000.000 Millions (in phases). The 300,000 tonnes-a-year plant (same as Chennai) is expected to be production-ready in early 2012, Mr Santhanam said.
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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.