Uno 41530XX0 Imprese Estere International Credit Repor India
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TCM - INDIA INTERNATIONAL CREDIT REPORT Prepared For Requested For Prepared on Date Your Order/Ref. Report Type : : : : : : SAMPLE Asahi India Glass Limited Asahi India Glass Limited December 21, 2004 SAMPLE Normal IDENTIFICATION DETAILS TCM ID : 51269 Name : Asahi India Glass Limited Formerly Asahi India Safety Glass Limited PUBLIC RECORD INFORMATION Date of Incorp/Estb. : December 10, 1984 Incorp/Regn. No. : 55-19542 CREDIT RECOMMENDATION Comments : Business dealings are recommended. Credit Rating : TCA5 - Low Risk (Score > 80) Credit Limit Recommended : USD 3,500,000.- ( Actual Score : 82 ) (Preferably on a widespread basis) RATING EXPLANATION TCA1 - High Risk (Score <= 20) TCA2 - Medium High Risk (Score >20 & <= 40) TCA3 - Medium Risk (Score > 40 & <= 60) TCA4 - Moderate Risk (Score >60 & <=80) TCA5 - Low Risk (Score > 80) TCA6 - NR (No Rating - Insufficient Information) * The credit appraisal provides an assessment of the creditworthiness of a company. It takes into account significant elements of credit including history, business performance, management, background, financial position, payment history, overall market conditions, market trends and the reputation of the company * NR is stated where there is insufficient information to facilitate rating. However, it is not to be constructed as unfavorable. OFFICIAL COMPANY DETAILS Legal Form/Status : Public Limited Company Registered/Business Address Phone Fax MailID WebID : 2nd Floor,12, Basant Lok, Vasant Vihar, New Delhi - 110 057 : : : : +91 11 26143536, 26142288, 26149403 +91 11 26142324, 26148696 rsinghal@asahiindia.com www.asahiindia.com CAPITAL STRUCTURE Rs. 300,000,000.- (Inclusive of Preference share capital Rs. 150,000,000.) Authorised Capital : Capital Employed : Paid Up Rs. 219,500,000.- (Inclusive of Preference share capital Rs.139,500,000.-) as on March 31, 2004 Major Stakeholders : As on Sept 30, 2004 (Holding More than 1 %) /Share Held Aashi Glass Company Ltd Japan Maruti Udyog Ltd B M Labroo Kanta Labroo Shankar Resources Pvt Ltd Sanjay Labroo Sudershan Securities Pvt Ltd Bright Star International Corporation Notz Stucki ET CIE SA A/c Aruna Fund Shashi Palmand Suryanarayana Rao Palmand TOTAL > 1% No. of Shares 17,760,000 8,880,000 6,916,960 2,773,000 2,232,580 1,839,943 1,688,000 %Holding 22.21 11.11 8.65 3.47 2.79 2.30 2.11 1,192,000 1.00 944,405 1.18 800,000 800,000 1.00 1.00 45,826,888 56.82 Comments on Share : Asahi India Glass Ltd. is a joint venture between Asahi Glass Co. Ltd. of Japan, B M Labroo & Associates and Maruti Udyog Limited. Holding DIRECTORS/PRINCIPALS Board of : As per latest available company records Directors/Principals B M Labroo Chairman Sanjay Labroo Managing Director & CEO P L Safaya A Singh S Kapur A Nandy Kei Yonamoto G Thapar K Miyazawa Pierre Kirschen Key Executives : Rajesh Mukhija R. Singhal Shaily Singh Bhupinder Singh Kanwar Director Director Director Director Director Director Director (Technical) Director Company Secretary General Manager Deputy Manager Mktg Head of Manufacturing OPERATION DETAILS Line of Business : Manufacture of Automative and Float Glass. Corporate Office : Global Business Park,Tower-B, 5th Floor, Mehrauli Gurgaon Road, Gurgaon - 122 002, Haryana, India. : +91 124 - 5062212-19 : +91 124 - 5062244/88 Phone Fax Float Glass SBU Phone Fax : Plot No. T- 7,MIDC Industrial Area, Taloja, Raigad - 410 208, Maharashtra, India. : +91 22 - 27410171-74 : +91 22 27410090 Plant Add : 94.4 KM Delhi-Jaipur Highway, Vill Jaliawas Teh. Bawal, Rewari - 123 501, Haryana, India. No. of Employees : Reportedly '1500' Bankers : Bank of Baroda Bank of Tokyo-Mitsubishi HDFC Bank Ltd ICICI Bank Ltd Jammu & Kashmir Bank Ltd Punjab National Bank Standard Chartered Bank Sumitomo Mitsui Bnkg Corp Banking Relations : Reportedly Normal Auditors : M/s Jagdish Sapra & Company Chartered Accountants Collaborator's : Asahi Glass Co Ltd, Japan Asahi Glass Co., Ltd., Japan was established in 1907. Enjoying a 45% market share in Japan, 20% in Asia (excluding Japan & China), 20% in North America and 25% in Europe, AGC has a presence in over 24 countries worldwide. The Group’s Glass Operations segment comprises flat glass, automotive glass and other glass including exterior siding boards, specialty glass and glass fibres. Quality Assessment : Trade Names : AIS Imports : The subject imports from Europe, Asia, Malaysia, USA, Japan Exports : The subject exports to Europe, Asia, Malaysia, USA, Japan Imports References : Asahi AGC- Japan Dupont - Thailand Selling Terms : Against Document Letter of Credit ISO 9000 Purchasing Terms : Against Document Letter of Credit Production Details Float Glass Laminated Glass(Windshields) Toughened Glass Unit:of Measurement (For the FY ending on March 2004) 29200000 31361673 SqM 1200000 1194224 No 2090000 2283018 SqM Capacity Production BUSINESS OPERATIONS Business Profile -------------Incorporated in Dec.'84, Asahi India Glass Ltd(formerly Asahi India Safety Glasses) was converted into a public limited company in Dec.'85. It was promoted as a joint venture by Maruti Udyog; Asahi Glass Company, Japan and B M Labroo and Associates. Asahi Glass Company, Japan, provides the technical assistance to the company. Asahi India Glass Ltd., manufactures a wide range of automotive and float glass. The Automotive Glass Strategic Business Unit (SBU), one of the two strategic business units of the company, is the sole supplier of automotive safety glass to nearly the entire Indian passenger car industry. The other strategic business unit, the Float Glass SBU, manufactures float glass with a diverse product portfolio catering to the needs of quality conscious customers including builders and architects. AIS manufactures toughened glass for vehicles, solar panels and the construction industry. It caters to over 90% of the safety glass requirements of the Indian passenger car industry and succeeded in expanding its presence in the non-automotive segment, with its supply to the white goods industry. Besides its main customer Maruti Udyog, it also caters to other vehicle manufacturers like Mahindra & Mahindra, TELCO, DCM Toyota, GMIL, PAL-Peugeot & PAL-Uno, Ashok leyland, Eicher motors and Swaraj Mazda. It is the first Indian glass company to get the QS-9000 and ISO-9002 certification through TUV Bayren Sachsen, Germany for the production and servicing of automotive safety glass. In 1999-2000, the company received the "Best Performing Vendor" Award from Maruti Udyog at Maruti Vendor Conference for the year 1998-99. The company is entering into a joint venture with one of its distributors Map Auto and shall be making trade investment in and acquire 1,00,000 (50%) equity shares in Map Auto Glasses. The remaining 50% will be subscribed by Map Auto Ltd. Subsequent to the investment, the name of the company shall be changed from Map Auto Glasses to Asahi India Map Auto Glass. The company had 79.61% stake in Float Glass India Ltd has amalgamated the latter with itself w.e.f April 2002. AIS Automotive Glass of Asahi India has approximately 90% market share of automotive glass sales to OEMs. It also has a 55% market share in the automotive glass replacement market in terms of value. The AIS Float Glass of Asahi India enjoys approximately 26% share of the Indian float glass market and is the third largest float glass manufacturer in India. News Details -------------Asahi India approves expansion plans (11/02/2004) -------------------------------------------------------Float glass plant to be set up in the Uttaranchal Asahi India Glass' board of directors, at its meeting held on 30 October 2004, has accorded in principal approval for the expansion plans of the company, which include setting up of a second float glass plant in Uttaranchal. The second float glass plant will have a capacity of 700 MT / day. The board will meet again shortly to approve the project cost and schedule. News Details ----------------AIGL to register impressive growth (12/06/2004) -------------------------------------------------------------------Asahi India Glass Ltd has established itself as one of the largest integrated glass manufacturing companies. It dominates the automotive segment (passenger cars and commercial/utility vehicles) with over 90 per cent market share. With the outlook of the automotive industry appearing healthy, we believe that AIGL would register impressive growth going forward. Also, the outlook on industrial and economic growth of the country stands encouraging, which They believe shall ensure the growth in the float glass business of the company. The expansion thrust undertaken by AIGL would take care of the rising demand from both the business areas i.e. automotive glass and float glass. The valuation of AIGL too has become attractive after the significant drop in the market price from the high of Rs 152 in January 2004. In fact, the stock price of AIGL has dropped by over 21 per cent in the past 30 days. This, we believe, has provided investors with an opportunity to enter the stock of AIGL for healthy long term returns. Developments and impact AIGL's laminated and tempered glass facilities are operating at 100 percent and 70 per cent capacity utilisation levels. As a result, the company has gone for setting up a second automotive glass plant in Chennai in order to meet the rising demand from its OEM customers. The location of the new plant holds special significance as auto majors like Hyundai, Toyota and Ford have established their new capacities in the South. Currently AIGL has 100, 100 and 97 per cent share of business of Hyundai, Ford and Toyota Kirloskar respectively. The car production in the South is expected to witness a huge growth from current level of 2,20,000 to 4,70,000 in next five years time period. Location of the new plant will also be beneficial in terms of savings in cost of raw material import (such as PVB) as well as possible future exports. Risks The critical risk areas, which may influence AIGL's performance going forward, are as below: + Margin pressure in both the business segments is expected to continue in current fiscal as well, thereby restricting any further improvement. + Subdued growth in the domestic automobile industry vis-a- vis FY04. Growth We believe that AIGL holds a healthy growth potential in coming years. Few of the key growth drivers are as under: The automotive segment is expected to grow by 12-15 per cent in FY05, OEMs segment to grow by 20 per cent. AIGL being a dominant player in OEM segment, we believe that it will benefit from the higher growth in the segment. Replacement market in the automotive segment too provides a good growth opportunity for the company in time to come. It currently holds 55 per cent market share in automotive replacement market in terms of value. The float glass segment is likely to grow by over 11 per cent during the current fiscal on rising penetration levels, growing industrial sector and healthy economic growth prospects. The expansion plans augur well for AIGL's growth prospects as it would help the company to accommodate the demand from various business segments in the time to come INTERIM RESULTS (Financial Results) (Un Audited Half Yearly Results) (Unit: Rupees in '000) Sept 30, 2004 Gross Sales Excise Duty Net Sales Other Income Total Income Total Expenditure PBIDT Interest PBDT Depreciation Tax Reported Profit After Tax 3,261,400 415,300 2,846,100 16,700 2,862,800 2,277,400 585,400 6,800 578,600 222,600 28,000 328,000 FINANCIAL SUMMARY For the Year Ending : Net Worth Variation Operating Income Variation Total Income Variation March 31, 2004 March 31, 2003 March 31, 2002 (Unit: Rupees in '000) 1,440,200 930,400 400,200 54.79% 132.48% -- 5,655,500 4,606,900 2,348,700 22.76% 96.15% -- 5,804,000 4,664,700 2,365,800 24.42% 97.17% -- 782,300 376,300 172,600 107.89% 118.02% -- Profit After Tax 722,800 371,500 118,600 Variation 94.56% 213.24% -- Import Value 949,000 752,200 511,100 Variation 26.16% 47.17% -- Variation -35.19% 471.45% -- Export Value 242,600 374,300 65,500 Profit Before Tax Variation Comments on Finances In the automotive glass segment, Asahi India maintained its market share of over 85 per cent in the passenger car market (including multi-utility vehicles), which grew by 35 per cent and crossed the one-million mark. Gross sales of the Automotive Glass SBU increased 29 per cent to Rs. 323.48 crores and accounted for 55 per cent of the subject total sales. Strong growth in passenger cars production implied that 83 per cent of the subject sales came from supplies to OEMs against 79 per cent in FY 03. In the OEM segment, the continued shift in the car buying pattern, with stronger growth for mid-sized cars helped us. The subject continued to maintain the subject market share of approximately 55 per cent in the after market. The market value of sales in the after market grew by over 12 per cent to Rs. 81.19 crores. Export sales during the year, hothe subjectver, the subjectre insignificant. In the float glass segment, the subject maintained the subject market share of 20 per cent in the flat glass industry. The industry recorded a sales growth of over 13 per cent, with float glass sales growing by over 18 per cent implying an increasing penetration of float glass. Gross sales in the float glass segment increased 11 per cent to Rs. 264.94 crores. This accounted for 45 per cent of total sales. Of this, domestic sales increased 26 per cent to Rs 216.69 crores. As per current indications, the outlook for FY 05 looks positive. It is expected that the Indian passenger car industry should grow by 15 - 20 per cent, in the current year, over FY 04. the subject are expecting sales growth in the range of 12 - 15 per cent in the float glass industry. Timely intervention by the imposition of anti-dumping duty on dumped imports of float glass from China and Indonesia has helped improving realizations. In view thereof and considering the strong demand in domestic market, float glass prices are expected. The subject's capital expenditure requirement in FY 05 is directed towards the completion of the subject second automotive safety glass plant near Chennai and the architectural processing facility in Taloja, near Mumbai. Besides, the subject have some regular capital expenditure towards continuous process and product improvements and to stay competitive. The total capital expenditure requirement during FY 05 is expected to be in the range of Rs. 100 crores. The upcoming second automotive safety glass plant will have a capacity of 5,00,000 laminated windshield in phase I. Total capex for phase I is in the region of Rs. 55 crores. the subject will commence commercial production in November, 2004. This will address the subject laminated capacity requirements, considering the subject current capacity utilisation level of nearly 100 per cent. The subject's growth strategy is aimed at realising the subject vision of becoming India's leading integrated glass Company. The subject plans to achieve the subject vision by having a meaningful presence, in the long term, in every part of the automotive and architectural glass value chain. The subject has been taking various steps to achieve this. In the automotive glass business, Asahi India already has a value chain presence, reaching out to the end consumer, through automotive glass manufacturing and distribution of automotive glass along with allied products like urethane. BALANCE SHEET AND PROFIT & LOSS A/C BALANCE SHEET March 31, 2004 March 31, 2003 March 31, 2002 (Unit: Rupees in '000) SOURCES OF FUND Net Worth Paid-up Equity Capital Preference Capital Reserve & Surplus Share Application Money 1,440,200 80,000 139,500 1,220,700 -- 930,400 74,000 60,000 710,900 85,500 400,200 74,000 -326,200 -- Total Borrowings Secured Loans Unsecured Loans 2,704,200 576,100 2,128,100 3,369,800 925,100 2,444,700 1,176,700 776,700 400,000 TOTALS 4,144,400 4,300,200 1,576,900 USES OF FUND Gross Fixed Assets Less : Cumulative Dep. 6,789,800 3,927,400 6,552,100 3,328,200 1,806,300 1,146,400 Net Fixed Assets 2,862,400 3,223,900 659,900 26,700 21,400 84,700 180,000 136,900 233,300 Current Assets, Loans & Adv. Inventories Sundry Debtors Adv/Loans to Corporate Bodies Cash & Bank Balance 2,082,300 1,079,900 619,100 1,704,100 928,200 464,600 909,100 337,700 205,800 262,500 214,500 353,500 120,800 96,800 12,100 Less: Current Liab. & Prov. Sundry Creditors 1,010,600 517,100 817,900 471,800 326,400 197,000 Investments Capital Work in Progress Other Current liabilities Provisions 261,300 232,200 193,500 152,600 71,700 57,700 1,071,700 886,200 582,700 3,600 31,800 16,300 4,144,400 4,300,200 1,576,900 20,300 629,000 16,800 476,700 15,800 190,000 -30,200 -28,900 -- Totals 619,100 464,600 205,800 CONTINGENT LIABILITY Claims not acknowledged yet Gurantees undertaken Letter of Credit Bills Discounted Disputed Taxes Others -65,800 --1,100 194,000 2,700 70,600 -9,200 1,600 219,700 4,900 16,200 20,300 --119,100 Total 260,900 303,800 160,500 Net Current Assets Intangible/DRE not w/o TOTALS SCHEDULES TO BALANCE SHEET SUNDRY DEBTORS Debtors more than six months Debtors Others Less : Provisions for Doubtful Debts PROFIT & LOSS ACCOUNT Income Operating Income Other Income March 31, 2004 March 31, 2003 March 31, 2002 (Unit: Rupees in '000) 5,804,000 5,655,500 148,500 4,664,700 4,606,900 57,800 2,365,800 2,348,700 17,100 70,200 38,800 -18,500 Expenses Raw Materials, Stores, etc. Wages & Salaries Energy (power & fuel) Other Operating Expenses Indirect Taxes Distribution Expenses Misc./Other Expenses 4,557,400 1,426,400 299,400 714,600 537,400 757,000 698,900 123,700 3,795,300 1,152,000 251,400 655,200 468,200 574,800 554,900 138,800 1,947,400 869,300 136,000 170,900 166,100 322,400 219,200 63,500 PBDIT Less: Financial charges 1,316,800 33,900 908,200 93,400 399,900 52,900 PBDT Less: Depreciation 1,282,900 500,600 814,800 438,500 347,000 174,400 Change in stocks PBT Less: Tax provision 782,300 59,500 376,300 4,800 172,600 54,000 PAT 722,800 371,500 118,600 -5,400 5,300 400 65,500 63,700 59,200 707,600 75,300 179,900 4,100 23,600 375,000 65,500 119,900 -15,400 114,500 63,700 40,700 --- 225 150 55 8 4 16 16 10 54 P & L APPROPRIATION A/C Adjustment below net profit P & L Balance Brought Forward Appropriations P & L Balance Carried down Equity Dividend Preference Dividend Corporate Dividend Tax Equity Dividend(%) Annualised Earning Per Share (Rs.) (Unit Curr) Book Value (Unit Curr.) KEY RATIOS March 31, 2004 March 31, 2003 March 31, 2002 EFFICIENCY RATIOS Average Collection Days (Sundry Debtors/Operating Income * 365 Days) Account Receivables Turnover (Operating Income/Sundry Debtors) Average Payment Days (Sundry Creditors/Purchases * 365 Days) Inventory Turnover (Operating Income/Inventories) Asset Turnover (Operating Income/Net Fixed Assets) LEVERAGE RATIOS Debt Ratio ((Borrowing+Current Liab.)/Total Assets) Debt Equity Ratio (Borrowings/Net Worth) Current Liabilities/Net Worth (Current Liabilities/Net Worth) Fixed Asset/ Net Worth (Net Fixed Asset/Net Worth) Interest Coverage Ratio (PBIT/Financial Charges) 39.96 36.81 31.98 9.14 9.92 11.41 132.32 149.49 82.72 5.24 4.96 6.95 1.98 1.43 3.56 0.72 0.82 0.79 1.88 3.62 2.94 0.70 0.88 0.82 1.99 3.47 1.65 24.08 5.03 4.26 PROFITABILITY RATIOS(%) PAT/Total Income ((PAT/Total Income)*100) Net Profit Margin ((PBT/Operating Income)*100) Return on Total Assets (PAT/Total Assets)*100) Return on Investment (ROI) ((PAT/Net Worth)*100) SOLVENCY RATIOS Current Ratio (Current Assets/Current Liabilities) Quick Ratio ((Current Assets-Inventories)/Current Liab.) 12.45 7.96 5.01 13.83 8.17 7.35 14.02 7.26 6.23 50.19 39.93 29.64 2.06 2.08 2.79 0.99 0.95 1.75 INDUSTRY SCENARIO - Glass significant improvement in financial position in the last fiscal, the domestic float glass manufacturers are planning to substantially increase their focus on value-added products for use in the construction and automobile sectors to improve their margins in the current fiscal. After smarting under depressed market conditions and high-interest costs relating to the largely debtfunded capacities almost during the entire of 1990s, the float glass industry has been able to tread steadily on the road to recovery during the last three years, especially during the last fiscal by witnessing a sharp improvement in its financial profile. A healthy demand growth for float glass from the construction and automobile sectors and technological support lent by the foreign parent companies of the Indian manufacturers were the two key factors that led to the growth of the industry. Most of the major players in the domestic float glass industry have indicated plans to increase the share of value-added products to improve their margins and counter imports. The country currently has a total flat glass manufacturing capacity of 0.68 million tonnes per annum, comprising 0.17 m.t. of sheet glass (about 25 per cent of the total capacity) and 0.51 m.t. of float glass (75 per cent). There are four major domestic players, three of which are either the subsidiaries or joint ventures of large MNCs St. Gobain is the Indian entity of the French glass major, Compagnie de St Gobain, which has a global market share of 13 per cent, while Floatglass India and Gujarat Guardian are the Indian ventures of Asahi Glass Co of Japan and Guardian Industries Corp of US, which account for a share of 22 per cent and 12 per cent in the global market, respectively. The major user of float glass is the construction sector (60 per cent), the products being mostly clear unprocessed glass, coloured glass and processed glass, apart from the automobile sector (15 per cent) and mirror manufacturing (15 per cent). The gap between imported and domestic prices has narrowed by around Rs 6 to Rs 9 per mm/sq. m., following the imposition of a provisional anti-dumping duty of $82 per tonne and $67 per tonne on imports from China and Indonesia, respectively in January this year. Although the provisional levy is for a period of six months up to June 2003, domestic players believe that it would extended beyond this period as imports could once again rebound when duty rates are lowered from the current level of 25 per cent to around 15 to 20 per cent by 2004-05 to comply with the WTO regulations. FOREX RATES (APPROX) US$ 100 Jap Yen Euro Swiss Franc Australian $ = = = = = Rs. 45 Rs. 44 Rs. 60 Rs. 39 Rs. 36 GBP Singapore $ Canadian $ Hong Kong $ = = = = Rs. 85 Rs. 27 Rs. 38 Rs. 6 1 Crore Rupees = 10 Million Rupees = 100 Lac Rupees = 10000 Thousand Note: This report is based on information from sources believed to be true. Any advise or recommendation in this report has been given without specific investment objectives and the particular needs of any specific addressee. It must be distinctly understood that though utmost care has been excercised to obtain reports of a reliable character but we accept no liability whatsoever for any direct or consequential loss arising from any use of this document. ***END OF REPORT***
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