Flat Glass Industry Analysis

Flat Glass
Industry
at a glance
Industry Analysis Project By
Mihir
Prabodh
Shaan FlatGlass-IndustryAnalysisMPE12

Executive Summary
Growth in flat glass demand is cyclical to economic growth
and, subsequently, is prone to economic fluctuations
within the Construction, Automotive and Solar Energy
sectors which remain the biggest consumers of flat glass.
Flat glass is poised to outpace GDP growth for the next 10
years; in continuation of historic momentum displayed.
The Global Flat Glass market was worth $77.7 billion in
2013, and estimated to grow robustly over the next 10
years.
Architecture-Flat glass plays a unique role in
• Reducing greenhouse gas emissions,
• Mitigating the effects of climate change,
• Energy conservation by high-performance architectural
glass products.
Architects are now taking into account environmental
factors and incorporating more energy efficient products
into building new infrastructures, supported further by
tougher government legislations, and building regulations.
Automotive-
Flat Glass market has also benefitted from volume growth
in the automotive industry driven by; aesthetics,
increased complexity and functionality - and will continue
to do so in the next decade.
Additionally, in the Automotive replacement market there
is a greater demand towards laminated glass rather than
toughened glass. Global concerns towards an acutely
deteriorating environment, heavy depletion of natural
energy sources, and the subsequent rising cost of energy
have compelled modern society to search for alternative
means to meet the modern world’s energy requirements.
SOLAR- Technological advances in the solar energy
market where glass is an integral component, harnessed
through photovoltaic and solar thermal energy panel, is a
niche, but growing market. Europe leads the innovation
race in the solar energy glass market, with Germany being
the market leader, followed by Italy.
Other than the Solar Energy market for renewable energy,
markets such as; electronics, telecommunications, optical,
healthcare and aerospace, will continue to produce
opportunities for glass consumption in both the public
and private sector Architects are increasingly seeking to
bring natural environmental factors into the interior of
buildings by maximizing natural daylight. This has been
achieved through the use of larger glazed areas in facades
and roofs, and through entirely glazed facades where the
glass is a structural component of the building box.
FlatGlass-IndustryAnalysisMPE12

Table of Contents
• Introduction to FLAT Glass
• Scope
• Global Industry Perspective
• Indian Perspective
• SWOT
• PESTEL
• Porter’s 5 Forces Model
• Strategic Group Map
• Flat Glass Production process
• Key Performance Indicators
• Key challenges
• Financial Analysis Consolidated
• Financial Analysis – Cash Flow
• Key Financial Ratios- ASAHI
• Operating Leverage
• Marketing
• Value Chain Analysis
• Profit Pool Analysis
• Human Resources
• Technology Trends
• Suggested InvestmentArenas
• Latest Buzz in Glass Industry
• Industry Attractiveness
• Apendix
• Bibliography
• Disclaimer
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Introduction to FLAT Glass
• The use of glass is of critical importance in
the present day when environmental
conditions are already a concern for
protection of environment in the interest of
human health and wellbeing. Glass which is
made from all-natural, sustainable raw
materials proves to be 100% eco-friendly.
• Preference for Glass is due to its being
chemically inert and pure nature. Key
properties such as transparency and
recyclability make glass the most suitable
medium of packaging for liquors,
pharmaceuticals, lifesaving drugs and food
items. The perception of glass having high
quality or premium image is also facilitating
its growth. The majority of raw materials
required by the industry are available locally
providing excellent scope for growth and
development.
4
• Our analysis shall include Float Glass also
known as Flat Glass. The basic flat glass
product is the first result of the float process.
It is the common glass that tends to break
into large, jagged shards. It is used in some
end products -- often in double glazed
windows. It is also the starting material that
is turned into more advanced products
through further processing such as
laminating, toughening, coating, etc
• Apart from its use in windows for residential
and commercial construction it is also used
in Automobile windshields, mirrors,
instrumentation gauges and furniture such
as tabletops and cabinet doors, solar cells
• The float process, invented by Sir Alastair
Pilkington in 1952, makes flat glass. This
process allows the manufacture of clear,
tinted and coated glass for buildings, and
clear and tinted glass for vehicles.
Scope

Global Industry Perspective
5
 There are around 260 float plants worldwide with a combined output of
about 800,000 tonnes of glass a week. A float plant, which operates non-
stop for between 11-15 years, makes around 6000 kms of glass a year in
thicknesses of 0.4mm to 25mm and in widths up to 3 metres.
 A float plant typically costs €70 million to €100 million to build, depending
on size, location and planned product complexity and takes usually 18
months to 30 months to start operations
 Once built,it will operate non-stop for a ‘campaign’ of between 10 and 15
years, before requiring refurbishment.
 The Global Flat Glass market was worth $77.7 billion in 2013 and the
market will grow robustly over the next 10 years. China continues to
dominate and will be driven by emerging economies namely; the BRICs
(Brazil, Russia, India, and China) and the Southeast Asian nations. Russia
will be the fastest growing market and Asia-Pacific the fastest growing
region.
 The global market for glass (2008) was approximately 46 million tonnes.
At the level of primary manufacture this represents a value of around USD
25 billion (Rs. 1150 bn).
 Of this tonnage, around 70 per cent is consumed in windows for buildings,
10 per cent in glazing products for automotive applications and 20 per
cent used in furniture and other interior applications.

Global Industry Perspective
6
China Profile
At least 120 float lines currently in
operation.
Majority are less efficient than
“western” style lines. Produce
more sheet and other lower
quality glass. However,
quality/efficiency improving.
Market growing at an estimated
8% to 10% annually.
Construction products represent
70% to 75% of total fabricated flat
glass
Europe Profile
Overall a mature market.
Implementation of stricter energy
regulations, particularly in Germany,
will benefit the flat glass
construction (e.g., architectural
glass) market.
Annual construction growth
estimated at 4% to 5% for the next
three years.
With an estimated combined 75%
market share, Saint-Gobain,
Pilkington and Glaverbel dominate
the market
South America Profile
Latin America represents growth
potential for flat glass. Flat glass
demand increasing at an estimated 5%
annually.
Pilkington and Saint-Gobain are the
dominant vendors.
With roughly two-thirds of the flat glass
capacity, Brazil is by far the largest flat
glass market.
Brazil’s flat glass market is also
experiencing annual growth of about 5%.
However, construction products such as
architectural glass are growing at
approximately 6% annually.
North America Profile
Growth estimated at 4%
Construction accounts for between 55%
and 60% of total demand, but will almost
certainly decline with the slowdown in
US residential construction activity.
Low E-glass, solar control glass, impact
resistant glass.
Four manufacturers represent nearly
three-quarters of capacity:
Asahi (AFG): 20%
PPG: 20%
Guardian: 19%
Pilkington: 14% market share (est.)

Indian Perspective
• FLAT Glass manufacturing is classified under Section C , Division 23,
Group 231, Class 2310 and sub class 23101 of CSO National Industry
classification
Indian Glass industry: Overview
• Firozabad is known as glass city of India. Modern Indian glass industry is
around 100 years old. The first glass plant was set up by Lokamanya
Tilak at Talegaon, Maharashtra in Aug, 1908. Since then, Industry has
made a steady progress since India’s independence.
• Indian packaging industry is estimated to be $15 billion, projected to be
growing at 14-15% CAGR in previous years. However, Flat glass industry
is only 8% of India’s overall packaging industry.
• With economic liberalization, increased consumer awareness about
health, eco-friendly and energy conservative products, share of glass in
packaging industry is projected to increase significantly.
• The Indian glass industry is pegged at $2.7 billion.
• The per capita glass consumption in India is 1.2 kg, compared with 8-9
kg in developed countries and 30-35 kg in the US.
• The main drivers of India’s flat glass industry include: Real Estate,
Automobiles and Manufacturing.
• Flat glass consumer segment growth: The three major sectors that drive
the demand of glass are:
• Real Estate: The Indian real estate market size is expected to touch
US$ 180 billion by 2020. Foreign direct investment (FDI) in the
sector is expected to increase to US$ 25 billion in the next 10 years,
from present US$ 4 billion, according to a latest industry body
report. With a market size of USD 66.8bn, the Real Estate sector
contributes around 5 % to the nation’s GDP.
• Automotive Industry: Although economic vulnerability and lower
sentiments resulted in market slowdown in 2012 and 2013, India is
expected to regain strong growth trend under the present govt.
and is poised to be 3rd largest automotive market by 2016 due to
high demand and cost advantages in terms of manufacturing
growing at a CAGR of 9.9%.
• Manufacturing Industry: The Government of India has realized the
significance of the manufacturing industry to the country’s
industrial development and is taking necessary
7

Indian Perspective
8
Investments pouring in Glass Industry:
• Canpack, Polish MNC is putting 750 TPD plant in Maharashtra.
• Trakya Cam joint venture with HNG Float glass.
• Oak tree capital has acquired 64% equity stake in Cogent Glass,
Hyderabad.
• 100% FDI in construction and India as manufacturing hub for
automotive.
• End user segment-beer-Molsoon coor, Cobra, Budweiser, Carlsberg etc
has entered in Indian economy.
• Liquor is the largest end-user segment and comprises over 50-55% of
total volumes.
• Diageo USL deal has been signed off. Diageo has signed off 25.2%
equity stake.
• Pernod Ricord is evaluating a JV takeover of ABD, Tilaknagar industries.
• Radico Khaitan likely to sell stake to Suntory holdings Japan.
• Rs 200-crore Cogent Glass unit owned by OAKTREE CAPITAL
MANAGEMENT established at Mahabubnagar, Hyderabad
Trends in Indian economy
supporting glass industry demand:

SWOT
Strengths
• Innovative Research &
Development
• Huge Entry cost is a strength to
prevent Large number of player
entering.
• Demand in Infrastructure
projects and buildings
• Demand in Automotive
Segments [More people buying
cars
• Recyclability 90%
Weakness
• Diseconomies to scale
• Over Leveraged Financial
position
• Capital Intensive Market
• Poor Supply chain
• Dominated Un-organised
Industry
• Surplus Capacity during Boom
• Rising Input Cost
• High Interest Cost
• High Energy Cost
9
Opportunities
• Asset leverage
• Access to Financial Markets to
raise money through Debt
• Bright future of Innovation
through R&D
• Expansion of applicability into
new Industries eg SOLAR
• Increased acceptance of Green
building concept
• Positive Economy Changes
• Positive Growth In GDP
Threats
• Demand Slowdown for Related
Industry like Real Estate.
• Interest Rate Risk as this
industry is capital intensive
• Exchange Rate Risk
• Threat from Substitute products.
Like Cement
• Price Wars among players
• Cheap Imports from outside
Countries
• Mass Rapid transportation
system reducing Car usage
• High Cost of Fuel for Cars
• Devaluation Rupee – Dollar

PESTEL
10

Porter’s 5 Forces Model
11
Threat of New Entrants
Threat of new entrance in Glass
Manufacturing is comparatively low.
The capital investment to start float
glass manufacturing is very high.
Float glass manufacturing Industry is
highly technology intensive and
requires highly skilled people hence
new entrants may find it difficult to
enter.
Economies of scale created by large
manufacturing companies is
deterrent for new comers.
Threat of Substitutes
Threat of substitute for Float glass
is comparatively medium.
Major substitutes are Cement ,
Bricks, Steel, Wood, Fibre Plastic
Bargaining Power of Buyers
Bargaining power of buyers of float
glass is medium.
The oligopolistic nature of the
industry ( Few Large players
dominate the market)
Over 95% of the trade happens
through dealers to the institutional
Buyers.
Switching power of end customers
like automotive manufacturers are
low since there are no perfect
substitutes for glass
Bargaining power of Suppliers
Key suppliers for float glass
manufacturers are Sand miners
, Soda Ash suppliers, Electricity
and Gas suppliers and supplier
power in float glass industry is
high due to the availability of
the raw materials.
Typically to be cost effective the
manufacturer needs suppliers
from which is not far than 200
kms from the plant. This affects
the bargaining power of the
glass manufacturers
The main raw material Sand is
also a raw material for many
other industries like
construction industry.
This industry is traditional Price
Taker
Degree of Rivalry in the Industry
Although glass being a commodity, price
plays an integral role in competition
Major players like ASAHI Glass, Saint
Gobain and Gujarat Guardian etc. have
come up with their strong brands and
aggressive branding strategies
Strong dealer network established by the
major players
Hence, the Internal competition in the
industry is very high
Threat from Unorganized sector of local
Manufacturers
Competitive
rivalry Threat of SubstitutesBargaining Supplier power
BargainingSupplierbuyerThreatofNewEntrants Overall = MediumOverall = Medium
Overall = Medium
Overall = Medium
Overall = Low

Strategic Group Map
12
Low Medium High
IndustrySegment
Overall Market Cap
SOLAR
Architecture
Automotive
ASAHI GLASS India
Is the market leader at 70% of the market and caters primarily to the
Architectural and Automotive Segment
• ASAHI along with its Subsidiaries and Associates, offers a wide range of
glass products and end to end solutions across the entire glass value chain
to its customers, through their Strategic Business Units (SBUs
• Will be focusing on SOLAR in coming years
Gujrat Gobain
• Maintains its leadership position in the domestic market has strong
network of dealers and authorised retailers and “MODIGUARD” name
enjoys strong brand image
Saint-Gobain Glass
• Specializes in float glass manufacture and magnetron coated glass
• Tie up with mojor Car Manufacturer like Maruti and Hyundai

Flat Glass Production process
13
Stage 1: Melting and refining
• Fine-grained ingredients, closely controlled for quality, are mixed to make batch,
which flows as a blanket onto molten glass at 1,500ºC in the melter.
• Today, Float makes glass of near optical quality. Several processes - melting,
refining, homogenizing - take place simultaneously in the 2,000 tons of molten glass
in the furnace. They occur in separate zones in a complex glass flow driven by high
temperatures.
• It adds up to a continuous melting process, lasting as long as 50 hours, that delivers
glass at 1,100ºC, free from inclusions and bubbles, smoothly and continuously to
the float bath.
• The melting process is key to glass quality. Compositions can be modified to change
the properties of the finished product.
Stage 2: Float bath
• Glass from the melter flows gently over a refractory spout onto the mirror-like
surface of molten tin, starting at 1,100ºC and leaving the float bath as a solid ribbon
at 600ºC.
• The principle of float glass remains unchanged from the 1950s.
• The product, however, has changed dramatically: from a single equilibrium
thickness of 6.8mm to a range from sub-millimeter to 25mm; from a ribbon
frequently marred by inclusions, bubbles and striations to almost optical perfection.
• Float delivers what is known as fire finish, the luster of new chinaware.

Flat Glass Production process
14
Stage 3: Coating
• Coatings that make profound changes in optical properties can be applied by
advanced high temperature technology to the cooling ribbon of glass.
• On-line chemical vapor deposition (CVD) of coatings is the most significant advance in
the float process since it was invented.
• CVD can be used to lay down a variety of coatings, less than a micron thick, to reflect
visible and infrared wavelengths, for instance.
• Multiple coatings can be deposited in the few seconds as the glass ribbon flows
beneath the coaters. Further development of the CVD process may well replace
changes in composition as the principal way of varying the optical properties of float
glass.
Stage 4: Annealing
• Despite the tranquility with which float glass is formed, considerable stress
develops in the ribbon as it cools.
• Too much stress and the cutter will break the glass. To relieve the stress, the
ribbon undergoes heat-treatment in a long furnace known as a lehr.
• Temperatures are closely controlled, both, along and across the ribbon.
Stage 5: Inspection
• The float process is renowned for making perfectly flat, flaw-free glass.
• To ensure the highest quality, inspection takes place at every stage. Occasionally
a bubble is not removed during refining, a sand grain refuses to melt, and a
tremor in the tin puts ripples into the glass ribbon.
• Automated on-line inspection does two things. It reveals process faults upstream
that can be corrected.
• It enables computers downstream to steer cutters around flaws. Flaws generate
waste. Customers press constantly for greater perfection.
• Inspection technology now allows more than 100 million measurements a
second to be made across the ribbon, locating flaws the unaided eye would be
unable to see. The data drives 'intelligent' cutters, further improving product
quality to the customer.
Stage 6: Cutting to order
• Diamond wheels trim off selvedge – stressed edges - and cut the ribbon to size
according to computer- generated instructions.
• Float glass is sold by the square meter. Computers translate customers'
requirements into patterns of cuts designed to minimize wastage.

Key Performance Indicators
15
Innovation
Glass industries are investing significant resources in intensive R&D
programmes to develop new ways to use glass, to make available new
products, to enhance recyclability and effective recycling, but also to
improve the energy efficiency of manufacturing sites and therefore further
improve the environmental performance of glass products throughout their
life-cycles
Energy utilisation
Glass manufacturing is a high-temperature, energy-using activity which
constitutes a constant economic and environmental challenge for the glass
industries to keep energy use to a minimum. It provides a natural incentive
towards finding the best innovative energy efficient manufacturing
processes as energy accounts for a significant share of production costs
Environmental Performance
Glass making requires raw materials. The most important raw materials
used in glass making are sand and recycled glass. The recycling of glass
is already a reality in the glass industries although there are variances in
the way glass sectors use recycled materials. Exchange of best practices
and experiences on recycling are therefore key for glass industries to
increase even further the recycling rates of our products.
Production Efficiency
Operational Efficiency in Production is the Key Performance Indicator. This
includes reduction in wastage, breakage thus improving the capacity
utlization

Key Challenges for the Flat Glass
16
Innovation is crucial for glass industries
Glass industries are investing significant resources in intensive R&D programmes to
develop new ways to use glass, to make available new products, to enhance recyclability
and effective recycling, but also to improve the energy efficiency of manufacturing sites
and therefore further improve the environmental performance of glass products
throughout their life-cycles
Using energy in the most efficient way
Glass manufacturing is a high-temperature, energy-using activity which constitutes a
constant economic and environmental challenge for the glass industries to keep energy
use to a minimum. It provides a natural incentive towards finding the best innovative
energy efficient manufacturing processes as energy accounts for a significant share of
production costs
Promoting recycling, ensuring access to raw materials and managing chemicals in the
most responsible manner
Glass making requires raw materials. The most important raw materials used in glass
making are sand and recycled glass. The recycling of glass is already a reality in the glass
industries although there are variances in the way glass sectors use recycled materials.
Exchange of best practices and experiences on recycling are therefore key for glass
industries to increase even further the recycling rates of our products. Access to raw
materials is also a common challenge of glass industries when rare earths and / materials
for which access is a source of fierce international competition, are used. Precisely
because glass industries use very little quantities of such materials, securing supply of
these can sometimes be very challenging.
Surplus Capacity
Lack or decline of demand for Float glass leads a surplus capacity of Glass
Manufacturing units. This is a very crucial challenge since the investment in capacity has
huge fixed / sunken costs. The only way to keep making money is to have units running
on maximum capacity
Low GDP Growth
Low GDP Growth directly impacts the Glass industry growth.
Consumer awareness:
One of the important reasons for low volume of value-added glasses can be attributed
to consumers. As glass has gained increased popularity in the last fifteen years, most
consumers in India are not aware of types of value-added glass and their respective
advantages. Consumers are not aware of the availability of various types of glass and
what benefits each one gives. Most customers have the perception that glass is
something that is transparent and very fragile

Key Challenges for the Flat Glass
17
Fragmented nature of the industry:
It is no secret that the glass processing industry in India is much disorganized. Because of
the fragmented nature of the industry, glass processors, wholesalers, glaziers, and all
other participants are short-term driven. Almost no effort has been put into customer
service, reducing costs, or systematically developing markets.
Spiraling costs
The glass industry is also weighed down by the spiraling cost of manufacturing. Energy
costs are increasing, as are those of raw materials and infrastructure. The regulatory
framework of building codes for safety and energy also needs to keep pace with industry
growth and new glass uses. In case value-added glass has to make inroads in India at a
scale and pace comparable to European countries, then prices will have to come down
and in a hurry.
Lack of technical knowledge among architects
It may seem strange that many architects are not aware of the types of value-added glass
available, and many turn to glass processors to suggest a type of glass for a particular
application. Because glass is a relatively new product in building applications, those who
use it are still learning about applications and benefits of various types of glass.
Price sensitivity of Indian consumers
Despite robust economic growth during the last decade, Indian consumers and the Indian
market are very price sensitive. With a price differential between basic flat glass and value-
added glass, consumers would rather opt for the basic glass types.
Low penetration in the residential sector
Use of value-added glass has gained popularity in commercial buildings to a large extent,
but residential buildings, which are a major source of demand for these glass types, are
not using much of these products. Value-added glass is finding application in only a
miniscule number of residential units.
Lack of codes
Another dire problem facing the value-added glass industry is lack of any codes for the
products. There are no government guidelines for the use of any particular types of glass.
There was an initiative by one of the state governments to make the use of tempered glass
mandatory in commercial buildings, but it has yet to see the light of the day. A drive to
adopt a ruling similar to that of Germany’s for use of low E glass in windows can drive
demand for value-added glass in India.

Financial Analysis
Financial The Analysis is prepared with the purpose of sharing the experience gained
and lessons learned during the financial and functional analysis for Flat Glass Industry
and giving a glimpse of the key financial drivers influencing this industry.
We have analyzed Financials and Strategies for 3 Company’s
• Asahi Glass India
• Gujrat Guardian
• Saint Gobain
This covered all the 3 companies’ common-size income statements and balance sheets,
comparative income statements and balance sheets, various financial ratios such as
liquidity, capital structure and solvency, return on investment, operating performance,
asset utilization and market measures over period from year 2008 to year 2014.
Conclusions are drawn from the stated financial analysis as well as areas for
improvement and investment recommendations. Detailed Financials are available in
the appendix
18
Asahi India Glass Ltd (AIS)
• Incorporated in the year 1984, AIS is the outcome of the cooperative joint venture
between the Labroo family, Asahi Glass Co. Ltd. (AGC) and Maruti Suzuki India Limited
(MSIL).
• Continues to innovate and add to its portfolio of comprehensive glass solutions.
Gujarat Guardian Ltd.
• Member of Guardian Industries Corporation (U.S.A), a world-renowned manufacturer of
float glass and other allied products.
• Maintains its leadership position in the domestic market has strong network of dealers
and authorised retailers and “MODIGUARD” name enjoys strong brand image.
Saint-Gobain Glass
• The flat glass business provides a variety of solutions across architectural and automotive
segments. At the very heart of the Flat Glass Division, Saint-Gobain Glass specializes in
float glass manufacture and magnetron coated glass.

Financial Analysis Consolidated
Particulars ASAHI GLASS Gujrat Guardian Saint Gobain
Share Capital 24 157 74
Reserves and funds 238 409 -
Borrowings 1,397 7 6
Deferred tax liability 79 38 -
Current liabilities &
provisions
666 73 18
Total Liabilities 2404 684 97
Net fixed assets 1,126 197 56
Capital work-in-progress 43 - 6
Investments 16 - -
Deferred tax assets 193 - -
Net Current assets 929 468 36
Loans & advances 96 18 -
Total assets 2,404 684 97
19
Below Table provides a comparison for some Key Financials Numbers
Balance Sheet as on 31st March 2014 ` Crs
• ASAHI Glass is dominant Player which has invested more than Rs.1000 Cr
through Long Term Borrowings. Huge investment in plant capacity done.
• Gujrat Guardian has infused its own capital and practically has no Debt.
This has helped the firm to earn Net profits and plough back the Profits
back into Business.
• Saint Gobain is a world conglomerate in Glass and Ceramics and has this
division focused on automotive segment. All the funding is business is
through Capital. This company has minimal Debts

Financial Analysis Consolidated
Particulars ASAHI GLASS Gujrat Guardian Saint GOBAIN
SALES 2,265 599 104
COGS 1,744 360 50
Selling and ADMIN 233 87 24
Interest Paid 200 - -
Depreciation 153 24 9
TAX (25) 28 0.5
PAT (40) 102 0.4
20
Below Table provides a comparison for some Key Financials Numbers
Revenue Account as on 31st March 2014 ` Crs
• ASAHI is practically leading the industry with 70% of the market share.
• Contribution margin is from 23% for ASAHI to 40% for Gujrat Guardian
• Net profits are reported only by Gujrat Guardian when the industry leader
is struggling to register profits
• Variable costs differs to the extent of power and fuel efficiency
• ASAHI GLASS incurs huge selling and Distribution expenses due to the high
distribution setup
• ASAHI incurs huge Interest payouts on its Long term Borrowings and has a
huge depreciation on the huge Fixed Asset Base.
• Power and Fuel cost consist of 27%. All types of available power sources
like Electricity, Natural Gas, HSD, Furnace Oil, kerosene are used
• Increasing Cost of Fuel is primarily due to high prices of Natural Gas. [CY
RS.979/- per unit of MMBTU Vs Rs. 365/- per MMBTU in 2011]
• However the companies looks for cheaper options in form of Furnace Oil/
HSD/ Electricity
• Excise Duty, Direct labor & other manufacturing cost constitutes the
remaining 34% of the COGS.
• ASAHI has managed to grow net sales by 9%~ to `2,265 crores in FY14.

Financial Analysis – Cash Flow
21
60 27
171
90
114
-
50
100
150
200
250
Opening Cash Cash Flow from
Operations
Cash Flow from
Investment
Cash Flow from
Finance
Closing Cash
ASAHI GLASS
256
347
106
22 37
-
100
200
300
400
500
Operations
Cash Flow from
Investment
Cash Flow from
Finance
Closing Cash
Gujrat Guardian
1.3
0.4
2.9 3.4
0.4
-
1.0
2.0
3.0
4.0
5.0
Operations
Cash Flow from
Investment
Cash Flow from
Finance
Closing Cash
Saint Gobain
Amt in ` Crs
• Asahi Glass have huge Interest outgo due to heavy borrowings.
• Investments are made in new capacity when the existing capacity is worn out
• Gujrat Guardian has huge Cash . There is no significant investment in capacity.
• All cash generated from Operations is ploughed back in business
• No payout for Interest since the company does not have any significant borrowings
• Saint Gobain has very minimal Cash due its low sales.
• Cash generated from Operations is used in investment of new capacity.

Key Financial Ratios- ASAHI
22
10.6
14.8
5.3
4.4
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Mar-12 Mar-13 Mar-14 Industry
DEBT EQUITY RATIO
• Huge Debts
• Infusion of Rs.250 Cr in Equity has
resulted a drop in this ratio
0.4
0.2
0.6 0.6
-
0.1
0.2
0.3
0.4
0.5
0.6
0.7
INTERST COVER RATIO
• Since the profit before Interest is not sufficient
to pay the Interest , this ration is less than 1
and is not satisfactory
• Effect of this ration has an adverse impact on
the Bond Ratings
57 60 63
116
129
121
Mar 12 Mar-13 Mar-14
Debtors (days) Creditors (days)
DEBTORS AND CREDITOR’S AVERAGE PERIOD
The receivable are settled within 60 days
of invoice generation
The Sundry creditors are paid within a
period of 4 months.
This could be due to the payment made
for import of SODA ASH from other
counties.
INVENTORY TURNOVER RATIO
4.1
4.4
4.8 4.8
3.6
3.8
4.0
4.2
4.4
4.6
4.8
5.0
Inventory Turnover Ratio is in Par with the
Industry Standard.
The inventory balance as compared to Sales
has been reducing from 27% in FY 11-12 to
21% in FY 13-14 and thus improving this
ratio

Operating Leverage and
Economic Plant Size
23
100
250
500
1000
1500
FC
Interest
Depreciation
Variable Cost
1,350
1,550
1,750
1,950
2,150
2,350
2,550
2,750
Mar 12 Mar 13 Mar 14 Mar 15 Mar 16
Sales
BREAK EVEN
800 UNITS
Units are in lakhs and are measured in CSM [Cubic Square Metres]
• The above chart depicts Operating Leverage at every Incremental units sold
• The Red Line indicates the Losses the company is making. According to our
estimate the company will make breakeven at once it sells 800 lakh Cubic Square
Metres of Float Glass.
• From the point indicated by a Green Spot, the Company is forecasted to make
Profits at every incremental unit sold.
• Currently ASAHI Produces only up to 82%~ of the installed capacity and sells only
73%~ of the finished goods.
• Lack of Demand along with the Increase in the Raw Material prices have resulted
into the Inventory increase
* Indicative number taken from Asahi GLASS Production data as base

Marketing
• Asahi India Glass has been investing in
the distribution channels over the
period of 30 years and traditionally we
do not see any other form of marketing
spends. This is due to the fact that
ASAHI seems to have the First Mover
advantage and has been able to
establish itself successfully. Future
spends will be to develop the Dealer
networks and increase penetration into
the explored market
• Gujrat Guardian also has invested huge
amounts in establishing a chain of
dealer networks and limited Marketing
spends in terms of Advertisements. The
company continues this focus
consistently which is evident from its
consistent spends in Selling and
Distribution expenses
• Saint Gobain is probably the first
company who understood the power of
advertising and effective
communication. The challenge for
Saint-Gobain when it entered the Indian
market in 2000 was to build a brand in a
market that tended towards
commoditization. Since building an
unfamiliar and foreign sounding brand
like Saint-Gobain was even more
challenging.
• It wasn't just the brand. Glass was
considered a low-involvement product
category and even glass-buying was
considered a complex purchase
process. In that context, the company
realized that it had to target different
sets of people with a single but
powerful tag line for its brand, which
reflected quality, future and the
heritage of the hoary Saint-Gobain
brand. It came up with `The future of
glass. Since 1665.'
24
Two gentlemen sitting for a meal get a shock of their life when they see a lady
trying to splash water on them, only to realize that she is actually cleaning a
glass wall which is seems almost clear as invisible
A Waiter carrying tea passes through a hall using his breath to locate
whether there is a glass wall in front of him. This brings out the clarity
of Glass Saint Gobain produced

Value Chain Analysis
25

26
Raw
materials
Cost
Type of Fuel
used and cost
incurred
Inbound Logistics
Inbound Logistics:
The glass industry value chain analysis gives extremely interesting insights about
opportunities in cost cutting, product innovation, joint ventures, backward and forward
integration and economies of scale
1.1 Raw Materials procurement:
• Raw materials and fuel, put together account for major chunk of cost incurred in flat glass
production. Unfortunately, Glass Industry in India has been struggling in both areas.
• One key feature of the soda ash industry is the fact that soda ash can be produced by two
different methods – synthetically, which accounts for about three-fourths of global supply, or
from natural mineral resources, which provides about one-quarter of global supply.
• Trona is the primary mineral mined to produce soda ash, and the most exploited reserves are
located in Wyoming in the U.S, although the most recent natural soda ash development is in
Beypazari, Turkey.
• Natural soda ash production costs are significantly cheaper than synthetic production costs. In
fact, sharp increases in crude oil prices since 2005 mean that the delta between natural and
synthetic soda ash production costs has widened significantly. Soda ash which contributes for
nearly 30% of cost of production is not readily available in India.
• Major manufactures of Soda ash in India are Tata Chemicals, GHCL (formerly Gujarat Heavy
Chemicals), DCW and NIRMA (since delisted) and Saurashtra Chemicals (not listed).
• A little over 80% of country’s soda ash making capacity is in Gujarat.
• For every tonne transported from Gujarat to the southern and eastern markets, the logistic
costs are $75-80 a tonne. Whereas for the Chinese and European manufacturers, the logistic
costs are only $35-40 a tonne to these ports.
• Recognizing the problem, the government has imposed anti-dumping duties on exporting
countries from China PR, EU, Kenya, Pakistan, Iran, Ukraine and USA. Production of soda ash
from these countries constitutes about 80% of the world production.
• Prices of Soda Ash have increased by 20% during the last two years. Imposition of anti-dumping
will result in further increase in the prices of imported soda ash and Akali manufactures will
further jack up the prices of indigenous soda ash with a view to increase their profit margin.
This weighs on Glass industry production costs
Batch house
High
temperature
furnace
Refiners
Float furnace
Annealing
Storage

27
1.2 Fuel:
• The glass industry uses furnace oil and natural
gas as its fuel.
• The new government raised the natural gas
prices by 33.33% to US $5.61 per million British
thermal units [mmBTU] from 1st of Nov 2014.
• This has severely impacted players like Gujarat
Guardian that uses Natural gas compared to
furnace oil by other players in industry. On the
other hand, global furnace oil prices have
dropped drastically and it has helped the glass
industry.
• As is evident, fuel prices are pivotal to the
growth of glass industry because of
unpredictable market, govt. policies and
interconnected markets across globe each
affected by various internal and external
factors.
Type of glass Production in
2011-12
Energy consumption per year Share
Container 2.74 0.60 0.15 0.75 65%
Float 1.74 0.24 0.06 0.30 26%
Others 0.19 0.07 0.02 0.12 9%
Total 4.66 0.91 0.23 0.17 100%
[Million tonnes per year]
2. Operations:
• The glass industry, unlike other manufacturing industry, has a unique dynamics and
looking from the perspective of value chain, Supply Chain management forms the
backbone of Operations for smooth execution of ongoing business processes and ERP
system helps enable the decisions making system.
• The supply chain management of leading flat glass players integrate primary processing
(coating lines) with whole industry chain including inventory management, channel
optimization, vendor managed inventory, distributor management, master production
scheduling, capacity planning, warehouse replenishment and Supplier network planning
and thus use the push and pull strategies to achieve high volume custom production,
supply chain.
• An ideal supply chain in flat glass handles lifecycle management, Data visibility, Supply
Chain transparency and functional integration.

28
Outbound logistics in glass industry value chain
mainly refers to the strong distribution
networks of flat glass industry players. Over
95% of domestic float glass sales take place
through dealers. Hence players have focused on
building their own dealer network.
Following chart gives a sneak-peek into the
strong hold of major players in the industry and
how they manage the business across India:
Company North East West South Total
Saint Gobain 195 75 210 279 759
Asahi 112 40 90 177 419
Gujarat Guardian 93 30 160 171 454
Gold Plus 68 10 48 20 146
Sejal 54 11 80 81 226
HNGIL 85 12 170 151 418
3 Outbound Logistics:
Distribution network of Asahi glass:
• Asahi India Map Auto Glass Limited (AIM), is a distribution company into distribution of
“AIS” brand automotive safety glass, “ESSEX” brand adhesives all over India in
replacement market. AIM is also a franchisee of M/S Windshield Experts (Retail fitment
chain into repair and replacement of automotive glasses) and operates 14 WE
centers all over India.
• The Company is a Joint venture of M/S Asahi India Glass Limited and M/S Map Auto
Limited Gwalior with 50% shareholding by each party. . As the distribution arm for AIS’
automotive glass product portfolio, Asahi India Map Auto Glass Limited (AIM) ensures
that the aftermarket has quick and easy access to AIS Auto glass.
• It started its operation as Welkin Auto Services in the year 1992 and was rechristened
as Asahi India Map Auto Glass Ltd. in 2001. AIM is a joint venture between Asahi India
Glass Ltd. and Jamna Auto Industries Ltd. It is head quartered at Gurgaon.
• With a product range that includes tempered, laminated and processed glass, which is
complemented by a wide distribution network, AIM is today leading the way in
providing world-class auto glass products across the breadth of the country, serving an
ever-increasing base of customers – from large dealers and retailers to the smallest of
spare part retailers and garages.

29
4.Brand Awareness
Despite being in the B2B market, Saint-
Gobain has invested heavily in brand
building and is a classic case of successful
B2B brand. Till 2008, the brand had eight
television commercials to its credit.
These investments has enabled Saint-
Gobain enormous advantages in terms of
brand visibility which translates to better
margins and market share. Construction
Glass products are low involvement
products and the purchase process is
often complex that involves lot of people
like architects, building contractors,
investors etc.
By investing heavily in the brand building,
Saint-Gobain has tried to influence the key
decision makers.
The campaigns focus on two broad
themes
1. To establish the brand as the leader
2. Highlight the quality of Saint-Gobain
glasses.
Saint-Gobain has the tagline: "The future
of glass”. The brand takes pride in its rich
heritage and wants to position itself as
an innovation leader. The launch of sun-
ban glass is in this direction. Although
such products are available in the
market, Saint-Gobain is the first brand to
advertise such a product.
By building a brand Saint-Gobain has
achieved two advantages -
a. De-commodize the market
b. Emphasize on non-price attributes like
quality
Even in a B2B market like that of flat glass industry, brand awareness is increasing day
by day with Saint Gobain selling its products under the “Saint Gobain” brand, Gujarat
Guardian under the “Modi-Guard” brand and Asahi under “Asahi Float” brand.

30
Flat glass industry offers a lot of opportunities in terms of services such as product
selection and installation, educating and helping people about eco-friendly designs, glass
consulting etc. Most of the big players have tapped these opportunities by doing forward
integration.
AIS Glasxperts:
Glasxperts is a full-service glass solutions brand of Asahi India Glass Ltd that brings an
integrated approach and specialised knowledge to glass selection and installation for
homes, offices and commercial spaces. It is India’s only glass lifestyle solutions provider
that brings together an integrated approach and specialised knowledge to glass
consultancy, product selection and installation to transform living spaces and commercial
spaces.
Glasxperts claims to meet need for modern, eco-sensitive aesthetics with a full spectrum
of world class, high-quality, branded glass products, fittings and systems with assured
safety and hassle-free services. Bringing together a team of experienced glass
professionals and an unmatched portfolio of AIS products, Glasxperts delivers solutions
that span, Privacy, Energy Efficiency, Aesthetic & Decorative, Strength & Safety, Acoustic,
and Window Solutions.
AIS Adhesives Ltd:
The repackaging and marketing organisation for glass bonding adhesives of AIS, AIS
Adhesives Limited (AIA) deals primarily with the sourcing, procurement and distribution
of various kinds of adhesives employed in the sealing of windshields and other
automotive glass.
Over the years, AIA has established a robust distribution network that today caters to a
sizable share of the auto glass aftermarket segment in India. It has a manufacturing
facility at Baddi (Himachal Pradesh) and a network of retail outlets in Jaipur (Rajasthan),
Jodhpur (Rajasthan), Agra (Uttar Pradesh), Chandigarh (Punjab) and Amritsar (Punjab).
Saint Gobain’s Weber
In India, Saint-Gobain Weber was incorporated in 2004 as a 100% subsidiary of Saint-
Gobain Weber and commenced commercial operations in 2005. Saint-Gobain Weber
India combines global expertise with deep local knowledge to provide solutions in tile
and stone fixing, joint fillers (or grouts), masonry mortars, water-proofing chemicals,
sealers and impregnators technical products and admixtures.
They have manufacturing facilities at three strategic locations: Wada in Maharashtra,
Palakkad in Kerala and Bhiwadi in Rajasthan. This enables them to provide a highly
responsive and quick service to our customers, reducing carbon footprint. They also
provide on-job site training to contractors and applicators to educating them on the most
modern techniques of construction. The state-of-the-art plant in Wada is equipped with
world-class R&D facilities to produce innovative technologies specifically created for the
Indian environment. With a wide distribution of distributors and retailers, our products
reach over 50 towns in India.
5. Maintenance, Services and Compliance:

Profit Pool Analysis
31
Profit pool analysis tells us about blocks and clusters in Industry where profit
can be made and which, among those, will be most suitable for an investor or
business man. The glass industry profit pool analysis is done using following
methodology:
Break up Cost structure for each activities as percentage of total revenue of
Indian flat glass industry is taken from AIGMF magazine Dec 2011 edition. A
similar break-up is taken from a report presented by Pilkington glass for the UK
Glass industry which is considered matured.
The UK cost structure is considered as benchmark and costs for Indian glass
industry is compared.
At each level, potential to earn profit is analyzed and proposals are made based
on observations while doing research on glass Industry from secondary sources.
20%
7%
15%
20%
5% 5%
13%
5%
10%
25%
4%
13% 13%
6%
9%
13%
7%
10%
Profit Pool
India UK
Opportunities for Indian Flat Glass Market:
Backward integration to produce raw materials such as Soda Ash,
Using advanced, high end, cutting edge technology for processing of raw
materials
Hire Skilled labors, train and increase productivity
Explore alternative sources of energy.
Scope for outsourcing it to someone and cut cost
Plant wide automation, TQM initiatives to reduced SG&A costs
Outsource transportation or use innovative methods on similar lines as cross-
docking

Human Resource
• The organized glass sector is dominated by large players like ASAHI Glass India Ltd,
Hindustan National Glass & Industries Ltd, Piramal Glass, Saint-Gobain India, HSIL, Owen
Corning, Triveni Glass, Borosil, Nippon Electric glass, Gujarat Borosil and Sezal Glass. The
organised glass industry employs 30 lakh people directly and provides indirect
employment to 5 lakh people whereas the unorganized sector employs around 5-6 lakh
people.
• In Dec 2012, Rajasthan Minister of Industries and Mines, Honorable Shri Rajendra
Pareek announced a fund of Rs 10 crore for skill development in the Ceramic and Glass
sector.
Context:
• Glass has come into its own in the building industry. Over Rs. 3,500-4,000 crore of glass
is being used in building industry. However, while the glazing industry has grown very
fast, there are gaps in skills in installation and glass processing which has led to poor
quality of workmanship, delayed completion and additional costs arising from rework.
Also, the more complex site operations are installation of facades and it requires a
range of skills and knowledge that are not yet been recognized as specific skill or trade.
It is now as essential as traditional materials such as cement, steel, sand and blue metal.
But this also raises a concern for those in the industry — shortage of skilled manpower
— for handling glass is not like handling concrete or brick laying.
Glass Academy:
• It is an inclusive non-profit organization, founded by Saint-Gobain, which works on
knowledge dissemination amongst the various stakeholders in the Indian glass industry.
Glass Academy is governed by an independent board comprising distinguished experts
from academia and industry who have made significant contribution to the
development of Indian glasscape. Glass Academy offers several training aids like online
training modules (e-learning) on glass and glazing, skill institutes (building facade and
processing) to facilitate quality workmanship, development of specific design tools,
thematic workshops etc.With the advent of technology and availability of materials
locally, buildings in India have started having extensive amount of glazing – either in the
form of façade glazing or in the form of windows. Private and government infrastructure
is also witnessing major growth in all parts of the country in which structural glazing
plays a vital part of it. Owing to this boom, it is estimated that there are over 4,500
workforce in glass processing and 300,00 people employed in the organised and
unorganized sections of the glass fabrication and installation industry
Glass Academy Skill Institute:
• The Gujarat Technological University, in association with the Glass Academy, has
launched the Glass Academy Skill Institute in Gujarat to train and certify students,
engineers and entry level semi-skilled workers in the building façade industry and glass
processing industry, and create a bank of skilled workforce. Approximately 350 students
are expected will benefit in the first year of the operations. To mark the occasion, a
memorandum of understanding was signed by Dr. Akshai Aggarwal, Vice-Chancellor,
Gujarat Technological University, and Padmakumar, Mentor – Skill Development
Initiatives, Glass Academy, and Head of Human Resources for Flat Glass Business and
Research, Saint-Gobain in India.
32

Technology Trends
Innovation cycles have become drastically shorter, disruptive, cutting edge technology
trends do not leave much time for companies to pick up with competition. Flat glass
industry too has undergone a sea change not only in the way it is perceived and used
but also the way it is manufactured and the opportunity that it offers in the entire value
chain.
There is a tremendous potential for innovation and R&D in India Flat Glass industry in
following areas
33
• Product Design,
• Production planning and engineering
• OEM, Refractories ,
• Software Applications and development ,
• Integrated Solutions
• Digital factories ,
• Totally integrated automation
• Financial services
• Knowledge management
• Packaging

Suggested Investment Arenas
34
We are suggesting the potential Investment Areas in the Flat Glass Industry
Investment Areas
Required
Cap in Cr
Competition
Operating
Profit Margin
Breakeven
Second Hand OEM
business
5 Sharma Transports 25% 2 years
Safety & Risk 7
HEYE Speedline
10%-15% 4-5 years
Flat glass Factory
Maintenance
Chemical Industry
expertise
10 AIS Adhesives Ltd 10-15% 2-3 years
IT Solutions like ERP,
SCM, CRM etc
Providing It Solutions &
Domain expertise
10 Siemens 25%- 35% 3 Years
Refractories, Flat glass
Plant installation and
Commissioning and
Integrated Solutions
50
Tata Refractories, AIS
Glassxperts
10-15% 4-5 years
Specialised Glass
Production
100 Triveni Glass Industries 12-20% 4-5 years
Product design, R&D and
Innovation
120 Saint Gobain R&D Center 25%-30% 7-8 years
Warehousing
Providing storage
solution
150
Leo Pack, Fg Glass
industries
10%-15% 4-5 years
Raw materials
procurement
200
Tata Chemicals, DCW,
Nirma, Saurashtra
Chemicals
12-20% 4-5 years
In Bound & Outbound
Logistics
Providing Transportation
250 9% - 14% 6-8 years
FLAT Glass
Manufacturing
600 to
2400 ASAHI, Gujrat Guardian 20%
Already
profitable
The above Assumption are made by observing into the various industry trends during our
research while preparing this report. Inputs are taken from Industry Portals and Blog

Latest Buzz in Indian Flat Glass
35

Industry Attractiveness
Industry Growth Potential
There is a huge potential for growth for Glass industry both domestically
and internationally. Hence it is attractive for the investors for investing.
Domestic Glass industry is suppose to grow in the near future by 14%.
Competition and Profitability
Competition by the domestic players may not be a great concern.
However, competition from foreign players may be a cause of concern.
Foreign players especially from UAE, China and Pakistan enjoy huge
subsidies from governments. Which considerably reduces their cost of
production and unfavorable for Indian players
Potential of the Company to tackle Unattractive Factors
Glass industry is capital intensive and the return of the investment is
comparatively slower. Also the demand side of glass industry depends on
the economic growth of the country. If Economic growth is slower it may
directly affect the players. Hence, companies which is debt funded would
find it difficult to be profitable in the short rum
Degree of Risk and Uncertainty
Though the overall Indian glass industry looks favorable for investment.
Some of the key risks and uncertainty faced by the industry involves
• Fluctuating Fuel Prices
• Increased cost of raw material e.g. Soda Ash
• Mining related scams
• Labor issues
Problems faced by the Industry
• Low GDP growth
• Lack of Demand
• Raising Input cost
36

Conclusion
The Flat glass industry in India is poised for sustained growth, powered by long term
demand for construction. In India, the construction sector is expected to do well mainly
due to the fiscal incentives given to infrastructure development. Increase in income
levels and availability of a range of financing options for housing is enabling rapid
growth in housing construction.
At the same time, industry players are gearing up for growth through building capacity
and focusing on technology and process improvements. Improving capability of Indian
players is getting reflected in increasing exports across both ceramics and glass. The
industry offers a bright picture for existing players, as well as potential investors
The glass industry looks optimistically towards a bright future. The industry will supply
its customers with products that exceed the performance of existing products and do
so at lower cost, and will also introduce new classes of products - thereby providing
exceptional value and service to its customers. The industry must be aggressive in its
commitment to invest in technology, create innovative products, and collaborate where
needed. By moving decisively to improve its future, the glass industry intends to survive
and prosper in the intensely competitive and challenging global marketplace
37

Appendix
38
Waste Products during Glass Manufacturing
Carbon Emmission

Appendix
39

Appendix
40

Bibliography
http://www.eurotherm.com/industries/glass/flat-glass/
http://www.nsg.com/en/about-nsg/whatwedo
Market Intelligence report 2013
http://www.glasstec-
online.com/cipp/md_glasstec/custom/pub/content,oid,2880/lang,2/ti
http://npcs.in/profiles/profile/216/glass-manufacturing.html
http://www.glasstec-
online.com/cipp/md_glasstec/custom/pub/content,oid,2880/lang,2/ti
http://npcs.in/profiles/profile/216/glass-manufacturing.html
http://www.reuters.com/article/2012/10/31/idUS135632+31-Oct-
2012+BW20121031
http://www.reportjunction.com/CompanyProfile/Gujarat-Guardian-Ltd-
G0446.htm
http://profit.ndtv.com/stock/asahi-india-glass-ltd_asahiindia/reports
http://www.emt-
india.net/process/glass/pdf/FloatGlassProductionProcess001.pdf
http://www.glassforeurope.com/en/issues/life-cycle-analysis.php
http://www.glazette.com/Glass-Knowledge-Bank-60/Glass-history.html
41

Disclaimer
42
This Report has been prepared for NMIMS MPE 12 as a part of Industry Analysis
project in Bangalore under the guidance of Prof Narayani R.
All rights reserved. All copyright in this report and related works is owned by NMIMS.
The same may not be reproduced, wholly or in part in any material form (including
photocopying or storing it in any medium by electronic means and whether or not
transiently or incidentally to some other use of this publication), modified or in any
manner communicated to any third party except with the written approval of NMIMS
This publication is for information purposes only. While due care has been taken during
the compilation of this publication to ensure that the information is accurate to the
best of our knowledge and belief, the content is not to be construed in any manner
whatsoever as a substitute for professional advice. NMIMS neither recommends nor
endorses any specified products or services that may have been mentioned in this
publication and nor does it assume any liability or responsibility for the outcome of
decisions taken as a result of any reliance placed on this publication. NMIMS shall, in
no way, be liable for any direct or indirect damages that may arise due to any act or
omission on the part of the user due to any reliance placed or guidance taken from any
portion of this publication.
For more Information on Flat Glass Industry please contact
Mihir Jha mihirjha27@gmail.com
Shaan KK kk.shaan@gmail.com
Prabodh P patilprabodh30@gmail.com

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