Jaypee Business School

A constituent of Jaypee Institute of Information Technology (Deemed University)

A-10, Sector 62, Noida (UP) India 201 307 www.jbs.ac.in

CENTRALIZATION OF INNER SALES DEPARTMENT OF ASAHI INDIA GLASS LIMITED.

Corporate Internship Report

Internship Report submitted as a partial requirement for the award of the two year Master of Business Administration Programme MBA 2010-12

Name:FAISAL SHAH

(ASAHI INDIA GLASS LIMITED, ROORKEE)

Corporate Internship Supervisor Name:VINOD SHARMA

JBS-Faculty Supervisor:Mr.RAHUL SHARMA

Start Date for Internship:06/05/2011 End Date for Internship:25/06/2011 Report Date:25/06/2011

DECLARATION

I, Faisal Shah, Student of MBA (Marketing) 2010-2012 studying at Jaypee Business School Noida , declare that the project work entitled Centralization Of Inner Sales Department Of Asahi India Glass Limited was carried by me in the partial fulfillment of MBA program.

This project was undertaken as a part of academic curriculum according to the college rules and norms and it has not commercial interest and motive. It is my original work. It is not to be submitted to any other organization for any other purpose.

Place:-Roorkee

Faisal Shah MBA(2010-2012) JBS,Noida

Date:-

ACKNOWLEDGEMENT
It gives me immense pleasure to present this project report on Training and Development carried out at Asahi India Glass Limited. In partial fulfillment of postgraduate course M.B.A. No work can be carried out without the help and guidance of various persons. I am happy to take this opportunity to express my gratitude to those who have been helpful to me in completing this project report. At the outset I would like to thank Mr. Rahul Sharma for his valuable advice and guidance during my project completion. I also thanks to all staff members Human Resource Department for helping me to complete the summer internship program. I would be failing in my duty if I do not express my deep sense of gratitude to Mr.Vinod Sharma (HOD,CSD) without his guidance it wouldnt have been possible for me to complete this project work. Lastly I would like to thank my parents, friends and well wishers who encouraged me to do this research work and all those who contributed directly or indirectly in completing this project to whom I am obligated to.

Faisal Shah MBA(2010-2012) JBS, Noida

TABLE OF CONTENTS

1. Executive Summary 2. Introduction & Objectives 3. Companys Profile 4. Industry Analysis 5. Financial Analysis 6. Research Project 7. Conclusion & Recommendations 8. Key Learnings 9. Annexure 10.References

EXECUTIVE SUMMARY
Asahi India Glass Ltd Is the largest glass company in India , manufacturing a wide range of international quality automotive safety glass, float glass and architectural glass. AIS is in process of transforming itself from being a manufacturer of world class products to a solution provider.AIS is now moving up to the exciting value of glass by providing design, products and services that makes glass versatile and more user friendly. The research project entitled CENTRALIZATION OF INNER SALES DEPARTMENT OF ASAHI INDIA GLASS LIMITED. Currently inner sales department is at ROORKEE & TALOJA plant location, from were all the activities related to inner sales of the organization are carried out. Our objective is to study and analyze the cost-benefit that will be realized by carrying out the centralization of the inner sales department and which is the feasible location for the centralization. The data was collected through internet, from the organization and well structured questionnaire. About 25 employees & 40 customers were considered for the sample size. This survey was carried out in various department of the company at both Roorkee & Taloja plant. The report provides an insight on various factors like working environment in the organization,future expectations of customers and employees, and efficency and effectiveness obtained if centralization of the inner sales department is carried out.The financial analysis of the company had revealed that most of the ratios are in good postion but there are few ratios for which necessary steps to be taken to control them. The report suggests that centralization at distant location will be beneficial only in case of scheduled dispatches otherwise it will be feasible to centralized the department at plant location only.

INTRODUCTION & OBJECTIVE

Asahi India Glass Ltd. (AIS) is the largest integrated glass company in India, manufacturing a wide range of international quality automotive safety glass, float glass, architectural processed glass and glass products. AIS is jointly promoted by the Labroo family, Asahi Glass Co. Ltd., Japan and Maruti Suzuki India Ltd. AIS have the following three Strategic Business Units (SBUs): Automotive Glass Unit AIS Auto Glass Float Glass Unit AIS Float Glass AIS Glass Solutions Ltd AIS Glass Solutions

The Indian Glass Industry is still at nascent stage and it is rapidly developing. The glass industry is very organized. The business environment is getting more competitive by the entry of new players beside the three major companies as Saint Gobain, AIS and Modiguard. The objectives of study were: To understand the business and competitive environment in which the organization is operating. To study the Glass industry at a whole and its economy and to analyze the working of ASAHI INDIA GLASS LTD and its competitors.

Calculate the financial statements of the company as it shows profitability, solvency, liquidity and stability and also help investors to make their decisions.

To analyze and understand the financial position of the organization viz a viz competitors.

To get a feel of corporate life and its functioning & understand various interaction styles.

Asahi India Glass Ltd is planning to carry out the centralization of its inner sales department .Currently inner sales department is at ROORKEE & TALOJA plant location, from were all the activities related to inner sales of the organization are carried out.

Our objective is to study and analyze the cost-benefit that will be realized by carrying out the centralization of the inner sales department and which is the feasible location for the centralization.

COMPANY PROFILE

INTRODUCTION

AIS is the largest integrated glass company in India, manufacturing a wide range of international quality automotive safety glass, float glass, architectural processed glass and glass products. AIS has a strong strategic position in the Indian glass industry. AIS is a leader in auto glass and architectural processed glass segments and has prominent position in Float glass market. AIS is jointly promoted by the Labroo family, Asahi Glass Co. Ltd., Japan and Maruti Suzuki India Ltd. The promoters jointly hold 55.24% of paid up equity capital of AIS, with remaining 44.76% held by public. Being a widely held listed public company with close to 62,000 shareholders, AIS remains committed to maintain the highest standards of corporate governance and shareholder accountability. The equity shares of AIS are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. AIS is transforming itself from being a manufacturer of world-class glass and glass products to a solutions provider by moving up the value chain of auto glass and architectural glass and providing design, products and services that make glass more versatile and user-friendly. AIS have the following three Strategic Business Units (SBUs): Automotive Glass Unit AIS Auto Glass Float Glass Unit AIS Float Glass AIS Glass Solutions Ltd AIS Glass Solutions

AIS Auto Glass is India's largest manufacturer of world class automotive safety glass and is, in fact, one of the largest in the field in Asia. It meets over 80% automotive glass requirement of the Indian passenger car industry.

AIS Float Glass is the leading manufacturer of international quality float glass in the country. Prior to its merger with AIS, it was known as Floatglass India Ltd. AIS Glass Solutions is a value addition in the architectural glass business of AIS, addressing the following segments: Architectural Processing and Glass solutions Product and Knowledge development Glass Services Sales & Marketing

The market and technology leader in the Indian Glass Industry, AIS continues to add to its customer base and service offerings, while maintaining and enhancing product quality. Its ongoing efforts, to provide high quality products and reliable and excellent service to its customers, are the key factors for AISs sustained success and leadership position in the Indian glass industry. AIS recorded gross sales and operating profits of Rs. 11742 millions and Rs. 2046 millions respectively for the year ended 31st March, 2008.

Corporate Profile - Background

Established as Commercial Production Equity Structure Asahi India Safety Glass Ltd. 14th March, 1987 Labroos Asahi Glass Co. Ltd. Maruti Udyog Ltd. Public Rs. 1.85 crores Automotive Safety Glass 24% 24% 12% 40%

Initial Equity Products

VISION & MISSION:

Vision AISs Vision is to SEE MORE This byline captures AISs culture: It describes AIS products and services which delight its customers by helping them see more in comfort, safety & security. It expresses AISs corporate culture of merit and transparency. It defines the quality of AISs people to want to see, learn, and do more, in depth and detail to transcend the ordinary

Mission AISs Mission is JIKKO Execution for Excellence With major investments in place, the time is now to reap the benefits by execution for excellence

Guiding principles All actions of AIS are driven by the following guiding principles: Creation of value for Shareholders Customer Satisfaction Respect for Environment Use of Facts Continuous Improvement Strengthening of Systems Upgradation of Human Potential through education and training Social Consciousness

Strategic Business Units AIS has the following three strategic business units:

Automotive Glass Unit - AIS Auto Glass

With a total production capacity of 2.5 million car sets at its manufacturing facilities at Rewari and Chennai, AIS Auto Glass is Indias largest and one of Asias largest manufacturers of world-class automotive safety glass.

Float Glass Unit - AIS Float Glass

AIS Float Glass is the premier manufacturer of international quality float glass, with a state-of-the-art manufacturing facility at Taloja near Mumbai, having a manufacturing capacity of 500 TPD, in proximity to its larger markets and the seaport for its export sales. The unit is the first in the country to introduce tinted float glass in various colours and is a market leader in the country. The second plant, which will be the largest Integrated Glass Plant in India, with a float glass production capacity of 700 TPD, is being set up at Roorkee in the state of Uttrakhand in North India. The plant is scheduled to be operational by December 2006. AIS Float Glass enjoys a total market share of over 20% in the Indian float glass industry, which will increase to approximately 35%, post commissioning of the Roorkee Plant.

AIS Glass Solutions Ltd - AIS Glass Solutions

AIS Glass Solutions, an innovation in value addition, has been set up as a separate subsidiary of AIS - AIS Glass Solutions Ltd., to trade and to provide end to end solutions in the different kinds of architectural glass including toughened glass, laminated glass, insulated glass and glass products.

VARIOUS PLANTS OF AIS:

REWARI
AUTO

TALOJA
FLOAT

CHENNAI
GLASS SOLUTIONS

ROORKEE
FLOAT

AUTO

AUTO

GLASS SOLUTIONS

AUTO

PRODUCT RANGE:

AIS (Auto) manufactures the full range of automotive safety glass, which includes: Laminated safety glass Tempered glass for side and back lites Value added glass Defogger glass Encapsulated glass

AIS (Float) manufactures

DECOR
BLACK PEARL BRIGHT ORANGE CLASSIC BEIGE

FROSTED
CLEAR

MIRROR
BRONZE

TINED
CLEAR

OPAL
BLU E MILD

SUPER SILVER
DARK GREY AQU A BLU E FERN GREEN PACIFIC BLU E

BLU E

CLEAR

BRONZE

BLU E BRIGHT

GREEN

DARK GREY AQU A BLU E

DARK GREY

BLU E LITE

ICY BLU E

LIGHT GREY

BRONZE BRIGHT BRONZE LITE BRONZE MILD GREEN BRIGHT GREEN MILD

LEMON YELLOW MARBLE WHITE MID NIGHT BLU E SNOW WHITE SPRING GREEN STERLING SILV ER

COOL GREEN ROYAL BLU E GREEN DARK BLU E FU SION BRONZE

BRONZE

CLEAR

DARK BLU E

GREEN

GREEN LITE

GREY

OPAL MINK

V ENETIAN RED

OPAL CLEAR
COOL GREEN ROYAL BLU E GREY BRIGHT WHITE GOLD GOLDEN BRONZE

CLIENTS

The diversified product portfolio of AIS Float Glass includes float glass in varying sizes, shapes and thickness. AIS's quality products make it the preferred choice of a wide range of clients including Automotive Safety Glass Manufacturers Processors Dealers and Retailers Architects Interior Decorators Builders Aluminium Fabricators Carpenters Furniture Manufacturers Household Consumers

With glass finding applications in an array of arenas, the client base of AIS Float Glass is an ever-expanding one.

INDUSTRY ANALYSIS

FLOAT GLASS INDUSTRY IN INDIA: India with more than one billion people, one sixth of the worlds total population has become an attractive destination for investment in Glass Industry for some time, it contributes around (6 %) one sixteenth of the worlds total Gross Domestic Product.It is one of the largest economies of the world that had a middle-class consumer market in excess of 300 million people. With increasing purchasing power and development of service sector, India is definitely on the radar of all the glass manufacturing companies. Float glass Industry in India is relatively new; the first float glass plant was established as recently as 15 years back. In this period India has emerged an important player in float glass production and today there are six float lines in operation and five new lines are at different stages of completion. It goes without saying that the rapid increase in demand during the late 1990s due to construction activities, in addition to provoking a cutback in exports, charmed some international firms which now are the major producers of float glass in the country. India had been using sheet and lower quality float glass through ages. Secondary processing was negligible with the majority of glass being installed in basic, monolithic form such as casting glasses. Until 1992, only sheet glass was being manufactured in the country, with a limited quantity of float glass being imported. In 1993, the first float glass plant was set. Since then new varieties of float and sheet glass capacities have been added. Against Decades of old practice of casting glass in sheets over plain surfaces, the technology of float glass had brought about a significant change in the production and use of glass. The switch from low quality sheet glass with limited range and thickness to the sophisticated float glass took place in just a decade.

Totally, the flat glass industry grew by about 90% between 2000 and 2007, resulting in a compound annual growth rate of 11%. The per capita consumption of glass, which was 0.41 kg in 1999, reached 0.80% kg in 2007. The demand for flat glass in India has increased at an average rate of 12 percent to 15 percent each year for the past five years. Respective market share of float and sheet glass is 89 percent and 11 percent. However, the greater proportion of sheet and lower-quality float capacity will gradually phase out and be replaced with high-quality float. The two main consuming sectors of flat glass in India are the construction and automotive industries, both of which have been experiencing hyper growth for the last five years.

SALES GROWTH OF FLOAT GLASS(IN %AGE)

40 35 30 25 20 15 10 5 0 -5 % GROWTH

User Segments Eighty-three percent of the glass produced is used in the construction industry, 15 percent in the automotive industry and 2 percent in miscellaneous industries such as furniture and photo frames. The automobile industry, four-wheelers, has registered 18.6 percent growth between January and November 2009. The construction sector is growing around 12 percent per annum. India exports about 13,000 tons of glass per month to the Middle East,

African countries, Europe and South America. The rapid increase in the demand for flat glass in the domestic market has resulted in a cutback in exports by as much as 60 percent in the last couple of years.

Major Producers The major producers of float glass in India are three foreign joint ventures and an Indian company: Asahi India Glass Ltd Taloja, Maharashtra, Roorkee, UP; Asahi Indias two plants produce 500 tons and 750 tons per day. Asahi India Glass Ltd. It started operations in December 1994. It started off as a joint venture between the Tatas and Asahis of Japan. With the exit of the Asahis in 2003, it was taken over by Asahi India Safety, the automotive glass manufacturing company. The merged entity is known as Asahi India Glass Ltd. The company started a new float plant with a 750-ton capacity on Jan. 1, 2007 at Uttaranchal in North India. Saint-Gobain Glass India Ltd., Sriperumbudur, Tamil Nadu; Saint-Gobains two plants produce 550 tons and 700 tons per day. It started operations in 2000 and is Indias largest capacity float plant.It is a 100 percent subsidiary of the Saint-Gobain Group Gujarat Guardian Ltd., Ankleshwar, Gujarat, Gujarat Guardian, the first company to set up float glass plant in India produces 550 tons per day; It is a joint venture between Guardian Industries International Corp. of the United States and Indias Modi Group. Triveni Glass in Allahabad produces 200 tons of float glass per day. Its a mini float plant based on Chinese float-glass technology.

Capacity( in tonnes per day)

Gujarat Guardian Ltd. 550, 12% 550, 12% 1200, 26% 550, 12% Asahi India Glass Ltd. Saint-Gobain Glass India Ltd. Gold Plus Float Glass Industry Ltd. Sejal Architectural Glass Ltd. H.N.G Float Glass Ltd.

1400, 30%
400, 8%

New Entrants Other than these four established players, a few domestic companies too are venturing in Float glass production; there float lines are at various stages of completion. All the three new players are related to glass industry. Gold Plus Glass Limited- Gold Plus glass is a New Delhi based glass processor, and has a significant market share in processing glass industry, announced that its Roorkee based latest float glass manufacturing plant of Gold Plus, would start production in June, 2008. The furnace may be fired on any suitable day in June; 2008.The estimated cost of this project is approximately Rs.400 Crores in the first phase. The capacity of this float glass production line would be 460 tonnes per day. This float glass production line will produce clear and green tinted glass from 2 to 19mm thickness. Most of the machineries for this plant are from Europe and America and Yaohua Glass Group of China.

Sejal Glass another prominent manufacturer of value added glass, based in Mumbai ( Western Coast) has ambitious plans to set up a Float Line. The factory site is at Bharuch, for which the construction has already begun and production will commence from March 2009. The plant will undertake manufacturing of Clear and Tinted Glass

HNG Float glass - Hindustan National Glass company, the leading manufacturer of container glass in India, made the announcement of setting its float glass plant in Dec. 2007, in Halol, Gujarat. Capacity of this line will be 600 Ton/day and is expected to be on stream by middle of 2009. In its press release the company stated that equipments would be sourced from European suppliers.

FLOAT GLASS:MARKET SHARE(DOMESTIC MARKET)

45 40 35 30 25 20 15 10 5 0 AIS % OF MARKET SHARE 28.6 SAINT GOBAIN 39.3 %AGE OF MARKET SHARE

GUJARAT GUARDIA N 20

GOLD PLUS 10.3

SEJAL 0.2

HNG 1.6

Future Prospectus The construction and automotive industries are the most important consuming sectors, almost 80 million square feet of land in India is earmarked for shopping malls, taking into consideration Special Economic Zones and Corporate offices, there is an immense opportunity in Indian Glass industry. Nowadays, taking climate, safety, sound attenuation, energy conservation and aesthetics into consideration, builders are opting for more glass in their construction. The glass revolution is also taking place in the automotive industry which is predicted to grow at more than 15% till 2012. Anyway, it isnt all roses for Indian glass industry, problems like the overcapacity of raw glass (and a projected surplus of processed glass); Chinese competition (in spite of anti-dumping duties) and the lack of codes of standards threaten Indian glass industry. As far as overcapacity concerned,

analysts say that the supply will far exceed demand at least until 2009. Excess capacity, increased competition and the development of a regulatory framework are the real future challenges for the Indian glass industry.

Scenario The domestic glass industry and trade has been progressing at a consistent impressive rate of growth of 12-13% per annum during the last nine years. However this progress has come to a rude halt in the fourth quarter of the current financial year 2008-2009 and the rate of growth has turned negative. During the last financial year 2007-08 all the three float glass manufacturing companies operating in the country SGG, GGL and AIS had combined sales of 2043 tonnes per day of float glass on an average. However , during the fourth quarter ( January- March ) of the current financial year 2008-2009 this has slide to 1885 tonnes per day on an average having a negative growth rate of 8.38%( Glass Yug magazine, January Edition- 2009).But in the year 2010 there had been a huge jump attaining a high growth of 35%.

DOMESTIC FLOAT GLASS SALES MT/DAY

3000 2500 2000 1500 1000 500 0 MT/DAY

Industry Review - Customers

Strong economic growth in India impacting AISs core markets - automobiles and housing / construction.

Average annual growth in the Indian passenger car industry (Cars + MUVs) has been years. 20 % in the last 3 years. Annual growth projected at 15 % over next 5

OEMs doubling / adding new capacities Over 10 new models lined up for launch in the next 3 years Construction industry witnessing a boom, with a large number of commercial and residential projects coming up across the country.

Float glass demand growing at 13% p.a. Demand to improve further, with the boom being witnessed in the construction industry, accompanied by the increased glass usage in the buildings.

Architectural processed glass (tempered, laminated and double-glazed) likely to witness higher annual growth at 25 % over the next few years.

Enormous potential for glass visible, with per capita glass consumption in the country at 0.8 kg still remaining very low, and processed glass constituting only around 7 - 8 % of the total glass consumption.

Industry Review - Costs & Outlook Glass Industry adversely impacted by rise in certain input costs like energy, freight, soda ash, etc., resulting in approximately 21 % increase in cost of glass. Compared to 2004/2005 levels Energy cost, which constitutes 36 % of glass cost, up by 60 %

Soda Ash, which is 17 % of glass cost, up 23 % Freight cost, constituting 14 % of glass cost, increased 26 % The pincer of rising input costs and falling finished goods price severely impacted industrys profitability during FY 09.

AIS, in particular, further impacted in FY 09 by Increase in power cost, resulting from rise in fuel prices Rise in certain raw material expenses, driven by exchange rate

The cost increase likely to be contained developments like Reduction in oil prices Strengthening of Indian Rupee

Industry Review - Earnings visibility / durability Auto glass prices not expected to change significantly. Realizations likely to be better due to strong demand for higher value-added products, with increased value of glass content per car. Prices of float glass have strengthened this year significantly. Prices likely to stay closer to current levels or increase marginally in the short to medium term, in light of the following : Prices of value-added and processed glass likely to remain strong. Use of value added and processed glass to increase further, resulting in higher price realization and better margins.

RATIO ANALYSIS OF ASAHI INDIA GLASS LTD RATIO ANALYSIS

Ratio analysis is the method or process by which the relationship of items or group of items in the financial statement are computed, determined and presented. Ratio analysis is an attempt to derive quantitative measure or guides concerning the financial health and profitability of business enterprises. Ratio analysis can be used both in trend and static analysis. There are several ratios at the disposal of an annalist but their group of ratio he would prefer depends on the purpose and the objective of analysis.

LIQUIDITY RATIOS
Liquidity refers to the ability of a firm to meet its short-term (usually up to 1 year) obligations. The ratios, which indicate the liquidity of a company, are Current ratio, Quick/Acid-Test ratio, and Cash ratio.

CURRENT RATIO: This ratio compares the current assets with the current liabilities. It is also known as working capital ratio or solvency ratio. It is expressed in the form of pure ratio.

Current Ratio=Current Assets/Current Liabilities

YEAR 2007-2008 2008-2009 2009-2010

CURRENT ASSETS(Rs crore) 691.71 804.44 775.91

CURRENT LIABILITIES(Rs crore) 307.12 397.02 334.9

RATIOS 2.25 2.03 2.32

CURRENT RATIO
2.35 2.3 2.25 2.2 2.15 2.1 2.05 2 1.95 1.9 1.85 2007-2008 2008-2009 2009-2010

RATIOS

In ASAHI INDIA GLASS LTD Limited the current ratio is 2.31:1 in March 10. It means that for one rupee of current liabilities, the current assets of 2.32 rupee are available to them. In other words the current assets are 2.32 times the current liabilities. Current ratio in March10 has improved in comparison to March 09, which shows the soundness of the company. The consistency increase in the value of current assets will increase the ability of the company to meets its obligations & therefore from the point of view of creditors the company is less risky.

A current ratio of 1.0 or greater is considered acceptable for most business. Most analyst agree that other factors need to be considered before drawing conclusion from the current ratio such as how quickly current asset can be converted into cash and the credit terms extended by suppliers and to customers. A high ratio indicates excessive current assets in the form of inventory and underemployed capital thus in the last two years the current ratio is greater than 2.0 and it should be controlled. . QUICK RATIO: Quick ratio is also known as acid test ratio or liquid ratio. Quick ratio compares the quick assets with the quick liabilities. It is expressed in the form of pure ratio.

QUICK RATIO= (CURRENT ASSETS - INVENTORY) / CURRENT LIABILITIES

YEAR 2007-2008 2008-2009 2009-2010

QUICK ASSETS(Rs crore) 251.84 313.65 314.81

CURRENT LIABILITIES(Rs crore) 307.12 397.02 334.9

RATIOS 0.82 0.79 0.94

The liquid or quick ratio indicates the liquid financial position of an enterprise. The liquid ratio of the company has increased from .79 to .94 in March 10 from March 09. Day to day solvency is more sound for company in March 10 over the year March 09. Since the firm will always need to have inventory ,and since the inventory cannot be used to pay bills, quick ratio is a better indicator of the liquidity of the company. Thus a quick ratio of 1.0 or greater is acceptable to ensure companys ability to pay its current obligations. A value of less than 1.0 signals a problem in meeting short term obligations. But, however there may be valid reasons for the Quick Ratio to be less then 1.For example ,it could to be due to growth ,timing of receivables versus payables, bad debt reduction of receivables etc.

NET WORKING CAPITAL: Formula: Current Assets - Current Liabilities

YEAR 2007-2008 2008-2009 2009-2010

CURRENT ASSETS(Rs crore) 691.71 804.44 775.91

CURRENT LIABILITIES(Rs crore) 307.12 397.02 334.9

NET WORKING CAPITAL 384.59 407.42 441.01

The seasonality of firm sales will be reflected in the seasonality of working capital requirements. If a firm is growing ,its working capital needs will increase as inventory and accounts payable increase faster then the matched accounts receivables. The working capital level indicates to suppliers the cushion of cash a firm has when it comes time to pay their bills. So while ASAHI has a quick ratio of .94 in 2010, it seems to have sufficient working capital to stay current with its suppliers. Which had increased to 441.01 in 2010 from 407.42 in 2009.

WORKING CAPITAL TO SALES:

Formula: Working Capital (Current Assets - Current Liabilities) / Total Sales

YEAR 20072008 20082009 20092010

CURRENT ASSETS(Rs crore) 691.71 804.44 775.91

CURRENT LIABILITIES(Rs crore) 307.12 397.02 334.9

WORKING CAPITAL 384.59 407.42 441.01

SALES(Rs crore) RATIO 994.69 1223.06 1263.38 0.38 0.33 0.34

This ratio measures the degree that working capital should meet daily obligations in relation to business volume . It can be increased by improving working capital or reduce unprofitable sales while maintaining working capital. This ratio had increased from .33 in 2009 to .34 in 2010.This shows that ASAHI liquid assets(after meeting short term obligations) are able to satisfy its need for liquidity(represented by sales) more efficiently now.

PROFITABILITY RATIO
These ratios help measure the profitability of a firm. A firm, which generates a substantial amount of profits per rupee of sales, can comfortably meet its operating expenses and provide more returns to its shareholders. The relationship between profit and sales is measured by profitability ratios. There are different types of profitability ratios: Gross Profit Margin, Net Profit Margin, and Operating Ratio.

GROSS PROFIT MARGIN RATIO: This ratio measures the relationship between gross profit and sales. It is defined as the excess of the net sales over cost of goods sold or excess of revenue over cost. This ratio shows the profit that remains after the manufacturing costs have been met. It measures the efficiency of production as well as pricing. This ratio helps to judge how efficient the concern is managing its production, purchase, selling & inventory, how good its control is over the direct cost, how productive the concern , how much amount is left to meet other expenses & earn net profit.

Gross Profit Ratio= (Gross Profit/Net Sales)*100

YEAR 2007-2008 2008-2009 2009-2010

GROSS PROFIT(Rs crore) 49.23 55.77 98.03

NET SALES(Rs crore) 994.69 1223.06 1263.38

GROSS PROFIT RATIO 4.95 4.56 7.76

The gross profit is the profit made on sale of goods. It is the profit on turnover. In March 08 the gross profit ratio is 4.95%. It has increased to 7.76% in March 10 due to increase in sales without corresponding increase in cost of goods sold.

The higher the GPM the better pricing flexibility and cost management controls a firm has in its operations. A low GPM may result from low prices, high cost of material, high cost of labour, a bad product mix or a combination of these factors. It can be improved my increasing margins, increasing service fess or reduce cost of goods sold.

OPERATING PROFIT RATIO: This ratio indicates profitability from a firms main operating activities. A higher operating profit margin implies better sales realization and effective cost control.

Operating Profit Ratio= (Operating Profit/Net Sales)*100

YEAR 2007-2008 2008-2009 2009-2010

OPERATING PROFIT(Rs crore) 149.66 169.2 222.51

NET SALES(Rs crore) 994.69 1223.06 1263.38

OPERATING PROFIT MARGIN 15.04 13.83 17.61

Operating profit ratio shows the relationship between operating profit & the sales. The operating profit is equal to gross profit minus all operating expenses or sales less cost of goods sold and operating expenses. The operating profit ratio of 17.61% indicates that average operating margin of Rs.17.61 is earned on sale of Rs. 100. This amount of Rs.17.61 is available for meeting non operating expenses. In the other words operating profit ratio 17.61% means that 17.61% of net sales remains as operating profit after meeting all operating expenses. During the last 2 years the operating profit ratio is increased from 13.83% to 17.61%. It indicates that the company has great efficiency in managing all its operations of production, purchase, inventory, selling and distribution and also has control over the direct and indirect costs. However there was a drop in ratio from 2008 to 2009 that is of 15.04% to 13.83%,which is because of decrease margins, decrease service fees and increase expenses. Thus, company has a large margin is available to meet nonoperating expenses and earn net profit.

NET PROFIT MARGIN RATIO:

Net Profit ratio indicates the relationship between the net profit & the sales it is usually expressed in the form of a percentage.

Net Profit Ratio = (Net Profit/Net Sales)*100

YEAR 2007-2008 2008-2009 2009-2010

NET PROFIT(Rs crore) 13.34 -40.6 1.23

NET SALES(Rs crore) 994.69 1223.06 1263.38

NET PROFIT MARGIN RATIO 1.36 -3.25 0.09

The net profit ratio of the company is low in all year but the net profit is in increasing Order from 2009 to 2010 which is -3.25% to 0.09%.In 2008 it is 1.36%,which had decreased drastically in 2009,in this year PBT was -95.62 crore and the net profit was -40.6 crore. .The ratio is very useful as if the net profit is not sufficient, the firm shall not be able to achieve a satisfactory return on its investment thus the net profit ratio of ASAHI has increased drastically from the year 2008-09 to 2009-10. The increase in NP ratio is very good for the firm and for shareholders as well. It is also indicative of the fact that the Companys sales have increased in the past years & at the same time company has been successful in controlling the expenses i.e. manufacturing & other expenses. It is a clear index of cost control, managerial efficiency & sales promotion.

LEVERAGE RATIO

It shows the relationship between proprietors funds & debts used in financing the assets of the concern e.g. capital gearing ratios, debt equity ratios, & Proprietary ratios.

LONG TERM DEBT EQUITY RATIO: This ratio compares the long-term debts with shareholders fund. The relationship between borrowed funds & owners capital is a popular measure of the long term financial solvency of a firm. This relationship is shown by debt equity ratio. Alternatively, this ratio indicates the relative proportion of debt & equity in financing the assets of the firm. It is usually expressed as a pure ratio.

Debt Equity Ratio= Long Term Debt/Total Equity

YEAR 2007-2008 2008-2009 2009-2010

TOTAL DEBT(Rs crore) 13914.3 16173 14718.9

TOTAL EQUITY(Rs crore) 2944.5 2019.8 2032.1

DEBT EQUITY RATIO 4.72 8 7.24

The debt equity ratio is important tool of financial analysis to appraise the financial structure of the company. It expresses the relation between the external equities & internal equities. This ratio is very important from the point of view of creditors & owners. The rate of debt equity ratio is decreased from 8.0 to 7.24 during the year March 09 to March 10. This shows that with the increase in debt, the shareholders fund also increased. This shows long-term capital structure. The lower ratio viewed as favourable from long term creditors point of view.

PROPRIETORY RATIO:

This ratio relates the shareholder's funds to total assets. Proprietary / Equity ratio indicates the long-term or future solvency position of the business.

Proprietary Ratio= Shareholders Fund/ (Fixed Asset + Current Liabilities)

YEAR 2007-2008 2008-2009 2009-2010

SHAREHOLDERS FUND 2944.5 2019.8 2032.1

TOTALS ASSETS 16858.8 18192.8 16751

PROPRIETORY RATIO 0.17 0.11 0.12

PROPRIETORY RATIO
0.18 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 2007-2008 2008-2009 2009-2010

PROPRIETORY RATIO

The Proprietary ratio of the company is 12% in the March 10. It means that for every one rupee of total assets contribution of 12 paise has come from owners fund & remaining balance 88 paise is contributed by the outside creditors. This shows that the contribution by outside to total assets is more than the owners fund. This Proprietary ratio of the Company shows an upward trend in comparison to the last year which was 11%. If the Proprietary ratio increases more the Companys long-term solvency position will become more sound.

TIME INTEREST EARNED: Times interest earned measures the ability of the firm to service all debts. The figure will indicate how many times a company can cover its fixed contractual obligations to its creditors. The higher the times interest earned, the more likely the firm can meet its obligations.

Times Interest Earned = EBIT / Interest

YEAR 2007-2008 2008-2009 2009-2010

EBIT(Rs crore) 208.7 146.88 251.86

INTEREST(Rs crore) 89.86 128.85 132.82

RATIO 2.32 1.13 1.89

450 400

350
300 250 200 150 100 50 0 2007-2008 2008-2009 2009-2010 INTEREST EBIT

TIME INTEREST EARNED RATIO

2.5 2 1.5 1 0.5 0 2007-2008 2008-2009 2009-2010 RATIO

A Time Interest Earned ratio of 1 indicates that the firm is only earning enough to exactly pay its interest expenses. As TIE increases comfort level of the debt holder increases since they are more confident that its debt will be serviced. In case of ASAHI it has increased from 1.13 in 2009 to 1.89 in 2010.Thus we can say that they are able to cover their interest expenses 1.89 times out of their earnings, which is more as compared to the last year.TIE only looks at how well the firm is covering its interest expense and does not consider the firms ability to repay the principal.

ACTIVITY RATIO
Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios can calculate the turnover of receivables, the repayment of liabilities, the quantity and usage of equity and the general use of inventory and machinery. INVENTORY TURNOVER RATIO: ITR refers to the number of times the inventory is sold and replaced during the accounting period. Inventory Turnover Ratio= Cost Of Goods Sold/Average Inventory

YEAR 2007-2008 2008-2009 2009-2010

COGS(Rs crore) 845.03 1053.86 1040.87

AVERAGE INVENTORY(Rs crore) 302.29 356.75 334.79

INVENTORY TURNOVER RATIO 2.79 2.95 3.1

INVENTORY TURNOVER RATIO

3.15 3.1 3.05 3 2.95 2.9 2.85 2.8 2.75 2.7 2.65 2.6 2007-2008 2008-2009 2009-2010

INVENTORY TURNOVER RATIO

The higher the inventory turnover rate means the more efficiently a company is able to grow sales volume. Which had increased from 2.95 in 2009 to 3.1 in 2010. Stock turnover ratio shows the relationship between the sales & stock it means how stock is being turned over into sales. The stock turnover ratio in March 10 was 3.1 times which indicate that the stock is being turned into sales 3.1 times during the year. The inventory cycle makes 3.1 rounds during the year. It helps to work out the stock holding period; it means the stock turnover ratio is 3.1 times then the stock holding period is 3.87 months [12/3.1=3.87 months]. This indicates that it takes 3.87 months for stock to be sold out after it is produced.

FIXED ASSETS TURNOVER RATIO: This ratio measures the efficiency with which fixed assets are employed. A high ratio indicates a high degree of efficiency in asset utilization while a low ratio reflects an inefficient use of assets. However, this ratio should be used with caution because when the fixed assets of a firm are old and substantially depreciated, the fixed assets turnover ratio tends to be high (because the denominator of the ratio is very low).

FAT = ( Sales / Net Fixed Assets ) NET SALES(Rs crore) 994.69 1223.06 1263.38

YEAR 2007-2008 2008-2009 2009-2010

NET FIXED ASSETS(Rs crore) 1246.93 1349.68 1173.11

FIXED ASSET TURNOVER RATIO 0.79 0.9 1.07

This ratio measures the efficiency with which fixed assets are employed. The Fixed Asset Ratio in March 08 was 0.79 which shows a low degree of efficiency in asset utilization while in March 10 the ratio increased to 1.07. Which shows that the company is utilizing asset efficiently.

INVENTORY CONVERSION PERIOD:

The inventory conversion period indicates the no. of days the company holds inventory. Inventory Conversion Period= (Inventory/COGS)*365

YEAR 2007-2008 2008-2009 2009-2010

INVENTORY 363.13 350.38 319.2

COGS 845.03 1053.86 1040.87

INVENTORY CONVERSION PERIOD 156.84 121.35 111.93

INVENTORY CONVERSION PERIOD

180 160 140 120 100 80 60 40 20 0 2007-2008 2008-2009 2009-2010 INVENTORY CONVERSION PERIOD

The companys inventory conversion period is low in March 10 that is of 111.93 days as compared to March 09 that is of 121.35 days .Which shows that company is using less funds in holding inventory which is good for business. This ratio is an indication of how well the firm is managing its inventory. By, watching the ICP the amount of inventory can be monitored.

COMPARISON BETWEEN ASAHI INDIA GLASS LTD & HINDUSTAN NATIONAL GLASS

FINANCIAL RATIOS

ASAHI INDIA GLASS LTD 2007200820092008 2009 2010 2.25 0.82 384.59 0.38 4.95 15.04 1.36 4.72 0.17 2.32 2.79 0.79 156.84 2.03 0.79 407.42 0.33 4.56 13.83 -3.25 8 0.11 1.13 2.95 0.9 121.35 2.32 0.94 441.01 0.34 7.76 17.61 0.09 7.24 0.12 1.89 3.1 1.07 111.93

HINDUSTAN NATIONAL GLASS 2007200820092008 2009 2010 0.84 1.35 274.25 0.268 13.44 20.3 15.6 0.55 0.59 9.1 13.11 0.81 73.59 1.17 1.37 348.42 0.265 12.5 18.2 8.11 0.6 0.57 5.3 12.32 0.95 73.34 0.95 1.31 316.68 0.233 14.41 20.76 11.25 0.59 0.58 6.6 12.93 0.82 71.25

CURRENT RATIO QUICK RATIO NET WORKING CAPITAL WORKING CAPITAL TO SALES GROSS PROFIT MARGIN RATIO OPERATING PROFIT RATIO NET PROFIT MARGIN RATIO LONG TERM DEBT EQUITY RATIO PROPRIETORY RATIO TIME INTEREST EARNED INVENTORY TURNOVER RATIO FIXED ASSET TURNOVER RATIO INVENTORY CONVERSION PERIOD

ASAHI INDIA GLASS LIMITED looks like an easy winner in a liquidity contest. It has an ample margin of current assets over current liabilities, a seemingly good current ratio, as compared to HINDUSTAN NATIONAL GLASS. A current ratio of 1.0 or greater is considered acceptable for most business. A high ratio indicates excessive current assets in the form of inventory and underemployed capital thus in the last two years the current ratio is greater than 2.0 and it should be controlled.

The Quick Ratio of ASAHI INDIA GLASS limited is .94 while that of HINDUSTAN NATIONAL GLASS is 1.31. This means that HNG has more sound quick ratio as compared to AIS as Day to Day solvency for HNG is more sound than AIS. . Thus a quick ratio of 1.0 or greater is acceptable to ensure companys ability to pay its current obligations. A value of less than 1.0 signals a problem in meeting short term obligations. But, however there may be valid reasons for the Quick Ratio to be less then 1.For example it could to be due to growth ,timing of receivables versus payables, bad debt reduction of receivables etc.

The Net working capital of AIS is much greater then the HNG in all the years. The working capital level indicates to suppliers the cushion of cash a firm has when it comes time to pay their bills. So ASAHI has a working capital of 441.01 crore in 2010, while HNG has that of 316.68 crore in 2010.Thus, AIS seems to have sufficient working capital to stay current with its suppliers.

Working capital to sales ratio of AIS is .34 in 2010,while that of HNG is .23 in 2010. This shows that ASAHI liquid assets(after meeting short term obligations) are able to satisfy its need for liquidity(represented by sales) more efficiently then the HNG.

The Gross Profit Ratio of ASAHI is 7.76% in 2010 while of HNG is 14.41% in 2010. This means that HNG have higher profit remaining after manufacturing costs are met as compared to ASAHI INDIA GLASS LIMITED.

The Operating Profit Ratio Of AIS is 17.61% while of HNG is 20.76% in 2010. This means that HNG have better sales realization and effective cost control as compared to AIS.

The Net Profit Ratio of AIS is 0.09% in 2010 while of HNG is 11.25%. This means that HNG have better cost control, managerial efficiency & sales promotion as compared to AIS.

The Long Term Debt Equity Ratio Of AIS is 7.24 while of HNG is 0.59 in 2010. This means that HNG has better ratio which means that Internal Equities are more than External Equities. The lower ratio viewed as favourable from long term. creditors point of view. AIS has higher Long Term Debt Equity Ratio. Hence Creditors will look HNG as more favourable company.

The Proprietary ratio of the HNG is 58% in the March 10 while that of AIS is 12% in 2010. This shows that the contribution by outside to total assets is less than the owners fund in case of HNG. The Proprietary ratio is favourable of HNG which indicates that the Companys long-term solvency position is more sound then the AIS.

Time Interest Earned Ratio of AIS is 1.89 in 2010 while that of HNG is 6.6 in 2010. Thus we can say that AIS are able to cover their interest expenses 1.89 times out of their earnings, while in case of HNG it is 6.6 times. A high Time Interest Earned ratio indicates that comfort level of the debt holder increases since they are more confident that its debt will be serviced, thus they are more comfortable with HNG.

The Inventory Turnover Ratio of AIS is 3.1 while HNG is 12.93 IN 2010. AIS has Stock Holding Period of 3.87 months (12/3.1) and HNG has Stock Holding Period of almost less then 1 months (12/12.93). Hence, HNG is using less funds in holding inventory as compared to AIS

Fixed Assest Turnover ratio of AIS is 1.07 in 2010,while that of HNG is .82 in 2010. This ratio measures the efficiency with which fixed assets are employed. Thus high FTA ratio of AIS indicates that the company is utilizing asset efficiently then the HNG.

Inventory Conversion Period of AIS in March 10 is 111.93 days while that of HNG is 71.25 days in 2010.This shows that HNG is using less funds in holding inventory which is good for business. This ratio is an indication of how well the firm is managing its inventory.

CASH FLOW ANALYSIS

A cash flow statement, along with the balance sheet and income statement are the three most common financial statements used to gauge a companys performance and overall health. The same accounting data is used in preparing all three statements, but each takes a companys pulse in a different area. The cash flow statement discloses how a company raised money and how it spent those funds during a given period. It is also an analytical tool, measuring an enterprises ability to cover its expenses in the near term. Generally speaking, if a company is consistently bringing in more cash than it spends, that company is considered to be of good value. A cash flow statement is divided into three parts: operations, investing and financing. The following is an analysis of a real-world cash flow statement belonging to ASAHI INDIA GLASS LTD. Cash from operations: This is cash that was generated over the year from the companys core business transactions. Note how the statement starts with net earnings and works backward, adding in depreciation and subtracting out inventory and accounts receivable. In simple terms, this is earnings before interest and taxes (EBIT) plus depreciation minus taxes.

YEAR 2007-2008 2008-2009 2009-2010

NET CASH FLOW FROM OPERATING ACTIVITIES -57.14 25.57 96.66

Interpretation: This may serve as a better indicator than earnings, since noncash earnings cant be used to pay off bills. In case of AIS cash flow from operating activities had been continuously on rise in the past 2 years. Which indicates that the company is generating higher business profits.

Cash from investing: Some businesses will invest outside their core operations or acquire new companies to expand their reach.

YEAR 2007-2008 2008-2009 2009-2010

NET CASH FLOW FROM INVESTING ACTIVITIES -89.61 -250.94 45.38

Interpretation: This portion of the cash flow statement accounts for cash used to make new investments, as well as proceeds gained from previous investments.AIS has made heavy investments in the year 2007-2008,2008-2009.Which is part of its expansion policy.And this investment had now started generating revenue in the year 2010.Which is an indication of its growth rate.

Cash from financing: This last section refers to the movement of cash from financing activities. Two common financing activities are taking on a loan or issuing stock to new investors. Dividends to current investors also fit in here. YEAR 2007-2008 2008-2009 2009-2010 NET CASH FLOW FROM FINANCING ACTIVITIES 145.7 225.87 -146.67

Net cash flow from financing activities had reported a negative number for 2010, -146.67. But this should not be misconstrued: The company paid off its previous debt, paid out high dividends and repurchased its company stock. Interpretation: Investors will like these last two items, since they reap the dividends, and it signals that company is confident in its stock performance and wants to keep it for the companys gain. A simple formula for this section: cash from issuing stock minus dividends paid, minus cash used to acquire stock.

COMPARSION OF CASH FLOWS OF ASAHI INDIA GLASS LTD & HINDUSTAN NATIONAL GLASS.

CASH FLOWS

ASAHI INDIA GLASS LTD 2007- 2008- 20092008 2009 2010 -57.14 -89.61 145.7 25.57 250.94 225.87 96.66 45.38 146.67

HINDUSTAN NATIONAL GLASS 2007- 2008- 20092008 2009 2010 162.25 171.37 15.98 135.48 181.39 40.52 293.59 304.62 4.32

NET CASH FLOW FROM OPERATING ACTIVITIES NET CASH FLOW FROM INVESTING ACTIVITIES NET CASH FLOW FROM FINANCING ACTIVITIES

Net cash flow from operating activities of AIS is 96.66 crore in 2010,while that of HNG is 293.59 crore in 2010.Which indicates that earning of HNG in terms of cash by its core activities are higher then that of AIS.

Net cash flow from investing activities of AIS in march 2010 is 45.38 crore while that of HNG is -304.62 crore. This indicates that HNG is making heavy capital expenditure(investment, acquisitions and life long assets) then the AIS. Which shows that HNG is spending significant cash in project in which it hopes will lead to future growth.

Net cash flow from financing activities of AIS in march 2010 is -146.67 crore while that of HNG is 4.32 crore. Which shows that AIS has paid off its previous debts, issued heavy dividends and carried out the repurchase of its stock. Which is beneficial from investors point of view.

CENTRALIZATION OF INNER SALES DEPARTMENT OF ASAHI INDIA GLASS LTD Asahi India Glass Ltd. is the largest glass company in India, manufacturing a wide range of international quality automotive safety glass, Float glass and architectural glass. AIS is in process of transforming itself from being a manufacturer of world-class products to a solution provider. AIS is now moving up the exciting value of glass by providing design, products and services that make glass more versatile and more user friendly. Asahi India Glass Ltd is planning to carry out the centralization of its inner sales department .Currently inner sales department is at ROORKEE & TALOJA plant location, from were all the activities related to inner sales of the organization are carried out. Our objective is to study and analyze the cost-benefit that will be realized by carrying out the centralization of the inner sales department and which is the feasible location for the centralization.

CENTRALIZATION
Centralisation, or centralization , is the process by which the activities of an organisation, particularly those regarding planning decision-making, become concentrated within a particular location and/or group. In any business organization, concentration of authority and powers in the hands of top management is referred to as centralization, everything which goes to reduce the importance of subordinates role in an organization is known as centralization. In such a type of office organization, the authority and powers of each and every activity lies in the hands of top few, say office manager and his immediate subordinate, and other subordinates play the second and subsequent fiddles. In fact, they are not to play any role. Instead they asked to work and only work according to the dictates of what the boss wants and orders.

Centralization of the powers in respect of planning and control in not a new thing in any management. But centralization refers to the reduction of subordinates to a naught. Thus, treatment accorded to them is only that of a machine. Subordinates are asked only to function as a machine whereas the top management functions as operators. In fact, this position has brought disrepute to the term centralization in modern management set-up.

Advantages of centralization:
Facility for personnel leadership. There is absolutely no doubt that the centralized Office organization helps in establishing a personnel leadership which may even be able to convert a losing business house into a profitable one because of strong, efficient, purposeful and non controversial central leadership.

Equitable distribution of work. In order to group together and economies the working as well as cost the grouping of two and more departments into one also placing the same under one control goes a long way in equitably distributing in workload not only between different departments but between individual worker as well. This brings economy and speed.

Uniformity of activities. Obviously when centralized, the activities will be either in the hand of one individual or a few one but under his (one) direct, control. This will result into uniformity of activities and thereby ensuring uniform decision and uniform process.

Specialization. Specialization of work as well as process and handling of the work by the staff who has specialized in the work he is handling are a few of the meaningful advantages of specialization.

Economy. The uniformity of activities and specialization of work lead to economic operation and best utilization of the staff services. This brings efficiency and smoothness as well. All these bring economy.

No duplication of work. Centralized personal leadership, uniformity of activities and specialization leave no scope for duplication of work in the office. Thus extra labor and extra cost involved in duplication is avoided and economy is ensured.

Quick decision. For taking advantage of rare opportunities coming in the way, it is necessary that decision should be quickly taken lest the opportunity so available may be slipped away. Centralized office organization helps in such a quick decision.

Greater flexibility. In case of any emergency arising the uniformity of activities help in adjusting the activities, procedure and decisions taken. This adjustment ensures flexibility the opportunity for which is available in centralized office organization in greater degree.

Standardization and training facilities enhanced . Centralized office organization helps in standardizing the work and thereby helps in extending the training facilities to everyone and every work in the organization which needs specialization, standardization and attention The new staff member can easily pick up the work and can easily be accommodated and adjusted in such a set-up.

Effective control. Uniformity in activities, specialization and standardization facilitates greater degree or supervision, effective co-ordination, self and departmental integration and thus ensure effective control.

Fixing of responsibility is facilitated. It is possible in decentralized system to locate the fault and detect the deviations and thus is able to pinpoint and take effective measures to improve by knowing and then fixing the responsibility and thereby improving the working and efficiency.

Disadvantages of centralization:
However, a centralized set-up suffers from the following disadvantages: Delay in work. Quick decision is possible but only at the top level, since decision is take only by the top, it is not possible to take quick decision whenever the top is neither available nor is in a mood to take one. This results in delaying the work since it is the top who is to take decision and none else.

Bureaucracy. Bureaucracy leads to red tapism. A centralized set-up breads red-tapism which does not only delay the work but also sometimes helps in the raining of eye brows because bureaucracy always leads to discrimination.

Distinctive to subordinates. Subordinate in such a set up only is required to implement whatever it is asked to carry out. No independent decision making authority. A mechanical working always creates mental reservation. The subordinate does not take imitative nor is he allowed to do so. Thus there remains no charm in either the work or the organization as he knows fully well that no upper ladder is there for him as he is not allowed to take any initiative.

No loyalty. Since the initiative is not there, charm is not there. Zeal is absent. No involvement is there. Only the implementation of job is there. This means work like a machine as ordered. Such a psychology always never works. Thus neither the work for the organization is treated as own one, obviously from a servant loyalty can be expected only when he is allowed to think that he is very much the part of the department and the organization. This is always missing. This brings lack of loyalty among the working force. Lack of secrecy. Secrecy in a centralized set up cannot be maintained as the orders and decisions flow from one place and conveyed to all. Moreover, all work at a place, under one roof, one control and one office department. Thus secrecy even if tried cannot be maintained as effectively as might be required.

BENEFITS OF CENTRALIZATION
Eliminating Redundancy Consolidation and centralization reduce redundancy. A department may spend time designing a payroll system, while another department also hires workers to design a system. A consolidated accounting department can create a single payroll system which can maintain the data for every agency it is responsible for. This also makes it much easier to establish an additional state government agency if necessary, since the accounting department already has an effective payroll system available. Monitoring Staff Centralization provides monitoring advantages. A manager may be responsible for creating budgets for multiple agencies. If these agencies each establish a separate department for tasks such as hiring employees, the manager has to contact each agency's department individually to determine how much money they need. A consolidated human resources department that organizes information for all of the agencies' job applicants has all the relevant information necessary to estimate hiring expenses. Fewer managers may be necessary if the agencies consolidate the HR function.

Lowering Real Estate Expenses Consolidation can reduce real estate costs. Individual agencies may be located across the state or across the country, and some of the agencies may be located in areas with high costs of living. Even if a centralized department maintains the same amount of equipment and the same number of employees, it can be housed in a single location in a remote area where the cost of renting a building is lower. For example, a corporation may establish a call center where employees provide support for multiple types of products, such as computers and cell phones, in a remote location.

Bulk Discounts Equipment costs are lower for the consolidated agency. According to USA Services, purchasing telephone and cable service is cheaper per user when the company buys large amounts of service at one location. The company can also buy chairs, tables, and computers in bulk. The firm may even need less equipment overall, as a device such as a wireless router may be capable of serving more users.

Regional Benefits Consolidation can provide regional efficiencies. In the example of the call center, an organization can locate it in an area where there is a trained and low-cost workforce nearby, such as college students. The company can use existing infrastructure in locations where there are related companies, so the power, communication and transportation systems in the area will not require additional expenses to upgrade them.

RESEARCH METHODOLOGY RESEARCH PROBLEM : To study and analyze the cost-benefit that will be realized by
carrying out the centralization of the inner sales department and which is the feasible location for the centralization.

RESEARCH DESIGN: This is an Empirical study of exploratory nature.

SOURCES OF DATA COLLECTION: Primary Data: The data for the research has been collected through Personal Interview of
employees in INNER SALES DEPARTMENT and other departments like Logistics and

Dispatch whose activities are closely linked to it

A telephonic interview has been done. with the customers of different regions to know their views about centralization.

Secondary Data: Company records, reports and through companys website.

DATA PROCESSING AND EDITING:

The collected data noted in the questionnaire prepared was checked and verified manually. The collected data was examined and analysed carefully to detect errors and omissions.

SAMPLING FRAME:
Personal interview with the employees of the Inner sales department and the logistics & dispatch department and other departments of the Roorkee plant and the telephonic interview with the employees of the Taloja plant. Telephonic interview with the customers of the North,South,West,East regions.

Sample Size: Employees=25

Customers=40

Population: All the customers nominated by ASAHI INDIA GLASS LIMITED, their employees
of the inner sales department at roorkee and taloja,employees in logistics and dispatch department and dispatch department in roorkee.

Sampling Technique: Random sampling

Sampling Procedure: I conducted the survey on 40 customers from different regions to

know about their opinion about centralization. While selecting sample attributes benefits of centralization,preferred location,association with AIS,expectation of customers with AIS had been taken.The customers were selected by Random Sampling.

To know the employees opinion ,i had conducted the survey on 25 employees,which include both personal and telephonic interview with the employees of the inner sales

department,logistics and dispatch and other departments at the Roorkee and Taloja.While selecting sample attributes benefits of centralization,preferred location,job status,decision

making and several other issues had been taken.The employees were selected by Random Sampling.

Research instrument: The structured questionnaire will be used for the survey. The
MICROSOFT EXCEL tool is being used for the analysis purpose.

SURVEY: For finding out the feasible locations and the cost benefit analaysis we are
doing we had conducted a survey in which we had prepared a questionnaire in which we had asked several questions from the employees and the customer to know about their views about the centralization whether it is beneficial or not and which is the preferred location as well as several other questions to find out the cost and the benefits that will be realized by carrying out the centralization of the inner sales department.

EMPLOYEE FEEDBACK:

We had carried out our survey on 25 employess.We had included in this all the employees of the inner sales department of the ROORKEE as well as the TALOJA plant,as well as some employees of the dispatch and the logistics department as this department is closely linked with the activites of the inner sales department.

ANALYSIS OF THE EMPLOYEE FEEDBACK:

Most of the employees are in favour of the centralization and they think that centralization of the inner sales department will be beneficial for the organization and it will increase the profitability of the company.

The preferred choice of employees for centralization to be carried out of the inner sales department is the Roorkee and the next alternative which they suggested is Delhi and the least preferrence is for Taloja.

The survey conducted on employees mostly include who are permanent and few of them are temporary.So even the permanent employees are in favour of centralization even though for this they had to change their location.

Most of the Employees belives that the centralization of the inner sales department will help in decision making.As decision can be made faster as their will be uniformity and consistency in information and no redundancy will be there.

Most of the employees belives that the inner sales department should improve the quality of delivery of the existing services and if possible should add futher new services to enhance the experience of interaction with the inner sales department.

CUSTOMER FEEDBACK:

We had carried out the survey on 40 customers,which mostly include customers from all the 4 regions North,South,West,East.A telephonic conversation had been carried out these customers to know their views about the centralization of the inner sales department and their preferred choice for centralization.Several other questions had been asked from them to know about futher changes that are needed for the further improvement in the organization and the inner sales department. ANALYSIS OF CUSTOMER FEEDBACK:

Most of the customers are indifferent towards the centralization of the inner sales department.They are only concerned with the delivery of service they are getting,which they might be getting from Roorkee,Taloja,or Delhi.But the telephonic conversation that had been carried out with them had shown that most of them prefer centralization to be carried out if it can improve the quality of service.

Most of the customers preferred choice for centralization is Roorkee.They consider it to be more convinent and efficient and put it at a higher preference then Delhi.After Delhi the next choice is Taloja.Some of them had even given some new alternatives like Bandra.

The telephonic conversation that had been carried out on the customers had shown that most of them had been associated with AIS for more than 5 years and they are quite satisfied with the quality of delivery that they are getting form the AIS.

Most of the customers expect from the Inner Sales Department to improve its existing services to make their interaction with the inner sales department more convenient and effective.Some of the customers had also suggested to add new services if possible to make customers experience more delightful. Thus ,with the survey conducted on Employees and the customers we had come on the conclusion that their choice for the centralization of the inner sales department is Roorkee.

JUSTIFICATION FOR ROORKEE:

MANPOWER:-Roorkee is ideal situation because of the easy availability of man power .Moreover, the salary and wages that are to be paid here are comparatively less then that what it would have been in Delhi.Because the cost of living is higher in Delhi and the manpower cost will be higher as compared to the other locations.

MATERIAL:-Roorkee plant location produces a variety of Glasses and had a huge inventory and capacity.So,more accurate information will be available if inner sales department will be centralized at roorkee,which will be beneficial for the customer and the organization as there will be less delay in order and the rate of processing of order will be higher.

MONEY:-In term of Capital also Roorkee will be a better option.As the infrastructure that is required for the inner sales department that had been in Roorkee is already good and so very less investment will be required in making it .

MACHINE:-All the set up required for centralization can be easily added to Roorkee as most of things like printers, telephones, computers are in plenty and in good condition here in the inner sales department,so for centralization only few new things are to be added up as far as machinery is concerned.

COMPARISON BETWEEN ROORKEE AND TALOJA:

IN TERM OF PRODUCT:ROORKEE plant produces 63 types of glasses,while TALOJA plant produces only 3 types of glasses. The SKU(Stock Kepping Unit) is of 800 tonnes in Roorkee plant and 500 tonnes in Taloja.

PRODUCTS AT AIS FLOAT-II (ROORKEE PLANT):-

AIS Float provides following 6 categories of glass in various shades: DCOR FROSTED GLASS(AIS BRAND NAME-KRYSTAL) MIRROR TINTED OPAL (REFLECTIVE) SUPER SILVER (REFLECTIVE)

DECOR
BLACK PEARL BRIGHT ORANGE CLASSIC BEIGE

FROSTED

MIRROR

TINED

OPAL

SUPER SILVER
DARK GREY AQU A BLU E FERN GREEN PACIFIC BLU E

CLEAR

BRONZE

CLEAR

BLU E MILD

BLU E

CLEAR

BRONZE

BLU E BRIGHT

GREEN

DARK GREY AQU A BLU E

DARK GREY

BLU E LITE

ICY BLU E

LIGHT GREY

BRONZE BRIGHT BRONZE LITE BRONZE MILD GREEN BRIGHT GREEN MILD

LEMON YELLOW MARBLE WHITE MID NIGHT BLU E SNOW WHITE

COOL GREEN ROYAL BLU E GREEN DARK BLU E

BRONZE

CLEAR

DARK BLU E

GREEN

SPRING GREEN STERLING SILV ER

V ENETIAN RED

FU SION BRONZE

GREEN LITE

GREY

OPAL MINK

OPAL CLEAR COOL GREEN ROYAL BLU E GREY BRIGHT WHITE GOLD GOLDEN BRONZE

Thus its better to have Inner sales department to be centralized and located in Roorkee to have the exact and simultaneous and accurate information to be conveyed to the customer at right time.

IN TERMS OF INVENTORY:ROORKEE plant has inventory of 63000 tonnes. TALOJA plant has inventory of 30000 tonnes.

So while processing and taking the order the knowledge of exact inventory is a must thus its better to have Inner Sales Department to be centralized at Roorkee so that the department is having an up to date information to be conveyed to the customer as well the zonal marketing person.

IN TERMS OF FLOW ORDER:We had analyzed the past 6 months data of the number of order processed.The past trend had shown that the number of dispatches are higher from ROORKEE then TALOJA. On an average in Roorkee number of order dispatched per day=80 On an average in Taloja number of order dispatched per day=45

So as more order are dispatched from ROORKEE it will be beneficial if Inner Sales Department is centralized at Roorkee.Since work load is more at Roorkee ,so company will be benefitted more as processing of order will be at a higher rate in roorkee thus leading to more number of order being dispatched overall.

IN TERMS OF COST:Infrastructure Development Cost will be highest in Delhi and then in Roorkee and Taloja.Because the cost of land is highest in Delhi and so it will be expensive to create a new set up there.Moreover,as compared to Taloja,Roorkee is a better option as Tax incentives being available at roorkee,so it will be less costly in roorkee to create a new set up or enhance the existing one.

RECOMMENDATIONS
From the whole study it is clear that carrying out the Centralization of the Inner Sales Department will be fruitful if it is carried out at a place which is closer to the production plant and easy connectivity to the market place.

Training should be imparted to the employees before giving them the work responsibilities in the working environment of the Centralized Inner Sales Department.

Eligiblity of the employees should be considerd for involving him in the Centralization of the Department.

Better infrastructure to be developed at the centralization location to fully reap the benefits of centralization as well as attainment of higher satisfaction level of employees.

CONCLUSION
Thus after conducting the survey and analyzing the reports of the company ,website of the company and doing the search we had come to the conclusion that ROORKEE is the best option for carrying the centralization of the inner sales department.Because centralization at distant location other then the plant location like Delhi will be beneficial only when scheduled dispatches are there and the production had to be done on the basis of order received.When their is already a huge inventory and warehouse and selling has to be done from there only then centralization of the department should be there at plant location only.In such a case it is beneficial to have the inner sales department to be centralized at Roorkee then Taloja because Roorkee has a huge production capacity and large inventory then Taloja.

KEY LEARNINGS Business and competitive environment in which the organization is working.

Cost-Benefits that is involved in carrying out the centralization of Inner Sales Department.

Financial ratios importance and the areas in which organization is going stronger and the front in which it should work upon to control those ratios in which it is weaker.

ANNEXURE:1

ASAHI INDIA GLASS Ltd. Customer Feedback

Name: Zone:

1) For how long have you been associated with AIS? (a) Less than 1 year (b) 2 to 5 years (c) 5 to 10 years (d) more than 10 years 2) How do you perceive the Quality, Delivery, Pricing, Information system of the AIS? (a) Not Satisfactory (b) Satisfactory (c) Good (d) Excellent 3) How many persons you had to interact during the process from ordering to the dispatching? (a) 1 person (b) 2 person (c) 3 persons (d) More than 3 4) How many calls you have to make to get your order O.K through Inner Sales Department? (a) 1 (b) 2 (c) 3 (d) More than 3 4) What is the approximate time in which they provide you with the exact status information? (a) 1 day (b) 2 day (c) 3 day (d) more

6) Do they visit you during any problem? (a) Never (b) Sometimes (c) Often (d) Always

7) The customer service representative was knowledgeable? (a) Not at all (b) Average (c) Good (d) Excellent 8) Centralizing the Inner Sales Department will be beneficial? (a) Not at all (b) Possibly not (c) Possibly yes (d) Definitely yes 9) Where do you want it to be centrally located? (a) Roorkee (b) Taloja (c) Delhi (d) Other 10) What do you expect from the Inner Sales Department? (a) Improve the existing services (c) Add new services (b) No changes needed (d) Others

ANNEXURE:2

ASAHI INDIA GLASS Ltd. Employee Feedback

Name: Department: 1) Is your job temporary or permanent? (a) Temporary (b) Permanent Date: Designation:

2) How many years in total have you been working at AIS ? (a) Less than 3 years. (b) 3 to less than 5 years (d) 7 to less than 10 years. (e)More than 10 years. (c) 5 to less than 7 years.

3) How many hours do you usually work each week, including any overtime or extra hours? ______________________ 4) How do you perceive the environment and the work culture in the organization? (a) Very Good (b) Good (c) Satisfactory (d) Poor (e) Very Poor

5) Centralizing the Inner Sales Department will be beneficial? (a) Yes (b) No (why) _______________________________________ __________________________________________________________________ 6) Which location you will prefer for Centralization? (a) Roorkee (b) Delhi (c) Taloja (d) Other? if any do mention ( ______ )

7) Due to quick Management Information System decision can be made quickly in Centralized department. (a) Strongly Agree (d) Disagree (b) Agree (c) Satisfactory (e) Strongly disagree

8) In Centralization employee will be dissatisfied due to responsibility and job burden? (a) Strongly Agree (d) Disagree (b) Agree (c) Satisfactory (e) Strongly disagree

9) Rank The major factor on which you prefer the location?(Rank 1 to 5) (a) Customer Service ___ (b) Risk Involved ____ (c) Availability of Material ___ (d) Market and Sales ___ (e) Man Power ____ 10) What do you expect from the Inner Sales Department? (a)Improve the existing services (b) Add new services (c) No changes needed. (d) Other

ANNEXURE:3

BALANCE SHEET- ASAHI INDIA GLASS LIMITED

.....in Rs Crore... Mar '08 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 15.99 15.99 0 0 278.46 0 294.45 1,072.62 318.81 1,391.43 1,685.88 Mar '08 12 mths 15.99 15.99 0 0 185.99 0 201.98 1,284.23 333.07 1,617.30 1,819.28 Mar '09 12 mths 15.99 15.99 0 0 188.48 0 204.47 1,228.15 242.48 1,470.63 1,675.10 Mar '10 12 mths Mar '09 12 mths Mar '10 12 mths

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets 1,844.05 597.12 1,246.93 48.44 5.92 363.13 107.96 16.37 487.46 204.23 0.02 691.71 0 303.84 3.28 307.12 384.59 0 1,685.88 2,058.64 708.96 1,349.68 43.41 6.39 350.38 176.1 16.85 543.33 261.09 0.02 804.44 0 393.03 3.99 397.02 407.42 12.38 1,819.28 2,005.00 831.89 1,173.11 53.99 6.99 319.2 180.7 12.15 512.05 263.83 0.03 775.91 0 330.06 4.84 334.9 441.01 0 1,675.10

Contingent Liabilities Book Value (Rs)

105.11 18.41

109 12.63

111.1 12.79

ANNEXURE:4

Profit & Loss Account-ASAHI INDIA GLASS LIMITED. ....In Rs crore. Mar '08 12 mths Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses 404.96 240.34 75.71 62.48 124.72 31.85 0 940.06 Mar '08 12 mths Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 149.66 208.7 89.86 118.84 100.33 0 18.51 0.74 19.25 5.91 13.67 535.1 0 0 0 445.49 282.38 81.36 61.51 145.37 33.06 0 1,049.17 Mar '09 12 mths 169.2 146.58 128.85 17.73 113.35 0 -95.62 -0.58 -96.2 -55.6 -40.16 603.68 0 0 0 437.11 259.33 89.05 63.75 128.62 22.69 0 1,000.55 Mar '10 12 mths 222.51 251.86 132.82 119.04 124.38 0 -5.34 3.75 -1.59 -2.82 1.23 563.44 0 0 0 1,113.82 119.13 994.69 59.04 95.03 1,148.76 1,302.78 79.72 1,223.06 -22.62 -4.69 1,195.75 1,329.68 66.3 1,263.38 29.35 -40.32 1,252.41 Mar '09 12 mths Mar '10 12 mths

1,599.28 0.85 0 18.41

1,599.28 -2.51 0 12.63

1,599.28 0.08 0 12.79

ANNEXURE:5

Cash Flow-ASAHI INDIA GLASS LIMITED ..In Rs Crore. Mar '08 12 mths Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from investing activites Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents 19.53 -57.14 Mar '09 12 mths -94.89 25.57 Mar '10 12 mths -0.84 96.66

-89.61 145.7

-250.94 225.87

45.38 -146.67

-1.05 15.78 14.73

0.5 14.73 15.23

-4.63 15.23 10.6

ANNEXURE:6

Balance Sheet-Hindustan National Glass In Rs Crore.. Mar '08 12 mths Sources of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 17.47 17.47 0 0 740.11 106.02 863.6 287.22 130.28 417.5 1,281.10 Mar '08 12 mths Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 1,257.46 410.31 847.15 45.11 114.59 164.15 164.5 16.21 344.86 164.61 0.58 510.05 0 195.93 39.87 235.8 274.25 0 1,281.10 41.14 686 1,378.99 472.51 906.48 82.03 104.58 215.78 227.19 11.18 454.15 210.47 0.22 664.84 0 258.53 57.89 316.42 348.42 0 1,441.51 129.57 475.97 1,661.49 545.21 1,116.28 27.47 147.07 209.95 220.1 4.56 434.61 225.6 0.14 660.35 0 246.31 97.36 343.67 316.68 0 1,607.50 73.19 108.03 17.47 17.47 0 0 813.95 103.77 935.19 415.24 91.11 506.35 1,441.54 Mar '09 12 mths 17.47 17.47 0 0 926.07 99.23 1,042.77 548.62 16.11 564.73 1,607.50 Mar '10 12 mths Mar '09 12 mths Mar '10 12 mths

ANNEXURE:7
P & L Account-Hindustan National Glass .In Rs Crore Mar '08 12 mths Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses 426.25 271.88 56.59 11.05 20.8 23.34 0 809.91 Mar '08 12 mths Operating Profit PBDIT Interest PBDT Depreciation Other W ritten Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 207.42 213.69 23.47 190.22 70.13 0 120.09 13.96 134.05 -26.27 160.34 383.64 0 6.99 1.19 562.35 368.41 68.89 9.28 23.85 52.55 0 1,085.33 Mar '09 12 mths 238.97 230.77 43.45 187.32 74.75 0 112.57 5.23 117.8 10.05 107.75 522.98 0 8.73 1.48 551.03 375.59 86.91 9.23 25.81 29.58 0 1,078.15 Mar '10 12 mths 281.77 312.69 47.17 265.52 86.12 0 179.4 3.62 183.02 27.85 155.2 527.11 0 13.1 2.04 1,148.34 126.76 1,021.58 6.27 -4.25 1,023.60 1,438.60 125.76 1,312.84 -8.2 11.46 1,316.10 1,449.88 92.59 1,357.29 30.92 2.63 1,390.84 Mar '09 12 mths Mar '10 12 mths

110.43 145.19 40 686

174.68 61.68 50 475.97

873.39 17.77 75 108.03

ANNEXURE:8

Cash Flow-Hindustan National Glass ...In Rs Crore. Mar '08 12 mths Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from investing activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents 121.07 162.35 Mar '09 12 mths 117.72 135.48 Mar '10 12 mths 183.05 293.59

-171.37 15.98 6.96 9.83 16.79

-181.39 40.52 -5.39 16.79 11.4

-304.62 4.32 -6.7 11.4 4.7

ANNEXURE:9

REFERENCES
ANNUAL REPORT:ASAHI INDIA GLASS LIMITED

FY:2007-2008 FY:2008-2009 FY:2009-2010

ANNUAL REPORT:HINDUSTAN NATIONAL GLASS FY:2007-2008 FY:2008-2009 FY:2009-2010

BOOKS: Prasana Chandra Financial Management- Theory & Practice by. Tata
McGraw HILL. Ashish K Bhattacharya Introduction to Financial Statement Analysis. ELSEVIER GLASS YUG Magazine

WEBSITES: http://investopedia.com http://asahiindia.com http://moneycontrol.com/asahiindiaglass http://www.glass.org