SOLAR GLASS MARKET AN OVERVIEW GUJARAT BOROSIL LTD. September 2017 - - PDF document

SOLAR GLASS MARKET –AN OVERVIEW

September 2017

GUJARAT BOROSIL LTD.

Pg 1

This presentation is strictly private and confidential. This presentation is prepared exclusively for the benefit and for the internal use of the recipient and/or its affiliates and does not carry any right of publication or disclosure to any other party. Neither this presentation nor any of its contents may be used for any other purpose without the prior consent of Gujarat Borosil Limited (GBL). The information in this presentation reflects prevailing conditions and our view as of this date, all of which are, accordingly, subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. The ideas expressed herein factor in the current regulatory framework and accordingly is subject to change. GBL and their directors, officers, employees and promoters expressly disclaim any responsibility or liability whatsoever in connection with the compilation

• f this presentation and the information contained herein. This presentation may include future expectations, projections, or forward looking statements.

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from future events expressed or implied by such forward looking statements

Disclaimer

List of Abbreviations

GBL : Gujarat Borosil Limited PV : Photovoltaic EVA : Ethylene Vinyl Acetate ARC : Anti-Reflective Coating HSE : Health, Safety and Environment PID : Potential Induced Degradation PPM : Parts Per Million NAPCC : National Action Plan on Climate Change COP : Conference of Parties JNNSM : Jawaharlal Nehru National Solar Mission NSM : National Solar Mission NTP : National Tariff Policy CEA : Central Electricity Authority MNRE : Ministry of New and Renewable Energy SECI : Solar Energy Corporation of India RPO : Renewable Power Obligation REC : Renewable Energy Certificate RGO : Renewable Generation Obligation VGF : Viability Gap Funding FiT : Feed-in-Tariff PLF : Plant Load Factor PPA : Power Purchase Agreement ADB : Asian Development Bank KFW : KfW Development Bank, a German Government-owned development bank MAT : Minimum Alternate Tax IP : Intellectual Property GW : Gigawatt GWh : Gigawatt-hour MT : Metric Tons TPD : Ton per Day KWh : Kilowatt Hour IPO : Initial Public Offering EBITDA : Earnings before interest, tax, depreciation and amortization ROCE : Return on capital employed- Calculated as (EBITDA - Taxes)/ Average (Total Assets - C.L. + ST Debt + Current Maturities of LT Debt) CAGR : Compounded Annual Growth Rate Capex : Capital Expenditure FY : Financial Year ending 31st March INR : Indian Rupee mm : Millimetre Mn : Million N.A. : Not Available PA : Per Annum

Pg 2

Strong Government impetus to solar energy, with targets of 100 GW installed capacity by 2022 under

National Solar Mission (Added 7.5 GW in 2016-17. Government target of 15 GW in FY18)

Strong outlook for Solar Energy

1

Market Leadership in Indian Solar Glass Market with cost competitiveness vis-à-vis low quality Chinese glass

• suppliers. Sole manufacturer of Solar Glass in India.

Leading Solar Glass manufacturer

2

State-of-the-art manufacturing facility, with strong testing, innovation and R&D infrastructure

State-of-the-art manufacturing facility

3

Top-tier Solar Glass domestic and international clients

Marquee Client base

4

High-quality Solar Glass with lowest iron content, Anti-Reflective coating, highest glass efficiency value and

high resistance to Potentially Induced Degradation. Recently acquired capability to make fully tempered 2 mm solar glass

High performance and durable anti-reflective coating

5

Company looking to more than double its existing capacity. Solar glass demand growing exponentially and

will get further boost with emphasis on domestic manufacturing of modules

Expanded capacity to capitalise on strong demand

• utlook

7

Steady Sales growth with improved EBITDA margins led by improved productivity and cost savings

Robust Financials

8

Highly qualified management team with more than 5 decades of experience in the glass industry

Experienced Management Team

6

Pg 3 Key Highlights –GBL Solar Glass

2008 2012 2017

• The Solar Glass market worldwide

goes through upheavals as the prices of modules and components crash (Solar Glass prices crashed by almost 35% vs FY11)

• The top 3 solar module markets

i.e. Germany, Italy and Spain continue with slow down

• The overcapacity goes up as new

facilities are commissioned in China

• GBL secures its

market position through diversification into the Extra-Clear Architectural patterned glass and starts focusing

• n the domestic

market

• Solar PV market

internationally seeing high growth

• Government launches

NAPCC in June 2008 which declares National Solar Mission as one of the core 8 national missions

• GBL

commissioned most advanced tempering line with capability for 2mm.Now aims to expand its current production capacity

• f 1 GW per

annum to 2.25 GW per annum

2015

• GBL benefits

in the exports segment

• GBL moves to

capitalize the significant

• pportunity for

Solar Glass

• Anti dumping

margin of 40% is established against Chinese imports in EU

• Modi Government provides huge

impetus to the industry with the revised National Solar Mission target of 100 GW of Solar Installed Capacity by 2022

Pg 4 The Gujarat Borosil Story: The Solar Company

Solar PV Module – Value Composition

Raw Material Items Cost %

Cell

64%

Solar Glass 7% Polymer Encapsulate (EVA) 4% Back Sheet 5% Tinned Copper Wire 2 mm 3% Tinned Copper Wire 5 mm 1% AL Frames and Corners 7% Junction Box 5% Sealant 1% Solder Wire, Flux, Packing & Labels 4% Total Material Cost 100%

Solar Glass is the 2nd highest value item in the Solar PV Module, next only to the Solar Cell

Note: EVA stands for Ethylene Vinyl Acetate

Solar Glass Polymer Encapsulate (EVA) Back Sheet Solar Cell

Pg 5

Key Growth Drivers for Indian Solar Industry

Strong Policy Initiatives

1. Indian Solar Mission

• National Solar Mission (NSM) sets out the target of 100 GW of grid-connected solar power by 2022
• Solar Parks Policy:

― A scheme by MNRE to set up solar parks across the country, each with a capacity of Solar Projects generally above 500 MW, with

an aggregate target of 40 GW

― The above target helps achieve the overall solar power target of 100 GW by 2022

3. Solar Cities

• Aims to reduce the conventional energy consumption of 60 selected cities by a minimum of 10% through the adoption of a combination of

renewable energy alternatives (with a focus on solar energy) and energy efficiency measures 4. Tax and Financial Incentives

• Viability gap funding (VGF) scheme, Bundling scheme, Domestic content requirement (DCR)
• Tax and Financial Incentives to support the rooftop solar market:

― Capital subsidy: 30% subsidy for residential and institutional consumers (INR 50 bn) ― Accelerated depreciation: 80% depreciation (40% from FY18) ― Tax holiday: 10 year tax holiday (MAT payable) ― Low cost funding: USD 1.5 bn funding from World Bank, ADB and KFW.

National Tariff Policy (NTP)

• Amendments to National Tariff Policy (NTP), 2016 re-emphasizes a push for renewables, especially solar energy:

― Solar RPO target increased to 8% by 2022 ― Renewable Generation Obligation (RGO): Mandates coal and lignite based power plants established after a specified date to set up

renewable capacity, or purchase renewable energy, as per the directions of central Government

― Allowing fully depreciated power plants whose PPAs have expired to bundle renewable power with power from plants ― Exempting renewable sources from inter-state transmission charges

Source: MNRE, CEA, Industry Research

1 2 3

Pg 6

4

Renewable Energy Targets

Capacity (GW) As at end of FY17 Target Capacity by FY22 Implied capacity addition Per Annum Addition CAGR (FY18-22) Solar 12.2 100.0 87.8 17.5 50%

Source: CEA, MNRE

Renewable Energy Targets - Solar (by 2022)

SECTOR TARGETED TARGET CAPACITY ADDITION FRAMEWORK/INCENTIVE Rooftop Solar PV 20 GW Solar Parks 40 GW Entrepreneurial & Unemployed Graduates 20 GW Others Canal tops, CPSU, PSUs 20 GW Net- metering, Feed-in Tariff, Capital Subsidy, Interest Subvention, Accelerated Depreciation Feed-in Tariff, Accelerated Depreciation, Viability Gap Funding, Bundling of Power Feed-in Tariff, Capital subsidy, Interest Subvention, Accelerated Depreciation Industrial Institutional Residential Commercial

Renewable Energy Targets - Overall

Pg 7

Solar PV Modules Competitive Landscape

Solar PV Modules Domestic PV Module Production Gujarat Borosil Imported Glass (majority China) Imported PV Modules (majority China)

Solar Glass Market Place High growth in domestic manufacturing of Solar PV Modules

Solar glass suppliers

Pg 8

• Until FY 2017 the domestic industry was under heavy competition and almost 80% solar installations

were with use of imported modules. The overall domestic production was about 1.5 GW. The domestic PV Module production is catching up in current fiscal and the first quarter indications are that the domestic production was substantially higher (Glass imports were at 0.9 GW in addition to GBL supply) . The existing module manufacturers have added capacities and new entrants have also

• joined. This is the segment which GBL gets to service and such a growth trend in the domestic

production of modules augurs well for its prospects.

Indian Solar PV Modules Industry: Supported by Policy Impetus

Strong Policy Initiatives 1. Government has proposed developing 7.5 GW of Solar by 2022 with a target that at least 5.5 GW of solar modules will be made in India every year in connection (vs installed capacity already at 8 GW) 1. India’s Jawaharlal Nehru National Solar Mission (JNNSM) mandates solar power project developers to locally source a portion of their solar panel requirements as per the Domestic Content Requirement (DCR) clause to boost the sale of solar panels in India 4. Government is finalizing a scheme to subsidize manufacturing of solar equipment in India- Subsidy would be in the form of either interest subvention or cheaper loans from banks or any other suitable form. 4. Under the Modified Special Incentive Package Scheme (M-SIPS), announced by the Department of Electronics and Information Technology, 20% and 25% subsidy on capital expenditure has been announced for entities establishing cell and module lines in Special Economic Zones (SEZ) and Non-SEZs, respectively. The rooftop solar sector recently received approval from World bank for a global environmental facility (GEF) grant of US $ 22.93 Million to enhance installed capacity of grid connected rooftop solar (GRPV) and to strengthen the capacity of relevant institutions for wise spread installations in India. Rooftop solar will also continue its spectacular growth trajectory in 2017. Around 1.1 GW of rooftop solar capacity is expected to be added in 2017, which is up by 75% from 2016, driven by capital subsidies and substantial demand from public sector.

1 2 3 4 5

Pg 9

Indian Solar PV Module Industry- Exports emerging to be next growth kicker (1/2)

Overseas PV Module Market Dynamics

• Quality issues with Chinese PV Modules have led to growth in other countries for supply to US/EU. The quality issues are:

― Manufacturers are using cheaper, untested materials to slash cost of manufacturing ― Premature corrosion (which poses fire-hazard) ― There has been a large scale failure of solar PV modules in USA and Europe with steep degradation and fall in output

USA

• Anti dumping duty imposed by the US- ~28% duty- countervailing duty and anti-dumping duty on top Chinese PV module manufacturers.
• The recent ruling of ITC in favor of Suniva / Solarworld to impose ADD on solar modules that includes imposition of tariffs on module imports but exempts Canada

from whatever tariffs are implemented will also lead to a change in the solar market in U.S.A. Since there will be an increase in the domestic manufacturing of solar modules this will see an increase in demand of solar glass too. EU

• Solar manufacturers are be expected to agree to the EU’s minimum import price (MIP) agreement and maximum annual import quota cap, otherwise higher duties to

non-complying manufacturers would apply. Turkey

• Turkey imposed definitive anti-dumping duties ranging from 33.1% to 63.7% of CIF value on tempered or laminated safety glass (solar glass) originating in Israel and

mainland China. Turkey’s government published a list of China-based PV panel manufacturers who are now subject to an anti-dumping fee of US$20/m² in the state gazette. all other PV panel manufacturers who have set up manufacturing plants in China, and did not respond to the investigation are subject to an antidumping fee of $25/m². This will prove to be a positive factor for GBL in an emerging market like Turkey where demand for solar PV modules from EU and USA is cropping up owing to Anti- dumping duty prevailing on Chinese products into those countries.

Pg 10

Leading to top PV module manufacturers ramping up capacity (2/2)

Domestic PV Modules Installed Capacity The installed capacity

• f the module

manufacturers has seen a constant increase

In GW

Indian Solar PV Module Manufacturers – Capacity Expansion

Aiming to capture strong Domestic and Exports demand, top PV players are expanding capacities significantly

Pg 11

2.00 2.75 5.39 8.04 FY13 FY15 FY16 FY17

Sr. No. PV Module Manufacturer Installed Capacity (MW) Expansion plan (MW)

1 Vikram Solar Pvt Ltd 1500 500 2 Mundra Solar 1200 800 3 Waaree Energies Pvt Ltd 550 500 4 Emmvee Photovoltics Pvt Ltd 500 ‐‐‐ 5 TATA Power 400 ‐‐‐ 6 Renewsys India Pvt Ltd 380 ‐‐‐ 7 Premier Solar Systems Pvt Ltd 300 ‐‐‐ 8 Alpex Exports Pvt Ltd 250 ‐‐‐ 9 Moser Baer Solar Limited 150 ‐‐‐ 10 Websol Energy Systems Limited 110 ‐‐‐ 11 Lanco Solar Pvt Ltd 110 ‐‐‐ 12 Sri Savitr Solar Pvt Ltd 100 ‐‐‐ 13 HHV Solar Tehnologies Pvt Ltd 100 ‐‐‐ 14 Goldi Green Technoligies Pvt Ltd 100 ‐‐‐ 15 Sova Power Limited 90 ‐‐‐ 16 Others 2207 ‐‐‐

Grand Total (in GW) 8.04 1.80

Introduction

• Incorporated in 1988 and headquartered in Mumbai, Gujarat Borosil

(“GBL”) is engaged in the manufacturing of:

― Low-iron Solar Glass for application in solar power sector ― Patterned Glass for architectural applications

• Manufacturing facility in Govali, District Bharuch, Gujarat with production

capacity of 180 metric tons/ day equivalent to production of 1 GW of modules annually with specialization in Anti-Reflective coating

• Capacity expansion under way: Additional capacity for production of 210

metric tons/ day (equivalent to production of 1.25 GW of modules annually) at Bharuch. This will take the capacity to 2.25 GW per annum

• The solar energy market in India has received an impetus with:

― Government proposed Solar energy targets of 100 GW to be realized

by 2022

― Government providing momentum to the solarisation programme ― Present installed capacity in India is about 12 GW. Incrementally the

country needs to add ~17.5GW each year to reach the target

• In light of that, GBL expects substantial increase in demand for Solar Glass

and is working on proposals to enhance the capacity by adding new furnace and processing facilities

• GBL is assured of selling the entire production in view of huge gap in the

demand and supply of Solar Glass and large imports

Key Financials

INR million Y/E 31 March FY13 FY14 FY15 FY16 FY 17 Net Revenues 964 1,328 1,518 1,816 1830 growth % 21.8% 37.8% 14.3% 19.6% 1% EBITDA 57 269 219 349 406 margin % 5.9% 20.2% 14.4% 19.2% 22.19% Net Income (72) 83 15 74 141 margin %

• 7.4%

6.3% 1.0% 4.07% 7.70% * Net Revenues & EBITDA exclude Other Income

Pg 12

Product Offerings: High-Quality Solar & Architectural Glass

Product Application Product Specifications

Solar Glass Patterned Glass Architectural applications:

Photo Voltaic Modules Solar Thermal Flat Plate Collectors High-efficiency Greenhouses Shower Cubicles Partitions and Tabletops

Solar Glass Patterned Glass Dimension Parameters

• Thickness Range: 2 mm onwards
• Thickness Tolerance: ±0.2 mm for 3.2 mm and 4.0 mm thickness
• Maximum sheet width: 2,500 mm (Standard sheet width ~ 2150 mm gross)
• Maximum sheet length: 3,500 mm
• Maximum sheet width: 2,660 mm
• Maximum sheet length: 3,500 mm

PV Transmission

• ≥ 91.5% for uncoated Solar Glass
• ≥ 94% for Anti-Reflective coated glass

Fractional Sizes

• Fully computerized online automatic cutting can produce fractional sizes
• Available in standard thickness (mm): 3.2, 4.0, 5.0
• Available in standard thickness (mm): 2 – 10

Fully tempered 2 mm Solar Glass made from Air floatation Tempering line available in 2017 (High speed automatic glass tempering line which is capable of processing all custom specific sizes)

Pg 13

WHAT MAKES GBL’S SOLAR GLASS WORLD’S MOST TECHNICALLY ADVANCED ?

Pg 14

Borosil’s Solar Glass Superior Qualities vs. Competition

High light transmission of: ≥ 91.5% for uncoated Solar Glass ≥ 94% for Anti-Reflective coated glass on account of:

Low Iron Content- At 60 PPM, the Solar Glass from GBL is the lowest iron content glass in the world

achieved with the use of finest raw materials and processes. Fraunhofer’s report has stated that GBL’s solar glass has been the lowest iron solar glass.

Finest quality Anti Reflective Coating of Honeywell and 3M used Tight porosity control

High Light Transmission

1

Low PID (Potential Induced Degradation)- enhancing glass longevity ― Solar Glass from GBL has one amongst the highest resistance to PID when compared with Solar

Glass from leading manufacturers in Europe and China which means lower drop in output in the life span of modules

Superior Glass Composition Tight porosity control

Longevity

3

The glass efficiency of the Gujarat Borosil product is 0.952, thus putting it at the highest efficiency amongst

most glasses they have tested

Glass Efficiency

4

GBL’s solar glass has proved to be consistently giving 7.5% more filed energy output as compared to glass

containing Antimony

High Energy output

2

Chemical durability of GBL’s antimony free glass is 6.7 ml vs. an average of 8.6 ml for other solar glasses as

measured in tests laid down by USP

Anti Reflective Coating: ― Laboratory measurements show that the anti-reflective coating offered by Gujarat Borosil has excellent

durability as well as outstanding performance characteristics

Chemical Durability

5

Gujarat Borosil is the only company in the world which is developed solar glass free from the toxic element

Antimony

Toxin Free Glass

6

Pg 15

Borosil’s Solar Glass- Glass efficiency value

SPF, a leading test Institute in Switzerland, has measured the glass efficiency of the Gujarat Borosil product as 0.952, thus putting it at the highest efficiency amongst the glasses tested by them

Pg 16

Solar windows Solar car parks Solar curtain walls Solar rooftops APPLICATIONS

New generation Photovoltaics First in the world !

Pg 17

WORLD’S FIRST FULLY TEMPERED 2MM SOLAR GLASS

Trend setting technology that fully tempers glass which floats on an air cushion Pg 18

Quality Assurance

Quality Control & Quality Assurance Measures Customized packing standard

• Stringent Quality Control & Quality Assurance measures with an

emphasis on continual improvement

• Implemented 5S training program in various work areas to improve

cleanliness

• Implementing Cp / CpK analysis and Pareto charts for monitoring and

controlling various defects

• Implemented OEE ( Overall equipment effectiveness ) by identifying

critical parameters

• Customer complaint analysis is being done by CAR format, similar to

8D format. CAPA is also being done where ever required to investigate root cause and implement preventive action End Cap Pallet

Pg 19

Pg 20 Customer satisfaction ratings

1. In a survey conducted by SGS on customer satisfaction in the year 2016-17, customers have given highest ratings as under:

• 99% for Marketing personnel's approach / behavior
• 98% for service quality level
• 97% for product quality level

2. In terms of “Service Quality”, more than half of the respondents were very satisfied with the Professionalism & courtesy provided by the service personnel, ability of the service Personnel in understanding their business requirements & his ability to provide with the detailed information about the products available. 3. In terms of “Product Quality”, the respondents were specially happy with the Angularity of the product (60%), but on an average more than 50% were very satisfied with the other parameters of “Quality consistency” as well as “Product Packing”. 4. In terms of “Product Packing”, most of the respondents were very satisfied with the parameters of “Transportation” specially the “Loading Pattern 5. In terms of “Interpersonal Behaviour”, most of the respondents seem to be very satisfied with the behaviours of Production/ Quality person, Marketing person & the Delivery person. 6. GBL’s customers (Tata Power and Emmvee Photovoltaic) have consistently rated the product with highest score for quality, price and prompt delivery.

Innovation led -Engineering and R&D Capabilities

Results Achieved through Passion for Innovation and R&D

Antimony free Low Iron Solar Glass

• Developed technology to manufacture world’s first antimony free low iron textured Solar Glass
• Prevented use of 250 MT of toxic element antimony per annum

Patents Filed

• Antimony Free Solar Glass in FY15
• Use of Egg shell in glass in FY16

Glass with low energy consumption

• Low energy consumption of 1250 Kcal/Kg compared to a level of 1500 Kcal/kg compared to any East Asian glass

producer. Environment Friendly Initiatives

• ZERO discharge from manufacturing process
• Reduction of Raw materials wastage by granulating fines and using in the process
• Reuse of grinding glass powder in the production
• Usage of waste materials such as Calcium waste from other bio and inorganic industries which otherwise would pollute

the environment and at the same time reduce the requirement of Raw materials for Glass making

• 13% of Borosil’s annual power requirement is fulfilled from own Wind Mill of 1.5 MW capacity

Borosil’s 302KVA R&D Installation

• Setup of Solar modules of 302 KVA for R&D Rooftop installations which is used to power an associate company

Higher Energy Output (in context of Rooftop R&D Installation)

• Total power produced per inverter for Glass with antimony is 32078 KWH and BOROSIL glass without antimony is

34496 KWH. Hence Extra energy achieved by BOROSIL glass is 7.5 %.

Pg 21

Credentials: Accreditations & Certifications

Manufacturing Facility

Accredited by TÜV Rheinland:

• ISO 9001:2008
• ISO 14001: 2004
• BS OHSAS 18001: 2007

Solar Glass

Accredited by TÜV Rheinland:

• EN 12150-1 for 3.2 mm, 4mm textured tempered Solar Glass
• EN 572-9 for 3.2 mm Solar Glass
• EN 410 for 3.2 mm Solar Glass
• EN 12600 for 3.2mm Drop Pendulum Test
• EN 12868
• “European Conformity “(CE marking) for 3.2 mm
• Performance durability test report from TUV for AR Coated Solar Glass
• Lowest iron content of < 80 ppm

Accredited by SPF, Switzerland:

• 'P1' Classification (Solar PV) for 3.2mm & 4mm Prismatic matt Solar Glass
• P1 class Certification for 3.2mm Antimony free Prismatic matt Solar Glass
• P1 class Certification with a glass efficiency value of 0.952
• 'U1' Classification (Solar Thermal) for 4.0 mm Matt matt Solar Glass

Photovoltaic Institut AG, Berlin

• Most P.I.D resistant glass, among the best in the world

WUR, Netherlands

• Light transmission and Haze factor performance report

IIT Bombay

• Antimony leaching test report

Accredited by Westpak, CA, USA:

• IEC 61215 to be conforming to Hail stone impact resistance test

Pattern Glass

Accredited by TÜV Rheinland:

• EN 12150 for 3.2mm Mechanical Strength Test

Pg 22

BOROSIL- Significant Brand Value with high Brand Recall

1

Amongst the prominent and reputed glassware producing companies in India The Borosil brand embodies over 50 years of dependability and durability

2

Gujarat Borosil Borosil Glass Works

Significant Brand Value in Consumer & Industrial Segments

• Solar Glass
• Pattern Glass
• Consumer Division
• Specialty Glass

& Specialty Laboratory Products

Pg 23

G R Gujarat Borosil- FinancialsFinancials Performance Financials: Performance Trajectory

P&L Snapshot

Historical INR Million Mar-14 Mar-15 Mar-16 Mar-17 Solar Domestic 737 814 1,124 1,164 Solar Export 49 143 163 382 Solar Total 786 956 1,286 1,546 Pattern 535 551 530 284 Total Sales 1,321 1,507 1,816 1,830 Other Operating Income 8 11 13 10 Total Income 1,328 1,518 1,829 1840 Income Growth% 37.8% 14.3% 20.4% .6% Manufacturing Exp. 874 1,085 1,312 1,277 Selling & distribution expenses 186 213 154 146 Total Expenses 1,060 1,299 1,466 1,423 Solar EBITDA 181 134 258 343 Pattern EBITDA 88 86 90 63 Total EBITDA 269 219 349 406 EBITDA Margin % 20.2% 14.4% 19.0% 22.19% Depreciation 162 130 137 144 EBIT 107 90 211 262 Interest Expense 29 19 106 111 PBT and Exceptional Items 78 70 119 224 PBT 129 22 119 224 Income Tax 46 7 43 80 Net Income 83 15 74 141 Net Income Margin% 6.3% 1.0% 4.04% 7.66%

Pg 24

RoGujarat Borosil- FinancialsFinancials: Performance Trajectory

Balance Sheet Snapshot

Historical INR Million Mar-14 Mar-15 Mar-16 Mar-17 Shareholders' funds 1,290 1,302 478 619 Long Term borrowings 317 191 903 937 Deferred tax liabilities (net) 109 190 Long Term provisions 3 3 4 6 320 194 1,016 1,133 Current liabilities Short Term borrowings 79 19 138 208 Trade payables 139 116 111 99 Other current liabilities 137 172 95 140 Short-term provisions 14 10 5 6 369 316 349 453 Total Liabilities 1,979 1,812 1,843 2,205 Non-Current assets Fixed assets 1,180 1,079 1,068 1,317 Non-Current investments Deferred tax assets (net) 96 91 Long-term loans and advances 71 71 98 198 1,368 1,269 1,166 1,515 Current assets Current investments 5 25 149 Inventories 308 248 213 282 Trade receivables 230 212 248 268 Cash and Bank balances 24 13 6 22 Short-term loans and advances 22 15 6 62 Other Current assets 21 31 55 56 611 543 677 690 Total Assets 1,979 1,812 1,847 2,205

Pg 25

Corporate Governance: Board of Directors

Name Designation Age Background

• B. L. Kheruka
• Chairman & Promoter Director
• 86
• Associated with the Company since incorporation
• Over 65 years of wide ranging experience, particularly in

glass industry

• Chairman of Borosil Glass Works Limited, a company

engaged in manufacture and trading of specialty glass

• P. K. Kheruka
• Vice Chairman & Promoter Director
• 65
• Associated with the Company since incorporation
• Experience of nearly 45 years in glass industry
• Vice Chairman of Borosil Glass Works Limited.
• Non-resident Indian and based in Dubai

Shashi Kumar Mehra

• Independent Director
• 65
• B.Com & F.C.A. qualifications
• Vast experience in accounting, auditing & taxation

Ashok Jain

• Non Executive Director
• 59
• Chartered Accountant, B.Com. F.C.A. and CS
• 35 years in Corporate Sector
• Director of Motilal Oswal Asset Management Co. Ltd.
• MD of Hopewell Tableware Private Limited

Rajesh Chaudhary

• Whole-time Director
• 47
• B.Com., F.C.A.
• 18 years of experience in Corporate Sector – Accounts,

Finance, Commercial and General Management

Pg 26

Corporate Governance: Board of Directors

Name Designation Age Background Jagdish M Joshi

• Independent Director
• 73
• Ex- I.A.S – retired as Additional Infrastructure Chief Secretary

Financing, Power (Planning) Government Projects, venture of Maharashtra

• Vast experience in administration as well as good knowledge of

industry Ashok Kumar Doda

• Independent Director
• 71
• B. Tech(Honors) from IIT & Management course from IIM,

Ahmedabad

• Expertise in Corporate Finance, Project Appraisal, Infrastructure

Financing, Power Projects, Venture Capital, investment Corporate Management and Corporate M& A Shalini Kamath

• Independent Director
• 53
• B.Com and MBA from the Edinburgh Business School, UK
• 30 years of work experience in three distinct fields- Human

Resources, Business Development and Social & Community Development

Pg 27

Corporate Governance: Key Management Personnel

Name Designation Age Background Rajesh Chaudhary

• Whole Time Director
• 46
• B.Com., F.C.A.
• 18 years of experience in Corporate Sector – Accounts,

Finance, Commercial and General Management Sunil Roongta

• General Manager – Commercial and CFO
• 47
• Commerce Graduate, ACA, ACWA and ACS
• 24 years of experience in Finance and Commercial

activities Kishor Talreja

• Company Secretary
• 41
• Commerce Graduate, Law Graduate and FCS
• 11 years of experience in Corporate sector – Secretarial &

Listing compliance

Pg 28

Thank You !

Pg 29