INTRODUCTION-AIS GLASS LTD.

About AIS
Asahi India Glass Limited (AIS) is the largest integrated glass Company in India offering end to end solutions across the entire glass value chain and delivers best-in-class glass experience to its customers at optimal costs. It manufactures a wide range of automotive glass, float glass, architectural processed glass, glass products and windows. Besides it also provides expert services in glass installation, design & retail, repair and allied services in the automotive and architectural glass value chain. Today, AIS is the only Company in India which offers the ideal combination of customised glass solutions, uses high quality captive glass manufactured at AIS factories and delivers the expertise and knowledge of design, installation and retail. Being a full scale products and services provider, AIS offers glass solutions which touches millions of lives and help to create a sustainable, greener and energy efficient environment. AIS is committed to offering excellent glass solutions through constant innovation in products, processes and solutions and is now in an exciting phase of scaling up its architectural glass offerings to the end consumer. To this effect, AIS shall consistently introduce new products and services across the architectural glass value chain. Having completed 26 years in the Indian glass industry, AIS has reaffirmed its belief that sustainable businesses can only be built over the years with highest standards of accountability, transparency and equity in all its spheres and dealings with stakeholders. This belief has transformed AIS from a single product single customer Company in 1987 to Indias largest integrated glass Company today. AIS is the leading manufacturer of an extensive range of high quality glass and its dominant position has been well recognised in the glass industry. AIS was formed pursuant to the joint venture between the Labroo family, Asahi Glass Co. Ltd. (AGC) and Maruti Suzuki India Ltd. (MSIL). The promoters jointly hold approximately 55% of paid-up equity capital of AIS and the balance 45% is held by public. Shares of AIS are listed on the National Stock Exchange and Bombay Stock Exchange . AIS continues to maintain the highest standards of accountability, transparency, and integrity through its principles of corporate governance. AIS produces an entire range of quality glass products and has a long and successful presence in the Indian market. It has manufacturing scale, engineering capabilities and most importantly, AIS has the trust of its customers. The product portfolio of AIS comprises of automotive safety glass, float glass, architectural processed glass, reflective glass, mirrors and other glass products and services provided under its following three Strategic Business Units (SBUs): AIS Auto Glass AIS Float Glass AIS Glass Solutions

AIS Auto Glass

AIS Auto Glass holds a strategic position in the automotive glass industry. It caters to the demand of all the leading Indian and global automobile companies. The operations of AIS Auto Glass started in 1987 from a single plant and a single customer and since then, it has grown immensely to four plants and three sub-assembly units spanning across India. Such geographical presence gives AIS Auto Glass a unique advantage of being closer to its customers and deliver seamless service to them. The market share of AIS Auto Glass stands around 77% in the OEM segment of Indian passenger car industry and a remarkable share in the after-market segment. It also exports auto glass to the after-markets in few countries. The diversified portfolio of AIS Auto Glass comprises of the following: Laminated windshields Tempered glass for sidelites and backlites Defogger glass Glass Antenna Encapsulated glass Plug-in window Solar Control Glass IR Cut Glass UV Cut Glass Flush Fitting Glass Rain sensor windshield Heated windshield Extruded windshield Glass with assembly (Rain sensor, Moulding, Holders, Channels, Toggle clamp and Hinge assembly etc.) AIS Auto Glass continues to work on innovative technologies and solutions to enable its customers provide enhanced safety and comfort features in their vehicles. AIS Auto Glass has successfully expanded its portfolio into the commercial vehicle segment as well and is effectively meeting the demands of its customers. AIS Auto Glass is a major supplier to all the major automobile manufacturers, namely, Maruti Suzuki India Ltd., Hyundai Motors India Ltd., Volkswagen India Pvt. Ltd., Tata Motors Ltd., Toyota Kirloskar Motors Ltd. Mahindra & Mahindra Ltd., Honda Siel Cars Ltd., and many others. AIS Auto Glass is the only glass entity which has been honoured with the prestigious Deming Application Prize in 2007 certifying the outstanding performance improvements achieved through application of Total Quality Management (TQM). The Bawal Plant of AIS Auto Glass was honoured with the TPM Excellence Award - 2010 from Japan Institute of Plant Maintenance (JIPM). AIS is further committed to adhere to and maintain the highest standards of accountability, quality, delivery and customer satisfaction making it the preferred choice and strategic supplier to its customers.

AIS Float Glass

AIS Float Glass is the bedrock of glass operations of AIS and has grown consistently over the last few years. The product range of AIS Float Glass consists of a wide variety of glasses ranging from clear glass, tinted glass, reflective glass, solar control glass, lacquered glass, frosted glass and mirrors. In addition, AIS Float Glass also sells the entire range of AGC products in India as it commercial agent. The main products manufactured by AIS Float Glass include: AIS Clear Clear Float Glass

 AIS Tinte Less Heat More Privacy Heat Absorbing Glass - Available in: Bronze, Grey, Green, Blue, Royal Blue, Cool Green, Aqua Blue AIS Supersilver Beautiful Exteriors, Cool Interiors Heat Reflective Glass - Available in Clear Green, Dark Blue, Bronze, Grey, Fern Green, Pacific Blue, Aqua Blue AIS Opa Incredible Performance, Affordable Prices Solar Control Glass - Available in Royal Blue, Cool Green, White Gold, Golden Bronze, Pearl Grey AIS Mirror New Generation Distortion-Free Mirrors Available in Clear, Aqua Blue, Green, Grey AIS Dco Vibrant Colours for Interiors Lacquered Glass - Available in : Venetian Red, Bright Orange, Lemon Yellow, Spring Green, Midnight Blue, Black Pearl, Marble White, Classic Beige , Sterling Silver and Icy Blue. Also available in a recently launched sparkling series in White and Beige. AIS Krystal Only Branded Frosted Glass Frosted Glass Available in : Clear & patterned clear, Green, Blue. Ecosense The green standard in glass The newly launched high performance energy efficient glass. The above products are sold and distributed through an extensive network of approx. 900 stockists and zonal offices in Delhi, Mumbai, Kolkata and Chennai with area representatives to ensure that its products reach across the country.

AIS Glass Solutions

AIS Glass Solutions is the architectural glass processing SBU of AIS. AIS Glass Solutions was set up in 2004 as a subsidiary of AIS to provide value added glass products and services. AIS Glass Solutions offers innovative architectural glass solutions to its customers by supplying a wide range of high quality architectural processed glass comprising of toughened glass, laminated glass, insulated glass and other varied products. The following products are supplied under the unit of AIS Glass Solutions: AIS Stronglas - Impact Resistant Glass AIS Securityglas - Burglar Resistant Glass AIS Acousticglas - Sound Resistant Glass Solar low-e glass AIS Ceramic Printed Glass High value special glass products like AIS Shower Enclosures, AIS Tabletops, AIS Shelves etc. The processing facilities of this SBU are located at Roorkee - Uttarakhand (North India), Taloja - Maharashtra (West India) and Chennai-Tamil Nadu (South India). It aims to ensure that the needs of its customers are fulfilled in the shortest possible time by providing with the appropriate glass and its most effective application. It also partners with the customer for maximum value addition to offer a one-stop solution for all their requirements. AIS Glass Solutions latest offering is a comprehensive and integrated windows solutions AIS VUE. As a natural extension, AIS Glass Solutions now offers the most comprehensive solution of windows AIS VUE end to end window solutions, using UPVC frames, AIS VUE is manufactured at AIS Glass Solutions factory at Faridabad, and is available in a wide range of designs, colours, performance parameters, offering numerous advantages of UPVC windows over the standard wooden or aluminium windows.

MARKET LEADER-SAINT GOBAIN

Saint-Gobain S.A. is a French multinational corporation, founded in 1665 in Paris and headquartered on the outskirts of Paris, at La Dfense and in Courbevoie. Originally a mirror manufacturer, it now also produces a variety of construction and high-performance materials.

The company has its head office in Les Miroirs in La Dfense and in Courbevoie. The 97-metre (318 ft) building served as the company head office since 1981 Saint-Gobain Glass India is a 100% subsidiary of Saint Gobain France, one of the leading float glass manufacturer in the world. It manufactures and markets solar control glass, fire resistant glass and other various types of float glasses in India from its World Glass Complex which is located at Sriperumbudur 40 km from Chennai.

Company structure
Committees
Executive committee

Pierre-Andr de Chalendar, CEO Lourent Guillot, CFO Bernard Field, Corporate Secretary Guillaume Texier, President of Corporate Planning, Secretary of the Executive Committee Pierre-Andr de Chalendar, Chairman and Group CEO Laurent Guillot, Group CFO Paul Neeteson, General Delegate to Germany and Central Europe Benot Bazin, President of the Building Distribution Sector Jean-Claude Breffort, President of Human Resources and International Development John Crowe, General Delegate to the North America Region Emmanuel Normant, General Delegate to the Asia-Pacific Region Jrme Fessard, President of the Packaging Sector Bernard Field, Corporate Secretary Jean-Pierre Floris, President of the Flat Glass Sector Claude Imauven, President of the Construction Product Sector Jean-Franois Phelizon, Advisor to the CEO Didier Roux, President of Research and Development Guillaume Texier, President of Corporate Planning

General management committee

Business units
The company is built around five business sectors: Building Distribution, Construction Products, Flat Glass, Containers / Packaging, and High-Performance Materials. Building distribution Saint-Gobain's Building Distribution (building supplies) division was created in 1996. Since then it has grown both internally and through acquisitions (in France with Point P. and Lapeyre, the UK with Jewson and Graham, in Germany, the Netherlands and Eastern Europe with Raab

Karcher and in the Nordic Countries with Dahl). The division has 4,000 stores in 24 countries and employs 63,000 people worldwide. Its 2006 sales amounted to 17.6 billion euros. The divisions current subsidiaries are: CertainTeed SGBD UK Raab Karcher Point P. Lapeyre Dahl Norandex Distribution

Construction products The Construction Products division manufactures drywall, acoustic and thermal insulation, faade coatings, roofing, interior and exterior products and pipes. It employs 45,000 people worldwide and in 2006 had sales revenues of 10.9 billion euros. Saint-Gobain Gyproc SaintGobain Gyproc India is the leader in offering gypsum plasterboards and finishing plasters for interiors. Flat glass Skywalk built with SG glass, looking over the Grand Canyon. Photo taken by Keith Shimada The Flat Glass division manufacturers glass products, including self-cleaning, electrochromic, low-emissivity and sun-shielding glass. It is active in 39 countries targeting emerging economies, a market that now accounts for more than one-third of the divisions sales. It employs a global workforce of 37,100 and in 2006 had sales revenues of 5.1 billion euros. The Flat Glass division is currently building a plant to produce photovoltaic cells, jointly with Royal Dutch Shell, and is developing a pilot factory for the production of electronic glass in Spain. High performance materials The High Performance Materials division conducts research into various areas of materials science, energy, the environment, and medicine, such as fuel cells or particle filters. It operates centers in Cavaillon, Northborough and Shanghai, employing 35,800 people. Overall, the division's sales are made up of at least 30% new products. In 2006, total sales revenue was 4.9 billion euros. Packaging The Packaging division produces glassware for the food and beverage industry. The division's 2006 sales revenue was 4.1 billion euros, and it employs 20,000 people worldwide. The Packaging division was renamed as Verallia.

Acquisitions and sales

Saint-Gobain has made a number of recent acquisitions in the past several years. In December 2005, it purchased the British company BPB plc, the world's largest manufacturer of plasterboard, for $6.7 billion USD. In August 2007, the company acquired Maxit, doubling the

size of its Industrial Mortars business. In June 2011, Saint Gobain Glass India acquired Sezal Glass floatline business, based in the state of Gujarat, India. The acquisition adds about 550 tons per day additional capacity, and the deal was inked at around 150 million USD. The company has also sold off various assets. Recently the company sold its cosmetic glass manufacturing business, including a plant in Newton County, Georgia, United States.

By using a combination of assets, debt, equity, and interest payments, leverage ratio's are used to understand a company's ability to meet it long term financial obligations. The three most widely used leverage ratio's are the debt ratio, debt to equity ratio, and interest coverage ratio. The debt ratio gives an indication of a companies total liabilities in relation to their total assets. The higher the ratio, the more leverage the company is using and the more risk it is assuming. Both total assets and liabilities can be found on the balance sheet. There is a nuance to be aware of with this formula. Mentioned above, these leverage ratios are meant to measure long term ability to meet financial obligations. Well, when we take a look at our Total liabilities number in more detail, items such as accounts payable are included. This is a short term liability which is essential for the proper functioning of the business and not a liability in the sense that we are discussing it here.

The debt to equity ratio is the most popular leverage ratio and it provides detail around the

amount of leverage (liabilities assumed) that a company has in relation to the monies provided by shareholders. As you can see through the formula below, the lower the number, the less leverage that a company is using. Again, like the debt ratio, we must understand the drawbacks of this formula. Total liabilities include operational liabilities that are required to run the business. These are not long term in nature and can distort the debt to equity ratio. Some will exclude accounts payable from the liabilities and/or intangible assets from the shareholder equity component. Comment-the debt equity ratio of this company is 7.03 in the year2011 which is lower than the previous year. It shows that the company has decreased debts in the capital structure. If we see the records of last four years then it had highest debt in the year 2009 that is 8.01 This shows that firm is not using the optimum level of debt-equity in its capital structure. It also indicates that the company is higly risky. By using more debt company could is earning the benefit of tax shield

The interest coverage ratio tells us how easily a company is able to pay interest expenses associated to the debt they currently have. The ratio is designed to understand the amount of interest due as a function of a companies earnings before interest and taxes (EBIT). Some will actually replace EBIT with EBITDA. It is different for each sector, but an interest coverage ratio below 2 may pose a threat to the ability of a company to fulfill its interest obligations. The interest coverage ratio is very closely monitored because it is viewed as the last line of defense in a sense. A company can get by even when it is in a serious financial bind if it can pay its interest obligations. Comment-the interest coverage ratio of the company is not high in all the years which are not good for the company and the share holders. It also indicates that firm has more debts in its capital structure because it EBIT is very high and it can easily cover the interest required to pay.

EPS- The portion of a company's profit allocated to each outstanding share of common stock. Earning per share serves as an indicator of a company's profitability. It is calculated asEPS=PAT/number of shares Comment- the earning per share is highest in the year 2011 as compare to the other years. The company has paid the dividend of Rs 0.97 per Equity Shares of the face value of for the financial year 2010-11. Earning per share in this company is average and the shareholders are getting good rate of return on their investments. There was a fall in the eps in the year 2010 due to the deep recession in the global market. But the company has declared a good amount of dividend in the year 2011

FINANCIAL MANAGEMENT-II

ASAHI INDIA GLASS LIMITED

Submitted To: BY: Dr. ASHEESH PANDEY PANDIT 29 SUBMITED SWATI PGSF11

LEVERAGE RATIOS AND ANALYSIS

Mar1 1

Mar Mar '09 Mar '08 '10

Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Earnings Per Share

7.03 3.99

7.19 4.37

8.01 4.11

4.73 2.37

1.17 7.03

0.85 7.19

0.54 8.01

0.65 4.73

0.97

0.08

-2.51

0.85

EXECUTIVE SUMMARY
Capital structure reflects the financing strategy and potentially influences the value of a company. The potential value to shareholders of capital structure depends on the tax environment. Understanding the logic of capital structure and the origin of potential value is of import to leaders, strategists, and managers. The greater the business risk, the lower the optimal debt/equity (D/E) ratio. Tax strategy and management should consider capital structure. The higher the expected tax rate, the more important are capital structure decisions and management. Managers should be sensitive to changes in the business risk of a company, as these alter the optimal capital structure. Maintaining good debt capacity makes sense and may favorably influence stock price. Using bad debt capacity does not make sense from the viewpoint of stockholders and primary creditors. Projects with good economic returns restore debt capacity and reduce the debt/equity (D/E) ratio. Bad projects that do not have attractive economic returns will have an adverse effect on capital structure, increase the D/E ratio, and eventually decrease the optimal D/E ratio. Managers may adjust capital structure quickly or gradually. Whether quickly or gradually hinges on a variety of factors. Capital structure is important for privately held firms. Stock repurchase programs call for sensitivity and possible adjustment of debt capital so that one attains and/or preserves the desired capital structure. Leveraged buyouts often distort capital structure. The decision to accept abnormal capital structures originates with those promoting the buyout and their perceptions about gains relative to personal capital at risk. Issues related to control may influence the choice of capital structure. Capital has three forms: human, tangible, and financial. In this article, we focus on how financing choices influence the cost of financial capital and company value. Capital structure focuses on the sources of financial capital. The choice of structure affects firm value in some economies.

Capital Structure The decision on capital structure is the choice of how to finance a company. Capital structure represents the proportion of each source of financing relative to total financing. Types of financing fall into broad categories: equity, representing ownership; debt; and preferred financing. Interestingly, in some economies the concept of equity or ownership was unfamiliar until recently, as historically individuals did not enjoy the privilege of ownership. Capital structure is about dividing up expected economic returns (not accounting returns) and risk, in exchange for providing capital. Those divisions are specific. In the context of capital structure and an ongoing enterprise, equity ownership is last in line with a claim on what others have not claimed of the returns. Equity holders also bear the risks which the creditors and preferred shareholders (if present) have not accepted. In the event of financial distress or bankruptcy, in most economies very specific rules apply to dividing up the carcass. Motivation for Using Debt A logical question surfaces: why would equity holders allow others to go ahead of them in the line? There are two main reasons for this: garnering incremental value; and/or issues of control. Increased Value Potential increases in value stem from leveraging effects (stockholders) and tax effects (total firm value). Capital structure theory generally focuses on the value that may originate in tax effects that result from the use of debt. This article focuses on capital structure, but we will first briefly comment on the classic financial leverage reasons for using debt. Equally Clever Creditors and Stockholders Have Implications The presence of astute creditors and stockholders will result in no bargains or favors in terms of dividing up expected returns and risks. Creditors will not give stockholders a bargain just to be nice. Absent control issues, capital structure is only important if interest on debt is tax-deductible, and dividend payments are not deductible. The financial and performance highlights of AIS Auto Glass in 2010-11 is as follows: Revenues increased by 18% from Rs.71,578 Lakhs in 2009-10 to Rs.84,271 Lakhs in 2010-11 Segment Profits before interest and un-allocable items reduced from Rs.12,422 Lakhs in 2009-10 to Rs.9,315 Lakhs in 2010-11

2009-10 was a year that gave rise to cautious optimism in AIS. The Companys topline increased by 5.6%; more importantly, the operating efficiency measures that had been put in place from 2007-08 onwards started showing in the middle line, thus reflecting the success of the Look Within initiatives. The summarised financial highlights of AIS as a stand-alone entity for 2009-10 are given below : Gross sales increased by 5.6% to Rs. 142,971 lakhs (Rs. 135,398 lakhs in 2008-09). Net sales grew 3.65%: from Rs. 121,821 lakhs in 2008-09 to Rs. 126,273 lakhs in 2009-10. Material costs increased by 6.6% over last year to reach Rs. 38,368 lakhs. On the other hand, Power & Fuel costs reduced by 8.2% from Rs. 28,238 lakhs in 2008-09 to Rs. 25,933 lakhs. Power is a significant input for glass manufacture and, to all intents and purposes, is a quasi material cost. If both figures (i.e. Material Costs and Power & Fuel) are to be aggregated, the total material costs as a percentage to net sales has reduced from 52.74% to 50.92%, thus reflecting the effectiveness of the Companys cost and efficiency optimising measures. Operating Cash Profit was Rs. 1,458 lakhs in 2008-09; it has reached Rs. 11,375 lakhs in 2009-10. In addition to the benefits that AIS has gained through its operating efficiencies and greater value margins in sales, this figure for 2009-10 has been boosted by increases in Other Operating Income (Rs. 2,498 lakhs in 2009-10 vs. Rs. 951 lakhs in 2008-09) and Other Income (Rs. 887 lakhs in 2009-10 vs. Rs 203 lakhs in2008-09). Profit after tax for 2009-10 was Rs. 123 lakhs, compared to a loss of Rs. 4,060 lakhs in the previous year. 2008-09 was a year of multiple challenges. During the first half of the year, the Company had to bear the brunt of high input costs. In the second half of the year, when commodity prices came down, the unprecedented economic slowdown resulted in demand contraction. Moreover, depreciation of the Indian Rupee against the US Dollar from Rs. 40 / US$ to around Rs. 50 / US$ negatively impacted AISs bottomline through foreign exchange losses. In spite of all these challenges, the net sales of AIS grew by 23% over the previous year. If the impact of foreign exchange fluctuation is excluded, operating profit of AIS increased by 18% over the previous year and operating cash flows have remained positive. The financial highlights of AIS for 2008-09 are summarised below:

Gross sales grew 15.31% - from Rs. 1,17,419 lakhs in 2007-08 to Rs. 1,35,398 lakhs in 2008-09. Net sales increased by 22.61% - from Rs. 99,353 lakhs in 2007-08 to Rs. 1,21,821 lakhs in 2008-09. Operating expenses (excluding the impact of foreign exchange fluctuations) increased by 28.03% during the year - from Rs. 84,897 lakhs in 2007-08 to Rs. 1,08,696 lakhs in 2008-09. A large part of this was on account of increase in material and manufacturing costs (28.9% increase over last year) and by power and fuel expenses (up by 17.5% over 2007-08) Foreign exchange fluctuations have also adversely impacted the Companys profitability. In 2007-08, AIS reported foreign exchange gain of Rs. 5,243 lakhs as compared to loss of Rs. 3,827 lakhs in 2008-09. Operating Profit decreased from Rs. 20,484 lakhs in 2007-08 to Rs. 14,206 lakhs in 2008-09 - a drop of 30.65%, If, however, the impact of foreign exchange fluctuation is to be eliminated, AISs operating profit have increased by 18.32% - from Rs.15,241 lakhs in 2007-08 to Rs. 18,033 lakhs in 2008-09. At the PBIT level (excluding foreign exchange fluctuation), AIS has actually grown from Rs. 5,191 lakhs in the previous year to Rs. 6,684 lakhs in the current year a growth of 28.76%. Profit after tax for the year was negative with a loss of Rs. 4,060 lakhs, compared to a profit of Rs.1,334 lakhs in 2007-08. 2007-08 was a challenging year for AIS when the external business environment posed tough scenario. However, amidst all the challenges there were notable wins for AIS, both financially and operationally. AIS grew its topline by 31% and in spite of sharply rising costs, improved its operating profit from the previous year levels. On the operations side, the Total Quality Management (TQM) practices, followed by AIS since 1998, got recognised globally and AIS Auto Glass received the prestigious Deming Application Prize, 2007 for having achieved distinctive performance improvement through the application of TQM. AIS is one of the just fourteen Indian companies who have won this prestigious award and is the only glass manufacturer in India who has been so honoured.

The financial highlights of AIS for 2007-08 are summarised below:

Gross sales grew 31% from Rs. 89,708 lakhs in 2006-07 to Rs. 1,17,419 lakhs in 2007-08.

 Net sales grew 30% from Rs. 76,184 lakhs in 2006-07 to Rs. 99,353 lakhs in 2007-08. Operating expenses at Rs. 84,897 lakhs in 2007-08 increased by 37% compared to Rs. 61,961 lakhs in 2006-07. This increase was driven by increase in raw material costs (14%), power & fuel costs (70%) and a 64% increase in other manufacturing costs. Operating profit increased 24% from Rs. 16,486 lakhs in 2006-07 to Rs. 20,462 lakhs in 2007-08 including an impact of Rs. 5,243 lakhs on account of gain on foreign exchange fluctuation. Profit before tax declined to Rs. 1,958 lakhs in 2007-08 as compared to Rs. 6,324 lakhs in 2006-07 which was affected by depreciation and interest costs on account of first full year of commissioning of the Roorkee plant. Consequently, the Company charged depreciation to the extent of Rs. 10,050 lakhs during 2007-08, a 54% increase as compared to Rs. 6,527 lakhs in 2006-07 and the interest costs increased by 139% from Rs. 3,545 lakhs in 2006-07 to Rs. 8,476 lakhs in 2007-08. Profit after tax was lower at Rs. 1,334 lakhs in 2007-08 as compared to Rs. 4,208 lakhs in 2006-07.

COMPARATIVE ANANLYSIS
Company Market Cap (Rs. in Cr.) 1,015.37 346.22 P/E (TTM) (x) 0.00 38.38 P/BV (TTM) (x) 4.65 5.27 EV/EBIDT A (x) 10.62 12.32 ROE (%) 7.2 9.8 ROCE (%) 9.2 9.9 D/E (x) 7.13 0.09

Asahi India Glas

Saint-Gob. Sekur

Comment-the debt-equity ratio of Saint Gobain LTD is lower than the AIS glass ltd. It also indicates that Saint Gobain ltd is lesser risky than the AIS Glass ltd. So it is clear from the graph that AIS Glass ltd is not following the path of its competitors.