IAG Glass Company Ltd - Stock Valuation and Financial Performance

IAG Company is the culmination of over four decades’ process of evolution and growth that began in 1956 under the name of Indo Asahi Glass Co. It was the first joint venture of Asahi Glass Co, of Japan, outside their country. From that time the company was showered with uninterrupted patronage and directions from them till the year 1998. The first three decades of the company’s existence were primarily devoted to the growth and consolidation of the sheet glass business in clear and colour. In the year 1988, the company launched a line of high quality figured glass. In the year 1999, the Japanese conglomerate debonded their relationship with the Indo Asahi Glass Co. Thereafter the ownership was fully indianised and it came under the aegis of an Indian glass manufacturer transforming the name to IAG Company.

After completion of fifty years of existence, the full management and operational control of the company has been taken over by an upcoming entrepreneur group who are in the construction materials manufacturing for few years. With the advent of globalization of the Indian economy, IAG has transformed it’s work culture tuning with the new era. But still the reputation that IAG has built over the years for high ethical standards is one of company’s greatest business assets.

Over the years, IAG has played a pioneering role in glass production in India. Since 1964, the company’s Bhurkunda plant has been the only manufacturer of glass as thin as 1.1mm used for microslides. This has resulted in considerable import substitution. At present the Installed Capacity of their Sheet Glass plant is 5.62 million sq.mt. per annum. Production capacity of Figured Glass has been increasing constantly. The company started Figured Glass production in 1988 with the Installed Capacity of 2.7 million sq.mt. per annum which went up to 8.27 million sq.mt. per annum in 1998 and now it is 12.19 million sq.mt. per annum.

Sheet Glass is drawn vertically from the furnace with ‘Fourcault’ process and ‘Asahi’ process. From the other furnace Figured Glass, Wired Glass & Plain Rolled Glass (Non-Glare Glass) is drawn horizontally by ‘Rolled-out’ process. The processes of manufacture which determine the end-product are examples of world standard technologies being adapted to Indian conditions.

Every item manufactured at IAG conforms to BSI specifications. High quality is maintained by keeping strict watch throughout the production process.IAG has it’s own stringent quality tests which every batch of products must pass before it reaches the market.

Products:

• Figured Glass:

The company manufactures quality figured glass in its own manufacturing units. This flat glass provides privacy while letting light through with a template pattern on one side. It also caters the interior effect with its translucence and pattern itself. IAG, through its marvelous designs in figured glass, offers people a chance to transform their homes through the power of imagination of landscapes. You can shut out the harsh world and create your own special cheerful ambiance. The special surface orientation of IAG glass heightens internal reflection enhancing the brightness of glass. So you can drape yourself in your privacy and yet bask in the gentle glow of light.

Their products are widely used in the manufacture of stained glass, interior decoration, window panes, office / bathroom partitions, making of crisper glass for refrigerators and light shades. The myriad hues, moods and colours of nature are captured on IAG Figured Glass. The uniqueness of IAG designs are reflected on KONOHA, the freshness of shimmering leaves, YOZORA, the beauty of twinkling sky. The well known MISTLITE conjures up the magic of moonlight playing through mist. The pattern ZADE gives the effect of cluster of hut-roofs. And of course the timeless designs--- KARATACHI, MORGAN.

• Wired Glass:

It manufacture ½ inch Georgian square mesh wired glass, which is white in colour and 6 mm in thickness.

• Rolled Glass:

It also make rolled glass / NGG in 2 mm thickness in the sizes – 50cm X 70cm and 60cm X 90cm. It is primarily used for making picture frames.

Awards and achievements:

• In recognition to performance in export of company's manufactured products, Sheet Glass and Figured Glass, accolades were bestowed upon the company by CAPEXIL(the related export promotion council of India--sponsored by Ministry of Commerce and Industry, Government of India) as SPECIAL EXPORT AWARD for three consecutive years 1993-94, 1994-95 & 1995-96 and Certificate of Merit for two consecutive years 1999-2000 & 2000-2001.