PRESENTATION AT ANALYST MEET

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PRESENTATION AT ANALYST MEET 26th May, 2004
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FY 04 Highlights

• Record topline and bottomline growth
• Initiated steps to expand business platform
  and lower
• business risk by
• - setting up second automotive plant in the
  South (Chennai)
• - setting up architectural glass processing
  facility in the West (Taloja)
• Continued focus on raising internal
  efficiencies and building
• relevant self sufficiency in technology
• Recommended a dividend of Rs. 2.25 / equity
  share, resulting in
• pay-out of over 28 in line with Companys
  stated policy.

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Automotive Glass SBU - Highlights

• Continued to maintain leadership position
  in the automotive glass
• segment, with over 90 market share in
  passenger cars
• Started supplies to the new models launched
  during the year
• Received following Award / Recognition
• - Overall Performance from Maruti-Suzuki
• - Achieving Target of Quality from
  Toyota-Kirloskar
• - Achieving Target of Delivery from
  Toyota-Kirloskar
• - Q 1 Award from Ford India
• - TS-16949 certification
• Achieved levels of operating efficiencies
  in line with best in
• class benchmarks

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Float Glass SBU - Highlights

• Achieved a record production of 31.45 million
  csqm. against rated
• capacity of 29 million csqm.
• Rationalized product mix, with focus on
  high-yielding products like
• thicker, tinted glass
• Continued focus on improvement activities in
  areas like quality,
• customer service, TQM
• Maintained market share of 20 , in the
  Indian flat glass industry.

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Highlights of Financial Year 2003-04

• Net Sales increased 19 , with Operating
  Profit, Cash Profit and
• PBT increasing by 42 , 51 and 108
  respectively over FY 03.
• Operating margin (PBDIT / Net Sales) stands
  at 25.75
• ROCE (PBDIT / Average Capital Employed) and
  RONW recorded at
• 32 and 69 respectively.
• Total Debt / Equity and Interest-bearing Debt
  / Equity stand at 2.08
• and 0.29 respectively.
• Financial coverage (PBIT / Interest) stands
  at 33.
• CEPS and EPS soar to Rs. 15.39 and Rs. 8.9
  

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2003-04 RESULTS SUMMARY
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OVERVIEW OF 2003-04 RESULTS MERGED
Results include other income as under (Rs.
Lakhs) 2002-03 2003-04 Other
income 578.33 1485.34 Other income primarily
relates to gains on account of foreign exchange
(i.e. appreciation of the Indian Rupee).
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2003-04 RESULTS AUTOMOTIVE OPERATIONS
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MARKET SCENARIO INDIAN VEHICLE PRODUCTION
Vehicle Exports FY 03 -04 82925 against the
total of 42600 in FY 02-03
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INDIAN VEHICLE PRODUCTION QUARTER WISE 2003-04
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DOMINATING THE OE BUSINESS
Customer
Share of Business

Asahi India is the sole glass supplier to almost
the entire Indian car business. Current market
share is approximately 91 of automotive glass
sales to OEMs. Building presence in the after
market has been a key element of the strategy to
diversify sales. Current market shares is 55 in
the automotive glass replacement market in terms
of value.
Fiat India
Palio
50
Uno
100
Ford India
100
General Motors India Ltd.
100
Hindustan Motors - Lancer Project
100
Honda Siel
100
Hyundai Motors India
100
Mahindra Mahindra
Scorpio
100
Other MPV's
50
Maruti Udyog Ltd.
100
TELCO
Indica
70
Safari
100
Other MPV's
30
Toyota Kirloskar
97
TOTAL
91
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MARKET WISE SALES
7
7
11
7
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SHOPFLOOR PERFORMANCE

• AIGL (automotive) shop floor performance can be
  benchmarked to best in
• class, covering all parameters.
• Shop floor yields, at over 96.
• Customer claims are within 100 ppm.
• Machine uptimes are in the range of 98

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MANPOWER RATIOS
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TECHNOLOGY DEVELOPMENT
A key strategic initiative at Asahi India has
been in the area of building relevant self
sufficiency in technology. We are fully equipped
with CMM, CAD and a CNC Milling station, which
provides self sufficiency in the area of product
development. We have, however, gone beyond this
into the area of developing and building glass
processing equipment.
CNC PRE-PROCESS LINE DEVELOPED BY ASAHI INDIA
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2ND AUTOMOTIVE GLASS PLANT

• Asahi Indias laminated plant at Bawal, with a
  capacity to manufacture 1.2 million windshields,
  is currently operating at full capacity.
• With most of the new capacity having been
  established by majors like Hyundai, Toyota and
  Ford in South India, the second automotive glass
  plant is being set up in Chennai in South India.
  Car production in this area is expected to rise
  from the current level of 220K to over 470K in
  next five years
• Besides proximity to key customers, Chennai is a
  Port city, thus allowing cost reduction in import
  of raw material (such as PVB) as well as
  in possible future exports.
• Commercial production of laminated windshields at
  second plant (Phase I) to commence from October,
  2004. Capex for Phase I planned at Rs. 53 crores.

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EXPANSION BRIEF HIGHLIGHTS

• In Phase 1, only laminated plant to be
  established in Chennai with capacity of 500,000
  windshields. Plan for raising laminated capacity
  to 1.5 million windshields to be decided later,
  depending on overall demand situation.
• Plant to be set up in modular fashion i.e.
  ability to take capacity up to 1.50 million
  windshields with some de-bottlenecking and
  additional investment.
• Plan to invest in Chennai for tempered capacity.
• Once fully set up, new facility in Chennai
  planned at capacity of 1.50 million laminated
  windshields and 1.0 million tempered car sets.
• Chennai facility to include Value Addition
  capability (Assemblies, Add-ons) as required.

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Expansion Location - Automotive Glass Plants
Current Plant
Proposed expansion
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2003-04 RESULTS FLOAT OPERATIONS
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MARKET SCENARIO
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QUARTER WISE SALES AND MONTHLY PRICE TREND

• Sales peaked in the third quarter, but at lower
  prices.
• Prices remained quite static in the 3rd and 4th
  quarters, but volumes dropped off in the
• last quarter.

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MARKET WISE SALES
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SALES BY THICKNESS AND COLOUR
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SALES BY REGION
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SHOPFLOOR PERFORMANCE
At 31.45 million csqm, production is up by over
37 from 2000-01 (the last year before the coming
together of FGI and AIS to form AIGL).
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The Way Forward.
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Asahi India Group Vision
To be India's leading integrated glass company
AUTOMOTIVE GLASS VALUE CHAIN
Automotive glass manufacture (AIS)
Automotive Glass distribution (AIM)
Allied Products distribution (e.g.
sealants) (AWAGS)
Auto Glass Retail (Windshield Experts)
(Blue cells signify those areas where we are
already present, Grey cells where we are present
by way of tie ups, Green cell where set up /
launch activities have been initiated and
un-shaded cell the areas which are under
consideration for the way forward)
Float Glass manufacture (FGI)
Value Added Products Reflective Mirror
Processing Laminated Tempered Insulated
Glass
Fabrication
Installation
Design Retail
ARCHITECTURAL GLASS SOLUTIONS
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Capturing value chain presence

• In the automotive glass business, Asahi India
  already has a value chain presence, reaching
  out to end consumer.
• In the architectural glass business, Asahi
  India is initiating steps to capture the value
  chain, through a separate SBU - Glass Solutions,
  to address the following segments
• - Architectural processing glass products
• (First unit being set up at Taloja near Float
  Glass Plant)
• - Product and knowledge development
• - Glass Services
• - Sales Marketing
• Asahi India will work towards capturing values
  in the complete chain in FY 2004-05.