Decision Taken To Start Implementing Zero Credit From June 1. ‘IT’S NOW OR NEVER’
The Federation of Safety Glass (FOSG) organised a webinar where it issued a clarion call to all its members to adopt the zero credit policy in view of financial uncertainties due to the COVID-19-triggered lockdown.
In view of the financial uncertainties and the risks to life and businesses due to the outbreak of COVID-19 and the subsequent lockdown, FOSG has called upon its members to adopt the zero credit policy. In the webinar, it was emphasized that to stay alive and afloat in the present scenario, each and every processor must adopt the policy and cooperate with all fellow processors to ensure the survival of everyone. The webinar held on May 22 was attended by 281 participants. It was decided to start implementing the zero credit from June 1 across India. All the processers participating in the webinar gave their approval for the same. The FOSG decided that it has to make this move now or never. This is the first time that all processing owners came in a window for a round of discussion about the zero credit policy. The session was moderated by Tariq Kachwala of FG Glass. He gave a presentation on the zero credit policy. The panellists were Ajay Patel of Krishna Tuff, Palaniappan Subbiah of Masss Glass India, Varsha Konidala of Balaji Building Technologies, Ali Asgar of Sapphire Glass Solution, Suresh Shah of Ridhi Sidhi Glasses Pvt Ltd and Farhat Kamil of Kaenat Glass Industries. Tariq Kachwala’s presentation focussed on the adoption of zero credit policy by businesses and asking customers to do the same. It stresses on payments before delivery or by irrevocable valid L/C. It was strictly against work on PDC. The presentation spoke on uncertainties involved in PDC. The panellists highlighted the problems facing the industry, especially that of labour. They pointed out that the majority of the labour force had gone back to their home states after the business operations were suspended due to the COVID-19 lockdown. They also spoke on the problems of cash flow and shortage of liquidity. They were on the same page on not extending any credit to customers at this juncture and taking utmost care of those who were releasing payments. The panellists also emphasized on the fact that the entire industry should come together on adopting the zero credit policy and said all processors should do this together. They suggested that there was a need to talk about this at the zonal level and maintain communication so that there is unison. A zonal level webinar was held in Tamil Nadu after this on the zero credit policy which was attended by a number of processors of south India — Masss Glass India Pvt Ltd, Sakthi Sai Safety Glass, Fuso Glass India Pvt Ltd, TPRS Enterprises Pvt Ltd, Manchu Toughend Glass (P) Ltd, Galaxy Glass Products Pvt Ltd, Madras Tuff Glass India, Sri Vijayaa Toughened Glass Pvt Ltd, Rubin Glass Pvt Ltd, Green Tuff, Royal Tough Glass Works, Stronglass Tough and RSG Glass. This session was held by Palaniappan, vice chairman of FOSG south zone. Palaniappan will hold another zonal meeting on June 6 to review the situation and discuss bad Email: vinod.tandon@fosg.in Website: www.fosg.in “It is the right time to control credit. There is an urgent need for more communications among glass processor. A collective effort will make zero credit policy a success and benefit the industry at this crisis time. FOSG has already given an advisory to all members about how to adopt zero credit policy. loans. It is the right time to control credit. There is an urgent need for more communications among the glass processors. A collective effort will make zero credit policy a success and benefit the industry at this crisis time. FOSG has already given an advisory to all members about how to adopt the zero credit policy.
“It is the right time to control credit. There is an urgent need for more communications among glass processor. A collective effort will make zero credit policy a success and benefit the industry at this crisis time. FOSG has already given an advisory to all members about how to adopt zero credit policy.
Email: vinod.tandon@fosg.in
Website: www.fosg.in
