Paf Project

PROJECT APPRAISAL AND FINANCE
PROJECT APPRAISAL AND FINANCING OF JAI BALAJI INDUSTRIES LIMITED FOR SETTING UP OF INTEGRATED STEEL PLANT, POWER PLANT AND CEMENT PLANT
SUBMITTED TO: Prof. K. Rajyalakshmi
PAF, SECTION-D
PAF-D, 4TH SEM (2010-12)
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Table of Contents
EXECUTIVE SUMMARY .................................................................................................................................. 5 Group: ....................................................................................................................................................... 6 Company ................................................................................................................................................... 6 Promoters / Management/Shareholding Pattern: ................................................................................... 6 Present Proposal: .......................................................................................................................................... 7 Current Status of Project: ............................................................................................................................. 8 Production and Consumption: .................................................................................................................. 9 Raw material / Consumable Prices: .......................................................................................................... 9 Steel and Steel Products Prices: ................................................................................................................ 9 Current Concerns : .................................................................................................................................. 10 Expansion Projects: ................................................................................................................................. 10 Banks Portfolio: .......................................................................................................................................... 10 Outlook: .................................................................................................................................................. 11 Entrepreneur Details:.................................................................................................................................. 11 PROMOTER DIRECTORS: ......................................................................................................................... 12 OTHER DIRECTORS: ................................................................................................................................. 12 Product Mix: ................................................................................................................................................ 14 Tenor of the Facility ................................................................................................................................ 14 EXISTING MANUFACTURING FACILITES OF JBIL: ......................................................................................... 24 PROJECT SITE DETAILS:............................................................................................................................ 25 Land acquisition: ..................................................................................................................................... 25 Supply of Raw Materials: ........................................................................................................................ 26 Pellet Plant: ......................................................................................................................................... 27 Sponge Iron Unit: ................................................................................................................................ 27 Electric Arc Furnace: ........................................................................................................................... 27 OTHER VITAL FACILITIES:......................................................................................................................... 27 Power Availability: .............................................................................................................................. 27 Water Availability:............................................................................................................................... 28 Transportation: ................................................................................................................................... 28 USAGE OF RAW MATERIALS: .................................................................................................................. 28 QUALITY CONTROL...................................................................................................................................... 30 PAF-D, 4TH SEM (2010-12) Page 2

II) SUPPLEMENTRY FACILITIES ................................................................................................................. 30 II-(A) REPAIR & MAINTENANCE ............................................................................................................... 32 II-B) -HYDRANT ........................................................................................................................................ 32 Water Requirement: ........................................................................................................................... 32 III) MARKET ARRANGEMENTS ................................................................................................................. 33 Production and Consumption: ............................................................................................................ 33 Raw material / Consumable Prices: .................................................................................................... 33 Steel and Steel Products Prices: .......................................................................................................... 33 Current Concerns : .............................................................................................................................. 34 Illegal mining and pilferage of iron ore: .............................................................................................. 34 Expansion Projects: ............................................................................................................................. 34 Outlook: .................................................................................................................................................. 34 Position of the company: ........................................................................................................................ 35 III-A MARKETING STRATEGIES ..................................................................................................................... 35 Pollution Control ......................................................................................................................................... 35 Construction Planning ................................................................................................................................. 36 Cost of Project ............................................................................................................................................. 37 REMARKS ON THE COST OF PROJECT ..................................................................................................... 38 Preliminary & Pre-operative expenses: Total estimate cost Rs.10.50 Crores .............................. 40 Interest during Construction: Total estimate-Rs.171.20 Cr ............................................................ 40 Margin Money for Working capital: Total estimates at Rs.51.40 Cr .............................................. 40
Means of Finance .................................................................................................................................... 40 Comments on DSCR (in brief): ................................................................................................................ 43 Break-even Analysis: ................................................................................................................................... 44 Statement Of Profitability ........................................................................................................................... 53 Cash Flow- Project....................................................................................................................................... 57 Civil and Building-Railway Sliding............................................................................................................ 58 DETAILS OF BUILDINGS ............................................................................................................................... 64 DETAILS OF PLANT & MACHINERY .............................................................................................................. 66 Captive Power Plant ................................................................................................................................ 72 Plant and Machineries-Railway Siding & Tippler .................................................................................... 74
PAF-D, 4TH SEM (2010-12)
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COMMON AREA ...................................................................................................................................... 75 Miscellaneous Fixed Assets......................................................................................................................... 76 DETAILS OF ELECTRICAL INSTALLATION .................................................................................................. 76 Work Sheet- NPV/IRR/Pay Back Period/ROC/ROCE ................................................................................... 77 REFERENCES: ............................................................................................................................................... 81
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EXECUTIVE SUMMARY
Circle /SBU: Project Finance Borrowers Profile a Name , Address, Manufacturing activity/Locations, Date of incorporation, Banking arrangement etc of Company: Jai Balaji Industries Ltd Address: 5, Bentinck Street, Kolkata 700 001
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Regd Office: Mfg facility( Locations):
5, Bentinck Street, Kolkata 700 001 Existing: 1) Sponge Iron, Captive Power & Ferro Alloys Plants: Ranigunj- G/1, Mangalpur Industrial Complex, PostBaktarnagar, Dist-Burdwan,(WB) 2) MS Ingot Plant: Durgapur- Lenin Sarani, DistBurdwan, (WB) 3)Sinter, PCI, MBF & CPP :Durgapur-Vill-Banskopa, PO-Rajbandh, Dist-Burdwan (WB) 4)DRI, CPP, IF:Durg-Industrial Growth Center, Borai, Village & PO-Rasmada, Durg (CG) Proposed: Integrated Steel Plant (IO Beneficiation Plant , Pellet Plant, DRI, Steel Melting Shop, Captive Power Plant) :Purulia- Village-Durmut, Raghunathpur Block, DistPurulia (WB) Segment: Constitution: IRAC Status C & I (Mfg) Public Limited company Advances : Standard as on 30092010 Investments : Not Applicable Industry: Iron & Steel Activity: Manufacture of Sponge Iron, Pig Iron, MS Billets, TMT Bars, Wire Rods, Coal Washery, Ferro Alloys & Captive Power Plants Date of 06052002 incorporation: Banking Working Capital : Consortium arrangement : Term Loan(Existing) : Multiple Banking Arrangement Term Loan(Proposed) : Consortium Existing Connection New unit : Yes If Take over, whether all : Yes norms complied with : Not a If yes, date of last takeover renewal: 23042010 Promoter Group Jai Balaji CMD Mr Aditya Jajodia b) Brief Background (Company/ Group/ Promoters/ Management including shareholding pattern):
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Group:
Jai Balaji Group started their foray in the steel industry during 1978 with a Re-rolling Mill, at Lilua, Howrah, WB under the company M/s Chandi Steel Industries Ltd Presently, it is one of the largest manufacturers of steel in the private sector in Eastern India, having a turnover of approx Rs2600 Crores during the FY2009-10 It has manufacturing facilities in the state of West Bengal, Chattisgarh, Orissa & Jharkhand The group has presence in the various products in the value chain, which include DRI , Pig Iron, D I Pipe, Ferro Alloys, Alloys and Mild Steel Billets, Reinforcement Steel TMT Bars, Wire Rods & Alloy and Mild Steel Heavy Rounds Its Thermex TMT Bar Balaji Shakti is one of the reputed Brand of TMT
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The Group has in its fold 11 companies, with Jai Balaji Industries Ltd as the flagship company of the group, contributing sales of Rs 1940 Crores during FY2009-10 Other major group companies are Nilachal Iron and Power Limited (NIPL)-WOS of JBIL, Jai Balaji Jyoti Steels Limited (JBJSL) & Chandi Steel Industries Limited (CSIL) Brief details of group companies/ capacities & financials are attached as Annexure-I
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Company (Borrower):
Jai Balaji Industries Limited (JBIL) previously known as Jai Balaji Sponge Limited(JBSL) is a public limited company listed on NSE,BSE & KSE with a market capitalization (BSE) of Rs1977 Crores (as on 08 112010) The company was initially incorporated as private limited company on 1st July 1999 and subsequently converted to public limited company w ef 26th July 2002 Currently company has five manufacturing units, four of them being in West Bengal and one located in Chattisgarh Details of the existing Facilities are mentioned under Annexure-I FINANCIAL SNAPSHOT OF JBIL: The same are detailed under Section 3a
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Promoters / Management/Shareholding Pattern:

The company is promoted by Mr Aditya Jajodia , Mr Sanjeev Jajodia & Mr Rajiv Jajodia The Promoters are having 15-20 years experience in Iron & Steel industry Share holding of the promoters and other stake holders in the company as on 31032010 is as under: Particulars No of shares % Holding Promoters Holding 3,23,67,585 5075 FIs/ Mutual Funds/UTI/Banks/FIIs 95,28,444 1494 NRIs/ OCBs 83,04,547 1302 Public 1,35,80,910 2129 Total 6,37,81,486 10000 It employs senior industry professionals to man its operations A List of its Board of Directors along with brief biographical details is attached as Annexure-II Brief Company History: Brief Highlights of the important events during the life of Company are as under: The Company started its first Sponge Iron Plant (at Mangalpur Industrial Estate, Ranigunge, Burdwan, West Bengal in April 2001 It set up Steel Melting Shop (SMS) at Gopinathpur, Silampur, Durgapur, West Bengal in Dec2001 as forward integration of their existing sponge iron unit As Backward integration of the SMS unit , Mini Blast Furnace unit was set up at Banskopa, Durgapur,West Bengal in March2007
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The company came up with Initial Public Offer (IPO) of Rs10 00 crores in October2003 It is presently listed in National Stock Exchange, Bombay Stock Exchange and Kolkata Stock Exchange Present market cap on BSE is Rs 1977 Crores(08112010) with 52W Low and high being 178 (25052010) and33490(27102010) respectively Quoted price as on 081110 was Rs310 The Management has made JBIL, their flagship company by merging Shri Ramrupai Balaji Steels Ltd into JBIL in April2006 After the merger wef 1 April2006 the name of the company has been changed to Jai Balaji Industries Limited from Jai Balaji Sponge Limited JBIL has been allotted Coal Block along with Rashmi Cement Limited and Bhushan Steel & Power Limited at Andal (East) It has received prospecting license and drilling work in the block is under progress The same is expected to be completed within next 15-18 months The coal from the block shall be used partly for existing operations and partly for Purulia Project It has signed Memorandum of Association (MOA) with Government of West Bengal in Oct2007 for Setting up an Integrated Steel Plant along with Cement and Power plant at Purulia, West Bengal to invest Rs1600000 crores The present project is being developed as Phase I of the said project at an overall project cost of Rs1870 Crores With a view to enter into Jharkhand and Chattisgarh, it has acquired Nilanchal Iron and Industries Limited (100% subsidiary) in Jamshedpur, Jharkhand and Steel division of HEG Limited (Merged) in Durg, Chattisgarh in July2007 and Nov2007 respectively The acquisitions were partly funded by internal accruals and partly with loans from Axis Bank & Corporation Bank In Feb 2008, JBIL completed a Private Placement of Convertible Debenture to Citi Venture Capital and India Equity Partner amounting Rs27325 crores Again in the month of Oct2009, it has raised Rs 19850 crores through Qualified Institutional Placement The major investors have been Halbis, GMO, New Vernon, Reliance onshore and offshore fund, Kotak offshore fund, Emerging India Focus Fund etc
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Present Proposal:
Project JBIL has signed a Development Agreement with the Government of West Bengal for Description and setting up the following plants at Raghunathpur, District Purulia, West Bengal, at an Location investment of Rs16000 crore: a) 500 MTPA Integrated Steel Plant (being developed in phases) b) 300 MTPA Cement Plant c) 1215 MW Power Plant The project will be developed in phased manner by 2017-18 The Company needs financial assistance for the 1st phase of the project
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Project Parameters
The Company envisages setting up the following facilities as a part of Integrated Steel Plant (ISP)in the 1st phase: S No Modules in Phase I Capacity 1 Iron Ore Beneficiation Plant 20 Million TPA 2 Pellet Plant 12 Million TPA 3 DRI (4 x 500) 066 Million TPA 4 Steel Melting Shop(Electric Arc 033 Million TPA Furnace) 5 Power Plant 70 MW (40 MW WHRB & 30
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Private Railway wagon tippler The key project parameters are as under:
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Siding
MW AFBC) with 7 Kms
No Particulars Project Cost Debt/Equity Means of Finance 3. Promoters contribution 4. Equity 1. 2. 5. 6. 7. 8. 9.
Details Rs1870 Crores 192:1

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Rs640 Crores
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Debt Implementation period COD Jan 2014 Tenor of RTL 10 Years Techno Economic Mott MacDonald, Kolkata Feasibility Study
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Rs640 Crores (Rs340 Crores as fresh infusion & Rs 300 Crores as internal accruals) Rs1230 Crores 36 months from the date of first disbursement
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Current Status of Project:

Details relating to various project related Govt approvals required and under: SN Particulars Authority of Approval Action Date 1 Clearance form MoEF Ministry of Environment and Forests
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their present status is as Remarks Approval Received for the plant site For Coal Blocks, papers for approval are being submitted MOA signed with Govt of WB Will be Obtained in due course of time Approval is expected to be in place by March 2011 Received
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2 3 4 5
Consent to Establish Consent to Operate Clearance from WB PCB Approval for drawing of Water from river Damodar Lease of Land
Govt of WB Govt of WB Govt of WB Pollution Control Board Govt of India Central 29 Dec 2008 Water Commission WB IDC 15th 2009
July In progress 600 Acres of land required for the phase I of the project has already been acquired Further acquisition of land in progress for future expansion / phases Current
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acquisition stands at About 750 Acres out of the total proposed acquisition of 3800 acres Received
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20th July Received 2007 Brief write-up on industry/sector and companys standing (domestic / international) in the industry including market share, future growth strategies, comments on recent news reports, etc (Source- Crisinfac & CRMD Guidance note- Sept 2010)
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Permission for Railway Ministry of Railways Siding Allotment of Coal Mine GoI Ministry of Coal
06/11/2008
Production and Consumption:

Global crude steel production increased by 25% in the period January July `10 to 82096 million tonnes as compared to the same period last year However, there was a decline in July `10 to 114 million tonnes from 124 million tonnes in April `10, due to marginal decrease in demand which forced the manufacturers to cut down production In India, production of steel rose by 4% from 14 50 million tonnes in June `09 quarter to 15 08 million tonnes in June `10 quarter Consumption rose by 12% from 13 3 million tonnes in June `09 quarter to 14 9 million tonnes in June `10 quarter, with increase in demand from automobile and consumer durables sector Indias net steel imports during Apr-Jun`10 quarter increased to 21 million tonnes, a 1625% increase on y-o-y basis Moreover, 14% of the total forecast consumption of steel would be met by imports by the year 2012
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Raw material / Consumable Prices:

Iron Ore: The spot price of iron ore in Indian market has stabilized at $150-$152 at tonne and contract prices are $120 a tonne, which is 97% higher than last year However, after ban on iron ore export from Karnataka there has been a decline in domestic iron ore prices by 25% despite rise in international prices Scrap Prices: About 45% of the global non-Chinese steel production is through Electric Arc Furnace (EAF) route, where scrap is the major raw material Lower scrap prices during MayJun`10 provided a cost advantage to Electric Arc Furnace route against the Blast Furnace route The scrap prices have increased from $259 per tonne in Jun`10 to $362 per tonne in Aug`10, which will reduce the disparity in manufacturing cost of the steel manufacturers employing the two different types of furnaces Coking Coal: Chinese demand for coking coal is likely to decline in second half of FY11due to declining steel production and lower steel exports which will put a downward pressure on coking coal prices The prices are expected to be at the level of $230 -$240 per tonne for the FY11 SAIL is planning to invest Rs 1,200 cr to develop two coking coal mines in Jharkhand coal fields to reduce the dependence on imports which will help them check the volatility in pricing Both the mines together are expected to produce 43 million tonnes per annum of coking coal
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Steel and Steel Products Prices:

The price of steel products have reduced by 25% on an average since May`10 following the global trend due to weak demand from European markets and also because of reduced
PAF-D, 4TH SEM (2010-12) Page 9

construction activity owing to monsoon season However, the domestic steel makers have increased the prices of flat steel by Rs 750-Rs1,500 per tonne from Sept `10, in anticipation of higher demand with increase in construction activity post monsoon season The price post-tax is expected to increase by an average of Rs 2,000 a tonne to about Rs 40,000 per tonne
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Current Concerns :
Decline in iron ore exports: India annually exports approximately 100 million tonnes of iron ore, out of which 40 million tonnes is of iron ore having Ferrous (Fe) content greater than 60% China is the major buyer of ore with Fe content between 60%-64% from India, Japan and Korea being the other buyers Chinese Government has advised the local steel mills to restrict the import of iron ore with Fe content of 60% and above, which has led to a decline in iron ore exports by 15% in June `10 quarter to 208 million tonnes from 245 million tonnes in Mar `10 quarter However, it will ensure improved availability of iron ore for domestic manufacturers Illegal mining and pilferage of iron ore: The Government of Karnataka (contributed to 27% of iron ore exports in the last fiscal) has banned export of iron ore from 10 of its ports since August `10, to prevent illegal export of iron ore It has also stopped issuing transport permits for carrying the exportable ore to other states This has led exporters to invoke Force Majeure clause included in commodity contracts to remove liability arising out of unforeseen circumstances that hinder trade Also, the Goa Government has made no objection certificate from the State Department of Mining mandatory for the port authorities to release export vessels Cheap Imports from China: China has dumped over 1 million tonne of structural grade steel in India Structural steel from China is of lower grade and used in infrastructure, engineering and fabrication It is cheaper by 10-15% as compared to Indian steel The demand for Chinese steel has reduced sharply in European markets following the European Debt Crisis, owing to which China is shipping excess quantities of steel to India
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Expansion Projects:
JSW Steel will commence commercial production at its newly commissioned 32 million tonnes per annum plant at Vijayanagar in Karnataka by February 2011 It also plans to enhance capacity to 32 million tonnes per annum by 2020 through two Greenfield projects in Jharkhand and West Bengal Bhushan Steel is expected to complete final phase of its expansion project at Orissa by March 2011, which will increase its capacity of HR coils by 2 million tonnes with a project cost of Rs 5,200 cr
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Banks Portfolio:
(Rs In Crores) FB Advances of Rs One Crore As on 31032010 & above (No of units:1362) Limits Outstanding Fund Based Advances 53,47599 30,50613 Non Performing Assets 50315 50315 Total Fund Based Advances 53,97914 31,00928
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As on 30062010 (No of units:1401) Limits Outstanding 56,66106 31,25406 55974 55974 57,22080 31,81380
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PAF-D, 4TH SEM (2010-12)
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Investments 1,02835 1,02835 26186 26186 Total Fund Based Exposure 55,00749 32,03763 57,48266 32,07566 Non Fund Based Exposure 25,22179 23,73680 26,823290 25,59431 Total Exposure 80,22928 55,77443 84,30595 57,66997 Above FB Exposure as % of 1017 1049 1026 975 Banks total FB Exposure NPA as % of FB Advances 162 176 Limit Utilisation Level (%) 69 5560 Highlights: Fund Based limits have increased by 6% from Rs 53,979 crore as on 31st Mar`10 to Rs 57,221 crore as on 30th June`10 The NPA level has increased marginally from 1 62% as on Mar`09 to 1 76% as on Mar`10 In value terms, NPAs have increased by Rs5659 crore NFB Limit utilization level has been constantly high, at around 95%
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Outlook:
The construction and infrastructure sectors have been main growth drivers for domestic steel consumption, with a share of 61% during FY10 The Government has proposed investment of Rs 173 trillion on infrastructure in Union Budget 2010-11, which would generate demand for steel sector Rising demand from automotive and capital goods sector is another driver for consumption of steel Passenger cars sales during the first four months of FY11 increased by 29 6% on a y-o-y basis, while the commercial vehicles sales have increased by 648% on a y-o-y basis The contract price of iron ore is expected to decline by 10% in second half of FY11 due to lower steel production and higher iron ore production in China The coking coal price is also expected to decline marginally by about 5% with a decline in steel production in China Steel manufacturers are expected to sustain the rise in steel prices as demand in domestic market will be buoyant enough to absorb the increase in steel prices Moreover, the Chinese Government has withdrawn the 8% export tax rebate from July`10, which will lead to reduction in steel export from China and act as a positive trigger for increase in steel prices in international as well as domestic market Position of the company: The group has been in the Industry since last 32 years and has evolved itself from a one unit group to multiple units with the synergy of Integrated Steel Plant The company has been successful in increasing its sales even during the previous down cycle (2008-2009) Some of its products are well recognized by its Brand Keeping in view the overall domestic industry scenario and especially with the GoI focus on the infrastructure, the demand for the steel in the midterm is expected to rise significantly and the company is well placed to capitalize on the opportunity
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Entrepreneur Details:
Qualification and work experience in Detail: Brief Biographical Details of Promoters / Other Directors:
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PROMOTER DIRECTORS:
Name Mr Aditya Jajodia Fathers Name Late Shri Rajendra Prasad Jajodia
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Age Qualification PAN No Address Experience
38 years BCom (Hons)

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ACYPJ5228P 5, Bentinck Street, Kolkata-700001 He is a Commerce Graduate and possesses more than 15 years of rich experience in Steel Industry He has set up various manufacturing facilities of Steel and Ferro under his supervision He is the Chairman cum Managing Director of the company He is responsible for all the major strategic and Financial planning
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Name Fathers Name Age Qualification PAN No Address Experience
Mr Sanjiv Jajodia Late Keshar Deo Jajodia

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ACHPJ8297P 5, Bentinck Street, Kolkata-700001 He is a Commerce Graduate and possesses more than 2 decades of experience in Steel Industry He has been instrumental in shaping the Corporate Profile of the Company and to establish itself as a major corporate house in steel sector He is Whole-time Director of the company He supervises and controls the overall administration of the Group, Legal aspects, human resource, financial planning apart from contributing in the core areas of business Activities
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Name Fathers Name Age Qualification PAN No Address Experience
Mr Rajiv Jajodia Late Keshar Deo Jajodia

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ACHPJ8296N 5, Bentinck Street, Kolkata - 700001 A graduate in Commerce and having more than 2 decades of experience in Steel Industry He is a Non executive director of the company He manages the operation of the unit and supervises raw material procurement
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OTHER DIRECTORS:
SN
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Name of the Directors
Brief Profile
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PAF-D, 4TH SEM (2010-12)

SN 1
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Name of the Directors Mr Gaurav Jajodia

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Brief Profile Mr Gourav Jajodia is one of the younger members of the family of the promoters He joined the family business at a very early age and has at present about 10 years of experience He supervises and controls the operational activities and production process of the Group
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Mr Ashim Kumar Mr Ashim Kumar Mukherjee is an engineer having a B E Mukherjee (Mining) degree from the University of Calcutta and is (Independent Director) also the holder of First Class Mine Managers Certificate of Competency to manage a Metalliferious Mine (Restricted) 1979 He is the former Chairmancum-Managing Director of Orissa Minerals Development Company Limited and has around 43 years of rich working experience in various capabilities and areas of mining of ferrous minerals He is the member of Mining Engineers Association of India and Society of Geo-Science & Allied Technology, Bhubaneshwar Mr Satish Chandra Gupta Mr SC Gupta is the former CMD of Punjab National (Independent Director) Bank & Indian Overseas Bank He has more than 35 years of experience in Finance
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Mr Kumar Krishnan Iyer (Independent Director)

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Mr Krishnava Dutt (Independent Director)

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Mr Angshuman Ghatak (Independent Director)

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Mr Shyam Bahadur Singh (Independent Director)

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Mr Kumar Krishnan Iyer, an MTech from IIT, Bombay, is at present the Managing Director of India Equity Partners He has vast and rich experience in Business Strategy and Project Implementation Krishnava S Dutt received his BSL and LLB degree from Symbiosis Law College, Pune and is an advocate by profession He has a decade of rich experience in legal world and has been instrumental in executing a number of mergers and acquisitions and Private Equity deals Mr Angshuman Ghatak is a BE (Mechanical), and is the former Chairman of Damodar Valley Corporation and West Bengal State Electricity Board He has vast and rich experience vis--vis the Power sector Mr Shyam Bahadur Singh has a BSc (Metallurgical Engineering) degree from Banaras Hindu University Under his able leadership as Managing Director, SAILs Durgapur Steel Plant completed its modernization in record time As Assistant General Manager of Bokaro Steel Plant, he was responsible for implementation of their project in Rourkela which reached 100% capacity in a short span of 10 months Over the years, he has received numerous national level awards for professional & business excellence
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SN 8
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Name of the Directors Mr Rajeev Kalra (Nominee DirectorNominated by Citi Venture Capital a PE Investor))
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Brief Profile Mr Rajeev Kalra is a professionally qualified CA and a CFA He graduated in honors from Shri Ram College of Commerce, University of Delhi, and has several academic distinctions to his credit
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Rajeev Kalra is a Director at CVCI's office in Delhi NCR and focuses on private equity investments in India Rajeev has about 18 years of experience in the financial services industry, of which about 14 years have been in the private equity investment management
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Mr Kalra has started his career with SBI Capital Markets and than worked with HSBC Private Equity and AIF Capital
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Product Mix:
End product and proposed product: Setting up the following facilities, detailed below, as a part of Integrated Steel Plant (ISP) at Village-Durmut, Raghunathpur Block, Dist- Purulia (WB): S N Modules in Phase I Capacity 1 Iron Ore Beneficiation Plant 20 Million TPA 2 Pellet Plant 12 Million TPA 3 DRI (4 x 500) 066 Million TPA 4 Steel Melting Shop (Electric Arc 033 Million TPA Furnace) 5 Power Plant 70 MW (40 MW WHRB & 30 MW AFBC) 6 Private Railway Siding with wagon 7 Kms tippler Door to door tenor of 10 Years from the date of first disbursement Tenor of the Construction Period- 3 Years: Indicative Period-01022011 to 31012014 Moratorium Period 1 Year : Indicative Period-01022014 to 31012015 Facility Repayment Period 6 Years: Indicative Period-01022015 to 31012021
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1.
Availability period Indicative Disbursement Schedule
2.
6 months from Scheduled Commercial Operations Date (SCOD), ie, 6 months from 31012014 -till July 31, 2014 Any drawl after this date would be subject to prior approval of Lenders and would be on such terms and conditions as may be stipulated by the Lenders Period of Draw Total SBI Share Down Quarter ending Rs/ Cr Rs/Cr Mar,11 2230 4895121951 June,11 5970 1310487805 Sep,11 4770 1047073171
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Dec,11 Mar,12 June,12 Sep,12 Dec,12 Mar,13 June,13 Sep,13 Dec,13 Total
3.
4770 8360 14160 14160 11330 16990 12080 14090 14090 123000
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Repayment Schedule
Total (Rs/Cr) Quarter Q1 Q2 Q3 Q4 Total SBI (Rs/Cr) Quarter Q1 Q2 Q3 Q4 Total
Debt FY2015 000 000 000 2000 2000

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1047073171 1835121951 3108292683 3108292683 2487073171 3729512195 2651707317 3092926829 3092926829 27000 Repayment
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FY2016 3500 3500 3500 3500 14000

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FY2017 4000 4000 4000 4000 16000

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FY2018 6000 6000 6000 6000 24000

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FY2019 6000 6000 6000 6000 24000

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FY2020 6000 6000 6000 6000 24000

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FY2021 Total 6333 6333 6333 000 19000 123000

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Repayment FY2015 00 00 00 44 44
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: FY2018 132 132 132 132 527

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FY2016 77 77 77 77 307
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FY2017 88 88 88 88 351
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FY2019 132 132 132 132 527

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FY2020 132 132 132 132 527

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FY2021 Total 139 139 139 00 417 2700

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4.
Applicable Rate of interest
Scheduled Repayment date shall be last day of quarter Floating rate @ Base Rate + 340%, present effective rate 11% p a, with interest spread reset at annual intervals
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The first Interest spread/ margin resetting shall be done on the COD and every year thereafter (the "Reset Dates") The Spread / Margin can also be reset on dates other than the rest dates if the external rating for the loan is downgraded
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Rate of interest mentioned hereinabove are exclusive of interest tax and/or any such other levies / duties Such interest tax / other levies / duties, if any, applicable, shall be payable by the Company to SBI over and above the rates mentioned hereinabove
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The interest rate payable shall not be lower than that of any other banks participating in funding the Project Rate of interest is subject to change as per RBI guidelines
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5.
Penal Interest
6.
Prepayment a) b) c)
7.
Security
a)
b) c) d) e)
The Borrower shall pay Liquidated Damages at the rate of 2% p a on the total outstanding of the Facility in the event of any defaults in payment of interest, principal, upfront fee or any other monies due to the Lenders on their respective dates during the currency of the Term Debt Facility for the relevant period 200% of the prepaid amount of the Facility However, no prepayment penalty shall be payable: if the prepayments are made out of internal accruals / equity; if the pre-payment is effected at the instance of lenders; if the pre-payment is made within 30 days of the Interest Reset date The Term Debt Facility (together with all interest, liquidated damages, fees, remuneration payable to the Security Trustee), costs, charges, expenses and other monies and all other amounts stipulated and payable to the lenders shall be secured by: First mortgage and charge on the Projects present and future movable and immovable assets, including 600 Acres of project land on pari-passu basis with the other project lenders participating in funding of the Purulia Phase-I project Assignment of all the Project (Phase I) contracts (including insurance policies, right, titles) to the SBI/ lenders; Lenders first charge on all the bank accounts of the Borrower related to Project Capex (Phase I) through which the disbursement of term loan would be undertaken; and Personal guarantee of Promoter Directors, Shri Aditya Jajodia, Shri Sanjiv Jajodia & Shri Rajiv Jajodia Second Pari-passu charge on the Projects current Assets The above security shall be shared on pari-passu basis with proposed lenders participating in funding of the Phase-I project
. . . . . . . . . .
8.
9.
Project Lenders may, at their discretion, stipulate the appointment of a Security Trustee, in whose favour the Security shall be created for the benefit of all the Phase I Project Lenders (Security Trustee) The borrower shall execute all the required deeds, documents and writings and take all other actions as may be required for the purpose of appointment of the Security Trustee All costs thereof and related thereto shall be borne by the Borrower Promoters The Promoters shall jointly and severally undertake: Undertakings f) That any cost overrun of the approved project cost and/or any shortfall in the internal accruals to fund margin money shall be met / arranged solely by the promoter by way of equity/ subordinated debt/ unsecured loans from promoters in a term and manner acceptable to the lenders g) To take prior approvals from the lenders for any further revisions in project scope or enhancement in capacities In the absence of approval from the lenders, entire expenditure would be funded by company/promoters from its own sources h) To arrange to meet any shortfall in equity requirement of the projected means of finance without recourse to interest bearing debt Financial The following financial covenants will be tested annually on the audited accounts of the Covenants Borrower for each 12 month period ending on the last day of the Borrowers financial year with the first testing to be done for the first full year of commercial operation of the Project (Phase I) or the financial year ending March 31, 2015, whichever is earlier: Parameter Stipulated Level Total Debt Gearing, i e Total Outstanding Maximum level of 300
. . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 16

Liabilities / Tangible Net Worth Gross DSCR (For company as a whole) Minimum level of 175 Security margin (Project Term Loans Minimum level of 40% outstanding / Net Project fixed assets) Current Ratio Minimum level of 133 The annual compliance certificate from the Auditors shall be submitted before 31st July, clearly stating that the borrower is in compliance with the covenants as per the audited accounts
. . .
In the event of an adverse deviation of more than 10% in any two out of the four covenants indicated above for the Relevant Period from the levels stipulated above, a Penal Interest of 1% pa will be levied for the period of non-adherence, subject to a minimum period of one year
. . .
10.
11.
Precommitment Conditions Predisbursement Conditions
a)
In case of continuous default/decline in performance levels, the Lenders may stipulate any other necessary conditions as deemed necessary in consultation with the Borrower No dividend shall be paid till the position is rectified to the satisfaction of Lenders Completed tie-up of the entire project debt;
. .
a)
The company to bring in at least 25% of promoters contribution i e Rs160 Cr upfront as equity / internal accruals, before disbursement It shall infuse a minimum fresh equity of Rs100 Cr within 3 months of financial closure
. . . . . .
b)
c)
d)
e) f)
g)
h)
Company shall have furnished various undertakings as required in accordance with terms of sanction A Lenders Independent Engineer (LIE) of repute and having sufficient in line work experience would be appointed by the Lenders, who would, inter alia, certify the project completion activities and monitor and report progress at periodical intervals as agreed by the lenders The cost and expenses of LIE are to be borne by the Company Detailed scope of Lenders Independent Engineer shall be decided in consultation with other lenders The LIE report should be received and issues raised in the report are to be settled to the satisfaction of the lenders; All necessary statutory clearances for the Project including but not limited to the MoEF clearance/Pollution control, as required and applicable up to the stage of construction shall have been obtained LIE shall have reviewed the position of various statutory, non-statutory clearances and regulatory clearances and certify that the company is complying with all statutory regulations/ compliances related to the Project; Confirm that there is no event of default which has happened and is continuing; Obtain comprehensive insurance policy for securing assets of the company Lenders have the right to appoint Lenders Insurance Advisor (LIA) to advise them in the matter The Security trustee shall be the loss payee for all such insurance contracts Agree that the Lenders shall have the right to review the cost of the Project during implementation period; Satisfy the Lenders that it has appointed requisite number of technical, financial, marketing and other personnel of proper qualifications and experience for the key posts and that its
. . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 17

organizational set-up is adequate enough to ensure smooth implementation of the Project, and subsequent operation and maintenance; and i) Branch must have compiled opinion report on borrower/ guarantors in Banks standard format; j) Branch to ensure compliance of the following before disbursement of term loan: CIRs on associate companies to be obtained from their respective bankers and kept on record Copy of Search conducted with RoC Conditions a) No Event or Potential Event of Default exists; precedent to All disbursements (by way of Term Loan Disbursement and opening of LC) under the b) each of the Facility (including the first/ initial draw down and subsequent draw downs) shall be made subsequent such that the Debt: Equity ratio in relation to Project (Phase I) never exceeds 1 92:1 anytime disbursements during the Availability period; c) The borrower shall provide a certificate from the auditors certifying end use of term loan availed from the Lenders and contribution/margins brought in by the borrower; and d) Confirmed having obtained all statutory approvals, permits and clearances required for the Project up to that stage Other terms The borrower shall: and conditionsa) Agree that the Lenders shall have the right to appoint an Auditor at any time during the currency of the loan, the cost of which shall be borne by the Borrower; b) Agree to comply with all reporting requirements as may be stipulated by the Lenders; c) From time to time submit to Lenders, status notes and such other financial / commercial information as may be required by Lenders in respect of the Business of Borrower including the existing operation of Borrower and the Project; d) Obtain all other applicable statutory / non-statutory clearances / approvals required for the project from time to time to the satisfaction of LIE; e) Agree and undertake that it shall furnish to SBI such information and data as may be reasonably required by the SBI to monitor the physical progress as well as the expenditure incurred on the Project Also agree that SBI shall have access to the Companys accounts at any time during the implementation of the Project and also before final disbursement of the Facility; f) SBI would conduct one or more reviews of the Project before completion of the Project The company would provide all necessary information to SBI as may be required for this purpose; g) If, as a result of such review, SBI determines that the company has not implemented/nor is likely to implement the Project within the Project Cost and/or in accordance with the Financing Plan and/or the company has not commenced/nor is likely to commence commercial operations after implementation of the proposed project by the completion date, SBI may stipulate such additional conditions (including strengthening of the management set up, change in means of financing, raising of additional equity capital/other interest free unsecured funds from the Sponsors) as SBI in its absolute discretion may deem fit and require the Company to take such measures as may be stipulated by SBI in the light of the revised cost of the Project/Means of Finance/date of commencement of commercial operations; h) Our interest rates should not be lower than that of other banks participating in the funding of proposed project; i) The company shall submit a quarterly progress report, as per Banks standard format, about
. . . . . .
12.
13.
PAF-D, 4TH SEM (2010-12)
Page 18

the implementation progress of its project till the time of declaration and commencement of commercial production; In case any other lender(s) impose any additional stipulation/condition (including security and cash flow allocation) not included herein, which is more favourable to such lender than the aforesaid terms stipulated by us, such of those conditions, as may be considered necessary by us, in our discretion, shall apply to the Banks assistance as if the Company has specifically agreed to such conditions; Agree to the appointment of a director as lenders Nominee/s on its Board; The borrower shall facilitate in carrying out inspection by the officials of Lenders or through persons/firm appointed by the Lenders of all assets charged to the lenders generally at monthly/ quarterly intervals as decided by the Lenders The cost of inspection is to be borne by the Borrower; Provide audited financial statements of the Borrower within 120 days of the end of each financial year; Provide (for the confidential use of the Lenders) other information reasonably requested by the Lenders which is not confidential in relation to third parties / not disc losable by law / regulatory requirement; Notify the Lenders promptly of any Event/ Potential Event of Default; Agree that dividend shall be paid only after meeting all the monetary requirement relating to the project; Any saving in the Project Cost on the completion of the Project shall result in reduction in the amount of the term debt; In case of default by the Company in repayment of the loan(s) and interest thereon as per due date/s, the Lenders / their Trustees and / or the Reserve Bank of India / Credit Information Bureau (India) Ltd (CIBIL) will have an unqualified right to disclose or publish the name of the company and its directors in such manner and through such medium as the Lenders / their Trustee or Reserve Bank of India / CIBIL in their absolute discretion may think fit; The borrower will keep the Lenders informed of the happening of any event which is likely to have an impact on their profit or business and more particularly, if the monthly production or sale and profit are likely to be substantially lower than already indicated to the Lenders The borrower will inform accordingly with reasons and the remedial steps proposed to be taken; The borrower should not pay any consideration by way of commission, brokerage, fees or in any other form to guarantors directly or indirectly; Constitute a Project Management Committee (PMC) of its Directors to the satisfaction of the Lenders for the purpose of supervising and monitoring the progress of implementation of the Project The committee shall be responsible for the overall supervision of the Project during the construction period and subsequent operation period; Use the loan for the purpose for which it is sanctioned and it should not be utilized for subscription to or purchase of shares/debentures, extending loans to subsidiary companies/associates or for making inter-corporate deposits or any speculative purposes; The borrower shall get the facility rated from a reputed within 6 months from the date of signing of facility document; The lenders shall have a right to accelerate the repayment if the cash flows are in excess of cash flows as projected in the Base Case Business Plan; The Borrower shall also have to comply with customary covenants such as Representation
. . . .
j)
k) l)
m)
n)
o) p)
q)
r)
s)
t)
u)
v)
w)
x)
y)
PAF-D, 4TH SEM (2010-12)
Page 19

and Warranties from the Borrower, conditions precedent to the effectiveness of the loan and conditions precedent to each disbursement, affirmative covenants, negative covenants, events of default by the borrower and consequences of the event of default, RBI disclosure norms as applicable etc Standard covenants will be applicable; Any other condition stipulated by other lenders, which is beneficial to the lenders interests, will apply to our loan also During the currency of this Facility the Company shall not, without the prior permission of Lenders, in writing, (except in case of tie up of Working capital borrowings in ordinary course of business), do the following
. . .
z)
14.
Negative Covenants
i. ii. iii.
iv.
v.
vi. vii.
viii. ix. x. xi. xii.
xiii. xiv.
xv.
Effect any change in the company's capital structure; Formulate any scheme of amalgamation or reconstruction Undertake any new project, implement any scheme of expansion or acquire fixed assets except those indicted in the funds flow statement submitted to the Bank from time to time and approved by the Bank Invest by way of share capital in or lend or advance funds to or place deposits with any other concern (including group companies); normal trade credit or security deposits in the normal course of business or advances to employees can, however, be extended Enter into borrowing arrangement either secured or unsecured with any other bank, financial institution, and company or otherwise or accept deposits apart from the arrangement indicated in the funds flow statements submitted to the Bank from time to time and approved by the Bank Undertake any guarantee obligation on behalf of any other company (including group companies) Declare dividends for any year out of the profits relating to that year or of the previous years It is however necessary for the borrower to ensure first that provisions are made and that no repayment obligations remain unmet at the time of making the request for Banks approval for the declaration of dividend Create any charge, lien or encumbrance over its undertaking or any part thereof in favour of any financial institution, bank, company, firm or persons Sell, assign, mortgage or otherwise dispose off any of the fixed assets charged to the Bank Enter into any contractual obligation of a long-term nature or affecting the company financially to a significant extent Change the practice with regard to remuneration of directors by means of ordinary remuneration or commission, scale of sitting fees, etc Undertake any trading activity other than the sale of products arising out of its own manufacturing operations and products related with steel industry viz iron ore, coal, coke, steel products etc Permit any transfer of the controlling interest or make any drastic change in the management set- up Repay monies brought in by the promoters/ directors/ principal shareholders and their friends and relatives by way of deposits/ loans / advances Further, the rate of interest, if any, payable on such deposits/ loans/ advances should be lower than the rate of interest charged by the Bank on its term loan and payment of such interest will be subject to regular repayment of instalments under term loans granted/ deferred payment guarantees executed by the Bank or other repayment obligations, if any, due from the company to the Bank
. . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 20

xvi. All unsecured loans/ deposits raised by the company for financing a project are always subordinate to the loans of the banks/ financial institutions and should be permitted to be repaid only with the prior approval of the all the banks and the financial institutions concerned The company shall agree and consent for the disclosure by the Bank of all or any information and data relating to the Company, the credit facility availed by the Company, obligation assumed/ to be assumed by the Company in relation thereto and default if any committed by the Company in discharge thereof, as the Bank deem appropriate and necessary to disclose and furnish to Credit Information Bureau (India) Limited and any other agency so authorized in this behalf by RBI The Company shall agree that the Credit Information Bureau (India) Limited and any other agency so authorized may use, process the said information and data disclosed by the Bank in the manner as deemed fit by them; and the Credit Information Bureau (India) Limited and any other agency so authorized may furnish for consideration, the processed information and data or products thereof prepared by them, to banks or financial institutions and other credit grantors or registered users, as may be specified by the Reserve Bank in this behalf The Borrower will further undertake that it shall not induct a person who is a director of a company, which has been identified as a willful defaulter, and in case, such a person is found to be on the board of the Borrower Company, the Borrower would take expeditious and effective steps for removal of the person from its board Lenders reserve the right to call up the Facility upon the happening of an Event of Default Each of the following shall, inter alia, constitute an Event of Default under the Financing Agreements: Deterioration in the security or viability of the Company Non-adherence of RTL repayment schedule and non-payment of interest thereon, as stipulated Non-payment of any dues of the Bank under the finance documents Change in scope of the Project without the specific approval of Lenders Any further expansion or new project in the Company without the specific approval of Lenders Non-submission of the annual and half-yearly financial statements as stipulated Breach of other obligations: The Borrower do not comply with any provision of the Financing Agreements or Project Agreements; Misrepresentation: A representation, warranty or statement made or repeated in or in connection with any Financing Agreements or Project Agreements or any other Business Agreement (in relation to any business other than Project) or in any document delivered by or on behalf of the Borrower is incorrect at such time the representation is made or deemed to have been made or repeated or the Borrower is unable to make a representation or warranty required to be made under the Financing Agreements or Project Agreements or any other Business Agreement (in relation to any business other than Project); Mis-utilization of Facility; Breach of any undertaking furnished by Promoters or Borrower; Winding-up or dissolution of Borrower, unless voluntary winding up or dissolution approved by Lenders; Compromise by Borrower with creditors generally; Insolvency of Borrower (within the meaning of section 434(1)(c) of the Companies Act
. . . . . .
15.
Special Covenants
16.
Events Default
of
a) b) c) d) e) f) g) h)
i) j) k) l) m)
PAF-D, 4TH SEM (2010-12)
Page 21

1956); n) Cessation/threat of cessation of business of Borrower; o) Sale/transfer of assets which in reasonable opinion of Lenders has/ shall have Material Adverse Effect; and p) Compulsory acquisition, nationalization or expropriation of assets of the Borrower
.
Upon the occurrence of any of the Events of Default mentioned in clauses that is capable of remedy, a cure period of 30 days shall be applicable from the date of the occurrence of such event
.
17.
Remedies Events Default
to of
a) b) c) d) e)
f) g)
h)
18.
19.
Cancellation of Facility Representations & Warranties
a) b) c) d) e) f) g) h) i) j) k) l)
The Borrower shall promptly notify the Lead Bank/ Security Trustee upon becoming aware of any default or event which constitutes (or with the lapse of time, determination of materiality, would likely to constitute) an Event of Default and steps being taken to remedy it Upon occurrence (and continuance beyond the stipulated cure period) of an Event of Default, the Lenders may exercise, inter-alia, any one or more of the following rights: Accelerate maturity of the Facility and demand immediate repayment of outstanding amount; Enforce Security; Declare the Commitments to be cancelled; Stipulate all such additional conditions as Lenders may deem fit Exercise any other right that the Lenders may have under the Financing and Security documents or under Indian law Appoint additional Nominee Director(s) Exercise all other rights available under the law against the borrower, sponsors and secured assets Any other action as deemed fit The Bank shall have a right to unconditionally cancel the facility in case the limits / part of the limits are not utilized by the Borrower, and/ or in case of deterioration in the loan accounts in any manner whatsoever, and/or in case of non-compliance/partial compliance of terms and conditions of sanction The Borrower shall make representations and warranties customary for a Facility of this nature The obligations of the Facility Providers in relation to the drawing will be subject to those representations and warranties remaining true and accurate as at the date of the utilization request and on the first day of each Interest Period Such representations and warranties will include, without limitation, the following: Status and due authorization; Binding obligations; Non-conflict with other obligations; Power and authority to enter into such financing arrangement; Governing Law and enforcement; No misleading information; No default; No breach of any material license; Ownership and right to use intellectual property; Payment of taxes; Financial statements prepared in accordance with Indian GAAP; Latest audited accounts fairly represent the financial condition of the Borrower as at the end
. . . . . . .
PAF-D, 4TH SEM (2010-12)
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of the relevant financial period and there has been no adverse change in the financial condition of the Borrower since that date which would have a Material Adverse Effect Pari-passu ranking of claims of the Senior Lenders; No filing or stamp duties except expressly stated; No material proceedings pending or threatened; No immunity from suit or other legal proceedings; Completeness and accuracy of financial statements No winding up action against the Borrower; No government or regulatory authority or other third party consents required other than those already obtained; Private and commercial acts, no sovereign or other immunity; The Lenders reserves the right to withhold disbursement of the loan at any time if in their opinion, there occurs any event that adversely affects the viability of the project or there has been an Event of Default under any Agreement/MOU/other document executed by the Borrower for the purpose of the Project, including but not limited to the Loan Agreement Lenders may assign/ novate/ transfer part or all of their rights and obligations under Financing Agreements to others However, Lenders shall inform the Borrower of any such assignment/ novation/ transfer
. . .
m) n) o) p) q) r) s) t) to
20.
Right withhold disbursement
21.
22.
Assignment, transfers and sub participations Cost and All costs and expenses (including legal fees) incurred by the Agent, the Security Trustee and Expenses other finance parties and all VAT or similar tax thereon, shall be paid by the Borrower promptly on demand whether or not the Agreement is signed The Borrower shall also be responsible for its own legal costs
. .
23.
Tax Indemnity
24.
25.
All amounts payable to the lenders under the Facility shall not be subject to counterclaim or set-off for, or be otherwise affected by, any claim or dispute relating to any other matter; and shall be made free and clear of (together with such additional amount as may be necessary to ensure that any such payment hereunder does not suffer any reduction on account of) and without deduction for, any and all present or future withholding taxes, including levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto Environment The Company shall, at all times during the currency of the assistance, comply with the Related environmental, health, safety and social (EHSS) requirements specified below: Covenants a) Ensure compliance with provisions of all applicable legislation, and clearances issued there under, and maintenance of documents to be able to demonstrate compliance with the same b) Ensure compliance with all conditions stipulated in the State and Central environmental clearances obtained by the company for the project c) Provide the requisite information and provide access to lenders or a consultant appointed by lenders to carry out a periodic Environment & Social Monitoring and Review (ESMR) of the project The fees of such consultant shall be borne by the Company d) Forward copies of any relevant Internal or consultants reports or annual/ other periodical reports on the environmental and social status and performance of the operations e) Ensure compliance with specified recommendations made by consultants as per ESMR Governing Law The Facility Agreement shall be governed by Indian law The undertakings and other security documents shall be governed by applicable laws as advised by the lenders' legal counsel
. . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 23

Technological Considerations: Following are the existing availability before the company Power Total Power required for the proposed project is approx 63 MW at a PLF of 90 Total Availability requirement after adding the auxiliary requirement @10% works out to be 69 7 MW
. . . .
Water Availability
JBIL has proposed to install 70 MW Captive Power Plant, out of which 40 MW will be using Waste Heat Recovery process and 30 MW will be as Thermal Power Plant Risk Perception Low The company requires 2072million liters of water per day (684 Million Cubic Meters of water per year) The Company proposes to source water from Panchet Dam located at a distance of 7 kms from the plant site The Company has already obtained in principle approval from Damodar Valley Corporation, for supply of 10 30 Million Gallons per day (approx 39 Million Liters per day), which is higher than the requirement for Phase I of the project Cost related to laying of water pipeline has been included in the project cost
. . . . . . . . .
Survey for laying of pipelines has been conducted the pipe line is to be laid partly on the acquired land and partly on the govt land The company is in the process of obtaining approvals from appropriate bodies for right of way for laying the pipeline
. . .
Risk Perception Low
EXISTING MANUFACTURING FACILITES OF JBIL:

UNIT DIVISION Sponge Iron Unit Power Plant CAPACITY 105000 MTPA 1830 MW
.
COD
LOCATION
UNIT-I
UNIT-II
UNITIII UNITIV
April, 2001 Mangalpur Dec 2005 & Industrial Estate, Ranigunge, Jan 2009 Burdwan, West Ferro Alloys Plant 30118 MTPA December, Bengal 2005 Induction Furnace 79200 MTPA December, Gopinathpur, (MS Ingot/ Billet) 2001 Silampur, Durgapur, West Bengal Mini Blast Furnace 428750 MTPA March 2007 & October 2007 Banskopa, Sinter Plant 608256 MTPA Sep2008 Durgapur EAF 433008 MT Feb2009 DI Pipe 240000 MTPA April2010 Sponge Iron Unit Kiln 1 30000 08032004 Banskopa, MTPA 10082004 Durgapur
. . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 24

UNIT DIVISION CAPACITY COD 21092004 27122004
. . . .
LOCATION
Kiln II 30000 MTPA Kiln III 30000 MTPA Kiln IV 30000 MTPA Pig Iron Plant MBF 1 40250 MTPA MBF II 40250 MTPA Coal Beneficiation 216000 MTPA Plant Induction Furnace IF I 44105 (MS Ingot/Billet) MTPA IF II 44105 IF With Slag MTPA Crusher IF III 44105 MTPA IF IV 44105 MTPA 117610 MTPA Re-rolling Mill 120000 MTPA 140000 MTPA Ferro Alloys Power Plant Coke Oven Plant Power Plant Sponge Iron MS Billet 51000 MTPA 25500 MTPA 40 MW 30 MW 350000 MTPA 128 MW 120000 MTPA 100000 MTPA
.
03112003 30032005
. . . .
17012006
. .
14122005 14122005 16012006 March 2006 Nov 2007

. . . . . .
08122003 26022007
. . . .
November, 07 & June , 2009 May, 2007 April2010 Dec2011 Taken Over in Durg 2007-08 Chattisgarh
in
UNIT-V
PROJECT SITE DETAILS:

JBIL has signed a Development Agreement with the Government of West Bengal for setting up the following plants at Raghunathpur, District Purulia, West Bengal, at an investment of Rs16000 crore: d) 500 MTPA Integrated Steel Plant (being developed in phases) e) 300 MTPA Cement Plant f) 1215 MW Power Plant
. . .
Land acquisition:
The company requires 600 Acres of land for the Phase I (the proposed project) It has already acquired 750 acres of land, keeping in view the future expansions as well Land use related
. .
PAF-D, 4TH SEM (2010-12)
Page 25

approvals are already in place Land Development & Boundary wall related work is in progress The Company has adequate experience in implementing projects It already has successfully commissioned manufacturing units at various locations in West Bengal & Chhattisgarh It has an in-house team of professionals which look after implementation of the projects The Company has short listed vendors for supply of the plant & machinery
. . . . . .
Supply of Raw Materials:

Iron ore: The raw material required for the Iron ore Beneficiation plant is 2 Million TPA of low grade iron ore fines of 50-55% grade, also referred as run-of-mine This grade is generated during the Iron ore mining process and is not suitable as a direct feed in the Steel / pig Iron plants due to process limitations Most of the Iron Ore Miners have difficulty in disposing off these low grade fines JBIL is already sourcing different grades of Iron Ores including 50-55% grade for its existing units mainly from Orissa Mining Corporation, Essel Mining & Industries Ltd, Rungta Mines Ltd, Rungta Sons (P) Ltd, Patnaik Minerals Ltd and NDMC It does not foresee any difficulty in procuring the ore from these suppliers The Iron Ore shall be transported to the project site using rail link from the mine sites.
. . . . .
PAF-D, 4TH SEM (2010-12)
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Pellet Plant:
Beneficiated Iron Ore: The entire requirement of approx 124 MTPA of Iron Ore fines shall be met from the proposed Iron Ore Beneficiation plant Bentonite / Lime Stone: Quantity required shall be approx 1400 TPA and is available from nearby sources through suppliers Mode of delivery shall be through road transport Coal Fines: Quantity required shall be approx 42000 TPA The requirement shall be met through the captive Coal Blocks A & B at Jagannathpur, allotted to the company Geological survey Report done by Tata Consulting Engineers have estimated coal reserves of 450 million ton Further steps required to be completed for commencing the coal mining involve Submission / approval of the Mining Plan by Ministry of Coal & MoEF clearances The company expects all the processes to be completed within a time frame of approx 30 months
. . . . . . . . . . . . .
Sponge Iron Unit:
Pellets: Quantity required shall be approx One Million TPA and the entire requirement can be met through the proposed pellet plant Non Coking Coal: Total coal requirement for the project is around 1 1 Million TPA The coal requirement is expected to be met from the coal mines of Jagannthpur A & B Block The coal quality at these blocks is considered superior with an ash content of 30-35% and does not require washing Company is in the process of applying to MOEF for necessary clearance Dolomite: Approx requirement is 33000 TPA Company proposes to procure the requirement from Bhutan based suppliers There are several dolomite mines in Bhutan, trading dolomite mainly to Indian Iron Ore Industry
. . . . . . . . . . .
Electric Arc Furnace:
Sponge Iron: Approx requirement is 0 31 Million TPA and shall be sourced entirely from its own proposed plant Pig Iron/Scrap: Approx requirement is 76000 TPA and is readily available in the open market as number of pig iron plants are operating in the region viz Bokaro, Durgapur, Jamshedpur etc Scrap is also easily available in the open market Delivery mode shall be through road transport Ferro Alloys: Requirement for Ferro Manganese, Ferro Silicon & Aluminum shots is expected to be approx 300 , 660 & 330 TPA respectively Company expects to source the same from the plants located in Durgapur, West Bengal and from its own group companies Power Plant (70 MW): Waste Heat based Power Plant: 40 MW shall be produced using waste heat from DRI Kilns Waste Heat from Each DRI Kiln shall be able to produce 10 MW of power, thus the proposed 4 DRI kilns shall be able to contribute a total of 40 MW of Power
. . . . . . . . . .
Fuel Based Power Plant: 30 MW shall be produced using the fuel based process The process shall be using Coal middlings & fines from the Jagannathpur Coal Blocks & char from the DRI Kiln as raw material
.
OTHER VITAL FACILITIES:

Power Availability:
Total Power required for the proposed project is approx 63 MW at a PLF of 90 Total requirement after adding the auxiliary requirement @10% works out to be 69 7 MWJBIL has
. . .
PAF-D, 4TH SEM (2010-12)
Page 27

proposed to install 70 MW Captive Power Plant, out of which 40 MW will be using Waste Heat Recovery process and 30 MW will be as Thermal Power Plant
.
Water Availability:
The company requires 2072million liters of water per day (6 84 Million Cubic Meters of water per year) The Company proposes to source water from Panchet Dam located at a distance of 7 kms from the plant site The Company has already obtained in principle approval from Damodar Valley Corporation, for supply of 10 30 Million Gallons per day (approx 39 Million Liters per day), which is higher than the requirement for Phase I of the project Cost related to laying of water pipeline has been included in the project cost Survey for laying of pipelines has been conducted the pipe line is to be laid partly on the acquired land and partly on the govt land The company is in the process of obtaining approvals from appropriate bodies for right of way for laying the pipeline
. . . . . . . . . . .
Transportation:
As mentioned before the main two ways of transportation are 1. Rail Link 2. Road transports
USAGE OF RAW MATERIALS:

Iron Ore Fines: At 100% Installed Capacity, approx 75% of the beneficiated Iron ore/Iron ore Fines from the Iron Ore Beneficiation plant will be captive consumption by the Pellet Plant Higher installed capacity shall be used as a cushion towards any unforeseen raw material supply disruptions / used for future capacity expansions Pellet: At 100% Installed capacity, about 80% of the pellet production will be consumed by the proposed Sponge Iron Plant The surplus quantity, if any, will be consumed in the existing unit in Durgapur
. . . . .
Sponge Iron :The Company will use about 46% of Sponge Iron for captive consumption in the proposed Steel melting Shop (EAF); the balance will be transferred to the existing units in West Bengal With available additional Sponge production company also intends to use it during next phase of expansion, in its Special Steel/Billet Manufacturing facilities Special Steel: Company is setting up Electric Arc Furnace which will produce Special Steel The demand of special steel is increasing due to increasing demand of quality steel in Automotive sector, Infrastructure and telecom sector There are very few manufacturers of quality steel in eastern part, hence, company does not foresee any issue in Off take of its output Captive Power Plant: Almost the entire Installed Capacity of 70 MW of captive Power Plant will be consumed by the various modules of the proposed project Surplus if any shall be sold to the grid
. . . . . . .
SOME OF THE IMAGES OF UNDER CONSTRUCTION SITES OF JAI BALAJI INDUSTRIES AND EXISTING PLANTS The Reasons why railway is mostly used by Jai Balaji Industries:
PAF-D, 4TH SEM (2010-12)
Page 28
PAF-D, 4TH SEM (2010-12)
Page 29

a. Environmental and sustainability implications: Complied with for all the existing facilities For the new project, approvals for MOEF / State Pollution Control Board are under process
.
QUALITY CONTROL
Qualitative Parameters Banks Outlook towards the Iron & Steel Industry is as follows: Segment Approved outlook Integrated Steel Plants Moderately Positive Secondary Producers/ Mini Steel Plants) Moderately Negative Steel Intermediaries(Sponge Iron & Pig Iron) Neutral Threshold Level Enhancements New Connection Integrated Steel Plants SB-10 and SB-8 and above above Secondary Producers/ Mini Steel SB-5 and SB-3 and above Plants above Steel Intermediaries(Sponge Iron & SB-8 and SB-6 and above Pig Iron) above Our Comments: The Borrower Rating for the Company is SB 9 (51/100) (based on audited financials of FY 2010) which is below the threshold level of SB-8 In view of the acceptable financial indicators of the company & the project, approval for the deviation is recommended
. .
II) SUPPLEMENTRY FACILITIES

Details of Misc Fixed Assets
.
ARC FURNACE
(Rs Lacs)
.
In Duty, tax, frieght etc 23% 14375

.
Sl No
.
PARTICULARS Electricals 33 KV Switchyard Main Switch Board DG Syn panel 33 KV Transformer 33/0415 V ,3
.
AMOUN T 62500
.
Erection and installation 3% 1875

.
PAF-D, 4TH SEM (2010-12)
Page 30

MVA HT Power Cable LT Power cable Control Cable Lighting Cable LT Busduct Illumination System 4T air conditioner (6 nos ) EPABX System Battery & Battery charger (3 nos ) LT Capacitor Bank Earthing & Lighting protection
. .
Instrumentation & Automation Flow Transmitter Pressure Transmitter Pressure Guage Cable fopr Instrumentation Misc Instrumentation Equipments Digital Indicator PLC system Batching controller
.
21500
.
4945
.
645
.
Water System Pump 150cum per hr Pump for drinking bore well pump cooling tower pump for setting tank piping, valves & fitting supports & Trestles water reservoir fittings Fuel Distribution System
17500
.
4025
.
525
.
4 5
2500
.
575
.
075
.
Chemical laboratory Spectrometer, Metallugical, Micro scope,Sample cutting and polocing machine Mechanical Handling equipments pay loaders ( 4 nos) Dumpers ( 4 nos) Tippers ( 6 nos) Weigh bridge ( 2 lot)
. . .
3500
.
805
.
105
.
15000
.
335
.
45
.
PAF-D, 4TH SEM (2010-12)
Page 31

workshop mechanical equipments Other Misc eqipments
.
7 8
Fire Fighting Eqipments Misc Tools & Tackles

.
2500
.
575
.
075
.
800
.
184
. .
024
.
TOTAL
125800
28834
.
3774
.
II-(A) REPAIR & MAINTENANCE

Other Cost Description Unit % of And hard Cost Rs/ ton Rs/ ton Rs/ ton Rs/ ton Rs/units 201011 201112 201213 201314 201415 201516 201621
Repairs Maintenance Material Handling Beneficiation Plant Pelletization DRI/Sponge Iron EAF SMS CPP Sensitivity
1% 125 125 125 125 125 0% 125 125 125 125 125 0% 125 125 125 125 125 100%
1% 125 125 125 125 125 100%
1% 125 125 125 125 125 100%
2% 125 125 125 125 125 100%
2% 125 125 125 125 125 100%
II-B) -HYDRANT
Water Beneficiation Plant Pelletization DRI/Sponge Iron EAF SMS CPP 2010-11 M3/Ton M3/Ton M3/Ton M3/Ton M3/kwh 06 005 017 010 35
. . . .
2011-12 06 01 017 010 3500

. . . . .
2012-13 06 01 017 010 3500

. . . . .
2013-14 06 01 017 010 3500

. . . . .
2014-15 06 01 017 010 3500

. . . . .
2015-16 06 01 017 010 3500

. . . . .
2016-21 06 01 017 010 3500

. . . . .
Water Requirement:
The company requires 2072million liters of water per day (6 84 Million Cubic Meters of water per year) The Company proposes to source water from Panchet Dam located at a distance of 7 kms from the plant site Company has already obtained in principle approval from Damodar Valley Corporation, for supply of 10 30 Million Gallons per day (approx 39 Million Liters per
. . . . . .
PAF-D, 4TH SEM (2010-12)
Page 32

day), which is higher than the requirement for Phase I of the project Cost related to laying of water pipeline has been included in the project cost Survey for laying of pipelines has been conducted the pipe line is to be laid partly on the acquired land and partly on the govt land The company is in the process of obtaining approvals from appropriate bodies for right of way for laying the pipeline
. . . . .
III) MARKET ARRANGEMENTS

Production and Consumption:
Global crude steel production increased by 25% in the period January July `10 to 82096 million tonnes as compared to the same period last year However, there was a decline in July `10 to 114 million tonnes from 124 million tonnes in April `10, due to marginal decrease in demand which forced the manufacturers to cut down production In India, production of steel rose by 4% from 14 50 million tonnes in June `09 quarter to 15 08 million tonnes in June `10 quarter Consumption rose by 12% from 13 3 million tonnes in June `09 quarter to 14 9 million tonnes in June `10 quarter, with increase in demand from automobile and consumer durables sector Indias net steel imports during Apr-Jun`10 quarter increased to 21 million tonnes, a 1625% increase on y-o-y basis Moreover, 14% of the total forecast consumption of steel would be met by imports by the year 2012
. . . . . . . . . . . . .
Raw material / Consumable Prices:
Iron Ore: The spot price of iron ore in Indian market has stabilized at $150-$152 a tonne and contract prices are $120 a tonne, which is 97% higher than last year However, after ban on iron ore export from Karnataka there has been a decline in domestic iron ore prices by 25% despite rise in international prices Scrap Prices: About 45% of the global non-Chinese steel production is through Electric Arc Furnace (EAF) route, where scrap is the major raw material Lower scrap prices during MayJun`10 provided a cost advantage to Electric Arc Furnace route against the Blast Furnace route The scrap prices have increased from $259 per tonne in Jun`10 to $362 per tonne in Aug`10, which will reduce the disparity in manufacturing cost of the steel manufacturers employing the two different types of furnaces Coking Coal: Chinese demand for coking coal is likely to decline in second half of FY11due to declining steel production and lower steel exports which will put a downward pressure on coking coal prices The prices are expected to be at the level of $230 -$240 per tonne for the FY11 SAIL is planning to invest Rs 1,200 cr to develop two coking coal mines in Jharkhand coal fields to reduce the dependence on imports which will help them check the volatility in pricing Both the mines together are expected to produce 43 million tonnes per annum of coking coal
. . . . . . . . . . .
Steel and Steel Products Prices:
The price of steel products have reduced by 25% on an average since May`10 following the global trend due to weak demand from European markets and also because of reduced construction activity owing to monsoon season However, the domestic steel makers have increased the prices of flat steel by Rs 750-Rs1,500 per tonne from Sept `10, in anticipation of higher demand with increase in construction activity post monsoon season The price post-tax is expected to increase by an average of Rs 2,000 a tonne to about Rs 40,000 per tonne
. . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 33

Current Concerns :
Decline in iron ore exports: India annually exports approximately 100 million tonnes of iron ore, out of which 40 million tonnes is of iron ore having Ferrous (Fe) content greater than 60% China is the major buyer of ore with Fe content between 60%-64% from India, Japan and Korea being the other buyers Chinese Government has advised the local steel mills to restrict the import of iron ore with Fe content of 60% and above, which has led to a decline in iron ore exports by 15% in June `10 quarter to 208 million tonnes from 245 million tonnes in Mar `10 quarter However, it will ensure improved availability of iron ore for domestic manufacturers
. . . . . .
Illegal mining and pilferage of iron ore:
The Government of Karnataka (contributed to 27% of iron ore exports in the last fiscal) has banned export of iron ore from 10 of its ports since August `10, to prevent illegal export of iron ore It has also stopped issuing transport permits for carrying the exportable ore to other states This has led exporters to invoke Force Majeure clause included in commodity contracts to remove liability arising out of unforeseen circumstances that hinder trade Also, the Goa Government has made no objection certificate from the State Department of Mining mandatory for the port authorities to release export vessels Cheap Imports from China: China has dumped over 1 million tonne of structural grade steel in India Structural steel from China is of lower grade and used in infrastructure, engineering and fabrication It is cheaper by 10-15% as compared to Indian steel The demand for Chinese steel has reduced sharply in European markets following the European Debt Crisis, owing to which China is shipping excess quantities of steel to India
. . . . . . . .
Expansion Projects:
JSW Steel will commence commercial production at its newly commissioned 3 2 million tonnes per annum plant at Vijayanagar in Karnataka by February 2011 It also plans to enhance capacity to 32 million tonnes per annum by 2020 through two Greenfield projects in Jharkhand and West Bengal Bhushan Steel is expected to complete final phase of its expansion project at Orissa by March 2011, which will increase its capacity of HR coils by 2 million tonnes with a project cost of Rs 5,200 cr
. . . . .
Outlook:
The construction and infrastructure sectors have been main growth drivers for domestic steel consumption, with a share of 61% during FY10 The Government has proposed investment of Rs 173 trillion on infrastructure in Union Budget 2010-11, which would generate demand for steel sector Rising demand from automotive and capital goods sector is another driver for consumption of steel Passenger cars sales during the first four months of FY11 increased by 29 6% on a y-o-y basis, while the commercial vehicles sales have increased by 64 8% on a y-o-y basis The contract price of iron ore is expected to decline by 10% in second half of FY11 due to lower steel production and higher iron ore production in China The coking coal price is also expected to decline marginally by about 5% with a decline in steel production in China Steel manufacturers are expected to sustain the rise in steel prices as demand in domestic market will be buoyant enough to absorb the increase in steel prices Moreover, the Chinese Government
. . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 34

has withdrawn the 8% export tax rebate from July`10, which will lead to reduction in steel export from China and act as a positive trigger for increase in steel prices in international as well as domestic market
.
Position of the company:

The group has been in the Industry since last 32 years and has evolved itself from a one unit group to multiple units with the synergy of Integrated Steel Plant The company has been successful in increasing its sales even during the previous down cycle (2008-2009) Some of its products are well recognized by its Brand Keeping in view the overall domestic industry scenario and especially with the GoI focus on the infrastructure, the demand for the steel in the mid term is expected to rise significantly and the company is well placed to capitalize on the opportunity
. . . .
III-A MARKETING STRATEGIES

Iron Ore Fines: At 100% Installed Capacity, approx 75% of the beneficiated Iron ore/Iron ore Fines from the Iron Ore Beneficiation plant will be captive consumption by the Pellet Plant Higher installed capacity shall be used as a cushion towards any unforeseen raw material supply disruptions / used for future capacity expansions Pellet: At 100% Installed capacity, about 80% of the pellet production will be consumed by the proposed Sponge Iron Plant The surplus quantity, if any, will be consumed in the existing unit in Durgapur Sponge Iron The Company will use about 46% of Sponge Iron for captive consumption in the proposed Steel melting Shop (EAF) the balance will be transferred to the existing units in West Bengal With available additional Sponge production company also intends to use it during next phase of expansion, in its Special Steel/Billet Manufacturing facilities Special Steel: Company is setting up Electric Arc Furnace which will produce Special Steel The demand of special steel is increasing due to increasing demand of quality steel in automotive sector, Infrastructure and telecom sector There are very few manufacturers of quality steel in eastern part, hence, company does not foresee any issue in Off take of its output Captive Power Plant: Almost the entire Installed Capacity of 70 MW of captive Power will be consumed by the various modules of the proposed project Surplus if any shall be sold to the grid
. . . . . . . . .. . . .
Pollution Control
Ministry of Environment & Forest Clearance: MoEF clearance for the plant site has been received JBIL is in the Process of submission of approval for Coal mining site Coal mining at the identified site is to be underground in nature and shall require minimal disturbance to the land surface As the project COD is slated for Jan 2014, no difficulty is foreseen in receiving approval State Pollution Board Clearance: The company expects the approval from West Bengal State Pollution Board to be in place by March2011 As the MOU with the Govt of West Bengal for setting up the project in place, no difficulty is foreseen in getting the requisite approval Risk Perception Low
. . . . . .
PAF-D, 4TH SEM (2010-12)
Page 35

Construction Planning
Civil Construction Work: Total estimated cost- Rs40170 Cr Plant wise break up of the cost estimates as per the DPR prepared by Mott Macdonald is as under: Amount (Rs in Description Crores) Beneficiation Plant 2590 Pelletisation Plant 8800 Sponge Iron Plant 9540 Steel Melting Shop 3440 Captive Power Plant 7680 Railway Siding 2350 Common Facilities 5780 Total 40170 Facility wise detailed break up is placed at Annexure VIII Plant and Machinery: Total estimated cost Rs86810 Cr Plant wise break up of the cost estimates as per the DPR prepared by Mott Macdonald is as under (Rs/Cr) Description Amt(Rs/Cr) Beneficiation and Pellet Plant 32070 Sponge Iron Plant 20610 Steel Melting Shop and Caster 8310 CPP 20830 Railway Siding and Tippler 2140 Common Facilities 1990 Technical Know How 860 Total 86810 Facility wise detailed break up is placed at Annexure IX Status of Placement of Orders: The Company is likely to award the contract to the vendors once the prices are finalized Electric Installations & Miscellaneous Fixed Assets: Total estimated cost-Rs 30270 Crores: The costs for systems for distribution of electric power, power generation, water, and fuel oil and other fixed assets such as mobile equipment, laboratory, and workshop equipment are covered under this head Break up the cost as per DPR is given below: Description Amt(Rs/Cr) Electrical Installation 3430 Plant Communication System 470 Steel Meting Shop 3170 Pellet Plant 5820 Sponge Iron Plant 11060 CPP 5060 Railway Siding 1260 Total 30270 Facility wise detailed break up is placed at Annexure X
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 36

Preliminary & Pre-operative expenses: Total estimate cost Rs1050 Crores Breakup of Preliminary and Pre-Operative expenses of Rs1050 Cr, as per DPR is provided below:
. . .
Description Amt(Rs/Cr) Establishment Expenses +Salary 400 Miscellaneous Expenses 200 Travelling & Other Exp 150 Finance Expenses- Up front fees 300 TOTAL : 1050 Interest during Construction: Total estimate-Rs17120 Cr In the base case model, Interest during construction (IDC) has been calculated @10 75% based on the construction period of 36 months + one year moratorium followed by a repayment period of 6 years However, as the interest rate proposed for the project (11%) is higher than the interest rate assumed in the base case model (1075%), the project cost may increase by apprx Rs4 Crores on account of IDC As some of the Banks have already accorded sanctions, no change in the project cost is envisaged at this stage This increase in project cost is to be funded entirely by the promoters without recourse to the project assets The promoters are providing cost overrun undertaking for any increase in the project cost (including IDC) over and above the cost assumed as per base model Contingencies: Mott McDonalds, the consultants, expects a reduction in the final price by the technology vendors to be in the range of 10% and has accordingly opined that a 5% contingency shall be adequate to cover for a normal fluctuation in the price Accordingly, a contingency of 5% has been considered and included in the hard cost
. . . . . . . . . . . . . . . . . . .
Cost of Project
Cost of Project Land & Site Development Plant Area & Building Development Cost Plant & Machinery Electric Installations & MFA Total Hard Cost IDC Other Preliminary & Pre- Operative Expenses Margin For Working Capital Total Project Cost Debt Equity Ratio
PAF-D, 4TH SEM (2010-12)
(Rs Cr)
.
644
.
Means of Finance Promoters Contribution Equity Internal Accruals 340 300
(Rs/Cr) 640
4017 8681 3027

. . .
163690* Term Loan

.
1230
1712
.
105 514 1870 192

. . .
1870
Page 37

*Hard cost includes contingencies @5% Particulars Benefici Pelle DRI ation t
.
SMS Pow er
Land & Site Development Shed & Buildings Plant & Machinery Electrical Installations & MFA Allocation of Hard Cost of Infra Cost Total Hard Cost
0 259 0 0
.
0
.
0
.
0
.
Rail way Sidin gs 0

.
Com mon
644
.
Techn ical know how 0 0 86 0

.
Total
644
.
88 954 344 3207 2061 831 582 1106 317

. . . . . .
768 235 2083 214 506 126

. . . .
578 199 39
. .
4017 8681 3027

. . .
259
.
4669 4121 1492 3357 575

. . . . .
1811
.
86
.
1,63 690
.
IDC Other Preliminary & PreOperative Expenses Margin For Working Capital Total Project Cost
0 0
0 0
0 0
0 0
0 0
0 0
1712 105
. .
0 0
1712 105
. .
0 259
.
0
.
0
.
0
.
0
.
0
.
514
.
0 86
.
514
.
4669 4121 1492 3357 575
4142
.
1870
REMARKS ON THE COST OF PROJECT

The project has a hard cost component of Rs 163690 Cr and a soft cost component of Rs 23310 Cr, with the overall cost being Rs 1870 Cr Detail break up of various cost components is provided hereunder: Land and Land Development: Total estimated cost-Rs 6440 Cr The company has already acquired 750 acres as against 600 acres required for the Phase 1 of the project The site development includes boundary wall, leveling, contour mapping and internal roads Detailed break up of the cost estimates is as under: Area in Rate Value(Rs Description Acre /Acre Crores) Land Land at Raghunathpur , Purulia 600 300 lac 1800 Survey, Marking LS 250 Subtotal 2050 SITE DEVELOPMENT EXPENSES Cost of levelling and development of Land 600 500 3000 (600 acres @ 5 lakhs) Approach road to site
. . . . . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 38

20 feet wide concrete approach road will be constructed for 600 Mtr to the site @ 9000/- per running meter Internal Road 18 feet wide concrete Internal Road will be constructed for 10000 Mtr to the site @ 6500/- per running meter Cost of Compound Wall 7000 rm and 8 feet height @ Rs 10000 per rm Cost of Three gate Subtotal Total Civil Construction Work: Total estimated cost- Rs40170 Cr Plant wise break up of the cost estimates is as under: Amount (Rs in Description Crores) Beneficiation Plant 2590 Pelletisation Plant 8800 Sponge Iron Plant 9540 Steel Melting Shop 3440 Captive Power Plant 7680 Railway Siding 2350 Common Facilities 5780 Total 40170
. . . . . . . . . . . . . .
050
.
640
.
700 0 4390 6440

. . .
Plant and Machinery: Total estimated cost Rs86810 Cr Plant wise break up of the cost estimates is as under (in Rs/Cr) Description Amt(Rs/Cr) Beneficiation and Pellet Plant 32070 Sponge Iron Plant 20610 Steel Melting Shop and Caster 8310 CPP 20830 Railway Siding and Tippler 2140 Common Facilities 1990 Technical Know How 860 Total 86810 Status of Placement of Orders: The Company is likely to award the contract to the vendors once the prices are finalized Electric Installations & Miscellaneous Fixed Assets: Total estimated cost-Rs 30270 Crores: The costs for systems for distribution of electric power, power generation, water, and fuel oil and other fixed assets such as mobile equipment, laboratory, and workshop equipment are covered under this head Break up the cost as per DPR is given below: Description Amt(Rs/Cr) Electrical Installation 3430 Plant Communication System 470
. . . . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 39

Steel Meting Shop Pellet Plant Sponge Iron Plant CPP Railway Siding Total 3170 5820 11060 5060 1260 30270
. . . . . . . .
Preliminary & Pre-operative expenses: Total estimate cost Rs1050 Crores Breakup of Preliminary and Pre-Operative expenses of Rs1050 Cr, is provided below: Description Amt(Rs/Cr) Establishment Expenses +Salary 400 Miscellaneous Expenses 200 Travelling & Other Exp 150 Finance Expenses- Up front fees 300 TOTAL : 1050
. . . . . . .
Interest during Construction: Total estimate-Rs17120 Cr In the base case model, Interest during construction (IDC) has been calculated @10 75% based on the construction period of 36 months + one year moratorium followed by a repayment period of 6 years However, as the interest rate proposed for the project (11%) is higher than the interest rate assumed in the base case model (1075%), the project cost may increase by apprx Rs4 Crores on account of IDC As some of the Banks have already accorded sanctions, no change in the project cost is envisaged at this stage This increase in project cost is to be funded entirely by the promoters without recourse to the project assets The promoters are providing cost overrun undertaking for any increase in the project cost over and above the cost assumed as per base model Contingencies: We may expect a reduction in the final price by the technology vendors to be in the range of 10% and have accordingly opined that a 5% contingency shall be adequate to cover for a normal fluctuation in the price Accordingly, a contingency of 5% has been considered and included in the hard cost Margin Money for Working capital: Total estimates at Rs 5140 Cr We have considered the margin money for working capital at 25% of the working capital requirement of the first year of operations The total margin money has been estimated at Rs 5140 Crores Means of Finance The total project cost of Rs 1870 Cr is proposed to be funded at a debt equity ratio of 1:92 Equity: The total promoters contribution is Rs 640 Cr, total promoters margin / contribution being 3422% of the project cost Equity for the project is proposed to be brought in the following manner: Particulars Amount ( Rs/Cr) Promoters Equity 34000 Internal Accruals 30000 Total 64000 As per C A Certificate dated Sept 09, 2010 the Company has already committed Rs 57 84 Cr (Land and Land Development Rs4828 Cr, Plant Area & Building Development - Rs 747 Cr and Preliminary & Pre operating Expenses- Rs 209 Cr) to the project till Aug31, 2010 It has
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 40

advised that as of Nov2010 end, total expenditure incurred on the project stands at around Rs 80 Cr, requisite CA certificate for the same is awaited We have stipulated upfront promoters contribution of 25% i eRs160 Cr prior to first disbursement Stipulation also requires promoters to bring in a minimum of Rs 100 Cr of fresh equity within 3 months of financial closure In view of past track record of the company in raising the equity, it is not expected to face any problem in the required infusion Projected cash accruals, detailed below, indicate availability of reasonable cushion in generating Rs300 Cr required for the Purulia project It had cash accruals of Rs 10110 Cr during FY 2009-10 Details relating to available cash accruals during the project implementation period are as under: Cash Accruals required to Balance available for Requirement in Accruals support existing the new Purulia project Purulia project operations FY2010- 2654 24981 1559 541 11 FY2011- 444 31584 12816 5824 12 FY2012- 5479 30095 24695 13817 13 FY2013- 65247 33972 31275 9819 14 Total 190977 120632 70345 300 Breakup of Accruals required for Existing Operations: 2010-11 2011-12 2012-13 2013-14 Repayment of Term Loan 19981 26584 25095 28972 Other Misc liabilities 50 50 50 50 Accruals required to support existing operation 24981 31584 30095 33972
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt: Total debt requirement is Rs 1230 00 Cr The Company is arranging debt tie-up from the following banks: Name of Bank Amount Interest rate Status of sanction State Bank Base Rate + State Bank of India 27000 Under process 34% pa SBT 10000 Under Process Base Rate(85%) +25% = BOB 15000 Sanctioned on 21102010 11% United Bank of India 10000 1050% Floating Sanctioned on 02112010 Base Rate(8%) Federal Bank 10000 Sanctioned on 01112010 +325%=1125% OBC 15000 IP received Union Bank 15000 Under Process PNB 15000 Under Process Corporation 6000 Under Process Total 123000 Keeping in view the above position, we do not foresee any problem in debt tie up However, we have stipulated Pre-Disbursement Condition of bringing in of 25% of promoters contribution i e
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
PAF-D, 4TH SEM (2010-12)
Page 41

Rs160 Cr and bringing in of minimum of Rs 100 Cr of fresh equity (in addition to contributions from Internal Accruals) within 3 months of financial closure, to ensure tie-up of the equity i Commercial Viability (DSCR Calculations) For the Project: (Rs/Cr) As on 31st March 2014 2015 2016 2017 2018 2019 2020 2021 Cash Availability PAT 271 1858 2459 2988 3051 3160 3293 3423 Depreciation 227 929 929 929 929 929 908 908 Deferred Tax Liability 00 00 00 00 00 00 00 00 Total Cash Accruals 498 2787 3388 3917 3980 4090 4201 4331 Interest on Proposed Project Term Loan 341 1365 1285 1121 910 644 377 105 Total Cash Available 839 4152 4673 5039 4890 4733 4578 4437 Payment Obligation Total Principal Repayment Proposed Project Term Loan 00 200 1400 1600 2400 2400 2400 1900 Interest on Proposed Project Term Loan 341 1365 1285 1121 910 644 377 105 Total Cash Obligation 341 1565 2685 2721 3310 3044 2777 2005 DSCR 246 265 174 185 148 156 165 221 GADSCR 181 Min DSCR 148
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FOR THE COMPANY AS A WHOLE: (Rs/Cr) As on 31st March 2011 2012 2013 2014 2015 Cash Availability PAT 1852 3329 4367
. . . .
2016
2017
2018
2019
2020
2021
5187 7080
. .
7781
.
8364
.
8466
.
8217
.
8350
.
8480
.
Depreciation 802 Deferred Tax Liability 283

.
1111 1111
. .
1338 2040
. .
2040
.
2040
.
2040
.
2040
.
2019
.
2019
.
297
.
193
.
114
.
45
.
(13)
.
(63)
. .
(369)
. .
Total Cash Accruals Interest on Existing Operation Term Loan Interest on Proposed Project Term Loan Total Cash Available
2937 4737 5672

. . .
6638 9166
. .
9808
.
1,034 1,013 1,025 1,036 1,049 1 7 7 9 9
927
.
935
.
894
.
561
.
294
.
157
.
76
.
18
.
0
.
0
.
331
. .
1322
. .
1244
. .
1086
. .
882
. .
624
. .
366
. .
102
. .
3864 5671 6566
7530 1,078 1,121 1,150 1,103 1,088 1,073 1,060

Page 42
PAF-D, 4TH SEM (2010-12)

2 Payment Obligation Total Principal Repayment Existing Term Loan Total Principal Repayment Proposed Term Loan Interest on Existing Operation Term Loan Interest on Proposed Project Term Loan 0 3 6 1 4 1
1998 2658 2509 1 4 5

. . .
2897 1486
. .
860
.
548
.
345
.
2000
.
1400 0
.
1600 0
.
2400 0
.
2400 0
.
2400 0
.
1900 0
.
927
.
935
.
894
.
561
.
294
.
157
.
76
.
18
.
331
. .
1322
. .
1244
.
1086
.
882
.
624
.
366
.
102
.
Total Cash 2925 3592 3403 Obligation 6 9 2 DSCR 132 158 193 GADSCR (During Project Period) Min DSCR (During Project Period)
. . .
3788 3302 5 3 199 326

. .
3661 1 306
. .
3309 6 348
. .
3644 3 303
. .
3023 5 360
. .
2765 5 388
. .
2002 1 530
. .
332
.
199
.
Comments on DSCR (in brief):

Average GDSCR and Minimum DSCR for the project are 1 81 and 148 respectively For the company as a whole, GADSCR and Min DSCR is 3 32 & 199 respectively, being in line with our stipulated benchmarks We are not insisting on reduction in tenor as the company is in expansion mode and would be expanding its capacity in phases j Security Margin: Project Standalone: (Rs Crs) st As on 31 March 2014 2015 2016 2017 2018 2019 2020 2021
. . . . . . . . .
WDV assets
fixed 1,7854 0 12300 TL outstanding 0 Security margin available 55540 % of margin 45% Minimum
. . .
of
1,6945 1,6037 6 3 12100 0 107000

. . . .
1,5129 1,4220 0 7
. .
91000
.
67000
.
48456 40%
.
53373 50%
.
60290 66%
.
75207 112%
.
1,331 24 4300 0 9012 4 210%

. . .
1,24041
.
1,1495 8
.
19000
.
000
.
105041 553%
.
114958 NM
.
PAF-D, 4TH SEM (2010-12)
Page 43

Security Margin 40% Comments on security margin, in brief: Minimum Security margin at 40% is considered satisfactory
.
Break-even Analysis:
Break Even Sales 109041 124332 139932 Variable Cost 55030 63655 71110 Contribution (A) (B) 54011 60676 68822 Fixed Costs 29405 28982 27734 Break Even Point (D) / ( C)*100 54% 48% 40% Fixed Costs excluding 6823 20322 19899 18651 Depreciation Cash Break Even Point (F) / (C 75% 69% 69% 67% )*100 Comment: Considering the projected capacity utilization will start off at 70% during FY2013-14 and will move up to 80% during FY2015-16 and finally to 90% from FY2016-17 onwards Break Even point indicate availability of reasonable safety net Overall position may be considered acceptable Overall viability and acceptability of the proposal: In view of the satisfactory financials of the project, promoters experience and track record in the line of activity, viability of the project, debt servicing ability (Average Gross DSCR of 3 32 for the Company and 1 81 for the Project) and acceptable security pattern of the loan (min security margin 40%), the proposal is considered as a fair and reasonable lending risk JBIL has signed an MOU with the Govt of West Bengal for setting up 5 00 MTPA Integrated Steel Plant, 300 MTPA Cement Plant & 1215 MW Power Plant, to be developed in phases, at an estimated investment of Rs16000 crore In view of the requirement of internal accruals for future expansions, in spite of higher AGDSCR (arrived at without factoring in the future expansions/phases), repayment period has not been reduced Details Relating to Various Assumptions Capacity and Utilisation: 2010201120122013201420152016Description Unit 11 12 13 14 15 16 21 Iron ore Beneficiatio n plant Installed feeding 2,000,0 2,000,0 2,000,0 2,000,0 2,000,0 2,000,0 2,000,0 capacity Ton 00 00 00 00 00 00 00 Installed 1,333,3 1,333,3 1,333,3 1,333,3 1,333,3 1,333,3 1,333,3 capacity 33 33 33 33 33 33 33
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FY201314 24367 14619 9749 9094 93%
FY2014-15
FY2015-16
FY2016-17
PAF-D, 4TH SEM (2010-12)
Page 44

Actual Production Capacity utilization Number of operational days Number of days per yr Pelletization Plant Installed capacity Capacity utilization Number of operational days Number of days per yr DRI Plant Capacity each Kiln No of Kilns Installed capacity Capacity utilization Number of operational days Number of days per yr Production of Dolochar EAF/SMS Installed capacity Capacity utilization Number of operational days Number of days per yr
.
Ton %
0 0%
0 0%
0 0%
216300 65%
865200 65%
988800 74%
111240 0 83%
days
0 330
0 330
0 330
83 330
330 330
330 330
330 330
Ton %
1,200,0 00
1,200,0 00
1,200,0 00 0%
1,200,0 00 70%
1,200,0 00 70%
1,200,0 00 80%
1,200,0 00 90%
days days
0 330
0 330
0 330
83 330
330 330
330 330
330 330
Ton/ day 500 4 Ton % 660000 0%
500 4 660000 0%
500 4 660000 0%
500 4 660000 70%
500 4 660000 70%
500 4 660000 80%
500 4 660000 90%
days days 30%
0 330
0 330
0 330
83 330
330 330
330 330
330 330
Ton %
330000
330000
330000 0%
330000 70%
330000 70%
330000 80%
330000 90%
days days
0 330
0 330
0 330
83 330
330 330
330 330
330 330
Page 45
PAF-D, 4TH SEM (2010-12)

CPP Installed capacity WHRB CFBC Number of days per yr Number of Hours/ day Plant Load Factor Total Units Units generated WHRB Units generated CFBC Auxiliary Cons Units available for sale/ captive cons Capacity utilization Sensitivity Sales Mix Description Iron ore Beneficiatio n plant Captive Consumptio n Pelletization Plant Captive Consumptio n DRI Plant Captive Consumptio
MW MW MW days hours % Million Units Million Units Million Units 12%
70 40 30 0 24 90% 0
70 40 30 0 24 90% 0
70 40 30 0 24 90% 0
70 40 30 83 24 90% 125
70 40 30 330 24 90% 499
70 40 30 330 24 90% 499
70 40 30 330 24 90% 499
71
285
285
285
0 0
0 0
0 0
53 15
214 60
214 60
214 60
Million Units %
0 0% 0% 201011
0 0% 0% 201112
0 0% 100% 201213
110 70% 100% 201314
439 70% 100% 201415
439 80% 100% 201516
439 90% 100% 201621
Unit
100%
100%
100%
100%
100%
100%
100%
0%
0%
0%
89%
88%
88%
88%
0%
0%
0%
52%
47%
47%
47%
Page 46
PAF-D, 4TH SEM (2010-12)

n EAF/SMS Domestic Export Selling Prices Description Beneficiated Iron ore Pellet DRI Dolochar EAF SMS Power Scrap Sensitivity Consumptio n Norm Description Raw Material Beneficiatio n Plant Iron ore fines Pelletization Beneficiated iron ore Bentonite Coal fines DRI/Sponge Iron Pellets Washed Coal Dolomite EAF SMS Sponge Iron Pig Iron/ Scrap Ferro Mgn Unit Rs/ Ton Rs/ Ton Rs/ Ton Rs/ Ton Rs/ Ton Rs/Unit
. . . . . .
100%
100%
100%
100%
100%
100%
100%
201011 1800 5000 16000 50 28000 325

.
201112 1800 5000 16000 50 28000 325

.
201213 1800 5000 16000 50 28000 325

.
201314 1800 5000 16000 50 28000 325

.
201415 1800 5000 16000 50 28000 325

.
201516 1800 5000 16000 50 28000 325

.
201621 1800 5000 16000 50 28000 325

.
0%
0%
100%
100%
100%
100%
100%
Unit
201011
201112
201213
201314
201415
201516
201621
Ton/Ton 15
.
15
.
15
.
15
.
15
.
15
.
15
.
Ton/Ton 103 Ton/Ton 0012 Ton/Ton 004

. . .
103 0012 004

. . .
103 0012 004

. . .
103 0012 004

. . .
103 0012 004

. . .
103 0012 004

. . .
103 0012 004

. . .
Ton/Ton 16
.
16
.
16
.
16
.
16
.
16
.
16
.
Ton/Ton 13 Ton/Ton 005

. .
13 005
. .
13 005
. .
13 005
. .
13 005
. .
13 005
. .
13 005
. .
Ton/Ton 0934
.
0934
.
0934
.
0934
.
0934
.
0934
.
0934
.

. .
023 001
. .
023 001
. .
023 001
. .
023 001
. .
023 001
. .
023 001
. .
PAF-D, 4TH SEM (2010-12)
Page 47

Ferro Silicon Aluminium Shots Spares and Consumable s Beneficiatio n Plant Flocculant( RM) Lubricant Spares Pelletization Fluxes(RM) Lubricant Spares Utilities Water Beneficiatio n Plant Pelletization DRI/Sponge Iron EAF SMS CPP Power Beneficiatio n Plant Pelletization DRI/Sponge Iron EAF SMS Fuel Beneficiatio n Plant Pelletization DRI/Sponge Iron EAF SMS CPP Waste Ton/Ton 0002
.
0002
.
0002
.
0002
.
0002
.
0002
.
0002
.
Ton/Ton 0001
.
0001
.
0001
.
0001
.
0001
.
0001
.
0001
.

. . .
002 01 001
. . .
002 01 001
. . .
002 01 001
. . .
002 01 001
. . .
002 01 001
. . .
002 01 001
. . .

.
1 01 1
.
1 01 1
.
1 01 1
.
1 01 1
.
1 01 1
.
1 01 1
.
M3/Ton M3/Ton M3/Ton M3/Ton M3/kwh Kwh/To n Kwh/To n Kwh/To n Kwh/To n
06 005
. .
06 01
. .
06 01
. .
06 01
. .
06 01
. .
06 01
. .
06 01
. .
017 01 35
. .
017 01 35
. .
017 01 35
. .
017 01 35
. .
017 01 35
. .
017 01 35
. .
017 01 35
. .
25 35 90 800
25 35 90 800
25 35 90 800
25 35 90 800
25 35 90 800
25 35 90 800
25 35 90 800
l/Ton l/Ton l/Ton l/Ton l/Ton
1 15 1 15
1 15 1 15
1 15 1 15
1 15 1 15
1 15 1 15
1 15 1 15
1 15 1 15
PAF-D, 4TH SEM (2010-12)
Page 48

Disposal Beneficiatio n Plant Pelletization DRI/Sponge Iron EAF SMS CPP Captive Power Plant Description GCV of Dolochar GCV of Coal Percentage of Dolochar Station Heat Rate Dolochar for CFBC Coal Required for CFBC Market Purchase of Coal Coal Price Water Price Water Consumptio n Consumable s CFBC Consumable s WHRB Sensitivity Rate per ton Description Raw Unit 201011 201112 201213 201314 201415 201516 201621
Page 49

. .
05 005
. .
05 005
. .
05 005
. .
05 005
. .
05 005
. .
05 005
. .
Ton/Ton 02 Ton/Ton 01 Ton/kw h

. .
02 01
. .
02 01
. .
02 01
. .
02 01
. .
02 01
. .
02 01
. .
Unit Kcal/To n Kcal/ton % Kcal/K whr MT
201011 15
.
201112 2 3 50% 2950 0
201213 2 3 50% 2950 0
201314 2 3 50% 2950 52569
201415 2 3 50% 2950 210276
201516 2 3 50% 2950 210276
201621 2 3 50% 2950 210276
3 50% 2950 0
MT
26285
105138
105138
105138
MT Rs/MT Rs/cu m
. .
0 1500 05
.
0 1500 05
.
0 1500 05
.
26285 1500 05
.
105138 1500 05
.
105138 1500 05
.
105138 1500 05
.
Cum/da y Rs/ Unit Rs/ Unit
625 02
.
625 02
.
625 02
.
625 02
.
625 02
.
625 02
.
625 02
.
0019
.
0019
.
0019
.
0019
.
0019
.
0019
.
0019
.
100%
100%
100%
100%
100%
100%
100%
PAF-D, 4TH SEM (2010-12)

Material Beneficiatio n Plant Iron ore fines Pelletization Beneficiated iron ore Market Beneficiated iron ore transfer Bentonite Coal fines DRI/Sponge Iron Pellets Washed Coal Dolomite EAF SMS Sponge Iron Pig Iron/ Scrap Ferro Mgn Ferro Silicon Aluminium Shots Spares and Consumable s Beneficiatio n Plant Flocculant( RM) Lubricant Spares Pelletization Fluxes(RM) Lubricant Spares DRI/Sponge Iron
Rs/ Ton
.
1000
1000
1000
1000
1000
1000
1000
Rs/ Ton
.
3000
3000
3000
3000
3000
3000
3000
Rs/ Ton Rs/ Ton Rs/ Ton

. . .
0 3500 800
0 3500 800
0 3500 800
1745 3500 800
1745 3500 800
1745 3500 800
1745 3500 800
Rs/Ton Rs/Ton Rs/Ton Rs/Ton Rs/Ton Rs/Ton Rs/Ton Rs/Ton
0 2200 1500 0 18000 50000 55000 100000
0 2200 1500 0 18000 50000 55000 100000
0 2200 1500 0 18000 50000 55000 100000
2743 2200 1500 7641 18000 50000 55000 100000
2743 2200 1500 7641 18000 50000 55000 100000
2743 2200 1500 7641 18000 50000 55000 100000
2743 2200 1500 7641 18000 50000 55000 100000

. . .
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100
1500 100 100 50 50 100 100

Page 50

. . .
Rs/Ton
PAF-D, 4TH SEM (2010-12)

EAF SMS CPP Utilities Water Power Fuel (light diesel) Waste Disposal Beneficiatio n Plant Pelletization DRI/Sponge Iron EAF SMS Sensitivity Other Cost Description Unit % of Repairs And hard Maintenance Cost Material Handling Beneficiatio n Plant Rs/ ton Pelletization Rs/ ton DRI/Sponge Iron Rs/ ton EAF SMS Rs/ ton CPP Rs/units Sensitivity Fixed Cost Description Administrati ve Expenses Selling and Distribution Expenses Miscellaneo Unit % of NS 201011 100%
.
Rs/Ton Rs/Ton Rs/M3 Rs/Kwh

. .
100 100 3 0 38
100 100 3 0 38
100 100 3 0 38
100 100 3 058

.
100 100 3 058

.
100 100 3 058

.
100 100 3 058

.
Rs/L
.
38
38
38
38
Rs/ ton Rs/ ton Rs/ ton Rs/ ton
50 20 10 10 0%
50 20 10 10 0%
50 20 10 10 100%
50 20 10 10 100%
50 20 10 10 100%
50 20 10 10 100%
50 20 10 10 100%
201011
201112
201213
201314
201415
201516
201621
1%
1%
1%
2%
2%
125 125 125 125 125 0%
125 125 125 125 125 0%
125 125 125 125 125 100%
125 125 125 125 125 100%
125 125 125 125 125 100%
125 125 125 125 125 100%
125 125 125 125 125 100%
201112 100%
.
201213 100%
.
201314 100%
.
201415 100%
.
201516 100%
.
201621 100%
.
% of NS % of NS
100% 050%
. .
100% 050%
. .
100% 050%
. .
100% 050%
. .
100% 050%
. .
100% 050%
. .
100% 050%
. .
PAF-D, 4TH SEM (2010-12)
Page 51

us Expenses
Description Debt-Equity Ratio Cost of Equity Cost of Debt Cost of Working Capital Income Tax Rate MAT Post Tax Cost of Capital VAT Exchange Rate for 1 US$ Project implementat ion (yr) Repayment moratorium( yr) Repayment period ( yr)
192
.
1100% 1110%
. .
1100%
.
3399% 2030%
. .
858% 400%
. .
46
1 6
PAF-D, 4TH SEM (2010-12)
Page 52

: For Company as a whole (Rs Crores)
.
Statement Of Profitability
Particulars As on March 31st
in
2007 -08 (Au d)

.
2008 -09 (Au d)
2009 -10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Au -11 -12 -13 -14 -15 -16 -17 -18 -19 -20 -21 di) 2696 59 323 02 2,37 357 105 2,38 407
. . . . .
Gross Sales Less : Excise duty & VAT Net Sales Other Income Total Variable Cost Raw Materials Consumed - Imported - Indigenous Consumable Stores Power & Fuel Salary & Wages
PAF-D, 4TH SEM (2010-12)
1494 2042 1864 37 4 1666 128 1723 6 47 1322 1,69 1,91 07 734 394 5652 2842 259 1378 1,72 1,93 59 575 983
. . . . . . . . . . . . . . .
3693 28 442 41 3,25 087 155 3,26 637

. . . . .
3796 22 454 74 3,34 148 155 3,35 698

. . . . .
4152 82 468 27 3,68 455 155 3,70 005

. . . . .
5039 37 473 04 4,56 634 155 4,58 184

. . . . .
5193 79 473 22 4,72 057 155 4,73 607

. . . . .
5349 8 473 22 4,87 658 155 4,89 208

. . . . .
5354 03 473 22 4,88 081 155 4,89 631

. . . . .
5354 13 473 22 4,88 091 155 4,89 641

. . . . .
5354 13 473 22 4,88 091 155 4,89 641

. . . . .
5354 13 473 22 4,88 091 155 4,89 641

. . . . .
9333 1216 1270 1504 1846 8 29 26 44 02 328 240 0 0 0 77 72 9333 1216 1270 1175 1605 8 29 26 66 3 125 180 222 4369 6188 44 56 54 1050 146 145 169 728 4 03 48 28 1776 3021 443 458 533
. . . . . . . . . . . . . . . . . . . . . . . . .
1764 52 178 6 1585 92 239 41 176 36 561

. . . . . .
1901 06 214 61 1686 45 253 16 198 04 854

. . . . . .
2202 33 226 62 1975 71 273 4 260 03 952

. . . . . .
2257 13 226 62 2030 51 276 76 271 77 952

. . . . . .
2311 93 226 62 2085 31 280 12 283 5 952

. . . . . .
2311 93 226 62 2085 31 280 12 283 5 952

. . . . . .
2311 93 226 62 2085 31 280 12 283 5 952

. . . . . .
2311 93 226 62 2085 31 280 12 283 5 952

. . . . . .
2311 93 226 62 2085 31 280 12 283 5 952

. . . . . .
Page 53

2 Repair & Maintenance Charges 705 3047 5686 (incl other mfg exps) 7 692 Depreciation 4335 508 9 1,14 1,52 1,72 145 108 591
. . . . . . . . . .
9 656 8 801 7 2,02 221

. . .
Add : Opening Stock of WIP Less : Closing Stock of WIP Cost of Production
0 104
.
104
.
848
.
399
.
848
.
399
.
1,73 040 Add : Opening Stock of 669 3859 9606 Finished Goods 5 Less : Closing Stock of Finished 881 9331 7503 Goods 7 1,08 1,53 1,70 Cost of Sales 569 467 918 1910 230 Gross Profit 2929 8 65 Less: Selling General & Administrative Exp 197 General & Administrative Exp 2528 3069 3 189 Selling Expenses 2031 2311 9 Profit before Interest but after 2473 1372 191 Dep 1 8 93 Less: Interest 817 On Term Loan 8895 6948 6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,14 041
1,51 364
740 3 1,95 217 881 7 171 94 1,86 840 515 66

. . . . . .
6 791 8 111 1 2,48 147 740 3 959 9 2,45 951 171 94 203 89 2,42 756 838 81
. . . . . . . . . .
856 9 111 1 2,43 318 959 9 995 7 2,42 960 203 89 201 72 2,43 177 925 21
. . . . . . . . . .
2 109 75 133 81 2,68 123 995 7 106 87 2,67 394 201 72 223 79 2,65 187 1,04 818
. . . . . . . . . .
139 38 201 93 3,17 227 106 87 107 5 3,17 163 223 79 223 79 3,17 163 1,41 020
. . . . . . . . . .
156 5 201 93 3,25 928 107 5 108 27 3,25 851 223 79 226 94 3,25 536 1,48 071
. . . . . . . . . .
161 93 201 93 3,33 461 108 27 109 04 3,33 384 226 94 230 09 3,33 068 1,56 140
. . . . . . . . . .
161 95 201 93 3,33 463 109 04 109 04 3,33 463 230 09 230 09 3,33 463 1,56 168
. . . . . . . . . .
161 95 201 93 3,33 463 109 04 109 04 3,33 463 230 09 230 09 3,33 463 1,56 178
. . . . . . . . . .
161 95 201 93 3,33 463 109 04 109 04 3,33 463 230 09 230 09 3,33 463 1,56 178
. . . . . . . . . .
161 95 201 93 3,33 463 109 04 109 04 3,33 463 230 09 230 09 3,33 463 1,56 178
. . . . . . . . . .
364
.
269 7 452 29
. .
498 6 369 3 752 02

. . .
512 5 379 6
. .
836 893 7
.
552 1 415 3 951 44

. . .
642 1 503 9 1,29 560

. . .
657 6 519 3 1,36 302

. . .
673 2 534 9 1,44 059

. . .
673 6 535 3 1,44 079

. . .
673 6 535 3 1,44 088

. . .
673 6 535 3 1,44 088

. . .
673 6 535 3 1,44 088

. . .
927 4
.
934 5
.
902 1
.
165 91
144 19
119 7
928
.
643 8
.
377 4
.
105 5
.
PAF-D, 4TH SEM (2010-12)
Page 54

On Working Capital & Others On Unsecured Loan and Others 555 7 559 428 538 1101 1305 142 6 7 71 1371 492 671 5 2 1562 5681
. . . . . . . . . . .
Balance
771 6 504 174 95 277 34

. . . .
917 9 001 185 25 566 77

. . . .
926 2 0 181 99 654 01

.
911 4 0 181 35 770 09

. . .
995
.
0 265 41 1,03 019

. .
989 5 0 243 14 1,11 988

. . .
989 5 0 218 65 1,22 194

. . .
989 5 0 191 76 1,24 903

. . .
989 5 0 163 33 1,27 755

. . .
989 5 0 136 69 1,30 419

. . .
989 5 0 109 5 1,33 139

. . .
Add: Other Non Operating 0 Income Less: Preliminary Expenditure 095 W/o
.
0 0
.
0 0 492 2
.
0 0 277 34
. .
0 0 566 77 204 2
. .
0 0 654 01 197 92
. .
0 0 770 09 240 07
. .
0 209
.
0 209
.
0 209
.
0 209
.
0 209
.
0 0 1,30 419
.
0 0 1,33 139
.
Profit Before Taxation Income tax provision Current Deferred Liability/(Asset) Profit After Taxation Dividend Tax on Dividend Balance carried Balance sheet
1362 671
.
1,02 809
.
1,11 779
.
1,21 984
.
1,24 694
.
1,27 545
.
935
.
162
.
001
.
638 5 282 8
.
315 55
.
341 -131
.
389 73
.
797
. .
381
.
174 2
.
297 332 86 406

. .
193 4 436 75 813

. .
113 6 518 66 813

. .
453 708 02 813

. .
-632 836 43 813

. .
1188 129 8 471 222

. . .
317 9 255
. .
185 21 369
. .
778 1 813
. .
437 29 369 1 846 56 813

. . . .
453 73 0
469 24 0
483 41 0
821 72 813
. .
834 95 813
. .
847 98 813
. .
forward
to 1141 -093 7
. .
292 4
.
181 52
328 8
428 62 201516 6,400 3,400
510 54
699 89
769 98
828 3 201819 6,400 3,400
838 43
813 59
826 82
839 85 202122 6,400 3,400
Balance SheetProject Shareholders Fund Capital Fresh Infusion
201011 116 62
201112 1,358 721
201213 4,305 2,287
201314 6,400 3,400
201415 6,400 3,400
201617 6,400 3,400
201718 6,400 3,400
201920 6,400 3,400
202021 6,400 3,400
PAF-D, 4TH SEM (2010-12)
Page 55

Internal Accruals Reserve and Capital Total Loan Funds Secured Loan Term Loan WC Loan Unsecured Loans Other Loans Total Total Sources Fixed Assets Gross Block Less: Cumulative Depreciation Investment for future expansion Current Assets, Loans and Advances Inventories Debtors Cash 54 116 223 223 223 338 328 328 636 1,358 2,610 2,610 2,610 3,968 3,905 3,905 2,018 4,305 8,275 8,275 3,000 271 6,671 3,000 2,129 8,529 3,000 4,588 3,000 7,576 3,000 10,627 17,027 8,150 6,700 1,450 8,150 25,177 14,221 18,081 3,860 11,052 928 1,914 8,210 3,000 13,787 20,187 5,750 4,300 1,450 5,750 25,937 13,312 18,081 4,769 12,741 928 1,914 9,899 3,000 17,080 23,480 3,350 1,900 1,450 3,350 26,830 12,404 18,081 5,677 14,542 928 1,914 11,700 3,000 20,503 26,903 1,450 1,450 1,450 28,353 11,496 18,081 6,585 16,974 928 1,914 14,132 3,000 23,953 30,353 1,450 1,450 1,450 31,803 10,587 18,081 7,494 21,332 928 1,914 18,490
Page 56
10,988 13,976
13,750 13,550 12,150 10,550 12,300 12,100 10,700 9,100 1,450 1,450 1,450 1,450 -
8,275 13,750 13,550 12,150 10,550 12,580 20,421 22,079 23,138 24,526 12,486 17,854 16,946 16,037 15,129 12,486 18,081 18,081 18,081 18,081 227 2,554 727 1,329 498 1,135 5,141 727 1,487 2,927 2,044 7,142 827 1,695 4,619 2,952 9,472 928 1,908 6,636
PAF-D, 4TH SEM (2010-12)

Less: Liabilities Creditors Provisions Net Current Assets Miscellaneous Expenditure Total Uses Current 10 338 63 3,968 94 92 92 2,462 105 92 92 5,049 84 104 104 7,038 63 116 116 9,355 42 116 116 10,935 21 25,177 116 116 12,625 25,937 116 116 14,426 26,830 116 116 16,857 28,353 116 116 21,216 31,803
12,580 20,421 22,079 23,138 24,526
Cash FlowProject
Description Sources of Fund PAT Depreciation Equity Investment Internal Accruals Increase in Term loans Expenses written off Increase in working capital loan Total Sources Uses of Fund 201011 201112 201213 201314 201415 201516 201617 201718 201819
Annexure-VII 2019- 202020 21
202122 3450 3 9083 000 000

. . . .
000 000 616 541

. . . .
000 000 6599 5824

. . . .
000 000 15656 13817

. . . . .
2711 2271 11126 9819

. . . . .
18578 9083 000 000

. . . .
24592 9083 000 000

. . . .
29882 9083 000 000

. . . .
30508 9083 000 000

. . . .
31604 9083 000 000

. . . .
32927 9083 000 000

. . . .
34229 9083 000 000

. . . .
2227 000
. .
23875 000
. .
56644 40254 000 000

. .
000 209
. .
000 209
. .
000 209
. .
000 209
. .
000 209
. .
000 000
. .
000 000
. .
000 000
. .
000
.
000
.
000
. .
14502
. .
000
.
000
.
000
.
000
.
000
.
000
.
000
.
3384
.
36298
.
86117 80683
27870
.
33884
.
39175
.
39800
.
40896
.
42010
.
43313
.
000 4358 6
. .
PAF-D, 4TH SEM (2010-12)
Page 57

Increase in Gross Fixed Assets Increase in Working Capital Investment for future expansion Increase in Other Assets Repayment of loans Total Uses Net Cash Flow Opening Balance Closing Balance 3279
.
35774
.
85803 55955
. .
000
.
000
.
000
.
000
.
000
.
000
.
000
.
000
.
000
.
000
.
000
.
19642
.
1578
.
2967
.
3009
.
058
.
001
.
000
.
000
.
000
.
000
.
000
.
000
. .
000
. .
000
.
000
.
000
.
000
.
000
.
000
.
000
.
000
.
105 000 3384

. . .
524 000 36298

. . .
314 105 000 000 86117 75701

. . . .
000 2000 3578

. . .
000 14000 16967

. . .
000 16000 19009

. . .
000 24000 24058

. . .
000 24000 24001

. . .
000 24000 24000

. . .
000 19000 19000

. . .
000
.
000
.
000
.
4982
.
24292
.
16917
.
20166
.
15743
.
16895
.
18010
.
000
.
000
.
000
.
000
.
4982
.
29274
.
46191
.
66357
.
82099
.
000
.
000
.
000
.
4982
.
29274
.
46191
.
66357
.
82099
.
98994
.
98994 11700 4
. .
24313 11700 4 14131 7

. . .
000 000 000 4358 6 1413 17 1849 02

. . . . . .
Civil and Building-Railway Sliding

S N A
.
DESCRIPTION
UNIT QTY
RATE
AMOUNT (Rs)
.
Earth Work: Stripping of the entire area to a depth of 75 mm and remove them within a Sq M distance of 1 km as directed by engineer-in-charges
. .
7500000
.
11
81000000
.
Earthwork in filling with selected earth for embankment at all depths from the area to be indicated by the client within 2 km beyond plant boundary limit, CuM measured outside, perpendicular to boundary, free from all organic, vegetations and foreign matters
.
7500000
.
127
954000000
.
PAF-D, 4TH SEM (2010-12)
Page 58

Earthwork in cutting for the alignment of railway tracks to the required level and forming the embankment with those earth in layer by layer (each layer will not CuM be more than 200 mm after 98% compaction) to the required heights (Payment will be made based
.
11250000 127
.
1431000000
.
Earthwork in cutting of any type of soil on the allignment of railway track and removed the soil/soft soil and dumped in an area to be indicated by the engineer CuM within 2 km (Payment will be made based on cutting quantities)
.
500000
.
120
60000000
.
Cutting of hard rock with chisel to the required depth and removed the same in an area, within 2 km to be indicated by the engineer with all labours, tools and CuM plant complete (Payment will be made based on cutting quantities)
. .
2500
.
534
1335000
.
Earthwork in excavation for foundation in all sorts of soil (including mixed soil) to the required depth but including removing, spreading or stacking the soils CuM within alead of 75 meters as directed by the engineer The item included necessary protective
. .
55000
.
157
8646000
.
B 1
Earthwork in filling in foundation or plinth with good earth obtained from the excavation of foundation or from borrow pit within the lead of 500 meters, CuM layers not exceeding 200 mm including watering ramming consolidation etc layer by layer complete Sub Total Concrete - Plain, Reinforced Taking delivery of cement from the store and casting of cement concrete (1:3:6) with 40 mm down graded, screened and washed stone ballast excluding CuM shuttering to floor, foundation, ramp, plinth, steps etc including curing of all laboures materials plants
. . . . .
8000
.
234
1872000
.
25378530
2500
.
2562
6405000
.
PAF-D, 4TH SEM (2010-12)
Page 59

Taking delivery of cement from the stores & casting of controlled cement concrete grade M20 mix with well graded stone chips (20 mm grade) excluding CuM shuttering and reinforcement for box drain, manhole, buildings etc with complete design of concrete as per
. .
6250
.
2670
16687500
.
Taking delivery of cement from the stores & casting of controlled cement concrete grade M25 mix with well graded stone chips (20 mm grade) excluding CuM shuttering and reinforcement for box drain, manhole, buildings etc with complete design of concrete as per
. .
62500
.
2670
166875000
.
Taking delivery of cement from the store and casting of controlled cement concrete graded M30 mix with well graded stone chips (20 mm grade) excluding CuM shuttering and reinforcement, with complete design of concrete as per ISI - 456 and relevant special pub
.
1250
.
3000
3750000
.
Taking delivery of cement from the stores and casting of 30 mm thick damp course (1:11/2:3) with 6 mm down screened and washed stone chips including Sq M necessary shuttering as required, double chequered with admixture of approved water proofing compound conf Extra for water proofing compound of approved brand in specified proportion in Kg cement, concrete, brick work, sand, cement plaster etc Taking delivery of cement from the stores and casting of supplying precast and precured RC slab (M20) to drain cover, level crossing etc with 12 mm and down CuM screened and washed stone chips top finished smooth in one operation including necessary reinfo
. . . . . .
2000
.
192
384000
.
1000
.
320
320400
.
2500
.
4272
10680000
.
Taking delivery of cement from the stores and casting, fitting and fixing in position to all floor precast and precured ornamental 50 mm thick RCC jalies in Sq M cement concrete (1:2:4) with stone chips (6 mm down grades, screened and washed with necessary mo
.
500
.
373
186600
.
Hire and labour charges for providing stout props and centering and shuttering (including staging) with hard wood planks of approved thickness with required Sq M bracing for concrete slabs, beams, columns, lintels curbed or straight grid roof, folded plate etc
.
370000
.
182
67488000
.
PAF-D, 4TH SEM (2010-12)
Page 60

C 1 Sub Total Railway Track: Taking delivery 52 kg/m rails, PSC sleepers for 60 kg/m rail including all fittings and fixtures from SRBSL stores laying in straight track within 1 km with M M+4 sleeper density over 250 mm thick ballast a thorough packing fixing of fittings and fixture co Taking delivery of 52 Kg/m rails PSC sleepers from SRBSL stores including all fittings and fixtures, and laying the curved track without check rail with M+4 M sleeper density over 250mm thick ballast, thorough packing, complete in all respect including la Taking delivery of 52 Kg/m rails PSC sleepers from SRBSL stores including all fittings and fixtures, and laying the curved track with check rail with M+4 M sleeper density over 250mm thick ballast, thorough packing complete in all respect including labour Taking delivery of 1 in 81/2 BG points & crossing with CMS crossing with 52 kg rails including conc sleepers for type layout to drg No - RDSO/T- 4865 from SRBSL's stores laying the same incl ballast complete in all respect incl leading and following Straight switches Set Curved switches Set Making excavation, putting mud mat and thereafter complete RCC (M20) buffer stop, taking delivery of ordinary cement from the store, as per drawing no CuM BARSYL/KOL/SRBSL - 05 embedded in RCconcrete curing for 14 days, keeping (8) eight bolts while castin
. . . . . . . . .
272776500
.
937500
.
534
500625000
.
87500
.
646
56490000
.
87500
.
1818
159075000
.
4 a b 5
1500 1500
. .
85476 85476 4272
128214000 128214000
. .
5000
.
21360000
.
Excavating, making cast-in-situ PCC (M10) Fouling block as per drawing and over that ones precast PCC block with proper casting to be painted white over Nos which the word "FM" to be written in black, complete in all respect as per drawing no BARSYL/KOL/SRBS Supplying & laying sand to make it smooth level for the bed of precast PCC CuM block
. . . .
2500
.
4272
10680000
.
625
.
427
267000
.
PAF-D, 4TH SEM (2010-12)
Page 61

Taking delivery of 52 kg/m rails, check rail PSC sleepers(60 kg/m rail) fitting & fixures from SRBSL's store and laying the track for Level Crossing with check M rails in both side of the running rail ; including the cutting of check rail to desired shape Supplying, stacking and spreading in plant yard 50 mm thick stone ballast, machine broken, clean, hard angular and durable under railway track/points & CuM crossing with the contactors tools, plant & machineries all leade and lift etc complete as per specifi For each Supplying & fixing fish plate for 52 kg/ m rail with fish bolts nuts etc rail joint For Welding of joints with Alumino Thermic welding for 52kg/ m rail by SKB each welding as per specification rail joint
. . . .
8750
.
1818
15907500
.
1500000
.
1020
1530000000
.
10
37500
.
1440
54000000
.
11
37500
.
2556
95850000
.
27006825 D 1 2 MISC: Supply and laying moorun on top of formation with compaction as per drawing with all materials, labour & tools complete Supplying & making boulder pitching at the slopes of earthwork of 250 mm in size on minimum side, the gap to be filled with some small stones, proper packing with all materials, tool & plant complete Making the side slopes of earthwork suitable for laying of grass in 200 mm x 200 mm size so that work can be completed as turfing all materials plant & labour complete Road Work Box cutting of ground including consolidation of the excavated soil Supply , laying of morum in layer by layer of thickness not exceeding 200mm in loose depth
. . . .
CuM
.
3750000
.
426 312
1597500000
.
Sq M
.
1250000
.
390000000
.
3 5 a b
Sq M
.
250000
.
11
2700000
.
CuM
.
600000
.
162 426
97200000
.
CuM
.
750000
.
319500000
.
PAF-D, 4TH SEM (2010-12)
Page 62

c i ii d e 6 E Provding & laying WBM 90 to 65 mm size 65 to 40 mm size Provding & laying stone slad for road edging(size 350X750X75 thick) Supply & laying of RCC hume pipe (NP3) of dia (0 90m) under road including excavation, laying, backfilling, compaction, concreting etc complete ( except concrete, all payment is to be included in this rate) Supply & providing 500mm dia RC pipe (WP2) as weep hole to cut to required size Sub Total SUPERVISION AND CO-ORDINATION
. . .
CuM CuM RM
. . . .
200000 150000 500000

. . .
1602 1602 108 3204 107
320400000 240300000 54000000

. . .
RM
.
4500
.
14418000
.
25000
.
2670000
.
30386880
Setting out the alignment of the siding and approach track, culverts etc using total station carrying out detailed block level survey of the entire formation area 100 of the approach track and the siding yard taking spot levels at 5m x 5m grid Plotting gro
.
250
.
600000
150000000
.
LOT Preparation of all detailed drawings/working drawings required for execution of jobs such minor bridge, crossings, permanent way with ballast points and 200 crossings (1 in 12 & 1 in 85) level crossing etc and obtaining initial and final Approval of Railway
. . .
250
.
600000
150000000
.
LOT 250
.
Liaisoning with Railways for trial run and obtaining of fitness certificate from Railways and Commissioning of the facility with Railway approval and 300 preparation & submission of as-built drawings Job including arrangement of railway inspection and Loco/ LOT Sub Total Civil for Tippler F Reinforcement Steel MT a Cement MT b Contractors Cost(Excav & Bar Bending & Shuttering) c * PCC (M10/M15) CuM
. . .
1800000 450000000
.
7500000 112000 600000

. .
3200000 3584000000 600000 3600000000

. . . .
50000
.
320000
.
160000000
.
PAF-D, 4TH SEM (2010-12)
Page 63

* RCC (M20/M25) Sub-Total GTotal Contingency Grand Total
.
CuM
1400000
.
410000
.
5740000000 13084000000 223840000 11192000 235032

. . .
DETAILS OF BUILDINGS
COMMON AREA S N Particulars
. .
Rs lacs
.
in
Type
Area
1 2 3 4 5 6 7 8 9
Weighbridge Goomties 50 Furnished Storied) Canteen Administrative Building (2 2,500 1,125 Ablution Block 875 Central Store General Workshop Reservoir Offices Laboratory Brick Wall with Structural Roof 2,500 Structural Shed 900 RCC 25,000 Brick Building with RC roof 1,500 Brick Building with RC
. . . . . . .
Unit of Rate Measureme nt Sq Mt 6,000 Sq Mt 11,000 Sq Mt 6,000 Sq Mt 6,000 Cu M 6,000 MT 50,000 Cu M 1,450 Cu M 6,000 Sq Mt
. . . . . . . . . .
Value
3 275 675
.
525
.
150 450 3625

.
90 30
Page 64
PAF-D, 4TH SEM (2010-12)

10 11 Inter Plant Flooring/Platform 12 13 14 Structure for Working Platforms Emergency Staff & labour Quarter Rehabilitation and community development Cost of Rehabilitation site Development of site Infrastructure Roads Water Supply Sanitation Power Network Community Buildings Community House Primary School Primary Health Center Residential Houses Reallocation Ad-hoc Grant 3500 RCC Steel Structure
. .
Pump House
roof 500 Brick Building with RC roof 750

. .
6,000 Sq Mt
. .
6,000 Cu M 6,500 MT Sq Mt
.
45 14625
.
2250 225
50,000
.
1125
.
Brick Building with RC roof 3,600
6,000
216
Add : Contingencies
5% Total
550025 275012 5 577526 25

. . .
PAF-D, 4TH SEM (2010-12)
Page 65
DETAILS OF PLANT & MACHINERY

BENEFICIATION & PELLET The details are as under : SN Particulars
. .
Annexure-IX (Rsin Lacs) Amount

.
Qty
Rate
BENEFICIATION PLANT ( 24 Million ton plant) 1 Hopper 2 Feed Conveyors 3 ProGrade (Dry screen) 4 Eco Hopper 5 Cone Crusher 6 Transfer Conveyors 7 ProGrade (RinsingScreen) 8 Rod Mill 9 Hydrocyclones 10 Rougher Spiral 11 Cleaner Spiral 12 Scavenger Spiral 13 Hydrocyclones Bank 1(10 Hydrocyclones) 14 Magnetic Separator LIMS 15 Magnetic Separator WHIMS 16 Sump & Pumps 17 Hydrocyclones Bank 2 (16 Hydrocyclones) 18 Secondary Ball Mill 19 FlocStation 20 Container 21 Concentrate AquaCycle
.
2 8 4 2 2 4 2 2 4 2 2 2 20 2 4 20 32 2 6 4 4
Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos Nos
1000000
.
PAF-D, 4TH SEM (2010-12)
Page 66

22 23 24 25 26 27 28 29 30 Concentrate Discharge Pump Tailings AquaCycle Tailings Discharge Pump AquaStore Pump Ground Sump Pump Filter press with accessories Buffer Tank with 2 Agitators for Press All electricals PLC Control Panel with enclosure 4 2 2 6 8 2 2 2 2 Nos Nos Nos Nos Nos Nos Nos
Electricals & Misc Fixed Assets for Benification Plant Cranes Hoists All Internal Pipe-work HT/LT Electrical Supply to Control Panel Water Supply to water tank Tailings disposal from thickener / filter press 4 3 Set 7500 4400
. .
30000 13200
. .
7500
.
15000
.
16500 6500 1000

. . .
16500 6500 1000

. . .
TOTAL : Plant & Machiney Continued Sl Particulars No

. .
1082200
.
Amount
Balance B/f PELLET PLANT ( 12 Mn tons)

.
1082200
.
1580000
.
PAF-D, 4TH SEM (2010-12)
Page 67

1 (a) (b) (d) (e) (f) 2 (a) (b) (d) (e) (f) (g) (h) (i) 3 (a) (b) (d) (e) (f) 4 (a) (b) (d) Proportioning Room Vibrator for Hopper Disc feeder Electronic Weigh Belt Belt Conveyor Roller Crusher Hoist 10 T,7 T, 5T Material Mixing System Mixer Ball for Coal grinding Ball Mill for Ore grinding Coal fired hot air generator Co-current rotary drum dryer Mixer blender Temperature Multicyclone Weigh feeder & Bentonite type wheel feeder Crane 20 T -2 Nos Balling System Disc Assembly Disc pelletizer Swing belt conveyor Frame & Structure Driver Assembly Lubrication Assembly Distribution & Screening System Oversize roller screen Undersize rollrer screen Wide belt conveyor Roller Crusher
Page 68
PAF-D, 4TH SEM (2010-12)

5 (a) (b) (d) (e) (f) (g) (h) (i) Grate furnace System Travelling System & drive system aseembly Spade for pre-heating material Hopper & Chimney Wind Box Supporting Stucture & Rail Valves & Electrical Operator Rolling Feeder Wide belt feeder Lubrication Assembly 2662200
.
Plant & Machiney Continued Sl Particulars No

. .
Amount
Balance B/f P&M of Pallet Plant Continued 6 Rotary Kiln System (a) Kiln Shell (b) Head end Hoppers Head end Sealing (d) Girth gear & tyre (e) Supporting & adjusting Rollers (f) Fixed grate Pellet Cooling System 7 Circular Cooler (a) Fan (b) ( c) Hot air collecting Device Ducts (d)
PAF-D, 4TH SEM (2010-12)
2662200
.
Page 69

(e) 8 (a) (b) (d) 9 10 11 (a) (b) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (s) Lubrication System Utility Conveying Equipment(belt conveyors,screw conveyors,bucket elevators,apron conveyors etc) Service Air Compressors Water softening plant for cooling water Cooling tower & water circulation system Air returning System Main exhausting fan system PCI System PCI Equipment MTM 130 Inclined Belt Conveyor Rotary Pump Soft Connector Motorised Vibrating feeder Magnetic Separator (Suspension Magnet) Combustion Blowers for PCI Oven Combustion Blowers for Travelling Grate Combustion Blowers for Dryer Combustion Blowers for kiln Packaged Air Fan High Pressure Rubber Pipe High Molecule Polythene Liner Electric Block Nitrogen Tank along with aux equip like Relief Valves,Safety Valves Hydraulic Weighing Root Blower Co-analyser
.
PAF-D, 4TH SEM (2010-12)
Page 70

12 HT & LV Power distribution system Plant & Machiney Continued Sl Particulars No Balance B/f P&M of Pallet Plant Continued 13 Environment Dedusting System (a) Bag filter for drier section (b) Bag filter for Coal Mill Bag filter for Ore grindingl Mill (d) Bag filter for Unloading station (e) Bag filter for De-dusting of tunnel (f) Bag filter for Other De-dusting of tunnel (g) Weigh feeders/circular disc feeders (h) Cyclone Separators (i) ESP & ID Fan(Capacity=200000 m3/hr) (j) ESP & ID Fan(Capacity=400000 m3/hr) 15 Heavy Oil System for Grate furnace (a) Oil &Coal burners 16 Communication System 17 Automation System 18 Pneumatic Conveying System 19 Refractories 20 A/C & Ventilation System 21 Lab Testing System 22 Comprehensive Piping 23 Design & Engineering
. .
2662200
.
Amount 2662200
.
2662200
.
Add : Duty and taxes

PAF-D, 4TH SEM (2010-12) Page 71

: Excise Duty : Sales tax TOTAL Add : Contingencies 5% TOTAL DETAILS OF PLANT & MACHINERY 274207 117456
. .
3053863 152693 3206556

. . .
Captive Power Plant

Mechanical Works including machinery, supporting machinery, piping etc SN DESCRIPTION
. .
Rs in Lacs QTY, 200

.
1 4x 50 TPH, WHRBC boiler and 120 THP AFBC Boilers including ESP, Instrumentation and control, Pumps etc Including ESP, Instrumentation and control, Fans, Pumps etc control, Fans, Pumps etc
. . .
COST Rs LAKH 1048800

. .
2 2 x 35MW bleed cum condensing Turbo generator Unit including HP heater, controls and instrumentation, alternator, control & Relay panels, LAVT, NOT, etc including air cooled Condenser
.
200
.
568100
.
Fuel handling system extension including belt conveyors, tipper, etc for the 120 TPH AFBC boiler
.
28000
.
PAF-D, 4TH SEM (2010-12)
Page 72
5 6 7
Ash Handling system for the 120 TPH AFBC boiler High Pressure steam piping and valves & Supports including PRDS Aux steam piping, cooling water piping, compressed air piping, BFG piping, valves, pipe supports, pipe rack and other miscellaneous piping
. . .
9563 8438 6750

. . .
8 9 10 11 12 13 14 15 16 17
Dumping system with PROS, piping, valves, insulation, etc Water Treatment Plant Tankages for DM Water, Miscellaneous structurals for pipe rack Air conditioning & ventilation system for the Dower house building, MCC building Air Compressors & compressed air system Fire Protection System DCS based instrumentation system for the Dlant including miscellaneous BOP instrumentation
.
100 .
7875 9563 5625 6188 3938 6188 7100

. . . . . . .
Auxiliary Cooling tower pumps, piping, etc Extension of crane girders Other miscellaneous pumps with drives TOTAL FOR MECHANICAL WORKS Add : Duty and taxes : Excise Duty : Sales tax Sub total Add : Contingencies Grand Total
7190 2813
. .
3375 1729503
. .
5%
178139 76306 1983947 99197 2083144

. . . . .
PAF-D, 4TH SEM (2010-12)
Page 73

Plant and Machineries-Railway Siding & Tippler
Rs in lacs
.
SN
.
Details Preparation of Designs & Drawings of OHE Concrete for foundation & Plinth in other hand & rocky soil M-10 Supply & Erection of Galvanized steel traction mast (Rolled or Fabricated) Supply & Erection of SPS other than mast Single bracket cantilever, assembly conventional type Supply & erection of Guy rod assembly Supply of overhead equipment conventional type regulated including cooper wires consisting of 65mm Cadmium Catenary wire, 107 sq m coper contact wire, 5mm Dropper wire & 50 sqmm & 150 sqmm small & large Jumper
. . . . .
Unit TKM Cum MT MT Set Set KM
Qty 11 750 75 8 213 75
Total Value 43092000 146832000 430920000 46220160 235144000 26174400

. . . . . .
1 2 3 4 5 6 7
11 8 9 10 11 12 13 14 15 16 17 18 Supply & erection of Regulating equipment (3 pulley type) complete with normal counter weight assembly Anticrep with cadmium copper catenary including composite insulator suitable for polluted zone Supply & erection of 9 tonne Solid Core cut-in Insulator Supply & erection of 25 KV Post/operating Insulator Supply & erection of 25 KV Stay Insulator Supply & erection of 25 KV Bracket Insulator Section insulator assembly with composite 9 tonne insulators S/1 core insulator etc for conventional OHE Single Pole Isolator without Insulator Double Pole Isolator without Insulator Supply of earth contact assembly Copper Jumper of various type sizes
.
1024632000
.
Set Set No Each Each Each Set Set Set No No
38 5 50 58 213 213 28 8 5 5 163
146832000
.
22982400 22131200 25450880 94057600 94057600

. . . . .
73735200 14364000 18088000 2000320 82992000

. . . . .
PAF-D, 4TH SEM (2010-12)
Page 74

19 20 21 22 23 Supply of structure bond, longitudinal bond/transverse bond/special bond Supply of single earth electrodes Supply of 25 KV Traction Danger/Caution Board of various type Supply of sectioning diagram board Supply of Testing in commissioning & OHE Sub Total Machineries for Tipplers Design Detail Engineering, Supervision PRINCIPAL EQUIPMENT-Wagon tippler having Electro-mechanical drive arrangement & Gravity Clamping with Integrated Static Weigh Bridge, hydraulic Side Arm Charger and Dust Suppression System MECHANICAL Conveyor Equipment Steel Contractor Cost *Building Structure (Fab & Erect) * Equipment Erection Sub-Total Grand Total Contingency Grand Total
. . .
No No No No KM
250 18 40 5 11 0 200 200

. .
14896000 4319840 5107200 1659840 67511360 2643200000

. . . . . .
Lot Lot
12000000
68000000 Lot MT MT MT 200 150000

. .
32000000 43200000 10920000 10800000 17692000000 20335200000 10167600 2135196

. . .
130000 300000 . .
DETAILS OF PLANT & MACHINERY
COMMON AREA
SN Particulars
. .
(Rsin Lacs)
.
Basic Quantity Price
Ex Duty
.
S Tax Total
.
Intake Pump House & Water System for Entire Project LS

.
100000
.
10300
.
4412
.
114712
.
PAF-D, 4TH SEM (2010-12)
Page 75

including Erection & Commissioning LS (Including Wrapping & Coating and reservoir at site) Pipe line cost (7 Kms)
. .
Stores & Spares @ 2% Freight & Insurance @ `1% Equipment Erection @ 3% sub total :
65000 165000 3300 1650 4950 174900

. . . . . .
10300
.
4412
.
10300
.
4412
.
65000 179712 3300 1650 4950 189612

. . . . . .
Add Contingencies Total : Plant and Machinery of entire project Technical Know How Fees Total Plant and Machinery
: 5% 9460
.
199072
.
10%
.
859462 8595 868056

. . .
859462
.
Miscellaneous Fixed Assets

DETAILS OF ELECTRICAL INSTALLATION
COMMON AREA SN Particulars
. .
Annexure-X
(Rsin Lacs)
.
Total Quantity Price 125 kms

.
Basic Price 200000

.
Ex Duty
.
S Tax
.
Entry Tax 000

.
Amount 229424
.
Transmission & distribution line (220 KVA LS
206
8824
.
PAF-D, 4TH SEM (2010-12)
Page 76

2 3 4 ) 30/36 MVA Power Transformers 33 kV Board for Plant distribution Other Misc electrical items & equipments
.
2 1
50000 10000 10000

. . .
515 103 103

. . .
2206 441 441

. . .
000 000 000

. . .
57356 11471 11471

. . .
Stores & Spares @ 2% Freight & Insurance @ 1% Equipment Erection @ 3% Total :
270000 5400 2700 8100 2862

. . . .
27810
.
11912
.
000
.
2781
.
119124
.
309722 54 27 81 325922
. .
Add Contingencies Total :
: 5% 162961
.
342219
.
Work Sheet- NPV/IRR/Pay Back Period/ROC/ROCE- Project on

stand alone basis- (Rs In million) Description 2010-11 2011-12
.
2012-13
201314
2014-15
2015- 201 16 617
201 718
201 819
2019- 202 20 021
2021 -22
Initial cash outflows Equity -116 Debt (223)
-1242 (2,387)
-2947
-2095 -
(5,664) Total (339) (3,630) (8,612)
(4,025 ) (6,120 )
PAF-D, 4TH SEM (2010-12)
Page 77

Operating Cashflows PAT
271 1,858 2,459 2,9 88 908 908 3,0 51 908 754 21 3,1 60 908 554 21 3,293 3,4 23 908 365 908 180 3,45 0 908 109 -
Depreciatio n Interest Coverage Misc Expenses Written off Total
21 21 21 304 1,157 1,113 929 227 908
802 3,945 4,502 4,8 46 4,7 34 4,6 44 4,566 4,5 12 4,46 8
Terminal Cashflow Salvage Value Working Capital Total
1058 7 514
11,1 01 15,5 69
Total free cashflow
(339)
(3,630) (8,612) (5,318 3,945 ) 4,502 4,8 46 4,7 34 4,6 44 4,566 4,5 12
NPV 6,548 IRR 18% Payback 96 Post tax 1000% capital project 1
.
10
11
12
Page 78
PAF-D, 4TH SEM (2010-12)

duration (yrs) 12
(33864)
.
(3,96840)
.
(12,5800 (17,89 (13,953 8) 773) 23)

. .
(9,45 147)
.
payback period (months)
not yet
not yet
not yet
not yet
not yet
not yet
(4,6 054 3) not yet

.
128 75
4,7 725 7
.
9,338 13, 76 850 32

.
29,4 1977
.
956 7
.
956 7
.
9546
.
951 6
.
9480
.
2010-11
201112
201213
201314
2014- 201 15 516
201 617
201 718
201 819
201 920
2020 -21
2021 -22
1 a)
Debt Equity Ratio Term Loan
223 2,610 8,275 12,30 0 6,400 12,10 0 6,400 10, 700 6,4 00 17
.
9,1 00 6,4 00 14
.
6,7 00 6,4 00 10
.
4,3 00 6,4 00 07
.
1,9 00 6,4 00 03
.
b)
Equity Capital
116 1,358 4,305 6,40 0 6,40 0 -
Debt Equity Average DE Ratio Return on Capital Capital
19
.
19
.
19
.
19
.
19
.
13
.
2 a)
11565
.
1,357 92 -
4,305 23
6,399 75
6,399 75
6,3 997 5
.
6,3 997 5
.
6,3 997 5
.
6,3 997 5
.
6,3 997 5
.
6,39 975
.
6,39 975
.
b)
PAT
27108
.
1,857 75 29%
Return on Capital
PAF-D, 4TH SEM (2010-12)
0%
0%
0%
4%
2,4 591 7 38 %
.
2,9 882 4 47 %
.
3,0 507 8 48 %
.
3,1 603 6 49 %
.
3,2 926 7 51 %
.
3,42 295
.
3,45 027
.
53%
54%
Page 79

Ave Return on 31% Capital ROE Tangible Net Worth 105
.
1295 0 0%
4211 0 0%
6566 340 5%
8445 2461 29%
Net Profit ROE Average ROE ROCE Net Fixed Assest
0 0% 20% 32791
.
109 25 320 9 29 %
139 34 414 8 30 %
170 06 436 1 26 %
201 87 462 8 23 %
234 80 491 6 21 %
2690 3 5188 19%
3035 3 5293 17%
3905 31 000
.
12485 56 000
.
17853 95
.
1694 565
.
Net Working Capital Capital Employed
000
.
32791
.
3905 31 -
12485 56
19641 9 19818 14
2121 98 1906 763

.
160 373 4 241 868 184 560 2

. . . .
151 290 3 271 961 178 486 4

. . .
142 207 2 272 537 169 461 0

. . .
133 124 2 272 550 160 379 2

. . .
124 041 1 272 551 151 296 2

. . .
1149 580
.
1058 750
. .
2725 51 1422 131

.
2725 51 1331 300

.
PBDIAT
83948
.
4,152 30 22%
ROCE Average ROCE
0% 23%
0%
0%
4%
4,6 732 5 25 %
.
5,0 386 0 28 %
.
4,8 902 4 29 %
.
4,7 334 2 30 %
.
4,5 783 8 30 %
.
4,43 670
.
4,35 858
.
31%
33%
PAF-D, 4TH SEM (2010-12)
Page 80

REFERENCES:
www.reuters.com www.economictimes.com www.tender.gov.in www.sebi.com www.rbi.com www.docstoc.com www.slideshare.com www.scribd.com www.wikipedia.com www.jaibalajigroups.com www.moneycontrol.com www.nse.com www.bse.com
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PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Regd Office: Mfg facility( Locations):

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Promoters / Management/Shareholding Pattern:

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

MW AFBC) with 7 Kms

No Particulars Project Cost Debt/Equity Means of Finance 3. Promoters contribution 4. Equity 1. 2. 5. 6. 7. 8. 9.

Details Rs1870 Crores 192:1

Current Status of Project:

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Production and Consumption:

Raw material / Consumable Prices:

Steel and Steel Products Prices:

PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Age Qualification PAN No Address Experience

38 years BCom (Hons)

Name Fathers Name Age Qualification PAN No Address Experience

Mr Sanjiv Jajodia Late Keshar Deo Jajodia

45 years BCom (Hons)

Name Fathers Name Age Qualification PAN No Address Experience

Mr Rajiv Jajodia Late Keshar Deo Jajodia

44 years BCom (Hons)

Name of the Directors

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Name of the Directors Mr Gaurav Jajodia

Mr Kumar Krishnan Iyer (Independent Director)

Mr Krishnava Dutt (Independent Director)

Mr Angshuman Ghatak (Independent Director)

Mr Shyam Bahadur Singh (Independent Director)

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Availability period Indicative Disbursement Schedule

PAF-D, 4TH SEM (2010-12)

PROJECT APPRAISAL AND FINANCE

Total (Rs/Cr) Quarter Q1 Q2 Q3 Q4 Total SBI (Rs/Cr) Quarter Q1 Q2 Q3 Q4 Total

Debt FY2015 000 000 000 2000 2000

FY2016 3500 3500 3500 3500 14000

FY2017 4000 4000 4000 4000 16000

FY2018 6000 6000 6000 6000 24000

FY2019 6000 6000 6000 6000 24000

FY2020 6000 6000 6000 6000 24000

FY2021 Total 6333 6333 6333 000 19000 123000

: FY2018 132 132 132 132 527

FY2019 132 132 132 132 527

FY2020 132 132 132 132 527