and factors outside of Gujarat's control, may cause the actual results,
performance and achievements of ... The information in this report that relates to
Mineral Resources and Reserves is based on information compiled by ... water
harvesting.
Gujarat NRE Coking Coal (ASX: GNM)
-Mega growth plans of the Indian Steel Industry -The coking coal supply crunch -Gujarat NRE Story in Australia Arun Kumar Jagatramka Chairman, Gujarat NRE Coking Coal Ltd
DISCLAIMER This presentation contains only a brief overview of Gujarat NRE Coking Coal Limited and its associated entities (“Gujarat") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Gujarat’s projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification. This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Gujarat’s control, may cause the actual results, performance and achievements of Gujarat to differ materially from those expressed or implied in this presentation. To the maximum extent permitted by law, Gujarat does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Gujarat, and will not be responsible for any loss or damage arising from the use of the information. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment t decision in regard to Gujarat or its activities.
COMPETENT PERSON STATEMENT The information in this report that relates to Mineral Resources and Reserves is based on information compiled by Mr. Kris Markowski who is a member of the Australian Institute of Mining and Metallurgy. Mr. Markowski is employed by Gujarat NRE Coking Coal Limited. Mr. Markowski has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and ore Resources’. Mr. Markowski consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.”
2
Take a hard look
At good old coal
Had Coal Not been there …
Forests would have been denuded years ago, as energy hunger would have forced man to burn trees ….
The industrial revolution that transformed the planet would not have taken place
Civilisation as we know it today, would not have marched on in the pace that we have seen…
The power to transform societies, the power to transform economies, the power to control destinies, the power to hold progress by its horns would not have been witnessed
The United States, the United Kingdom, Germany, Japan and Australia would not have marched on the path of prosperity..
China and India would have remained sleeping dragons and crouching tigers
Mankind would have remained in the quagmire of lost opportunities
."with coal, we have light , strength, power, wealth and civilisation, without coal we have darkness, weakness, poverty and barbarism."
Global Climate Change is a truth that we all must face but we need to ensure that facts and figures are not used to forcefully slaughter the human civilization in a fashion similar to the Y2K scare at the beginning of this millenium which turned out to be one of the biggest hoax calls in the modern era.
What Mankind must do :
Cut CO2 emissions by 50 % by the year 2050. Share Clean technologies with the 3rd world freely
No Greenmail. No Eco Pornography. No sham.
A global initiative by the brotherhood of man.
At Gujarat NRE We are already doing our bit as a socially conscious corporate citizen. Not because we were compelled but from an inner urge to be
the most energy efficient, nature friendly entity.
Our Windmills Generate clean, green energy 87.5 MWs (we even earn carbon credits while doing this)
Our Coke Ovens are emission free
Our Coke Oven batteries Use the waste heat to generate more power thus, earning Carbon Credits using Coking Coal
Our Establishments Have green belts around them so that the fragile eco systems we operate in are well maintained
We practice rain water harvesting so that water levels are maintained and refurbished
The threat to the environment
Is from thermal coal and petroleum derivatives Burning of which causes carbon emissions As in Thermal power plants Transportation
We do neither On the contrary, we deal in the greenest variety of coal – COKING COAL It is the diet version and earns carbon credit by generating power while being converted to COKE
What is the India Story?
1) Rising GDP growth % Growth in GDP
% average annual GDP growth 10
1.0 3.5 6.0 8.0
8 % growth
1900 – 1950 1950 – 1980 1980 – 2002 2002 – 2006
6 4 2 0 1900 - 1950
Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001), 2000-2005 Finance Ministry
1950 - 1980
1980 - 2002
2002 - 2006
Year
2) Population growth is slowing 1901 – 1950 1951 – 1980 1981 – 1990 1991 – 2000 2001 – 2010
% Gowth in Population 2.5
1.0 2.2 2.1 1.8 1.5
2 % growth
growth
% average annual
1.5 1 0.5 0 1901 - 1950 1951 - 1980 1981 - 1990 1991 - 2000 2001 - 2010 Year
Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001)
3. Literacy is rising 1950 1990 2000 2010 (proj)
% Rise in Literacy 100 80
% Rise
% 17 52 65 80
60 40 20 0 1950
1990
Year
2000
2010
Source: Census of India (2001)
4. Middle class is exploding Million People
1980
8
65
2000
22
220
2010 (proj)
32
368
Source: The Consuming Class, National Council of Applied Economic Research, 2002
% Growth in Middle Class %Growth
%
35 30 25 20 15 10 5 0 1980
2000 Year
2010 (proj)
5. Poverty is declining 46% 26% 16%
1% of the people have been crossing poverty line each year for 20 years. Equals ~ 200 million.
50 40 % growth
1980 2000 2010 (proj)
% Growth in poverty
30 20 10 0 1980
6. Productivity is rising
30% to 40% of GDP growth is due to rising productivity
2000 Year
2010 (proj)
7. Per capita income gains (US$ ppp)
1178
2000
3051
US$ PPP
1980
% Growth in US$ PPP 3500 3000 2500 2000 1500 1000 500 0 1980
Year
8. India is now a global economy And it will cross Japan between 2012 and 2014 to become the 3rd largest
2000
Economic Indicators Economic Slowdown much flatter compared to other countries. Expectation of 7% growth in current year GDP growth rate comparison 14 12 10
GDP Growth in %
8 6
India China
4
USA
2 0 -2 2004/05 -4 -6
2005/06
2006/07
2007/08
2008/09
2009/10 (proj)
The Biggest strength of Indian Model is……
Domestic led • Low Impact of global downturns • Less volatility
Drivers of the India Model Consumption led •
People friendly: Consumption as % of GDP India 64 Europe 58 China 42 % Growth in Middle Class
•
Middle Class is Exploding Million People
8
65
30 25 %Growth
1980
%
35
20 15 10
2000
22
2010 (proj) 32
220 368
5 0 1980
2000 Year
Source: The Consuming Class, National Council of Applied Economic Research, 2002
India’s success is market led. The entrepreneur is at centre of the Indian model
2010 (proj)
And a Vibrant Private Space Over 125 Indian Companies have market cap of US$ 1 billion Over 1000 Indian Companies have received FII Over 125 Fortune 500 companies have R&D bases in India Over 300 Fortune 500 companies have
outsourced software development to India 4.4% bad loans in Indian banks (vs ~ over 15% in China)
What adds up to this confidence… •
Even slow reforms add up - state getting out of the way
•
A Population Young at Age
•
Liberated Young Minds
•
Competitive advantage in the knowledge economy
The next few decades would be the India story
We are the protagonists - unfolding this play
Over the next 11 years • India will continue to add to her steel making capacities
• Japan will be overtaken within 2015-16 • Even the most conservative estimates aim at a whooping 3 fold increase from current levels • India’s growth is demand led as opposed to export fed • The growth will be much stable and less
susceptible to external conditions…
Per capita consumption of steel • India 2001 – 26.8 kg • India 2008 – 50.4 kg • Germany – 464.4 kg • USA – 353.9 kg • China – 307.3 kg • Brazil – 114.6 kg • World average – 194.2 kg India drags the current World average down from 230 to 194 kg
The New Era of steel making dawned in 1947 India had three units Two of them in the Private Sector (TISCO & IISCO) Total Capacity 1 million tons
China too had almost similar capacities … (one million ton in 1949)
It took China 47 years to commission its first 100 million tons of steel capacity 5 years to commission the next 100 million tons And A mere two years to score its triple hundred. The rest is history!
Steel Development Pattern • India’s long term steel development pattern is similar to most countries, following the same pattern of more than a century old China has already reached its peak in growth rate, while India is on the rise…..
Indian Steel Expansion in Pipeline Company
Existing
Total capacity in 2011-12
Total capacity in 2019-2020
SAIL
12.8
20.7
60
RINL
2.9
6.8
10
TISCO
5
16.5
33.5
ESSAR
4.6
8
20.5
JSW
4.1
11
31
JSPL
2.4
10.5
26.5
ISPAT
3
5
17
POSCO
-
6
12
Arcelor-Mittal
-
5
24
Bhushan Power
1.2
4
7
Bhushan steel
0.6
6
9
Others
22
28.5
42.4
Total
58.6
128
292.9
Year 2020
300 million tons of steel
The world’s who’s who of steel making are waiting : • Arcelor Mittal, the world's largest steelmaker, plans to set up two greenfield steel projects in India each with a capacity of 12 million tonne per annum (mtpa).
• Acerinox SA, the world's second-biggest stainless steelmaker, is joining hands with Japan's Nisshin Steel to build a steel plant in India. • Tata Steel, the world's fifth largest steel maker, plans to double its capacity by 2015, by adding another 35 mt capacity. • India's largest steel manufacturer SAIL is planning to increase its annual production of 12 mtpa to 24.98 mtpa by 2011-12.
• Sinosteel Corp, China's second- biggest iron ore trader, plans to invest US$ 4 billion to build a 5 mt greenfield steel plant • Posco is already in Orissa.
Factors of Production • There is a global shift of steel making facilities
to its natural habitat – and India has it all : • A legacy of steel making • Abundant raw materials including Iron Ore
• Low cost economy with quality manpower • Democratic framework with entrepreneurial abilities
• Internally generated funds – thriving stock market • Economy on the growth multiplier
• Opportunity in low per capita consumption
All resources can be mobilised in the medium term
Ports Vessels Material handling facilities Roads Railways Road – rail linkages Ancillaries Trained manpower, including skilled labour
Only villain in this love story • Is good quality coking coal
• Even at 100 mt, India will need about 70 mt of hard coking coal • China cannot and will not feed this demand • Sources like Mozambique are untenable • Other countries in Europe and America are neither cost effective nor viable logistically
Potential sources :
Established : Australia Canada USA China
Emerging : Mozambique Indonesia South African Nations
But Except Australia Need to consider *ash content, *Coking Properties, *land locked mines, *transport bottle necks, *freight costs, *law & order problems
Mozambique, Botswana, other African sources Mainly in the prospecting license stage Reserves have to identified and established
Huge investment in infrastructure required Before mining can actually commence
Note as opposed to a steel plant being set up in 2-4 years time, setting up a mine will require 6 – 8 years which means, 10 years to get the coal flow)
Coal Criticality
Immediate requirement :
Secure sources Long term contracts Acquisition of mines
That leaves us, Mates! Australia Has all the coking coal that INDIA Needs
- Huge potentials - Short term Bottlenecks notwithstanding
AUSTRALIA
NSW coal exports
(in ‘000 tonnes)
Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries 54
NSW Hard Coking Coal Exports
(2006/07)
Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries
55
Handful of mines in Southern Coalfield Peabody Metropolitan Xstrata Tahmoor NRE No.1
BHP Illawarra Coal
NRE Wongawilli
Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries 56
Gujarat NRE Coking Coal Limited Listed on ASX (Code: GNM) on 10 July 2007 Current market cap of >$600 million Two producing hard coking coal mines (NRE No.1 and NRE Wongawilli) Over 570 million tonnes of JORC resources Strong and well experienced management team Currently employing over 450 people $300 million invested with plans to invest further $500 million Target production – 2.4 million tonnes in next 12 months;
6 million tonnes in next few years
Longwall mining at NRE Wongawilli commenced Aug’09 Mines located at close proximity (within 20 Kms) of Port Kembla Access to key infrastructures (road and railway) Strong links (via parent company) with Indian and international market
57
GROWTH PLAN – PRODUCTION FOCUS
GNM’s Two Mines, NRE 1 and Wongawilli are to be developed to deliver production growth, cost reduction and operational excellence Based on in-house studies completed at a level equivalent to a pre-feasibility study » At 6Mtpa operating costs are estimated to be ~$39.0/t FOB Port Kembla Coal Terminal »
CAGR: 36.7%
Wongawilli Longwall Introduced NRE 1 Longwall Introduction Wongawilli Longwall Upgrade
58
NRE NO.1 COLLIERY Future capital expenditure plan (FY10-13) Mine development
A$m 70
Plant & equipment
210
Others
20
Total
300
Reserves & Resources Potential Reserves (Mt)*
As per mine plan (Mt)**
Inferred Total Proven Probable Total 15.1 59.2 1.8 0.2 2.0
—
Total 2.0
Resources (Mt) Seam Measured Bulli 12.4
Indicated 31.7
Reserves (Mt)
Balgownie
—
34.1
41.5
75.6
—
—
—
—
—
Wongawilli
—
59.3
121.5
180.8
—
16.5
16.5
28.0
44.5
12.4
125.1
178.1
315.6
1.8
16.7
18.5
28.0
46.5
Total
*Potential reserve of 28.04 million is additional to 18.5 million JORC reserves and based on mine plans drawn-up from inferred resources. Hence is not a part of JORC reserves. **Total of Reserves and Potential Reserves. 59
NRE WONGAWILLI COLLIERY Future capital expenditure plan
(FY10-13)
Mine development
A$m 40
Plant & equipment
110
Others
50
Total
200
Reserves & Resources
Resources (Mt) Seam Measured Bulli —
Potential As per Reserves mine plan (Mt)* (Mt)**
Reserves (Mt)
Indicated 8
Inferred 25
Total 33
Proven —
Probable Total — —
—
Total —
Wongawilli
21
16
114
151
2.7
5.1
7.8
23.0
30.8
Tongarra Total
— 21
— 24
74 213
74 258
— 2.7
— 5.1
— 7.8
— 23.0
— 30.8
*Potential reserve of 28.04 million is additional to 18.5 million JORC reserves and based on mine plans drawn-up from inferred resources. Hence is not a part of JORC reserves. 60 **Total of Reserves and Potential Reserves.
COAL QUALITY Typical washed coal quality
Ash (%) CSN (swell index) Inherent Moisture (%) Volatile Matter (%) Rank (Ro Max) Fluidity (ddpm) Sulphur (%) Phosphorous (%)
Bulli 9.6
Wongawilli 10.0
Average range for coking coal1 7.0 – 10.5
5.5
>9.0
6.0 – 9.0
0.8
0.9
1.02
21.7
24.7
17.5 – 34.0
1.3
1.2
0.95 – 1.70
1,800
3,000
100 – 20,000
0.38
0.59
0.039
0.010
0.375 – 0.750 0.005 – 0.080
Gujarat hard coking coal compares well against Bowen Basin prime hard coking coal on almost all quality parameters
Source: Australian Coal Association, Company reports, Broker reports
Note: 1 Based on Bowen Basin coal quality estimates 2 Based on inherent moisture content of Peak Downs coal
61
MAJOR SHAREHOLDERS
11% Gujarat NRE Coke Ltd. & Associates
13%
Financial Institutions & Nominees
Others 76%
62
GNM Outperforms All Ordinaries (ASX) (from 30 cents to 66 cents in 12 mths)
2009
2010
MANAGEMENT STRUCTURE Board of Directors
Management Committee Arun Kumar Jagatramka S Murari P R Kannan Sanjay Loyalka
Head of Operations Steven Bow
Opeations Manager NRE Wongawilli
Head of Technical Services
Group Engineering Manager
Chief Financial Officer
HR Manager
Company Secretary/IT Manager
Operations Manager NRE No.1
Phil Wakeford
Dr. Chris Harvey
Steven Coffee
Naveen Kumar Nanda
Stefanie White
Sanjay Sharma
Rhys Brett
STRONG MANAGEMENT TEAM Senior Management Team Steven Bow
Head of Operations BE(Hons), MEngSc
28 Years Underground Coal experience in coal operations and management with BHP Billiton and its coal operations in the Illawarra Region First class mine managers certificate & qualified competent person in reserves analysis
Chris Harvey
35 years coal industry experience Former Mining Engineer and Senior Environmental Officer with the NSW Department of Mineral Resources
Steve Coffee
28 years Underground Coal experience at operations in the southern and western coal fields of NSW mainly with BHP Billiton Mechanical Engineers Certificate of Competency
Head of Tech. Services PhD Mining Engineering Group Engineering Manager
Phil Wakeford
Operations Manager NRE Wongawilli Colliery
insert
33 years Underground Coal experience having worked in NSW South Coast, NSW Western District and Central Queensland Collieries with Oakdale Collieries Ltd, BHPBIC and NREWW Mine Managers Certificate of Competency
Rhys Brett
8 years underground coal mining with Anglo, Centennial and Xstrata NSW 1st Class Certificate of Competency for Underground Coal Mines and a diploma on Ventilation Engineering
Naveen Kumar Nanda
16 years of extensive experience at senior level positions in reputed Indian companies and CA Firms, Sydney based CPA firm providing Auditing, Taxation & Corporate Consultancy. Fellow Chartered Accountant from India and CPA from Australia.
Operations Manager NRE No. 1 Colliery B. Eng (mining) honours . Chief Financial Officer
65
BOARD OF DIRECTORS
Arun Kumar Jagatramka
25 years of professional and management experience All India 1st rank gold medalist Chartered Accountant Director of Pike River, Port Kembla Coal Terminal, NSW Mineral Council and Australian Coal Research Association Appointed as an honorary NSW Sydney Ambassador to India
Chairman B.Com (Hons), FCA, AIMM
10 years of experience in management and administration Active in the management & human resources for Gujarat NRE Group Also on the board of Gujarat NRE Coke Limited
Mrs. Mona Jagatramka Non-Executive Director
Andrew Firek Director M.Sc, Ph D, FAusIMM, FAIE
25 years experience in mining, mineral processing, construction, commissioning and operations of coal, base and precious metals plants in Europe, Africa and Australia Former Group Leader at the CSIRO, Division of Fossil Fuels in Sydney and was engaged in developing technologies to produce liquid fuels from coal
BOARD OF DIRECTORS (contd..)
Experienced financially qualified Professional with commercial skills and legal/regulatory and governance expertise Audit partner in chartered accounting firms for over 20 years
Maurice Anghie Director & Chairman of Audit Committee BBus, FCA, FCPA, MAICD
Don Carroll Director B. Mining Engineering
Over 30 years experience in the international resources business primarily in marketing & development of minerals ,merger & acquisitions. Senior executive positions with BHP Billiton including Vice President Investor Relations Australia, General Manager Marketing Asia, President BHP Billiton Japan, President BHP Billiton India. Long standing member of Australian Institute of Mining & Metallurgy, Australian Institute of Company Directors
A brief on the Indian Parent
GUJARAT NRE COKE LIMITED
68
A SNAPSHOT
Largest independent producer of Metallurgical Coke in India
Listed on the Bombay and National Stock Exchanges, with a market capitalisation of around USD 1 billion (No. of shareholders 1,60,000)
Profit earning and dividend paying company with strong financials and credit rating of AA- for long term borrowing and PR1 for short term borrowing.
Met Coke capacity 1.25 million tons, being increased to 4 million tons by 2014/15 with setting up of green field/brown field plants in Gujarat, Karnataka and Andhra Pradesh.
The only Indian company to have acquired captive coking coal mines outside India.
The only Indian Company to have exported LAMC from India (to Argentina, Brazil, South Africa & Europe).
69
A SNAPSHOT (contd...)
Strong focus on the Environment with ISO 14001:2004 & OHSAS 18001:1999 certification
Acquiring six new dry bulk carriers on long term time charters with an option to buy.
.
Received several awards as Super performer, Highest wealth creator, identified as 3rd Best Performing Mid sized company by Business World , environment & safety by various media houses
Rated one of the top 10 company by 10-years profit performance in the latest edition issued by Business Today on India’s Most Valuable Companies
Identified as the 4th best stock of the decade (CAGR wise) in the latest edition of Times of India, others being Unitech, Aban Offshore, Sesa Goa etc.
GNCL OPERATIONS… Waste Heat Recovery Power Plants
HARD COKING COAL (NSW, AUSTRALIA) RESOURCES 574 MMT
Khambhalia* Bhachau* Dharwad* Total
15 MW 15 MW 30 MW 60 MW
Wind Power
87.5 MW
LOW ASH METALLURGICAL COKE 1.25 MMTPA
KHAMBALIA UNIT 0.358 MILLION MTPA
Gujarat NRE Coking Coal (ASX: GNM)
STEEL UNIT TMT BARS : 0.311 MMTPA
BHACHAU UNIT
NRE NO. 1 – 316 million tonnes NRE Wongawilli – 258 million tonnes
Coal Washeries
DHARWAD UNIT
0.324 MILLION MTPA
0.25 MILLION MTPA
Khambalia Bhachau Dharwad *
0.75 0.75 0.90
(Leased) DHARWAD UNIT 0. 324 MILLION MTPA
In Australia
In India
* Under implementation
71
BOARD OF DIRECTORS The
main promoter of GNCL. Has more than five decades of business experience
Mr. Girdharilal Jagatramka Chairman Emeritus 25
Arun Kumar Jagatramka
years of professional and management experience All India 1st rank gold medalist Chartered Accountant Director of Pike River, Port Kembla Coal Terminal, NSW Mineral Council and Australian Coal Research Association Appointed as an honorary NSW Sydney Ambassador to India
Chairman & Managing Director
10 years of experience in management and administration Active in the management & human resources for Gujarat NRE Group Also on the board of Gujarat NRE Minerals Limited
Mrs. Mona Jagatramka Non-Executive Director
Mr. Rajendra Prasad Jain Executive Director
More than 32 years of experience in the field of Organisational Management, Business Planning, Operational and Commercial Functions in reputed Industrial Houses of India.
BOARD OF DIRECTORS (contd..)
Leading medical practioner Past District Governor of Lions Club International
Dr. Mahendra Kumar Loyalka Non-Executive Director
Mr. Chinubhai R Shah Non-Executive Director
Dr. Basudeb Sen
Non-Executive Director
Former President of ICSI At present on the Board of Nirma Ltd., Adani Power Ltd., Cadila Pharmaceuticals Ltd., Apollo Hospitals International Ltd., Gujarat State Electricity Corpn. Ltd., etc. Also the Chairman of India Renal Foundation. Former CMD of IIBI Former Executive Director of UTI Mutual Fund. Holds directorship of various reputed Listed Companies viz. ITC Ltd., South Asian Petrochem Ltd., etc. Former CMD of Kudermukh Iron Ore Company Ltd. Presently on the Board of Coal India Ltd.
Mr. Murari Sananguly Non-Executive Director
Mr. Subodh Kumar Agrawal Non-Executive Director
Eminent Chartered Accountant Presently Member of Central Council of ICAI.
SHAREHOLDING PATTERN Sl. No. 1
Particulars Jagatramka Family
% of Holding
33%
44.71 Promoters
2
Mutual Funds & FIIs
32.55
3
Indian Public (160,000)
22.74
MFs & FIIs 44%
Public
23%
Total
100.00
Listed on BSE & NSE Ticker Code: GUJNRECOKE BSE: 512579 &
NSE: INE110D01013
Face Value : Rs. 10 per share Market Capitalization: Approx USD 1 Billion 74
PERFORMANCE OF LAST 4 FINANCIAL YEARS
1600 1400
Rs. In Crores
1200 1000 800 600 400 200 0 Year Ended 31.03.2006
Year Ended 31.03.2007
Turnover
Year Ended 31.03.2008
Year Ended 31.03.2009
EBITA
75
PHENOMENAL INVESTOR RETURNS Amongst top 5 stock performance over last decade in India
Sl. No.
Name
Returns (Rs.)*
1
Unitech Ltd.
240
2
Aban Offshore Ltd.
167
3
Era Infra Engineering Ltd.
152
4
Sesa Goa Ltd.
134
5
Gujarat NRE Coke Ltd.
106
* If a person would have invested Rs. 1 in this stock on January 3, 2000, his value of investment on December 23, 2009 would be Rs.106 Source: Economic Times
76
LONG TERM NRE SHARE PRICE COMPARED WITH NIFTY (ADJUSTED FOR BONUS ISSUES) GNCL(LHS)
Nifty (RHS)
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00 2-Jan-06
22-Nov-07
25-Mar-08
29-Dec-09
5-Jan-10
NRE has outperformed the NIFTY by 58% in last 3 years (02.01.06 to 05.01.10) 77
BONUS HISTORY Financial Year
Bonus Ratio
Record Date
Allotment
1995/96
11:10
26 Nov 1996
23 Dec 1996
2001/02
1:2
30 May 2003
16 Jun 2003
2002/03
1:2
21 Apr 2004
30 Apr 2004
2003/04
1:1
10 Feb 2005
12 Feb 2005
2004/06
1:1
30 Sep 2006
18 Oct 2006
2007/08
2:5
20 Oct 2008
31 Oct 2008
78
GROWTH PLAN – METCOKE PRODUCTION FOCUS
PRODUCTION CAPACITY (MMTPA)
5.00 4.50
4.00
4.00 3.50 3.00 2.25
2.50 2.00 1.50 0.24
2002-03
0.68
0.68
0.68
2007-08
0.13
2001-02
0.50
0.50
2006-07
1.00
2004-06
1.06
1.25
2014-15
2011-12
2009-10
2008-09
2003-04
0.00
Bottom Line • Indian prosperity is on auto pilot • Can’t do without government. But governance reform will take time, till middle class is dominant. • Human capital will continue to flower based on private initiative, and drive the nation
India has law, China has order -India got democracy before capitalism and this has made all the difference -It will be slower than China but its path will be surer -India more likely to preserve its way of life
What now?
If you are still not in India, Call + 91 79 329 31002 (my office will provide you with all travel assistance)
