aromatics complex project in mangalore sez

8/13/2019 Aromatics Complex Project in Mangalore Sez

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HEADLINE: Financial appraisal report on OMPL aromatics complex projectCONTENT: Draft financial appraisal report b !"I Caps on aromatics complex project inMan#alore !E$

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% E&EC'TI(E !'MMA)*

%+% Intro,-ction

ONGC-Mangalore Petrochemicals Ltd (OMPL) is a company promoted by Oil and Natural GasCorporation Limited (ONGC) and Mangalore Refineries Petrochemicals Limited (MRPL) forsetting up an aromatics comple! at Mangalore in Mangalore "#pecial $conomic %one (M#$%)&OMPL 'ill be a priate sector company 'ith ONGC and MRPL holding *+ of the e,uity capitalof the company 'hile the balance .+ e,uity 'ill be offered to #trategic/ financial inestors andretail inestors& OMPL 'as incorporated on .*th 0ecember 1223 and its registered office is at4/15 Cunningham Road5 6angalore5 7ndia& 8uthori9ed share capital of the Company is Rs 1222crore (around :#0 22 million)& OMPL is setting up ban aromatics comple! in M#$% ad;acent tothe e!isting refinery of MRPL& <he plant 'ill produce *.=5422 M< per annum of para->ylene and

about 1?=5.22 M< per annum of 6en9ene& <his comple! 'ill get its feedstoc@5 mainly naphthaand aromatic streams from the MRPL refinery& OMPL 'ill enter into a feedstoc@ sourcingarrangement 'ith MRPL for continuous supply of naphtha and other streams& <he pro;ect ise!pected to start commercial operation by 12.1& 1 acres of land for the comple! has alreadybeen ac,uired on long term lease basis from M#$% and site deelopment 'or@ has alreadystarted&

%+. Promoters

%+.+% Oil / Nat-ral 0as Corporation 1ON0C2

ONGC is the largest oil e!ploration company in 7ndia and is the largest ANaratnaA P#: & ONGCis the only fullyBintegrated petroleum company in 7ndia5 operating along the entire hydrocarbonalue chain holding largest share of hydrocarbon acreages in 7ndia& ONGC has established 3billion tonnes of 7n-place hydrocarbon reseres 'ith more than =22 discoeries of oil and gas5 3out of the 4 producing basins in the country hae been discoered by ONGC& 7t has cumulatielyproduced 431&= Million Metric <onnes (MM<) of crude and 2&4 6illion Cubic Meters (6CM) ofNatural Gas5 from .. fields& <he company has 12 onshore5 .4 -offshore platforms 'ith .?22m onshore pipeline net'or@ and 22 m offshore pipeline net'or@s&

ONGC is a Dortune 122 company and Platt has ran@ed ONGC as the top Oil Gas $!ploration Production ($P) Company in 8sia for 1224& ONGC has been gien highest credit rating bydomestic rating agencies li@e Crisil 7CR85 and soereign rating by Moody&

Table %3 !4are4ol,in# Pattern of ON0C

!4are4ol,ers !4are4ol,in#152

Goernment of 7ndia4&.+

Public/Others 1&?3+

Total %66+665

ONGC is a listed entity and is the second largest 7ndian corporate by mar@et cap& <he companyearned a profit of Rs&.34 6illion in 1224-2?



%+.+. Man#alore )efiner / Petroc4emicals Lt,+ 1M)PL2

MRPL 'as promoted in .*?? by 8E 6irla group along 'ith FPCL& ONGC too@ oer the sta@e of 8E 6irla group in March 122=5 ma@ing it a subsidiary of ONGC& MRPL has been a'arded theAMiniratna Category-7A status& <he present sta@e of ONGC in MRPL as on =./=/2? 'as 4.&31 +&MRPL is a standalone refining company5 'ith sole refinery at Mangalore in the state of

arnata@a& Present nameplate capacity is *&3* MM<P8 ho'eer it is consistently operatingaboe .1 MM<P8 for the past four years& MRPL is currently carrying out e!pansion/ upgradationpro;ect to e!pand the refining capacity to . MM<P8 and become capable of producing $uro 7Ecompliant fuels&

MRPL has been a'arded highest credit rating by domestic credit rating agencies 7CR8 andCR7#7L&

!4are4ol,ers !4are4ol,in# 152

ONGC 4.&31+

FPCL .3&*+

Public Others..&=+

Total %66+665

ey financial parameters of the company are gien in the follo'ing tableH

%+7 !-pport pro8i,e, b t4e promoter

ONGC/MRPL as Promoters 'ill proide the follo'ing supports for the comfort of the lendersH

(i) *+ $,uity #ubscription B ONGC/MRPL 'ill subscribe up to *+ of the pro;ect e,uity(including already incurred e!penditure of Rs 132 crore already brought in as share applicationmoney till =." March 122*)& $ntire promoter e,uity 'ill be brought upfront before any dra' do'n

of the loan&

(ii) <ie-up of balance $,uity capital B ONGC/MRPL 'ill proide an underta@ing to arrange thebalance . +-e,uity capital5 either through strategic /financial inestors/offta@ers/7PO&

(iii) Non-disposal of $,uity - ONGC/MRPL 'ould proide an underta@ing to maintain at least *+e,uity in the pro;ect at any time during the currency of the loan&

(i) Completion support - ONGC/MRPL 'ould proide an underta@ing to arrange funds to meetany cost oerrun&

() Deedstoc@ #upply and #tream e!change agreementH MRPL 'ill enter into a feedstoc@ supplyand stream e!change agreement 'ith the Company for assured supply of the feedstoc@ andeacuation of certain surplus streams&

6esides the direct support mentioned aboe5 ONGC/MRPL 'ill also proide support in theconstruction and Operation Maintenance of the pro;ect&

%+9 "oar, of Directors of t4e Compan

<he Management of the company consists of nominees from ONGC and MRPL&



Table 73"oar, of Directors of OMPL

!+No+ Name of ,irector Desi#nation

. R&#& #harma5 Chairman M05 ONGCChairman

1 :&& 6asu5 M05 MRPL 0irector

= M&M& Chitale 0irector

7&#&N Prasad 0irector

%+ Project

ONGC Mangalore Petrochemicals Limited (OMPL) is setting up an aromatics comple! to produce*.=5422 <P8 para!ylene and 1?=5.22 <P8 6en9ene5 from the naphtha supplied by MRPLrefinery& <he pro;ect also includes a captie po'er plant and other necessary utilities andinfrastructure re,uired for the pro;ect&

%++% Location of Project

<he pro;ect is being located inside a #pecial $conomic %one (#$%) being deeloped byMangalore #$% Ltd& <he pro;ect site is ad;acent to MRPL refinery from 'here entire feedstoc@ 'illbe -supplied to the aromatics comple! through pipelines& <he site is also 'ell connected tonational and state high'ays& 7t is .1 @rns a'ay from the Ne' Mangalore Port and about . @msfrom Mangalore 7nternational 8irport&

%++. Man#alore !E$

Mangalore #pecial $conomic %one (M#$%) is being deeloped by 7LD# along 'ith ONGC and7806& Mangalore #$% Ltd& has already got the approal for setting up this #$%& M#$% 'ill bespread across .3=2 acres and it 'ill be deeloped as sector specific #$%& Fo'eer5 M#$% is intal@s 'ith Ne' Magalore Port <rust (NMP<) to induct it as one of the e,uity partners to be able to

get the status of port based multi product #$%& M#$% is the deeloper 'hile OMPL pro;ect 'illact as the anchor tenant for this #$%& 1 acres of land has been allocated by M#$% to OMPL forthe aromatics comple!& M#$% 'ill proide land to OMPL on long tenn lease basis&

#$% 'ill proide basic amenities li@e 'ater5 bac@-up po'er5 effluent treatment and disposal5 etc&to all the units coming in its premises& Iater 'ill be brought from Netraati and Gun-upur Rierthrough a pipeline& Iater supply facility may be deeloped by an independent agency on 6OO<basis& $lectricity connection 'ill be ta@en from the state electricity grid& 8 dedicated corridor 'illbe deeloped bet'een #$% and the port for uninterrupted moement of material and manpo'er&<he pipelines for the aromatics comple! 'ill come on the rac@ proided in this corridor& Fence5the company 'ill not be re,uired to ac,uire any Ro:/RoI for setting up pipelines&

M#$% is also deeloping residential and commercial facilities for the use of employees other than

those of units in M#$%& #$% has already ac,uired .3=2 acre land and Rehabilitation Resettlement (RR) is in progress& <he 'or@ on utilities to be proided by M#$% to OMPL is inprogress and 'ill be ready by the time OMPL"s petrochemicals pro;ect 'ill be ready&

%++7 Process

<he pro;ect 'ill get feedstoc@ supply from e!isting refinery of MRPL& <he process technology forthe aromatics plant has been finali9ed and :OP5 :#8 has been selected as process licensor to



proide the process technology& Para!ylene 'ill be produced through adsorption technology of:OP 'hich is a proen technology being used all oer the 'orld&

%++9 Confi#-ration

<he configuration of the aromatics comple! is as gien in the follo'ing tableH

Table 9: Process 'nits of Aromatics Complex

#&No& 'nit Description Capacit 1MMTPA2

. Naphtha Fydro <reater (NF<) 2&**

1 Continuous Catalytic Reformer (CCR) B Platformingunit

2&**

= >ylene Dractionation :nit (>D:) &&3=3

P> Recoery :nit (P8R$>) &24=

>ylene 7someri9ation :nit 7#OM8R =&.31

3 6en9ene <oluene $!traction :nit ($0 #ulfolane) 2&4*2

4 6en9ene <oluene Dractionation (6<D) 1&.*?? <rans 8l@ylation 0is io ortionation :nit (<8<OR8J) .&4.1

<he processing units 'ill hae enough fle!ibility to handle ariations in the ,uantity andspecifications of feedstoc@ mi!&

%++ Material "alance

<he material balance of the aromatics plant is gien as follo'sH

Table : Material "alance of Plant

!+No+

Material ;-antit 1TMTPA2 5 of Total

Deedstoc@

. DCC naphtha .1.&2 4&?+

1 Co@er naphtha .?.&2 ..&4+

= #t Run naphtha .=&= ==&1*+

Feay naphtha side dra' .1=&4 ?&21+

84 - rich stream 1=.&2 .&*?+

3 8? - mi!ed !ylene 14&2 .3&21+

4 8* - rich stream .1&2 ?&..+

Total %9.+6 %66+665

Pro,-cts . Para!ylene *.=&4 *&1+

1 6en9ene 1?=&. .?&=3+

= Paraffin Rich Raffinate .12&? 4&?=+

Duel gas .4=&? ..&14+

LPG 12&2 .&=2+

3 Feay8romatics - ..&1 2&4=+

4 Fydrogen .*& .&13+



Total %9.+6 %66+665

%++< Fee,stoc= !-ppl

MRPL 'ill supply all the feedstoc@ re,uired for this aromatics comple! from its refinery& DCCNaphtha 'ill be ta@en from the DCC unit of the refinery& <his naphtha stream is rich in aromatics&

Co@er Naphtha 'ill be ta@en from the do'nstream of 0elayed Co@er :nit (0C:)& DCC and 0C:are being set up in the e!isting refinery of MRPL as part of the e!pansion program& Capacity ofMRPL refinery is being increased from *&3* MM<P8 to . MM<P8& 8fter this e!pansion5 MRPLrefinery 'ill hae three C0:"s& #traight Run Naphtha 'ill be ta@en from all the three C0:"s&Feay Naphtha 'ill be ta@en from the side dra' of 1nd C0:& 8romatic streams 'ill be ta@en fromthe Mi!ed >ylene :nit (M>:) of the refinery& OMPL 'ill enter into a Afeedstoc@ supplyagreementA and Astream e!change agreementA 'ith MRPL&

%++> Pro,-cts

Para!ylene is the main product of this aromatics comple!& Para!ylene is primarily used toproduce Purified&<erephthalic 8cid (P<8) 'hich is used to produce polyester and P$< chips&Para!ylene 'ill be sold to P<8 manufacturers or traders in the free mar@et& OMPL is in dialogue'ith arious prospectie offta@ers for setting up a dedicated P<8 manufacturing plant near thearomatics comple!& #uch a dedicated do'nstream facility 'ill assure off-ta@e of para!ylene fromthis plant& Pipeline 'ill also be set up from the aromatics comple! to the Ne' Mangalore Port fore!port of remaining para!ylene to other locations&

<he plant 'ill also produce 6en9ene 'hich is used in manufacturing of products li@e phenol5cumene5 styrene5 etc& 6en9ene is the building bloc@ for the nylon chain& 8 dedicated pipeline 'illbe set up from the aromatics comple! to the port for e!port of ben9ene to other locations& OMPLmay also enter into off ta@e agreement for 6en9ene 'ith parties 'ho propose to set up a ben9enedo'nstream plant in nearby areas&

<he company proposes to tie up long term offta@e of the products 'ith credible parties& <he

company had inited $!pression of 7nterest ($o7) from potential offta@ers for Para!ylene and6en9ene& <he company receied ery good response for Para!ylene and 6en9ene off ta@e frommore than . parties 'ith strong credentials and global footprints& 6P5 Mitsui5 Mitsubishi5 MCCP<85 Marubeni5& 7tochu5 olmar 7nternational5 Einmar 7nternational and domestic polyesterplayers li@e 7ndorama5 K6D etc& hae sho'n interest in entering into long term off ta@eagreements& <he company 'ill be selecting the off ta@ers on basis of competitie bidding& <hecompany has engaged the serices of #67C8P# for assisting in the off ta@ers selection& 6ased onthe strong response5 the company decided to prioritise the off ta@ers based on readiness ofsetting up plants using P>/6en9ene as feedstoc@ in M#$%/ nearby& <his approach 'ould giema!imum benefit of synergy and also ensure commitment (in terms of inestment in ne' plant)by the off ta@er for using the P>/6en9ene produced by OMPL&

8part from ben9ene and para!ylene5 the aromatics comple! 'ill also& produce paraffin richraffinate5 LPG and hydrogen& Paraffin rich raffmate is rich in C/C3 and it 'ill be used by MRPLrefinery for further processing& <he aromatics plant 'ill produce mar@etable LPG 'hich 'ill betransferred to MRPL for sale in the mar@et& Fydrogen produced from this plant 'ill also beabsorbed by MRPL for its processes&

Duel gas and heay aromatics produced from the aromatics comple! 'ill be utili9ed as internalfuel in the process heaters&

%++? Lo#istics



0edicated pipelines 'ill be set up from aromatic comple! to NMP< port for eacuation ofpara!ylene and ben9ene and for eacuation up to do'nstream P<8 and 6en9ene plants& 8pipeline 'ill also be laid for supply of feedstoc@ and eacuation of products li@e raffinate andhydrogen from MRPL& M#$% or a #PE company promoted by M#$% 'ill deelop a dedicatedcorridor 'ith pipeline rac@ from M#$% to the port facilities& 8ll the pipelines 'ill be laid on thisrac@&

Ne' Mangalore Port <rust (NMP<) is deeloping a ne' ;etty at the Ne' Mangalore port 8fter thedeelopment of this ne' ;etty5 there 'ill be enough capacity aailable at NMP< for handlingproducts of OMPL& 8dditionally5 MRPL 'ill not be e!porting around 7 MM<P8 of naphtha from thisport after the commissioning of aromatics comple! and also around 1 MM<P8 of fuel oil after theresidual upgradation pro;ect scheduled for completion simultaneously& <his 'ill also create sparecapacity at the port&

%++@ Capti8e Poer Plant

<he pro;ect includes setting up of a captie po'er plant to supply po'er and steam for theprocess units& <he aerage po'er re,uirement of the process units 'ill be . MI 'hile theaerage steam re,uirement for the process units 'ill be .34&2 <PF& CPP 'ill be a combined

cycle cogeneration plant to produce po'er as 'ell as steam& <he captie po'er plant 'ill consistof t'o gas turbines (G<G)5 t'o heat recoery steam generators (FR#G)5 one steam turbine(#<G) and t'o utility boilers 'ith follo'ing capacitiesH

Table <: Capacit of Capti8e Poer Plant

!+ No 'nit Description Nos Capacit

. Gas <urbine and Generator 1 1 MI1 #team <urbine Generator . =2 MI

= Feat Recoery #teamGenerator

1 12 <PF

:tility 6oiler 1 12 <PF

G<G 'ill hae dual fuel capacity i&e& gas/diesel5 'ith gas as the primary fuel& <he e!haust gasesfrom G<G 'ill be routed to the FR#G for heat recoery& <he FR#G 'ill hae supplementary fuelfiring proision and burners 'ill be suitable for firing fuel oil& <he utility boilers 'ill be dual fired'ith capability to use Lo' #ulphur Feay #toc@ (L#F#) and Natural gas& Gas 'ill be sourcedfrom the proposed pipeline of G87L/ Reliance&

%++%6 'tilities for Aromatics Complex

6esides Captie Po'er Plant5 the 8romatic Comple! 'ill hae separate facilities to cater to utilityre,uirements of the process units on a standalone basis& 0escription of arious utility systemsplanned for the 8romatics Comple! is gien in the follo'ing sectionsH

%++%6+% )a Bater !stem

Ra' 'ater re,uirement of the comple! 'ill be about ?22 m=/hr& <here 'ill be a ra' 'aterreseroir of a capacity of 325222 cubic meters to meet . days fresh 'ater re,uirement&

Demineralie, 1DM2 Bater !stem



0M 'ater plant of ..2 m=/hr capacity and t'o 0M 'ater tan@s of capacity of =5222 m= each 'illbe setup to meet the 0M 'ater re,uirement&

Coolin# Bater 1CB2 !stem

<he cooling 'ater system enisaged for the aromatics comple! is closed loop recirculation type&

<he cooling to'er 'ill cater to re,uirements of captie po'er plant as 'ell as the process andutility bloc@&

Compresse, Air !stem

Compressed air in the plant 'ill be re,uired for instrument air5 plant air and serice air&Centrifugal compressors 'ill be proided for supply of compressed air& 8ir dryers 'ill be proidedfor instrument air system&

Nitro#en !stem

<he pro;ect 'ill hae Nitrogen Plant to meet the Nitrogen re,uirement for initial purging5 dry outcatalyst regeneration5 blan@eting and flare header purging& <here 'ill also be a proision forproducing li,uid Nitrogen and li,uid Nitrogen storage&

%++%% Offsite facilities

<he offsite facilities enisage ade,uate storage and transfer facilities for the arious feed andproduct streams commensurate 'ith the capacities of the process units& #torage and pumpingcapacities for feedstoc@ and finished product shall be based on the material balance of theconfiguration of the aromatics comple!& Offsite facilities are diided into fie sections - Deedstoc@5Product5 6y-product5 :tility and Miscellaneous&

%+< Project Implementation

OMPL proposes to implement the Pro;ect 'ith the assistance of a Pro;ect ManagementConsultant (PMC) through hybrid approach i&e& Process units and CPP under lump sum turn@ey(L#<) and rest of the utilities under $PCM e!ecution mode& <he PMC 'ould be primarilyresponsible for detailed engineering5 sourcing of e,uipment and monitoring of the construction&M/s <oyo $ngineering has been appointed as Pro;ect management Consultant (PMC) and $PCMfor the units proposed to be implemented on conentional basis& <oyo has rich e!perience ofimplementing petrochemical plants& M/s :OP has been selected as the licensor for the processunits& <he 6asic $ngineering 0esign Pac@age (6$0P) 'ill be proided by :OP& 6ased upon thisbasic engineering5 L#< orders for arious process units 'ill be gien& OMPL along 'ith PMC isplacing orders for long lead items 'hich 'ill be proided to L#< contractors by the company&<his 'ill sae the procurement time for the long lead items li@e reactors5 columns5 centrifugalcompressors5 'elded type heat e!changers5 etc&

ONGC/MRPL has formed a core team of e!perienced e!ecuties 'ho hae been deputed toOMPL to manage the pro;ect implementation& <he team comprises of professionally ,ualifiedpersonnel at arious leels belonging to different disciplines li@e Process5 Mechanical5 $lectrical5Ciil5 7nstrumentation5 Materials5 Pipeline5 Dinance etc&5 besides Corporate #ecretarial and othernon-official staff members&

%+<+% Implementation !c4e,-le



Contract <a! (IC<) hae also been deducted from the pro;ect cost as the guidelines for thesame is pending 'ith the goernment&

6ased on the estimates of core cost by <oyo5 <otal as 6uilt pro;ect cost has been arried at by#67C8P# by adding contingency and inflation for the construction period5 7nterest duringconstruction (70C)5 other financing charges and Margin Money for 'or@ing capital to the core cost

estimates of <oyo&

Table @: As3"-ilt Cost of Project

Digures in Rs crore

Core cost of project *41&*

Contingency 7nflation ad;ustment =2=&.1

8d;usted Cost incl& 7nflation contin#enc 14&4.

Contribution in #$% Corridor cost &22

&7nterest -0uring Construction (70C) Financin# Charges

=1.&42

Mar in Money **&=2

Total Cost >6+>%

%+? Means Of Finance

<he pro;ect cost of Rs 42&4. crore 'ill be funded 'ith a debt e,uity ratio of 3H=& <otal debtre,uired for the pro;ect is Rs =4=4&*3 crore& <he follo'ing table gies the financing plan for thepro;ectH

Table %6: Means of Finance

Pro;ect Cost 42&4.

0ebt E-it Ratio 3H=E-it 12.1&4

0ebt =4=4&*3

%+?+% E-it

Rs 12.1&4 crore 'ill be brought in the form of e,uity in the pro;ect& <he promoters 'ill bring *+of this e,uity upfront 'hile the balance e,uity 'ill be raised from strategic/financial inestors or7PO&

%+?+. Debt

Rs =4=4&*3 crore 'ill be brought in the form of debt in the pro;ect& $ntire debt tie-up 'ill beinitially in the form of Rupee term loan& #ince some part of the cape! is in foreign currency5 thecompany 'ill hae option to reduce/refinance Rupee term loan to the e!tent of =2+ by foreigncurrency borro'ing from $C8/$C6& <otal door to door tenor of the loans 'ould be .= years 'hichincludes 1+1 years for construction5 ."/1 year for moratorium period and repayment period of *years&

<he year-'ise schedule of capital e!penditure along 'ith debt and e,uity infusion is gien in thefollo'ing tableH



Table %%: *earl Canex p4asin# an, DebtGE-it ,ra,on

*ear 7%st Mar36@ 7%st Mar-.2 7%st Mar3%% 7%!t Mar-.1 <otal

Percentage &1+ 4&*3+ 14&?=+ *&3*+ .22 +

Cape! 132&.? 4&?1 .322&11 ==1&* 42&4.

$,uity 7nfusion 132&.? 4&?1 13?&1 .213&2 1213&10ebt 7nfusion -- -- .==.&*4 12&** =4=4&*3

%+@ Mar=et

<he aromatic comple! 'ill produce about *.=&4 <P8 Para !ylene and 1?=&. <P8 6en9ene&OMPL proposes to enter into long term off ta@e agreements for P> and 6en9nee 'ith parties 'ithstrong credentials& OMPL has inited $!pression of 7nterest ($O7) for long tern offta@eagreements for P> and 6en9ene and has receied ery strong response from arious interestedbuyers li@e 6P5 7tochu5 Mitsui5 Mitsubishi5 Marubeni5 olmar5 K6D5 7ndorama etc&

<he company is in adanced stages of finali9ing the offta@er for long-term offta@e agreement for

Para!ylene/6%& <he pricing of P> and 6en9ene 'ill be lin@ed to international 6ench mar@ prices&<he company proposes to gie preference for offla@e to those bidders 'ho 'ill be setting up P<8plant in M#$% or nearby areas5 assuring dedicated off ta@e&

%+@+% Paraxlene / "enene: "ac=#ro-n,

Para!ylene is the most important 8romatic basic petrochemical& <he demand gro'th forpara!ylene is drien by demand gro'th of polyester fibre5 P$< bottle resin and polyester film&Para !ylene is either conerted into Purified <erephthalic 8cid (P<8) or 0imethyl <erephthalate(0M<)5 both of 'hich are intermediates in the polyester chain& 8round *=+ of para!ylenedemand globally is into P<8&

6en9ene is an important aromatic chemical and is used as a ra' material in seeral important

products such as Caprolactam 'hich is used to ma@e nylon filament yarn (NDJ)5 Linear al@ylben9ene (L86) 'hich is used in detergents5 #tyrene used in polystyrene #tyrene 6utadieneRubber5 Nitroben9ene chloroben9enes 'hich are used as dye intermediates5 and 6FC Lindane 'hich are used in pesticides&

0lobal Paraxlene scenario

Iorld'ide para!ylene demand is currently 13 million tonnes and is forecast to gro' at more than + per year to reach around 3 million tomes by 121& <his gro'th is being drien by highgro'th rates in polyester fibre and P$< bottle resin& <he Para!ylene industry is a cyclical industry5hence the capacity additions happen in cycles& <he 'orld consumption of P> is e!pected to gro'at a higher rate of 4+/year in the 122?-12.= period5 'ith 8sia leading gro'th at a rate of?&+/year (Mainly due to China 7ndia)&

Fistorically5 in deeloping economies5 gro'th of demand for Polyester and thus P> is higher thanG0P gro'th rate due to reali9ation of latent demand and greater economic inclusion& <o fulfill thelarge demand5 capacity e!pansions are being planned in China5 Middle $ast and 7ndia& Fo'eer5despite the large capacity additions5 N$ 8sia5 particularly china is e!pected to remain a ma;orimporter& 7n the long run5 N$ 8sia5 North 8merica5 8frica5 Russia 'ill be net importers 'hileMiddle $ast and #$ 8sia 'ill be net e!porters&

In,ian Paraxlene scenario



P> mar@et in 7ndia has moed from Net importer in mid nineties to net e!porter in 1222 after R7Lcommissioned its Kamnagar plant& <otal P> capacity in the country is about 1&1 MM<P85 'hiledemand in 1224 'as around .&3 million tonnes and is e!pected to @eep on gro'ing in line 'ithG0P gro'th&

Iith the OMPL pro;ect and ne' capacities plans by R7L5 total P> capacities are e!pected to

reach & MM<P8 by 12.1& 0emand for P> is e!pected to gro' substantially drien by higherG0P gro'th and greater per capita spending capacity& Polyester is e!pected to fulfill theadditional demand as the supply of the other ma;or source of fibre i&e& cotton cannot rise at thesame rate and has supply constraints& Iith planned capacities5 7ndia 'ill remain a net e!porter innear future and 'ill fill the deficit in N$ 8sia region&

0lobal "enene scenario

<he global demand for ben9ene is currently around 2 million tonnes5 'ith ethyl 6en9ene ( usedfor manufacture of styrene) sharing 2 + of mar@et& #tyrene is used to manufacture polystyreneand other styrenic products such as 86# and #6 late!& Cumene 5 cyclohe!ane and Nitroben9eneapplications for are the other ma;or end-uses of ben9ene&

Global demand for ben9ene is e!pected to gro' around 1&-= + p&a& reaching around 32 Million<onnes by 121& Globally5 the industry trend for 6en9ene demand gro'th is correlated to G0Pgro'th& <he additional re,uirement for 6en9ene is e!pected to be met mostly through ne'capacities being setup in 8sia& <he gro'th in global trade in 6en9ene is e!pected to be more thangro'th in 6en9ene demand as a supply deficit is e!pected to gro' in :# and $urope5 'ith deficitbeing fulfilled by 8sian capacities&

Iestern $urope and N& 8merica 'ill continue to remain net importers of 6en9ene5 'ith N$ 8siaturning net importer by 12.2-.15 'hile #$ 8sia5 7ndia5 Middle $ast 'ill be net e!porters&

In,ian "enene scenario

0emand for ben9ene in the 7ndia is estimated at around 4225222 tonnes5 representing almost 1+of the global mar@et& <he ben9ene mar@et"s largest end-use sector currently is Linear 8l@yl6en9ene (L86) 'hich is used for surfactants and detergents5 representing around =2+ ofdomestic demand& Caprolactam and Phenol account for around 1. + and .4+ of the demand&<he remaining demand is made from other deriaties li@e 8niline5 6FC/Lindane5Nitrochloroben9ene& 7ndia has presently no styrene facilities&

7ndia is currently a net e!porter of 6en9ene5 e!porting a significant portion of its 6en9eneproduction5 e!porting almost 12 to 22 < of ben9ene&

Fo'eer5 going for'ard huge demand gro'th is e!pected due to the need of setting up of#tyrene plant in 7ndia to meet gro'ing styrene products demand& 6en9ene demand is e!pected togro' at 3 + p&a& reaching oer .& MM<P8 by 121& <he 7ndian 6en9ene demand is closely

lin@ed'ith gro'th of 7ndian economy and global trade balances&

%+%6 Mar=etin# !trate#

<he company proposes to tie up long term offta@e of P> and 6en9ene and has inited $!pressionof 7nterest from potential offta@ers for Para!ylene and 6en9ene& <he company has receiedstrong response for Para!ylene and 6en9ene off ta@e 'ith more than . parties 'ith strongcredentials and financials and 'ith global footprints li@e 6P5 Mitsui5 Mitsubishi5 MCC P<85



Marubeni5 7taachu5 olmar 7nternational5 Einmar 7nternational and domestic polyester players li@e7ndorama5 K6D etc& hae sho'n interest in entering into long term off ta@e agreements&

OMPL 'ill prefer the off ta@ers setting up plants using P>/6en9ene as feedstoc@ in M#$%/nearby5 as this 'ould gie benefit of synergy and ensure commitment by the off ta@er for usingthe P>/6en9ene produced by OMPL5 'hile the rest of the product 'ill be e!ported&

#ome of the offta@ers hae also e!pressed interest in participating in the e,uity sta@e of thecompany to ensure better for'ard integration in the alue chain&

Paraxlene

<hree-four parties hae e!pressed interest in setting up a dedicated P<8 unit in Mangalore to mettheir captie P<8 consumption for polyester/P$< facilities5 'hile one of the offta@er is interestedin sourcing P> for its e!isting P<8 unito 'ants to source P> from OMPL for mar@eting oerseas&OMPL plans to tie up about 2 + of P> capacity domestic consumption 'hile balance 2 + 'illbe @ept open for e!porters& 7ndian 0emand for Polyester/ P$< is e!pected to gro' significantly ata rate of ?-.2+ in ne!t -.2 years time resulting in huge demand for P>&

6ased on the current global scenario5 the ma;ority of Polyester demand is e!pected from N$ 8sia5 particularly China& Fence5 any surplus P> left after fulfilling 7ndian demand can be absorbedeasily by the N$ 8sian mar@et& <he e!port of product by OMPL 'ould primarily be targeted to themar@et 'hich 'ill gie the highest Net 6ac@& OMPL is strategically better placed in Geographicterms to the competitors li@e Middle $ast due to pro!imity to ma;or demand centers li@e 7ndia andN$ 8sia&

"enene

Currently5 7ndian demand for 6en9ene is lo'er than the capacity5 and 6en9ene is e!ported inoerseas mar@et& Going for'ard5 the 7ndian e!port of 6en9ene is e!pected to reduce due togro'th in domestic demand&

<he company is in adanced stages of tal@s 'ith off ta@ers for long term agreements for sale of6en9ene in oerseas mar@et& Most of the interested offta@ers are loo@ing to source 6en9ene fromOMPL for mar@ting oerseas 5 primarily mar@ets in 'estern $urope5 8merica5 8 fe' of the partieshae also e!pressed interest in setting up of Phenol and other 6en9ene deriatie units inMangalore / nearby areas&

Presently5 the company enisages .22 + e!port of ben9ena5 'ith most e!port being directed tofulfill the demand in $urope (e!port opportunity to $urope is due to shutdo'n of many $uropean6en9ene producing capacities)& <his e!port opportunity is proposed to be tapped by entering intolong term offta@e agreement 'ith traders haing strong financials& and haing internationale!perience of mar@eting of petrochemicals/6en9ene&

6ased on the ery strong response to the off ta@e process and demand in the 7ndia and N$ 8siaregion5 the company may not face much difficulty in tying up the mar@eing of the entire P> and6en9ene production&

<he other intermediate products li@e LPG5 Fydrogen5 Raffinate5 etc& 'ill be sent bac@ to MRPLunder stream e!change agreement&

%+%% Present !tat-s of t4e project



<he Company has already ac,uired the entire land of 1 acres re,uired for the pro;ect fromMangalore #$% on a long term lease basis and has a'arded the site deelopment contract& <oyo$ngineering 7ndia Limited has been appointed as the Pro;ect Management Consultant (PMC) forthe aromatics pro;ect& PMC has already started the preliminary 'or@ on site& <he progress of thepro;ect is as belo'H

•

:OP has been selected for proiding process technology and the 6asic $ngineering 0esign Pac@age (6$0P)& Ma;or portion of 60$P pac@age from :OP has already beenreceied&

• Long lead items hae been identified and some in,uiries hae been floated&

%+%%+% !tat-tor Clearances

• $nironment clearance has been receied&

• Consent for $stablishment (CD$) has been receied by M#$%&

• 8pproal from Ministry of Commerce receied for setting up #$% unit for e!emption ofta!es/duties on inputs&

• #78 clearance for :OP technology has been obtained

%+%. Profitabilit projections

<he Pro;ect is e!pected to commence commercial operation from 8pril 12.1& Capacity utili9ationis assumed at ?2+ and *2+ in the first and second year and .22+ thereafter&

Deedstoc@ for the aromatics plant 'ill be supplied by MRPL refinery& 2+ of para!ylene isassumed to be sold in the do'nstream plant ad;acent to the aromatics comple! and balance 2+ Para!ylene and .22 + ben9ene is assumed to be sold in the e!port mar@et& LPG producedfrom the comple! 'ill be sold in the domestic mar@et& Other streams of the plant li@e raffinate andhydrogen 'ill be sent bac@ to refinery to be used in the process& OMPL 'ill enter into aADeedstoc@ #upply and #tream $!change 8greementA 'ith MRPL for dedicated supply offeedstoc@ and off ta@e of products li@e Raffinate and Fydrogen& <he pricing of feedstoc@ are

based upon three year aerage price& Prices of #traight Run Naphtha 'ill be benchmar@ed tonaphtha prices in international mar@et5 DCC Naphtha 'ill be based on aerage of M# andNaphtha prices5 'hile Co@er naphtha 'ill be supplied by MRPL at a discount5 84/8* streams 'illbe based upon M# prices 'hile Mi!ed !ylene 'ill be supplied at mar@et price less discount beinggien by MRPL in the mar@et currently&

<he prices of P> and 6en9ene are ta@en at = years aerage price of 8sian Contract Price (8CP)DO6 orea& Dor domestic sale5 it is assumed as DO6 orea plus freight 'hile for e!port5 priceassumed at DO6 orea minus freight from 7ndia to orea&

Natural gas 'ill be used as fuel for CPP and utility boilers as 'ell as process heating Ope! hasbeen ta@en based upon the inputs proided by <oyo/:OP&

<he profitability pro;ection for the first ten years of operation is gien in the follo'ing tableH

Table %.: Projecte, Profit / Loss statement

Financial *ear En,in# .6%7 .6%9 .6% .6%< .6%> .6%? .6%@ .6.6 .6.%

<hroughput (<P8) .51= .5=?? .51 .51 .51 .51 .51 .&1 .51

7ncome 51? 3512 45144 451= 4541 4541 45??2 ?52=? ?5122

Deedstoc@ Cost 5.= 543 522 52* 53.* 54=. 5?3 5*3= 352?1



Operating Cost- fi!ed .2 ..1 ..? .1. .1 .* .3 .3? .4=

Operating Cost-ar& =* 24 4 3= * 43 4* 2= 23

P607< ?11H .5.=4 .5=.1 .5==. .5=3* .5=? .5=*. .52 .5=*

0epreciation 13= 13= 13= 13= 13= 13= 13= 13= 13=

7nterest Dinance Charges 1= =1 =*3 == =2? 13= 1.? .4 .1*

P"T %7 99% <. >%9 >@? ?7. @6@ @<> %69><a! - 1 . 12 .2 .3 .?1 12

0eferred <a! Liability .= .? 3 . (=) (.2)

PAT %7% 9.? <7. <@. 44= <>? 4. >?? ?7

<he pro;ect 'ill hae a healthy internal rate of return of .?&22 +& <he main profitability parametersof the pro;ect are gien in the follo'ing tableH

Table %7: Projecte, Profitabilit Parameters

!l No Parameters )es-lts

. Pro;ect 7RR .?&22+

1 $,uity 7RR 11&*2 += 8erage 0#CR 1&2 Minimum 0#CR .&3

%+%7 !ensiti8it Analsis

<he profitability parameters of the Company might change 'ith the deiation in crac@ bet'eennaphtha and para!ylene/ben9ene& 8ny significant increase in the pro;ect cost 'ill also hae anegatie impact on the pro;ect returns& #ensitiities hae been carried out for @ey parameters tosee their effect on the profitability and pro;ect returns as belo'H

!cenario I: Hi#4er Project Cost b %65

<hough contingency and inflation has been ta@en for determining the total pro;ect cost oer theyears5 ho'eer considering the long period for deelopment of the pro;ect5 the possibility ofincrease in pro;ect cost cannot be ruled out& <he increase in the pro;ect cost 'ill hae aderseimpact on the pro;ect 7RR&

!cenario II: Hi#4er Operatin# Expen,it-re b %65

7n the profitability pro;ections5 the operating e!penditure has been estimated based upon ariouscosts associated 'ith aromatics plants as per inputs from <oyo/:OP/OMPL& 8n inflation rate of=+ p&a& has been applied on all the components of operating cost& #ensitiity has been carriedout 'ith .2+ increase in the operating cost eery year&

!cenario III: Lo Capacit 'tiliation 1@652

#ensitiity has been carried out to chec@ the effect of lo'er capacity utili9ation on the financialparameters& 7n this case5 it is assumed that the plant operates at ?2 + in first year of operationsand *2+ on'ards&

!cenario I(: Loer Mar#ins 1Crac= loer b +'!D 6GTon2



Considering the olatility in the crac@ bet'een naphtha and para!ylene/ ben9ene5 a sensitiityhas been carried out 'ith lo'er crac@ of :#0 2/<on by reducing 6enchmar@ prices ofpara!ylene and ben9ene by :#0 2/ton in the first three years of operation5 'hile feedstoc@prices hae been @ept at the same leel& <he impact of lo'er margins is the most in the initialyears due to high debt serice obligations& <he pro;ect is sensitie to lo'er margin&

!cenario (: Nat-ral 0as a8ailabilit from t4ir, ear

7n the profitability pro;ections5 it has been assumed that natural gas 'ill be aailable to thearomatics comple! from 8pril 12.1& #ince the pipelines up to Mangalore are still in the planningstage5 it may ta@e some time to implement these large infrastructure pro;ects& 0ue to this delay5the gas may not be aailable to the plant in the initial years& 8 sensitiity has been carried out'ith natural gas aailability from third year on'ards& 0ue to consumption of costly fuels in CPP as'ell as process heating in the initial years5 the profitability of the pro;ect 'ill get affected&

Results of these sensitie scenarios are gien in the follo'ing tableH

Table %9 : )es-lt of !ensiti8it Analsis

"ase

Case

!ensiti8it !cenarios

!+ No+ Parameters Case I Case II Case III Case I( Case (

. Pro;ect 7RR .?&22+ .3&=*+ .4&.3+ .3&=4+ .3&=4+ .4&.*+

1 $,uity 7RR 11&*2+ 12&2?+ 1.&+ 12&12+ .*&3?+ 1.&1+

= 8erage 0#CR 1&2 .&? .&* .&?= .&*. .&*?

Minimum 0#CR .&3 .&* .&4 .& .&1= .&?

7t is eident from the sensitiity results that5 the profitability parameters are comfortable for thesensitiities related to pro;ect cost5 operating cost and lo'er capacity utili9ation&

<he debt sericing capability of the pro;ect is not hampered een in the rough scenario of the

crac@ remaining lo'er by :#0 2/M< in the first three of operation& <he pro;ect 7RR is greaterthan .1+ in all scenarios&

%+%9 Fiscal / Non3Fiscal Concessions

<he pro;ect is located in #$%& <he pro;ect 'ill get benefits of

• $!emption from customs duty5 e!cise duty5 E8<5

• serice ta! etc& during construction period

• $!emption from income ta! during first fie years after CO05 and e!emption for 2 + inthe subse,uent years&& <he e!emption for 2 + income <a! can be e!tended foradditional years if spent on redeelopment

•

No E8<5 $!cise5 Customs 'ill be applicable on sourcing of ra' material for domesticsales /e!port of products&• Ra' material 'ould be e!empted from custom duty

• #ale in 0omestic <ariff 8rea (0<8) 'ill attract customs duty

<o retain status of #$% unit5 the pro;ect 'ill hae to be net positie foreign income earner& 8s P>and 6en9ene are proposed to be e!ported or sold to #$% units (deemed e!port)5 'hile Naphtha'ill be sourced domestically from MRPL& <hus the pro;ect 'ill easily meet the foreign income



earning re,uirement for retaining #$% status& Durther5 the company has approached arnata@astate Got& for e!emption from Ior@s Contract <a!&

%+% Concl-sion

ONGC/MRPL proposes to set up an 8romatic comple! at #pecial $conomic %one at Mangalore5

ad;acent to MRPL refinery to produce about *.= <P8 Para!ylene and 1?= <P8 6en9ene5using Naphtha as the feedstoc@& <he pro;ect 'ould be implemented through a separate specialpurpose ehicle (#PE) company5 ONGC Mangalore Petrochemicals Limited (OMPL) <he pro;ect'ould en;oy the arious ta! benefits aailable under the #$% policy& <he pro;ect has the benefit ofsynergy 'ith MRPL5 for 'hich the pro;ect is li@e for'ard integration in the alue chain&

#67C8P has e!amined the financial feasibility of the proposed pro;ect and assessed the iabilityof the pro;ect under the impact of arious aderse scenarios5 'hich see@ to present the results incase of changes in arious assumptions&

On an assessment of the pro;ect parameters5 it is recommended that OMPL shouldH

• $nter into long term feed stoc@ supply and stream e!change arrangements 'ith MRPL

• <ie up off ta@e of products through long term contracts5 preferably through dedicated P<8plant at Mangalore for 2+ of the capacity&

• <ie-up the balance .+ of the pro;ect e,uity5 @eeping in ie' the synergies brought in bythe inestor in technology and mar@eting of finished products

• Dinali9e arrangements 'ith M#$% for Land Lease agreement and facilities to be proidedby it

• 7dentify core pro;ect implementation team and ma@e arrangements for co ordination ofthe pro;ect implementation in such a manner that the pro;ect is completed 'ithin the timeframe enisaged

• Obtain necessary statutory clearances

<hus5 based on the financial appraisal e!ercise5 it may be concluded that5 considering the

pro;ected performance of the proposed pro;ect5 the company is e!pected to meet its debt sericeobligations to'ards the pro;ect& <he oerall financial5 li,uidity and profitability parameters of thepro;ect are considered reasonable and satisfactory&

#ub;ect to the ris@ factors5 the 'ea@nesses and threats enumerated and the impact of ariousscenarios enisaged under sensitiity analysis5 OMPL"s proposed pro;ect can be consideredfinancially iable&

Annex-re3

%+%< Ass-mptions for Profitabilit Projections

%+%<+% Project Timelines

Commercial Operation 0ate 2. 8pril 12.1

Dinancial year for first year Operation=. Mar 12.=

Pro;ect Life 12 Jears

%+%<+. Macroeconomic Ass-mption



Factor Per ann-m

7ndian 7nflation Rate =+

Doreign 7nflation Rate 2+

7NR/:#0 0epreciation Rate .+

6ase 7NR-:#0 $!change Rate (as on .st 8pril5 122*)?&2

%+%<+7 Capital !tr-ct-re

0ebt 3+

0ebt $,uity Ratio 3&=

Percentage $,uity by Promos *+

:pfront $,uity (out of total e,uity)*+

%+%<+9 Capacit 'tiliation

*ear of operationCapacit 'tiliation

.st Jear ?2+

1nd

Jear *2+=rd Jear beyond .22+

%+%<+ Pro,-ct Capacit an Material "alance

!+ No Material ;-antit 1TMTPA2 5 of Total

Fee,stoc=

. DCC naphtha -.1.&2 4&?+1 Co@er naphtha .?.&2 ..&4+= #t Run naphtha .=&= ==&1*+

Feay naphtha side dra' .1=&4 ?&21+

84 - rich stream 1=.&2 .&*?+

3 8? - mi!ed !ylene 14&2 .3&21+4 8* - rich stream .1&2 ?&..+? Light Reformate 2&2 2&22+

Total %9.+6 %66+665

Pro,-cts

. Para!ylene *.=&4 *&1+

1 6en9ene 1?=&. .?&=3+= Paraffin Rich Raffinate .12&? 4&?=+ Duel gas .4=&? ..&14+ LPG 12&2 .&=2+

3 Feay 8romatics ..&1 2&4=+

4 Fydrogen .*& .&13+

Total %9.+6 %66+665

%+%<+< Fee,stoc= Pricin# Ass-mptions

Deedstoc@ pricing is based the =-year aerage of monthly aerage prices (8pril 122 - Mar 122?)for different items&

Fee,stoc= "enc4mar Price "asis of Pricin#



= 1)s+GMT2

DCC naphtha M# 134*&23 <rade Parity Pricing

Co@er naphtha Naphtha 113&?* (DO6 Mangalore) Rs&*1=/M<

#t Run naphtha Naphtha 1.4*&?* (DO6 Mangalore)

Feay naphtha side dra' Naphtha 1.4*&?* (DO6 Mangalore)

84 - rich stream M# 1444?&1= <rade Parity Pricing 8? - mi!ed !ylene M> =1?&*3 DO6 orea - :# *2/M<

8* - rich stream M# 1444?&1= <rade Parity Pricing

Light Reformate M# 1444?&1= <rade Parity Pricing

%+%<+> Pro,-ct Pricin# Ass-mptions

Product pricing is based on the =-year monthly aerage prices (8pril 122 - Mar 122?) fordifferent products as belo'H

Fee,stoc= "enc4mar= Price1)s+GMT2

"asis ofPricin#

Para!ylene(domestic)

P 42?&23 CDR 8CP Dreight (oreato Mangalore)

Para!ylene(e!port)

P> .*1?&23 CDR 8CP -Dreight (oreato Mangalore)

6en9ene(0omestic)

6% =*=*1&?1

6en9ene(e!port)

6% =?4&?1 DO6 orea

Paraffin RichRaffinate

(0omestic)

Naphtha 1.4*&?* (DO6Mangalore)

LPG LPG 1*.&.3 DO6 8rabGulf Dreight( 8G toMangalore)

Fydrogen(0omestic)

LightNaphtha

4=*&34 <hree timesalue of lightnaphtha

2+ para!ylene to be sol domestic mar@et from 1nd year on'ards&

%+%<+? Financin# Ass-mptions

Rupee <erm Loan .22+

7nterest Rate (Rupee <ermLoan)

..&2+

Moratorium Period 3 ,uarters after CO0

Repayment Period * years (=3 e,ual,uarterly payments)

7nterest rate for IC ..+



borro'ing

%+%+<+@ Bor=in# Capital Ass-mptions

Item Norm

In8entor

Deedstoc@ = days consumption

CPP/process Duel = days consumption

Ior@-in-process = days of cost of production

Dinished Goods .1 days of production

Chemicals consumables. days of cost

)ecei8ables

0omestic 1. days of sales

$!port 1. days of sales

Cre,itors 1. days purchase (feedstoc@ and CPP fuel)

%+%<+%6 Operatin# Costs

(ariable Costs

<he basis of computation of ch ariable cost item is indicated belo'H

Item Description

Catalysts Chemicals

8s indicated by OMPL/<oyo& <hesame hae been assumed to beescalated at =+ p&a&

Ra' 'ater Rs&.1& per cum for fresh 'ater andRs&.4& per cm for treated 'ater

(Re,uirement of .3 cm/hr of fresh'ater5 =2 cm/hr of treated 'ater)

Po'er #team

Pro;ect 'ill re,uire . MI of po'erand .34& <PF of #team at .22+capacity utili9ation&<he CPP shall use gas as theprimary fuel5 and gas has beenassumed to be aailable from firstyear of operation& <he price ofnatural gas has been assumed at 4/mmbtu&

Port Fandling Rs&42 per tonne for e!port of P> and6en9ene is payable to Ne'

Mangalore port trust per thepublished tariff of NMP<

Fixe, Costs

<he basis of computation of fi!ed costs is as follo'sH

Item Description



Repairs andMaintenance

2&+ on Plant Machinery and 6uildings in thefirst fie years of operation and . +thereafter

#alary Iages Rs&14&2 crore based upon =22 people 'ithRs&*&2 lacs pa&

7nsurance 2&1+ of Plant Machinery and 6uildings

8dministratie

$!penses

2&2+ of Net sales of the company

$lectricity Charges(Di!ed)

Rs&1 la@h per month

Land Leasecharges

Rs&25222 per acre per year

Number of operating hours h been assumed as ?222 hours/ year

Operating Costs are escalate annually at =+ p&a&

%+%<+%% Depreciation Ass-mptions

Item Maxim-mDepreciation Depreciation)ate

!LM3"oo=Depreciation

Plant Machinery *+ &1?+

Misc& 8ssets *+ &1?+

6uilding *+ .&34+

BD(3TaxDepreciation

Plant Machinery .22+ .+

Misc& 8ssets .22+

.+

6uilding .22+ .2+

%+%<+%. Tax ass-mptions

<a!Foliday

.22+ e!emption one!port/deemed e!port incomefor first fie years and 2+e!emption thereafter in ne!tfie years&

M8<rate

..&==+ (M8< not applicable toOMPL)

7ncome<a!rate

==&**+

%+%> Projecte, Financials

%+%>+% Projecte, P/L

aromatics complex project in mangalore sez

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