rp payback -19th sep

7/29/2019 RP Payback -19th Sep

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Beneficiation Rock Phosphate

Grade 31% P2O5

Capacity 3200 TPD

Capex 75 Cr

Technology Direct Floth Flotation

Flowsheet CRDL

EPC/EPCM

Outotec / Bateman/ FL Smidth/MBIL

Land 30 Ha

Major Raw Material:

Water 3200 m3 per day

Power 16 MW

Steam

Rock Phosphate

Sulphuric Acid

Phos Acid

Anhydrous Ammonia

Total Capex - Rs. 870 Crore inc Mine Land.


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Phosphoric Acid Plant Di-Ammoniam Phosphate Total

43% P2O5 18-46-0

800 TPD 1750 TPD

300 Cr 300 Cr 675 Cr Hemi Die Hydrate (HDH)-replicate SIIL model Lurgi GMBH /Incro Spain

Hindustan Dorr Oliver / JacobEngineering / Paul Smith

Hindustan Dorr Oliver /Jacob Engineering / IncroSpain

25 Ha 20 Ha

3200 m3 per day 1500 M3/Day

10 MW 7 MW

72 t/day

2500 MT @ 31.5% purity per day

2200 T per day 100 TPD

800 TPD 0.43 grade

335 TPD 0.23 grade


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Maton Mine

(1000K t Ore)

BRP Plant (600K

t RP)

PAP Plant (240K

t PAP)

DAP Plant (500K

t DAP)

Import Rock

(187.2K t Ore)

Captive Sul Acid

(667.2 KL)

Buy Ammonia

(115 t)

Captive Sul Acid(30 KL)


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Ex Rate ($/INR) 55

Working Days 300

Tax Rate 32%Royalty- Maton Rock 11%

Sales Price

Beneficated Rock transfer price for SSP Rs.7,188.00

Phos Acid Price $880.00

DAP Price Rs.38,400.00

Gypsum Rs.500.00

Cost:

Maton Rock Price for SSP on conversion Rs.3,953.00Beneficated Rcok transfer Price for PAP Rs.3,000.00 40% Loss in tailing whilImported Rock Phosphate Price $180.00

Ammonia $550.00Sulphuric Acid Rs.3,300.00

Plant Process Cost:

BRP Rs.500.00Phos Acid $75.00DAP $75.00

Norms:

Phos Acid 3.28 Rock, 2.78 Acid

DAP 0.48 PA, 0.23 Ammonia

2011-12 Only Ore sale taken

2012-13 Ore Sale @ 2700 ataken

2013-14 135 K ore sale taken at Rs 3500/-, 105 K ore tans

2014-15 BRP plant commissioned and all 300 MT Benefica

2015-16 Beneficated Rock transferred to SSP plants to pro

2016-17 PAP & DAP commissioned, Gypsum sold at NSR 5

2017-18 Same as above


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e beneficating

ered to SSP plant @4500 to produce 240K SSP sold to marketer at 7300/-

ed Rock transferred to SSP plants to produce 500K SSP sold to Marketeres @7500/-. Import Rock started mar

duce 500K SSP sold to Marketeres @7500/-. Import Rock started marketing in India @ 160 SP and profit @60

0/- Import Rock as above, DAP @ 38400/-, Gain in BRP rock transferred for PA/DAP shown sep in BRP


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keting in India @ 160 SP and profit @60$


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2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Land for Mine 25 25 25 25

Plant Land 15 38 23BRP 75

PAP 150 150

DAP 150 150

- 15 438 348 25 25

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Fixed Assets (Ex Land)

Opening Block - - - 69 151 129

Addition - - 75 600 - -

Tax Dep. - - 6 518 23 19Closing Block - - 69 151 129 109

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

EBIDTA - - - 559 559

Tax - (2) (168) 174 175

CashInflow - 2 168 385 384

CashOutflow 15 438 348 25 25

Net Cashoutflow 15 436 179 (360) (359)

Cum COF 0 15 451 630 270 (89)

Interest Cost 0.675 20.96 48.64 40.51 18.29

Cash Outflow for Capex


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Rs. -Crs.

2017-18 Total

25 125

7575

300

300

25 875

2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

109 93 79 67 57 49 41

- - - - - - -

16 14 12 10 9 7 693 79 67 57 49 41 35

2017-18

559

176

383

25

(358)

(447)


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1 2 3 4 5

2012-13 2013-14 2014-15 2015-16 2016-17

Sales Qty

SSP mt

DAP mt 500,000 500,000

Gyp mt 1,200,000 1,200,000

Revenue Cr - 1,980 1,980

Mfg Cost Cr - 1,338 1,338

S&D Cost Cr - 83 83

EBIDTA Cr - 559 559

Tax Dep Cr 6 518 23 19

Interest Cost Cr 22 49 41 18

Tax Cost Cr (9) (184) 161 169

CashInflow Cr (13) 135 358 372

CashOutflow Cr 15 438 348 25 25

Net CF Cr (15) (450) (212) 333 347

CumCIF Cr (15) (465) (678) (345) 2

Payback years - - - 4.00

Payback Period 4.00IRR 26%

Per Unit Cost Working:

COP of Maton Rock Phos

CVD 250 Maton Rock 3000

Bagging 250 Royalty 624

Loading 200 MR Cess 500

Unloading 450 Freight * 375 (Higher side taken assuming PA

Dealer Mrgin 500 Final Price 4499

Total S&D 1650

Rock Qty COP

Maton 600000 4499

Import 187200 9900

787200 5783

S&D Cost - DAP

COP of Rock Phos


10/27

COP of PAP

Rock Phos 5783 3.28 18,969

Acid 3300 2.78 9,174

Conversion Charges 4,125

32,268

COP of DAP

PAP 32268 0.48 15,489

Ammonia 30250 0.23 6,958

Acid 3300 0.06 198


26,769


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6 7 8 9 10 11 12

2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

500,000 500,000 500,000 500,000 500,000 500,000 500,000

1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000

1,980 1,980 1,980 1,980 1,980 1,980 1,980

1,338 1,338 1,338 1,338 1,338 1,663 1,663

83 83 83 83 83 83 83

559 559 559 559 559 235 235

16 14 12 10 9 7 6

- - - - - - -

176 177 178 178 179 74 74

383 382 382 381 380 161 161

25 875 - - - - -

358 (493) 382 381 380 161 161

360 (133) 248 629 1,010 1,171 1,332

- - - - - - -

lant at distance of 100 kms)

After Maton Rock is depleted from year 2022

Rock Qty COP

Maton 0 0

Import 687200 9900

687200 9900

COP of Rock Phos


12/27

COP of PAP

Rock Phos 9900 3.28 32,472

Acid 3300 2.78 9,174


45,771

COP of DAP

PAP 45771 0.48 21,970

Ammonia 30250 0.23 6,958

Acid 3300 0.06 198


33,251 6,482


13/27

Turnover 6533

Mfg Cost 5468

EBITDA 1065 16%

Other Income 10Fin Cost 14

Exc item 125

PBT 936

Tax 315

PAT 621 10%

Annual Report - 2011-12

Debt/Equity Ratio 0.03

Current Ratio (L/A) 0.5

EPS 21.73

Turnover 21793.1

Mfg Cost 18616.1

EBITDA 3177 15%

Exc item 173.6

PBT 3003.4

Tax 470.8

PAT 2532.6 12%

Current Share Price 155.15

Company Market Value (lakhs) 18,384

Amongst Top 3 brands in India for Single Super Phosphate

Jubilant Bhartia Group, valued at over USD 3 bn

Q1


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Rs. In laks

21625

18576

3049 14%

16840

111

3066

491

2575 12%

fertilizer and a significant agro nutrient player

2011-12


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Particulars Basis Naru 38 Egypt 24 Egypt 26 RSMM 31 Maton 23

Basic CFR Kandla us$ 230 75 100 8000 3548

Ex Rate 56 56 56

Landing Charge 1% 13009 4242 5656Customs Duty /Royalty 2.50% 325 106 141

Edu Cess 3% 10 3 4

Total Import Duty 335 109 146

Clearing & Forwarding 150 150 150

Wharfage 40 40 40

Marine Insurance 0.1% 13 4 6

Freight 800 800 800 250 250

Handling Loss 1% 143 53 68

Demurrages 50 50 50

Ground Rent 10 10 10

Royalty 6% for 23 & 11% for 27 Grade 8880 3761

MR Cess 500 500

VAT 469 213

Actual Cost at Kapasan Rs/MT 14421 5417 6869 10099 4724

Blending Ratio

30/70 (N 38 /E 24) 8118 4326 3792

20/80 (N38 / E 26) 8380 2884 5495

100 (RSMM) 10099 10099

35/65 (N 38 /M 23) 8118 5047 3071

25/75 (N 38/ M 27) 8120 3605

Maton Rock arrived by back working comparing least cost of Jubilent

Jubilent Rock Cost


16/27

Maton 27 JAPCL Cost Sheet Conversion Rs /MT

4500 Rock Price 8118

SA price 2800

59.9% of Rock 486334% of the Acid Price 952

Conversion Cost 760

Freight Inward(Rock + Acid) 200

Dealers margin + Discounts 300

Freight Outward 800

Packing cost 250

250 Total cost 8125

Fixed Subsidy by Govt. 3672

MRP 5800Net Realization 9472

4995 Margin 1347

500 Less Financial Cost 200

275 Net 1147

6020

4515

Estimated SSP worksheet of Jubilent


17/27

Maton BRP Price calculation to arrive at JAPCL Cost

Maton BRP A 6863

Royalty 755

MR Cess 500

Final Price of Rock for SSP 8118Less Benefication Cost B 500

Net Realisation (A-B) 6363

Loading 60% Recovery 3818

Less Mining COP 1500

Net to Mine 2318


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RSMM offer

Grade Availability Price

18-20 10% 900

22-24 45% 2000

26-28 35% 2530

>30 10% 3100

Realisation Rs/ MT 100% 2186

Option : SSP Conversion

Grade Availability Price

18-20 0% 0

22-24 65% 3550

26-28 35% 4500

>30 0% 0

Realisation Rs/ MT 100% 3883

Incremental Gain on 180 KT Rs Cr 31

The above calculations are on standard Maton Ore and capacity of 180 KT

Current and Proposed Stock and Realisation

Maton RP as on 1st Sep 12

Stock Ratio

18-20 5386 3 10 10500 20000

22-24 79762 44 45 47250 127012

26-28 66036 36 35 36750 102786

>31 32008 17 10 10500 50000

183192 100 100 105000 299798

2012-13 18-20 22-24 26-28 >31 Total

RSMM 0 8000 82000 40000 130000

IPL 0 0 20000 10000 30000

JIL 0 80000 0 0 80000

Total 0 88000 102000 50000 240000

Turn Over 0 3000 2681 3380

Qty 0 88000 102000 50000

Avg Realisation 264000000 273460000 169000000 2944

2013-14 Stock Price

18-20 20000 18000 38000 900 34200000

22-24 39012 81000 120012 2000 240024000

26-28 0 63000 63000 2530 159390000

>31 0 18000 18000 3100 55800000

Total 59012 180000 239012 489414000

2048


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2014-15

18-20 0 18000 18000 900 16200000

22-24 0 81000 81000 2000 162000000

26-28 0 63000 63000 2530 159390000

>31 0 18000 18000 3100 55800000

Total 0 180000 180000 393390000

2186


20/27

JIL rsmm Realisation

38000 3

48225 71787 14

63000 18

18000

129225


21/27

Option 1: Blending only to consume whole Maton Rock and Producing SSP

Year Maton RP Import RP SSP

12-13 240

13-14 240 129 615

14-15 500 269 1282

15-16 1000 538 2564

Note : The qty of SSP will be huge to manage & sale thus this option not viable

Also note the annula sale of SSP in India was about 4.2 mT with installed capacity of about 8mT

Option II : Benefication and producing SSP

BRP Route

Year Maton RP BRP SSP Rock for SSP Conver

12-13 240

13-14 240 250

14-15 500 300 500 2318

15-16 1000 600 1000 2318

Year Maton RP Import RP BRP SSP

12-13 240

13-14 240 50 250

14-15 500 300 500

15-16 1000 190 600

Notes : Due to more higher grade stock avg realisation in 12-13 will be Rs 2900 pmt and COP 1500

However in 13-14 more low grade stock available thus reducing the realisation to 2048

From 14-15 we have take realisation on std output from maton Rock and RSMM offer (Sheet RSMM

From 15-16 PAP will start Production the calculation is only for acedmic purpose.

For 250 KT of SSP production Rock Req 60% Realisation Less COP of Rs 1500

250000 150000

Maton Rock Req

75% of 27 Grade 112500

Availability in 13-14 63000>31 Grade For blending with 22- 18000

22-24 Grade 18000

Total 27 Grade 99000 4500 3000

Import 33000

103500

SSP production from 99KT 27 Grade 172500

For Balance 30KT SSP qty of 22 Grade Requi 30225 3550 2050


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Balance Grade Sold to RSMM 71787 2000 500

38000 900 -600


23/27

EBIDTA

B Rock Realisation 6863

Benefication Cost 500

Net Realisation 6363

116 Loading 60% Recovery loss 3818

232 Less Mining COP of 1500 2318

Realisation Realisation

RSMM SSP Conversion

35

13 37

34 116

69 232

Option)

EBIDTARs Cr

30

6


24/27

4

-2

37


25/27

Example for Zn RP Conc

Ore T 100 Ore 100

Ore- Zn % 12% Ore grade 23%

Recovery % 90% Recovery 60%

Grade % 54% Grade 31%

Conc T 20 Conc qty 45

Zn lme us 2200 Derived 100% P2O5 price 22139Conc 1188 Conc Price (Market) 6863

Ore price 128

Costs:


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RP - ROM Phos Acid

Ore 100 Ore 100

Ore grade 23% Ore grade 23%

Recovery 60% Recovery 60%

Grade 31% Grade 31%

Conc qty Conc qty 45

Derived 100% P2O5 price 15435 Ratio (conversion 1t of 3.283Qty of PA 13.56

ROM Price of 23% P2O5 3550 Recovery of 97% 13.2

Recovery for NPV 13.2

Price - P2O5 100% in P 50000


27/27

DAP

Ore 100

Ore grade 23%

Recovery 60%

Grade 31%

Conc qty 45

Ratio (conv 3.283Qty of PA 13.56

Recovery o 13.2

Recovery f 13.2

Price - P2O 50000

rp payback -19th sep

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