gujarat nre coking coal (asx: gnm) seminar presentation mar… · gujarat nre coking coal (asx:...
TRANSCRIPT
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Gujarat NRE Coking Coal (ASX: GNM)
Arun Kumar Jagatramka
Chairman, Gujarat NRE Coking Coal Ltd
-Mega growth plans of the Indian Steel Industry
-The coking coal supply crunch
-Gujarat NRE Story in Australia
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2
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 thematters based on his information in the form and context in which it appears.”
DISCLAIMER
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Take a hard look
At good old coal
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Had Coal Not been there …
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Forests would
have been
denuded years
ago, as energy
hunger would
have forced
man to burn
trees ….
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The industrial
revolution that
transformed
the planet
would not
have taken
place
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Civilisation as
we know it
today, would
not have
marched on in
the pace that
we have
seen…
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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
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The United
States, the
United
Kingdom,
Germany,
Japan and
Australia would
not have
marched on the
path of
prosperity..
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China and India would have
remained sleeping dragons
and crouching tigers
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Mankind would have
remained in the
quagmire of lost
opportunities
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."with coal, we have light , strength, power, wealth and civilisation, without coal we have darkness,
weakness, poverty and barbarism."
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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.
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What Mankind must do :
Cut CO2 emissions by 50 % by the year 2050.
Share Clean technologies with the 3rd world freely
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No Greenmail. No Eco Pornography.
No sham.
A global initiative
by the
brotherhood of man.
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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.
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Our Windmills
Generate clean, green energy
87.5 MWs
(we even earn carbon credits
while doing this)
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Our Coke Oven batteries
Use the waste heat to generate more power
thus, earning Carbon Credits using Coking Coal
Our Coke Ovens are emission free
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Our Establishments Have green belts around
them so that the fragile eco systems we
operate in are well maintained
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We practice rain
water harvesting
so that water
levels are
maintained and
refurbished
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The threat to the environment
Is from thermal coal and petroleum
derivatives
Burning of which causes carbon
emissions
As in
Thermal power plants
Transportation
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We do neitherOn 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
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What is the India Story?
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1) Rising GDP growth
% average annual GDP growth
1900 – 1950 1.0 1950 – 1980 3.51980 – 2002 6.0 2002 – 2006 8.0
Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001), 2000-2005 Finance Ministry
2) Population growth is slowing % average annual
growth
1901 – 1950 1.01951 – 1980 2.21981 – 1990 2.11991 – 2000 1.82001 – 2010 1.5
Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990-2000:Census of India (2001)
0
0.5
1
1.5
2
2.5
1901 - 1950 1951 - 1980 1981 - 1990 1991 - 2000 2001 - 2010
% g
row
th
Year
% Gowth in Population
0
2
4
6
8
10
1900 - 1950 1950 - 1980 1980 - 2002 2002 - 2006
% g
row
th
Year
% Growth in GDP
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%1950 17 1990 522000 652010 (proj) 80
Source: Census of India (2001)
3. Literacy is rising
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
0
20
40
60
80
100
1950 1990 2000 2010
% R
ise
Year
% Rise in Literacy
0
5
10
15
20
25
30
35
1980 2000 2010 (proj)
%G
row
th
Year
% Growth in Middle Class
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1980 46% 2000 26%2010 (proj) 16%
1% of the people have been crossing poverty line each year for 20 years. Equals ~ 200 million.
5. Poverty is declining
6. Productivity is rising
30% to 40% of GDP growth is due to rising productivity
0
10
20
30
40
50
1980 2000 2010 (proj)
% g
row
th
Year
% Growth in poverty
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(US$ ppp)
1980 1178
2000 3051
7. Per capita income gains
8. India is now a global economy
And it will cross Japan between 2012 and 2014 to become the 3rd largest
0
500
1000
1500
2000
2500
3000
3500
1980 2000
US
$ P
PP
Year
% Growth in US$ PPP
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Economic Indicators
Economic Slowdown much flatter compared to other countries.
Expectation of 7% growth in current year
GDP growth rate comparison
-6
-4
-2
0
2
4
6
8
10
12
14
2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 (proj)
GD
P G
row
th in
%
India
China
USA
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Domestic led
• Low Impact of global downturns
• Less volatility
The Biggest strength of Indian Model is……
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Drivers of the India Model
% MillionPeople
1980 8 65
2000 22 220
2010 (proj) 32 368
Source: The Consuming Class, National Council of Applied Economic Research, 2002
0
5
10
15
20
25
30
35
1980 2000 2010 (proj)
%G
row
th
Year
% Growth in Middle Class
Consumption led
• People friendly: Consumption as % of GDP
India 64Europe 58China 42
• Middle Class is Exploding
India’s success is market led.The entrepreneur is at centre of the Indian model
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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)
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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
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The next few decades would be the India story
We are the protagonists - unfolding this play
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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…
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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
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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
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China too had almost similar capacities …
(one million ton in 1949)
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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!
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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…..
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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
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Year 2020
300 million tons of steel
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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.
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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
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Ports
Vessels
Material handling facilities
Roads
Railways
Road – rail linkages
Ancillaries
Trained manpower,
including skilled labour
All resources can be mobilised in the medium term
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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
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Potential sources :
Established : AustraliaCanadaUSAChina
Emerging : MozambiqueIndonesiaSouth African Nations
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But
Except Australia
Need to consider
*ash content,
*Coking Properties,
*land locked mines,
*transport bottle necks,
*freight costs,
*law & order problems
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Mainly in the prospecting license stage
Reserves have to identified and established
Huge investment in infrastructure required
Before mining can actually commence
Mozambique, Botswana, other African sources
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)
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Coal Criticality
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Secure sourcesLong term contractsAcquisition of mines
Immediate requirement :
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That leaves us, Mates!Australia Has all the coking coal that INDIA Needs
- Huge potentials- Short term
Bottlenecksnotwithstanding
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AUSTRALIA
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Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries
54
NSW coal exports (in ‘000 tonnes)
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Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries
55
NSW Hard Coking Coal Exports (2006/07)
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56
Handful of mines in Southern Coalfield
NRE No.1
NRE Wongawilli
Peabody Metropolitan
BHP Illawarra Coal
Xstrata Tahmoor
Source: 2008 NSW Coal Industry Profile by NSW Department of Primary Industries
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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
Gujarat NRE Coking Coal Limited
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58
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 ~$39.0/t FOB Port Kembla Coal Terminal
GROWTH PLAN – PRODUCTION FOCUS
Wongawilli Longwall Introduced
NRE 1 Longwall Introduction
Wongawilli Longwall Upgrade
CAGR: 36.7%
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59
NRE NO.1 COLLIERY
Resources (Mt) Reserves (Mt)
Potential
Reserves
(Mt)*
As per mine
plan (Mt)**
Seam Measured Indicated Inferred Total Proven Probable Total TotalBulli 12.4 31.7 15.1 59.2 1.8 0.2 2.0 — 2.0
Balgownie — 34.1 41.5 75.6 — — — — —
Wongawilli — 59.3 121.5 180.8 — 16.5 16.5 28.0 44.5
Total 12.4 125.1 178.1 315.6 1.8 16.7 18.5 28.0 46.5
Reserves & Resources
*Potential reserve of 28.04 million is additional to 18.5 million JORC reserves and based on mine plans drawn-up from inferred resources. Hence is not a part
of JORC reserves.
**Total of Reserves and Potential Reserves.
A$m
Mine development 70
Plant & equipment 210
Others 20
Total 300
Future capital expenditure plan (FY10-13)
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60
NRE WONGAWILLI COLLIERY
Resources (Mt) Reserves (Mt)
Potential
Reserves
(Mt)*
As per
mine plan
(Mt)**
Seam Measured Indicated Inferred Total Proven Probable Total Total
Bulli — 8 25 33 — — — — —
Wongawilli 21 16 114 151 2.7 5.1 7.8 23.0 30.8
Tongarra — — 74 74 — — — — —
Total 21 24 213 258 2.7 5.1 7.8 23.0 30.8
Reserves & Resources
*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.
A$m
Mine development 40
Plant & equipment 110
Others 50
Total 200
Future capital expenditure plan (FY10-13)
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61
COAL QUALITY
Typical washed coal quality
Note:
1 Based on Bowen Basin coal quality estimates
2 Based on inherent moisture content of Peak Downs coal
Source: Australian Coal Association, Company reports, Broker reports
Bulli Wongawilli
Average range for
coking coal1
Ash (%) 9.6 10.0 7.0 – 10.5
CSN (swell index)
5.5 >9.0 6.0 – 9.0
Inherent Moisture (%)
0.8 0.9 1.02
Volatile Matter (%)
21.7 24.7 17.5 – 34.0
Rank (Ro Max) 1.3 1.2 0.95 – 1.70
Fluidity (ddpm) 1,800 3,000 100 – 20,000
Sulphur (%) 0.38 0.59 0.375 – 0.750
Phosphorous (%) 0.039 0.010 0.005 – 0.080
Gujarat hard coking
coal compares well
against Bowen Basin
prime hard coking coal
on almost all quality
parameters
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62
MAJOR SHAREHOLDERS
76%
13%
11%
Gujarat NRE Coke Ltd. & Associates
Financial Institutions & Nominees
Others
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GNM Outperforms All Ordinaries (ASX)
(from 30 cents to 66 cents in 12 mths)
2009 2010
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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
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65
STRONG MANAGEMENT TEAM
insert
Senior Management Team
Steven BowHead of OperationsBE(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 HarveyHead of Tech. ServicesPhD Mining Engineering
35 years coal industry experience Former Mining Engineer and Senior Environmental Officer with the NSW
Department of Mineral Resources
Steve CoffeeGroup Engineering Manager
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
Phil WakefordOperations ManagerNRE Wongawilli Colliery
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 BrettOperations ManagerNRE No. 1 Colliery B. Eng
(mining) honours .
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 NandaChief Financial Officer
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.
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BOARD OF DIRECTORS
Arun Kumar Jagatramka
Chairman
B.Com (Hons), FCA, AIMM
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
Mrs. Mona Jagatramka
Non-Executive 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 Coke Limited
Andrew FirekDirector
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
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BOARD OF DIRECTORS (contd..)
Maurice AnghieDirector & Chairman of Audit Committee
BBus, FCA, FCPA, MAICD
Experienced financially qualified Professional with
commercial skills and legal/regulatory and governance
expertise
Audit partner in chartered accounting firms for over 20 years
Don CarrollDirector
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
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68
A brief on the Indian Parent
GUJARAT NRE COKE LIMITED
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69
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).
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A SNAPSHOT (contd...)
Strong focus on the Environment with ISO 14001:2004 & OHSAS18001:1999 certification
Acquiring six new dry bulk carriers on long term time charters with anoption 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 thelatest edition issued by Business Today on India’s Most ValuableCompanies
Identified as the 4th best stock of the decade (CAGR wise) in the latestedition of Times of India, others being Unitech, Aban Offshore, Sesa Goaetc.
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71
GNCL OPERATIONS…
HARD COKING COAL
(NSW, AUSTRALIA)RESOURCES 574 MMT
LOW ASH
METALLURGICAL COKE
1.25 MMTPA
Gujarat NRE Coking Coal
(ASX: GNM)
NRE NO. 1 – 316 million tonnes
NRE Wongawilli – 258 million tonnes
STEEL UNIT
TMT BARS : 0.311 MMTPA BHACHAU UNIT0.324 MILLION MTPA
KHAMBALIA UNIT0.358 MILLION MTPA
(Leased)
DHARWAD UNIT0. 324 MILLION MTPA
Waste Heat Recovery
Power Plants
Khambhalia* 15 MW
Bhachau* 15 MW
Dharwad* 30 MW
Total 60 MW
Wind Power 87.5 MW
In Australia In India
Coal Washeries
Khambalia 0.75
Bhachau 0.75
Dharwad * 0.90
* Under implementation
DHARWAD UNIT0.25 MILLION MTPA
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BOARD OF DIRECTORS
Mr. Girdharilal Jagatramka
Chairman Emeritus
The main promoter of GNCL. Has more than five decades of business
experience
Arun Kumar Jagatramka
Chairman & Managing Director
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
Mrs. Mona Jagatramka
Non-Executive 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
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.
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BOARD OF DIRECTORS (contd..)
Dr. Mahendra Kumar Loyalka
Non-Executive Director
Leading medical practioner
Past District Governor of Lions Club International
Mr. Chinubhai R Shah
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.
Dr. Basudeb Sen
Non-Executive Director
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.
Mr. Murari Sananguly
Non-Executive Director
Former CMD of Kudermukh Iron Ore Company Ltd.
Presently on the Board of Coal India Ltd.
Mr. Subodh Kumar Agrawal
Non-Executive Director
Eminent Chartered Accountant
Presently Member of Central Council of ICAI.
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74
Sl.
No.
Particulars % of
Holding
1 Jagatramka Family 44.71
2 Mutual Funds & FIIs 32.55
3 Indian Public (160,000) 22.74
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
SHAREHOLDING PATTERN
33%
23%
44%
Promoters
MFs & FIIs
Public
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75
0
200
400
600
800
1000
1200
1400
1600
Year Ended
31.03.2006
Year Ended
31.03.2007
Year Ended
31.03.2008
Year Ended
31.03.2009
Rs
. In
Cro
res
Turnover EBITA
PERFORMANCE OF LAST 4 FINANCIAL YEARS
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76
PHENOMENAL INVESTOR RETURNS
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
Amongst top 5 stock performance over last decade in India
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77
LONG TERM NRE SHARE PRICE COMPARED WITH NIFTY
(ADJUSTED FOR BONUS ISSUES)
0.00
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
2-Jan-06 22-Nov-07 25-Mar-08 29-Dec-09 5-Jan-10
GNCL(LHS) Nifty (RHS)
NRE has outperformed the NIFTY by 58% in last 3 years (02.01.06 to 05.01.10)
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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
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GROWTH PLAN – METCOKE PRODUCTION FOCUS
0.13 0.240.50
0.68 0.68 0.68
1.061.25
2.25
4.00
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
20
01
-02
20
02
-03
20
03
-04
20
04
-06
20
06
-07
20
07
-08
20
08
-09
20
09
-10
20
11
-12
20
14
-15
PRODUCTION CAPACITY (MMTPA)
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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
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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
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What now?
If you are still not in India,
Call + 91 79 329 31002
(my office will provide you with all travel assistance)