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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
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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
Conversion Charges 4,125
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
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COP of PAP
Rock Phos 9900 3.28 32,472
Acid 3300 2.78 9,174
Conversion Charges 4,125
45,771
COP of DAP
PAP 45771 0.48 21,970
Ammonia 30250 0.23 6,958
Acid 3300 0.06 198
Conversion Charges 4,125
33,251 6,482
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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
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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
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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
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JIL rsmm Realisation
38000 3
48225 71787 14
63000 18
18000
129225
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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
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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
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4
-2
37
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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
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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