June 08, 2012 www.fullertonsecurities.co.in Page | 1GODAWARI POWER AND ISPAT LTD BUY Godawari Power and Ispat Ltd (GPIL),the flagship company of the Hira Group of Industries based in Chhattisgarh, is a mid size steel manufacturer. The company has a wide range of products from sponge iron, billets, wire rods and ferro alloys. Besides this, GPIL has presence in power sector with consolidated power generation capacity of 103MW. •GPIL is in process of becoming fully integrated steel player. In iron ore mining space, it has got mining lease of iron ore mines at Ari Dongri and Boria Tibu in Chhattisgarh with total capacity of 1.2mn tonnes. Of these, Ari Dongri mine is operational whereas for Boria Tibu, the company has received all regulatory clearance and is awaiting surface right from forest department. It is expected that the mine will be operational in FY14 and the total output from both the mines would reach around 1.2mn tonnes and would meet 100% captive requirement. •The c ompany has pellet production capacity of 1.2mn tonnes (including 0.6mn tonnes capacity of its 75% subsidiary Ardent Steel). For both the plants the operational issues has been cleared and is expected to operate at higher capacity utilization leading to higher pellet production. The company is expected to register pellet production growth of 79% over FY12-14. •The company is expected to improve its operating margin from the fall in key raw material prices like iron ore and coal. Currently the company meets its iron ore short-fall from spot market. Post commencement of operation at Boria Tibu mine, it will meet its iron ore requirement captively and will be insulated from the fluctuation of iron ore prices in the s pot market.•GPIL is implementing 50MW solar power plant under Jawaharlal Nehru National Solar Mission and the project is expected to be completed by Q1FY14. Power generated will be sold at Rs. 12.2 per unit or 25 years to NTPC Vidyut Vyapar Nigam Limited (NVVN). Moreover, the company is planning to set up a 1.3GW of thermal power plant in Chhattisgarh through its 100% subsidiary, Godawari Energy Ltd (GEL).Based on a consolidated FY14 P/E multiple of 4, the fair value for the company works out to Rs. 142STOCK DATA BSE / NSE Code Bloomberg Code No. of Shares (Mn) Sensex / Nifty PRICE DATA CMP Rs (06th June' 12) Beta Market Cap (Rs mn) 52 Week High-low Average Daily Volume STOCK RETURN (%) 30D 3M 6M 1Y Godawari Power and Ispat Ltd -1% 10% 1% -33% Sensex -2% -4% -2% -11% Nifty -2% -4% -1% -10% SHARE HOLDING PATTERN (%) Promoter Institutional Non Institutional Total 1 Year Price Performance (Rel. to Sensex) 0.77 532734/GPIL GODPI IB EQUITY 32 16,454/ 4,997 113 100 3,573 174/ 70 14,195 64 7 29 Projections (Rs Mn) FY10A FY11A FY12A FY13E FY14E Net Sales 8,266 11,274 20,604 20,145 21,898 Y-o-Y Growth % -24% 36% 83% -2% 9% EBIDTA 1,305 2,323 2,818 3,099 3,458 Y-o-Y Growth % 6% 78% 21% 10% 12% Adjusted PAT 572 859 843 1,032 1,129 Y-o-Y Growth % -8% 50% -2% 22% 9% EPS Rs 18 27 27 33 36 BVPS Rs 160 215 243 276 311 EBIDTA % 16% 21% 14% 15% 16% NPM % 7% 8% 4% 5% 5% ROE % 11% 13% 11% 12% 11% PER x 3.5 3.2 P/B Ratio 0.4 0.4 Financial Snapshot 30 40 50 60 70 80 90 100 110 Sensex GPIL Recommendations <= 1 year 1 - 2 yrs 2 - 5 yrs Strong Buy Buy Hold Reduce Sell Strong Buy – Expected Returns > 20% p.a. Buy – Expected Returns from 10 to 20% p.a. Hold – Expected Returns from 0 % to 10% p.a. Reduce – Expected Returns from 0 % to 10% p.a. with possible downside riskSell – Returns < 0 %
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8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
uctuation in prices of raw material amp fuel GPILrsquos major raw material is iron ore and coal On the iron ore front one of two
n captive mines commenced production The other mine ie Boria Tibu also received all regulatory clearances and should
rt production soon Hence GPIL will be insulated from the fluctuation of iron ore prices in the spot market However until
th the mines start production GPILrsquos operations will continue to be affected by fluctuation in the prices of iron ore to the
ent of dependence on market purchases
On the coal front GPIL is currently meeting its coal requirement through long-term linkages with Coal India
mited and imports The prices of imported coal depend upon the global market demand and supply and linkage prices as
termined by the Ministry of Coal The company shall be insulated from price fluctuations once captive mines startoduction GPIL awaits regulatory approvals from various departments for the coal blocks it has been allotted
anges in selling prices A specific feature of steel and mining industries is their liability to cyclical changes in steel prices
critical conditions where the selling prices were almost equal to the average cost of production of sponge iron
ofitability margins gets impacted So if prices of finished products fall to such a level margins cannot be maintained
edit interest and exchange fluctuation risk Financial crisis of the economy in 2008 has led to an interbank crisis of
st reducing the levels of interbank credits and liquidity of the financial system Simultaneously increased volatility and
certainties led to increased premium in the cost of external financing The increased cost of financing may negatively
ect GPILrsquos financial results and lead to lower profitability Fluctuation of interest rates may cause variation in the value ofsting foreign currency
The level of existing rupee debt as on March 31 2011 is Rs3bn and foreign currency term loans of USD 12mn out
which 10mn is un-hedged Hence change in interest rates may have significant impact on the financial results
USINESS PROFILE
pansions in steel business GPIL signed MoUs with the Government of Chhattisgarh to undertake
Setting up of a sponge iron plant of 06mn tonnes per annum (mtpa) pig iron of 02mtpa steel billets of 06mtpa steel
olled product of 05mtpa ferro alloys of 20ktpa calcinations plant of 01mtpa and iron ore pellet plant of 3mtpa
Setting up an iron ore pellet plant with an installed capacity of 12mtpa at the organizationrsquos existing plant location at
Siltara in Raipur
pansions in power business
GPIL is foraying into the renewable energy space by setting up 50MW Solar Thermal Power Project under the Jawaharlal
Nehru National Solar Mission (JNNSM) Scheme through its 100 subsidiary Godawari Green Energy Limited (GGEL)
The company is also planning a 13GW thermal power plant through its 100 subsidiary Godawari Energy Limited (GEL)
at Raigarh Chhattisgarh
SK amp CONCERNS
The company planning to increaspellet producapacity from 0tonnes to 12mn toat its existing plaRaipur
GPIL is also planni13GW of pcapacity in Chhattis
GPIL is exposed tvolatility in the spoore and coal pricesits captive mineoperational
The company is expto gain from the firon ore and coal pr
GPIL is expected taffected due to volin currency rates asexposure from fo
currency term loans
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
GPILrsquos top-line bottom-line expected to groCAGR of 3 andrespectively FY12-14
sed on the conservative estimated given below we estimate that GPILrsquos operating revenue to grow at a CAGR of 3 over
2012-14E to Rs 22bn Furthermore due to benefits arising from the backward integration process and increased capacity
lization we further estimate that net profit would grow at a CAGR of 16 to Rs 1bn over the same period Based on a
nsolidated FY14 PE multiple of 4 the fair value for the company works out to Rs 142
er Comparison Adhunik Metaliks Ltd (AML) is a diversified player having presence across steel mining and power
ors Moreover it has presence in merchant mining business It is trading at higher multiple due to highly integrated
ness and exposure to merchant mining business However the current valuation cannot be sustained due to falling
nganese ore prices Indian Metals and Ferro Alloys Ltd (IMFL) is one of the low cost producers of ferro alloys globally due to
tive mines and power units It is trading at higher PE multiple due to stable business model (earning stability as majority of
output is tied up for long term contracts) Major concern with IMFL is that it drives around 80 of the revenue from exportness and is subjected to risk related to subdued global demand and volatility in currency exchange rates GPIL is better
ced as compared to its peers because of the benefits arising from the integration process and improving capacity utilization
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
uctuation in prices of raw material amp fuel GPILrsquos major raw material is iron ore and coal On the iron ore front one of two
n captive mines commenced production The other mine ie Boria Tibu also received all regulatory clearances and should
rt production soon Hence GPIL will be insulated from the fluctuation of iron ore prices in the spot market However until
th the mines start production GPILrsquos operations will continue to be affected by fluctuation in the prices of iron ore to the
ent of dependence on market purchases
On the coal front GPIL is currently meeting its coal requirement through long-term linkages with Coal India
mited and imports The prices of imported coal depend upon the global market demand and supply and linkage prices as
termined by the Ministry of Coal The company shall be insulated from price fluctuations once captive mines startoduction GPIL awaits regulatory approvals from various departments for the coal blocks it has been allotted
anges in selling prices A specific feature of steel and mining industries is their liability to cyclical changes in steel prices
critical conditions where the selling prices were almost equal to the average cost of production of sponge iron
ofitability margins gets impacted So if prices of finished products fall to such a level margins cannot be maintained
edit interest and exchange fluctuation risk Financial crisis of the economy in 2008 has led to an interbank crisis of
st reducing the levels of interbank credits and liquidity of the financial system Simultaneously increased volatility and
certainties led to increased premium in the cost of external financing The increased cost of financing may negatively
ect GPILrsquos financial results and lead to lower profitability Fluctuation of interest rates may cause variation in the value ofsting foreign currency
The level of existing rupee debt as on March 31 2011 is Rs3bn and foreign currency term loans of USD 12mn out
which 10mn is un-hedged Hence change in interest rates may have significant impact on the financial results
USINESS PROFILE
pansions in steel business GPIL signed MoUs with the Government of Chhattisgarh to undertake
Setting up of a sponge iron plant of 06mn tonnes per annum (mtpa) pig iron of 02mtpa steel billets of 06mtpa steel
olled product of 05mtpa ferro alloys of 20ktpa calcinations plant of 01mtpa and iron ore pellet plant of 3mtpa
Setting up an iron ore pellet plant with an installed capacity of 12mtpa at the organizationrsquos existing plant location at
Siltara in Raipur
pansions in power business
GPIL is foraying into the renewable energy space by setting up 50MW Solar Thermal Power Project under the Jawaharlal
Nehru National Solar Mission (JNNSM) Scheme through its 100 subsidiary Godawari Green Energy Limited (GGEL)
The company is also planning a 13GW thermal power plant through its 100 subsidiary Godawari Energy Limited (GEL)
at Raigarh Chhattisgarh
SK amp CONCERNS
The company planning to increaspellet producapacity from 0tonnes to 12mn toat its existing plaRaipur
GPIL is also planni13GW of pcapacity in Chhattis
GPIL is exposed tvolatility in the spoore and coal pricesits captive mineoperational
The company is expto gain from the firon ore and coal pr
GPIL is expected taffected due to volin currency rates asexposure from fo
currency term loans
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
GPILrsquos top-line bottom-line expected to groCAGR of 3 andrespectively FY12-14
sed on the conservative estimated given below we estimate that GPILrsquos operating revenue to grow at a CAGR of 3 over
2012-14E to Rs 22bn Furthermore due to benefits arising from the backward integration process and increased capacity
lization we further estimate that net profit would grow at a CAGR of 16 to Rs 1bn over the same period Based on a
nsolidated FY14 PE multiple of 4 the fair value for the company works out to Rs 142
er Comparison Adhunik Metaliks Ltd (AML) is a diversified player having presence across steel mining and power
ors Moreover it has presence in merchant mining business It is trading at higher multiple due to highly integrated
ness and exposure to merchant mining business However the current valuation cannot be sustained due to falling
nganese ore prices Indian Metals and Ferro Alloys Ltd (IMFL) is one of the low cost producers of ferro alloys globally due to
tive mines and power units It is trading at higher PE multiple due to stable business model (earning stability as majority of
output is tied up for long term contracts) Major concern with IMFL is that it drives around 80 of the revenue from exportness and is subjected to risk related to subdued global demand and volatility in currency exchange rates GPIL is better
ced as compared to its peers because of the benefits arising from the integration process and improving capacity utilization
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
uctuation in prices of raw material amp fuel GPILrsquos major raw material is iron ore and coal On the iron ore front one of two
n captive mines commenced production The other mine ie Boria Tibu also received all regulatory clearances and should
rt production soon Hence GPIL will be insulated from the fluctuation of iron ore prices in the spot market However until
th the mines start production GPILrsquos operations will continue to be affected by fluctuation in the prices of iron ore to the
ent of dependence on market purchases
On the coal front GPIL is currently meeting its coal requirement through long-term linkages with Coal India
mited and imports The prices of imported coal depend upon the global market demand and supply and linkage prices as
termined by the Ministry of Coal The company shall be insulated from price fluctuations once captive mines startoduction GPIL awaits regulatory approvals from various departments for the coal blocks it has been allotted
anges in selling prices A specific feature of steel and mining industries is their liability to cyclical changes in steel prices
critical conditions where the selling prices were almost equal to the average cost of production of sponge iron
ofitability margins gets impacted So if prices of finished products fall to such a level margins cannot be maintained
edit interest and exchange fluctuation risk Financial crisis of the economy in 2008 has led to an interbank crisis of
st reducing the levels of interbank credits and liquidity of the financial system Simultaneously increased volatility and
certainties led to increased premium in the cost of external financing The increased cost of financing may negatively
ect GPILrsquos financial results and lead to lower profitability Fluctuation of interest rates may cause variation in the value ofsting foreign currency
The level of existing rupee debt as on March 31 2011 is Rs3bn and foreign currency term loans of USD 12mn out
which 10mn is un-hedged Hence change in interest rates may have significant impact on the financial results
USINESS PROFILE
pansions in steel business GPIL signed MoUs with the Government of Chhattisgarh to undertake
Setting up of a sponge iron plant of 06mn tonnes per annum (mtpa) pig iron of 02mtpa steel billets of 06mtpa steel
olled product of 05mtpa ferro alloys of 20ktpa calcinations plant of 01mtpa and iron ore pellet plant of 3mtpa
Setting up an iron ore pellet plant with an installed capacity of 12mtpa at the organizationrsquos existing plant location at
Siltara in Raipur
pansions in power business
GPIL is foraying into the renewable energy space by setting up 50MW Solar Thermal Power Project under the Jawaharlal
Nehru National Solar Mission (JNNSM) Scheme through its 100 subsidiary Godawari Green Energy Limited (GGEL)
The company is also planning a 13GW thermal power plant through its 100 subsidiary Godawari Energy Limited (GEL)
at Raigarh Chhattisgarh
SK amp CONCERNS
The company planning to increaspellet producapacity from 0tonnes to 12mn toat its existing plaRaipur
GPIL is also planni13GW of pcapacity in Chhattis
GPIL is exposed tvolatility in the spoore and coal pricesits captive mineoperational
The company is expto gain from the firon ore and coal pr
GPIL is expected taffected due to volin currency rates asexposure from fo
currency term loans
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
GPILrsquos top-line bottom-line expected to groCAGR of 3 andrespectively FY12-14
sed on the conservative estimated given below we estimate that GPILrsquos operating revenue to grow at a CAGR of 3 over
2012-14E to Rs 22bn Furthermore due to benefits arising from the backward integration process and increased capacity
lization we further estimate that net profit would grow at a CAGR of 16 to Rs 1bn over the same period Based on a
nsolidated FY14 PE multiple of 4 the fair value for the company works out to Rs 142
er Comparison Adhunik Metaliks Ltd (AML) is a diversified player having presence across steel mining and power
ors Moreover it has presence in merchant mining business It is trading at higher multiple due to highly integrated
ness and exposure to merchant mining business However the current valuation cannot be sustained due to falling
nganese ore prices Indian Metals and Ferro Alloys Ltd (IMFL) is one of the low cost producers of ferro alloys globally due to
tive mines and power units It is trading at higher PE multiple due to stable business model (earning stability as majority of
output is tied up for long term contracts) Major concern with IMFL is that it drives around 80 of the revenue from exportness and is subjected to risk related to subdued global demand and volatility in currency exchange rates GPIL is better
ced as compared to its peers because of the benefits arising from the integration process and improving capacity utilization
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
GPILrsquos top-line bottom-line expected to groCAGR of 3 andrespectively FY12-14
sed on the conservative estimated given below we estimate that GPILrsquos operating revenue to grow at a CAGR of 3 over
2012-14E to Rs 22bn Furthermore due to benefits arising from the backward integration process and increased capacity
lization we further estimate that net profit would grow at a CAGR of 16 to Rs 1bn over the same period Based on a
nsolidated FY14 PE multiple of 4 the fair value for the company works out to Rs 142
er Comparison Adhunik Metaliks Ltd (AML) is a diversified player having presence across steel mining and power
ors Moreover it has presence in merchant mining business It is trading at higher multiple due to highly integrated
ness and exposure to merchant mining business However the current valuation cannot be sustained due to falling
nganese ore prices Indian Metals and Ferro Alloys Ltd (IMFL) is one of the low cost producers of ferro alloys globally due to
tive mines and power units It is trading at higher PE multiple due to stable business model (earning stability as majority of
output is tied up for long term contracts) Major concern with IMFL is that it drives around 80 of the revenue from exportness and is subjected to risk related to subdued global demand and volatility in currency exchange rates GPIL is better
ced as compared to its peers because of the benefits arising from the integration process and improving capacity utilization
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
GPILrsquos top-line bottom-line expected to groCAGR of 3 andrespectively FY12-14
sed on the conservative estimated given below we estimate that GPILrsquos operating revenue to grow at a CAGR of 3 over
2012-14E to Rs 22bn Furthermore due to benefits arising from the backward integration process and increased capacity
lization we further estimate that net profit would grow at a CAGR of 16 to Rs 1bn over the same period Based on a
nsolidated FY14 PE multiple of 4 the fair value for the company works out to Rs 142
er Comparison Adhunik Metaliks Ltd (AML) is a diversified player having presence across steel mining and power
ors Moreover it has presence in merchant mining business It is trading at higher multiple due to highly integrated
ness and exposure to merchant mining business However the current valuation cannot be sustained due to falling
nganese ore prices Indian Metals and Ferro Alloys Ltd (IMFL) is one of the low cost producers of ferro alloys globally due to
tive mines and power units It is trading at higher PE multiple due to stable business model (earning stability as majority of
output is tied up for long term contracts) Major concern with IMFL is that it drives around 80 of the revenue from exportness and is subjected to risk related to subdued global demand and volatility in currency exchange rates GPIL is better
ced as compared to its peers because of the benefits arising from the integration process and improving capacity utilization
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003
Board Of Directors
8132019 1_0_09062012Fullerton GPI Ltd 08th June 2012
OARD OF DIRECTORS Director Name Current Position Description
Biswajit Choudhuri Non-Executive Independent Chairman of the Board
Shri Biswajit Choudhuri has been appointed as Non-Executive Independent Chairman of the Board of Godawari Power And Ispat Ltd effe
November 09 2011 He is a Mechanical Engineer from the Indian Institute of Technology Kharagpur and is a Fellow Member of the Institut
Cost and Works Accountants of India He is an honorary fellow member ot the Indian Institute of Banking and Finance He has over forty fo
experience in the fields of engineering management banking and finance He was the Chairman and Managing Director of the United Ban
from 1996 to 2001 He was associated with UCO Bank as an Executive Director on its board from 1992 to 1993 He has also been associated
British Oxygen Company from 1963 to 1972 as part of their management cadre He is currently on the boards of Bihar Caustic and Chemica
Orind Exports Limited Aekta Limited DIC India Limited Bengal Sunny Rock Estate Housing Development Company Limited Hindusthan E
and Industries Limited Shalzip Industries Limited and A V Investments and Dealers Limited He is not holding any shares in the Company
Dinesh GandhiNon-Independent Whole Time Director - Finance
Director
Shri Dinesh Kumar Gandhi is Non-Independent Whole Time Director - Finance Director of Godawari Power And Ispat Ltd He is a qualified
Accountant and Company secretary Mr Gandhi has more than 18 years of post qualification experience in different Industries particularly
industry in areas like Accounts Finance Project Planning and Financing He started his career at Mepco Metal Powders Ltd as Manager Fin
worked there for 4 years He then worked as an independent financial consultant to various industrial houses in Madhya Pradesh Subsequ
worked at Indore Steel amp Iron Mills Ltd and Shri Ishar Alloy Steels Ltd for a period of 7 years as Vice President (Finance ) He then joined Re
comm as Commercial Head Raipur cluster and worked there for 3 years before joining the Company
Bajrang AgrawalManaging Director Non-Independent Whole Time
Director
Shri Bajrang Lal Agrawal is Managing Director and Non-Independent Whole Time Director of Godawari Power And Ispat Ltd He is an Elect
Engineer from Pandit Ravi Shakar Shukla University Raipur While his family concentrated on setting up a tyre trading business he sought
more challenging vocation of industrial entrepreneurship He is Chairman of All India Sponge Iron Manufacturers Association (SIMA) He is
Chairman of Confederation of Indian Industries Chhattisgarh Chapter
Abhishek Agrawal Additional Non-Independent Executive Director Shri Abhishek Agrawal is serving as Additional Non-Independent Executive Director in the Board
Vinod Pillai Non-Independent Whole Time Director
Shri Vinod Pillai is Non-Independent Whole Time Director of Godawari Power And Ispat Ltd since June 1 2011 He is a Commerce Gradua
Ravi Shankar Shukla University Raipur He serves on the Board of Ms Hira Cement Limited He has experience in purchase sales liasionin
administration and logistics management He joined Ms Hira Cement Limited as Marketing Executive in the year 1989 to look after sales
administration and liasioning activities In the year 1997 he joined Ms Hira Steels Limited as Deputy General Manager (Marketing amp Liasio
was looking after the purchase of various steel items required for setting up of the project and after commissioning of the project he was
after purchase of raw materials sale of finished goods liasioning with suppliers government agencies local authorities etc He was also lo
the logistics In the year 2000 he joined Ms R R Ispat Limited as General Manager (Marketing amp Liasioning) and subsequently promoted t
President (Marketing amp Liasioning) and has been looking after similar activities like purchase of steel items required for the project sale of
goods logistics management and liasioning with various outside authorities Ms R R Ispat Limited has now been merged with the Comp
Dine sh Agra wa l No n-Ind epe nd ent Non-E xe cuti ve Dire ctor
Shri Dinesh Kumar Agrawal has been appointed as Non-Independent Non-Executive Director of Godawari Power And Ispat Ltd effective
09 2011 He is an Electronic Engineer from Pune University He is a promoter of the Company and has been associated with the technical a
Ferro Alloys Unit and the Steel Rolling Mills in the past He was the Managing Director of the Companyrsquos 100 subsidiary Ms R R Ispat Lim
has been merged with the Company He is currently involved with the day to day administration of the technical aspects of the various pro
company He has been associated with the Company since incorporation
Shashi Kumar Non-Executive Independent Director
Shri Shashi Kumar is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is a graduate from the Indian School of Min
Dhanbad and also holds an AISM Diploma in Mining He is a member of the Mining Geological and metallurgical Institute of India and the
Institute of Engineers He has around three decades of experience in the mining industry He was appointed as the technical director of Co
Limited (ldquoCILrdquo) in 2001 and from 2005 to 2006 he was appointed as CILrsquos the Chairman and Managing Director He is currently on the boar
Neyveli Lignite Corporation Limited Shyam DRI Power Limited Jessop and Company Limited and Rashmi Metahks Limited He is not hold
shares in the Company
Bhrigu Ojha Non-Executive Independent Director
Shri Bhrigu Nath Ojha is Non-Executive Independent Director of Godawari Power And Ispat Ltd He is Bachelor of Electrical Engineering froSindri and also holds a diploma in Senior Management Program from Cranford School of Management UK He has over 40 years of exper
Power sector in building developing managing and directing Power sector organizations to success He is fully capable of and representi
organizations and undertaking high level roles and in matters related to power industry government issues commerce and media He wa
Chairman of CIGRE India High Voltage Equipment Technical Committee and a member of CIGRE International Council on Electric System
was also associated with National Thermal Power Corporation from 1996-2003