Steel project TMT

Project Report
For
Setting up
TMT BARS
Manufacturing
Unit

2
Acknowledgement
I am overwhelmed in all humbleness and gratefulness to acknowledge my
gratitude to all those who have helped me to put these facts, into a concrete
study.
I am very thankful to Prof. Nityesh Bhatt for his valuable help. He was
always there to give me a patient hearing and correct all my doubts. With
the help of his valuable suggestions, guidance and encouragement, I was
able to carry out this study. I am equally grateful to Mr. Sandip Agrawal
owner of Sefo Industries and various other people also who helped me in
making this project.
Moreover I would also like to thank all faculty and IMNU for giving me
platform to make a B Plan and do this study.
Punit K Agrawal
104140
IMNU
FB&E

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INDEX
Sr. No. Particulars Page No.
1 Management Feasibility 4
1.1 Executive Summary/ Project Brief 4
1.2 Promoters Background 6
1.3 Board Of Director 6
1.4 Entrepreneur & Business Trait Match 6
1.5 Mc Kinsey’s 7s Framework 7
2 Introduction 10
2.1 Definition 10
2.2 Comparison 10
2.3 Features Of TMT Bars 11
2.4 Uses 12
2.5 Product Range/Specifications 13
2.6 Manufacturing Process/Technology 14
2.8 Raw Material 15
2.9 Marketing For Finished Products 15
3 Industry Demand 17
3.1
Indian Steel Sector: Development And
Potential 17
3.2 Sector Structure/Market Size 22
3.3 Production, Consumption and Growth of Steel 23
3.4 Market Outlook 25
3.5 Marketing & Selling Arrangements 27
3.6
Competitive position in Industry (Using
Porter's Framework) 28
3.7 Industry SWOT 30
3.8 Idea SWOT 31
4 Proposed Equipment’s For The Project 32
5 Financial Assessment of The Project 34
5.1 Introduction 34
5.2 Basis And Assumptions 34
5.2.1 Installed Capacity & Utilization 34
5.2.3 Operating Norms 35
5.2.4 Deprecation Rates 36
5.2.5 Depreciation Rates 36
5.2.6 Working Capital Norms 36
5.2.7 Income Tax Rates 37
5.3 Feasibility Analysis-Projections 37
6 Financial Feasibility 38

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7 References 90
1 Management Feasibility
1.1 Executive Summary/ Project Brief
I would like to setup production unit of TMT bars as my family business deals also
in trading of TMT bars so it would be a backward integration of our firm as we
would start manufacturing it itself instead of trading only.
We are having a good hold on the market and we are also having market
knowledge about the market and we are also having a good network and
knowledge of it so we can go in backward integration and start producing itself and
set a dealer network in areas where we are not operating or having a client base.
This plant will have a of one lack tonne so we are if first phase not going for a so
much big unit and not to small also so that we can surface the capacity and
demand at same time.
PROJECT AT A GLANCE
1. Location: Kerala GIDC, Ahmedabad
2. Nature of Project: Mild Steel Long Products
(TMT Bars)
3. Project Cost ( Rs. In Lacs): Rs.2825 Lacs
4. Means of Finance ( Rs. In Lacs)

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a. Promoter’s contribution Rs.1325 Lacs
b. Bank Finance Rs.1500 Lacs
5. Installed Capacity One Lac Ton per Annum
6. Debt Equity Ratio 1:1:13
7. Promoter’s Margin (%) 47%
8. Repayment Period (Years) 5 Years (excluding 1 Year, 6 Month
moratorium)
9. Pay Back Period: 3 Years & 9 Months
10. Employment (Nos.) 12 Skilled, 70 Unskilled (All Local
Employment)
11. DSCR 1.80
12. BEP (Cash) 55 %
BEP (Total) 64 %
13. FIXED Assets Coverage 1.5
14. IRR (Pre Tax) 26 %
IRR (Post Tax) 20 %

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1.2 Promoter’s Background
Background
I am basically pursuing my M.B.A. (FB&E) in Nirma University. Our family business
is of construction material like cement, steel, construction fibber, construction
chemicals.
As the business is stable and has limitation of growth so we needed to go for
diversification. So keeping that in mind and links in construction field I decided to
enter in construction field.
Complimentary Skills
I have tried to work out for construction field from long time from long time so has
done many researches on: -
I even worked out what should be rate of land of particular locality.
Even I have done research on the requirements of the customers and demand and
supply of their requirements.
1.3 Board of Directors
Sr.
No.
Name Designation Qualification Exp.( Yrs. )
1 KAMAL AGARAWAL Chair man B.Com 29
2 PUNIT AGRAWAL M.D. B.B.A 1
1.4 Entrepreneur & Business Traits Match
Manufacturing is such a field in which you need to be working very hard as it is
labour intensive industry and we need to stand and see that production is made as
per the requirement and sizes are made as per the dealers requirement. I can

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stand on site for long hours and can even be on site till late nights. As this field
requires a great dedication on field.
1.5 7S Framework to analyse the different aspects
of the organization.
ORGANISATION ANALYSIS USING MCKINSEY’S 7S
FRAMEWORK
Strategy:
Firm will emphasize on building long term win-win relation between the firm and its
clients by sustaining relations, both personal and professional. Strategy to cater the
good dealers it will be taken into care all falsities required by the dealers. Site will
be near Kerala GIDC. Customization till certain level will be also provided to attract
the customers.

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Structure:
Organization is designed to assist free flow of information and power within the
organization. The de-layered structure acts as a facilitator for free flow of
communication, which adds flexibility and dynamism to the functioning of this team
based organization.
Systems:
The owners form rules and regulations, procedures and practices that are followed
to carry out tasks in the organization. These include both the formal and informal
systems, which complement an organization structure.
Style:
Participative and transparent style of leadership will give the organization an
informal but professional outlook. The functioning of the firm will follow a top down
flow but when it comes to innovation and craftsmanship, the flow hits 360 degree.
Staff:
The staffs, as the pillars of this firm, takes an upfront position and paves way for
the professional and qualified delivery of the business. Training and assistance is
will be provided consistently to keep the employees competent and technically
precise.
Skills:

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Technical skills and other qualified communication skills will be required to cater the
client. As the quality of skills is what makes the firm differentiate from its
competitors and is given due diligence. Firm will has strengthened in a number of
business areas. Firm will try to achieve more of specialized skills so as to make the
firm more of a professionally run organization.
Shared values:
To provide one’s clients with the best services, which enables them to understand
and influence the business environment in which, they operate. Firm will believe in
working as a business partner sharing the objectives and vision of the client firm.
This will helps the firm to customize its services and achieve their client’s strategic
objective in the most efficient manner.

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2. Introduction
2.1. Definition
Thermo mechanically treated steel also known as TMT steel can be described
as new-generation-high-strength steel having superior properties such as weld
ability, strength, and ductility and bend ability meeting highest quality standards at
international level. Under thermo mechanical treatment of bars, the steel bars are
made to pass through a specially designed water-cooling system where these are
kept for such a period that outer surface of bars becomes colder while the core
remains hot. This creates a temperature gradient in the bars. When the bars are
taken out of the cooling system, the heat flows from the core to the outer surface
causing further tempering of steel bars thereby helping them in attaining higher
yield strength of steel.
TMT steel bar is a newer variety of steel for construction purpose. Earlier people
have been using TOR Steel for concrete reinforcement. Thermo Mechanically
Treated bars (TMT bars) give you several advantages over the other types of steel:
Twisting operation is not involved in the production of the TMT steel bar, so no
residual stresses involved in that, which in turn increases the corrosion resistance.
2.2. Comparison
Mild Steel Verses TMT
Mild Steel: Normal Strength or Ordinary Wieldable Steel: These trade terms are
often used interchangeably to describe standard carbon steels used for structural
purposes, a typical example being AS3679 grade 250 or grade 300.

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The term ‘mild steel’ is also applied commercially to carbon steels not covered by
standard specifications. Carbon content of this steel may vary from quite low levels
up to approximately 0.3%. Generally, commercial ‘mild steer’ can be expected to
be readily wieldable and have reasonable cold bending properties but to specify
‘mild steel’ is technically inappropriate and should not be used as a term in
engineering.
Mild steel is the most common form of steel as its price is relatively low while it
provides material properties that are acceptable for many applications. Low carbon
steel contains approximately 0.05–0.15% carbon and mild steel contains 0.16–
0.29% carbon, therefore it is neither brittle nor ductile. Mild steel has a relatively
low tensile strength, but it is cheap and malleable; surface hardness can be
increased through carburizing.
2.3 Features of TMT Bars:
•Better ductility and malleability
•High yield strength and toughness
•More bonding strength
•Earthquake resistance
•Corrosion resistance
•High thermal resistance
•Economical and safe in use
•No loss in strength at welded joints
•Ordinary electrodes used for welding the joints.

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Rust and Corrosion Resistance: The main reason for failure in any reinforcement
concrete structure is due to corrosion of TOR Steel in the concrete, where this steel
corrodes in existence of chloride ions. TMT Bars, due to its Thermo- mechanical
treatment are very highly rust and corrosion resistant and is best suited in the
humid and coastal states like West Bengal and Orissa.
Bendability: TMT Bars have lower carbon content and higher elongation, which
makes them bendable as well as re-bendable. With internal diameters of 1D and
4D, TMT Bars can withstand bending & re-bending respectively. (D = Diameter).
This feature helps in working with TMT Bars.
Weildability: TMT Bars do not loose strength at welded points and hence can be
easily welded. The process of welding TMT Bars doesn't require pre-heating or post-
heating as well. Pre-welded meshes can be used for construction avoiding time
consuming manual bindings due to good weldability feature.
Fire Resistance: The presence of tempered martensitic layer in the outer surface
of TMT Bars helps them retain significant strength at extremely high temperatures.
This makes TMT Bars comparatively safe in case of fire hazards where temperature
rises up to 600º C.
2.4 Uses:
TMT Bars, Thermo mechanically treated bars are high strength deformed steel bars
used in reinforced cement concrete (RCC) work manufactured with the help of
advancement of technology. TMT bars are latest production in MS steel bars and
have superior properties such as strength, ductility, welding ability, bending ability
and highest quality standards at international level.
TMT Bars are much superior to conventional TOR Steel by virtue of their various
engineering properties and can be used for Residential Buildings, Bridges, Drums,
Industrial Establishment and all types of concrete reinforcement purposes.

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The project designers use thermo mechanically treated bars (TMT) in place of tor
steel and even in TMT, the choice is increasingly focussed on that with higher
tensile strength (Fe-500 in lieu of Fe-415) and high corrosion resistant TMT (HCRM)
which is specially meant for use in coastal areas.
Affordable
Since TMT Bars have higher tensile strength as compared to TOR steel, the support
required is low, leading to low cost of construction. Therefore, TMT Bars are more
affordable and save steel upto 20% in construction.
2.5 Product Range/Specifications
The TMT Bars to be manufactures would be of the following Diameter:
8 mm
10 mm
12 mm
16 mm
20 mm
25 mm
32 mm
40 mm.

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Product Specifications
The product shall be produced as per ISI specifications ONLY. The material shall be
produced, in accordance with IS: 1786 – 2008, in Fe 415, Fe 500, Fe 415D, Fe
500D and Fe 550 grades. The material will be supplied in full range of diameters
required i.e. 8 mm to 40 mm. With availability of all grades and sizes, we are sure
to capture maximum coverage of the market.
2.6 Manufacturing Process / Technology:
The reinforcement bar rolling is being designed for production of assured quality
product only. The mill will have sequence mix of Roughing, Intermediate and
Continuous Mills for quality measurements. Because of this a progressive reduction
process, the bars produced will have uniform size and mechanical properties all
along the length of the product.
The TMT bars are then subjected to heat treatment in three successive stages,
through International Process.
In first stage, Quenching starts with the hot roll bar leaving the final stand and
immediately being quenched by a special Water Spraying System. The process
results in formation of “Martensite” in the outer surface of bar while core remains
austenitic. In second stage the bar leaves the water quenching line and is exposed
to air. The heat flux from the still hot core reheats the outer surface within
structure. The Martensite formed in the first stage is thus subject to self- tempering
giving a structure called “Tempered Martensite” which is strong and tough. The core

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is still austenitic at this stage. The third and final stage of “Atmospheric cooling”
takes place on the cooling bed, where the austenitic core is transformed to ferrite
pearlite ductile core. The final structure, thus, consists of a combination of strong
outer layer of tempered martensite and a ductile core of ferrite-pearlite.
The rebar shall be produced in the range of 8 mm to 40 mm diameter. Our Rolling
Mill will be technical superior with the billet-heating furnace for uniform heating.
Because of its unique stand sequence design, the dimensional tolerances and top
class upper surface is achieved. Our TMT bars, manufactured through advanced
international process, will possess an excellent combination of strength and
ductility.
The team of experienced and highly skilled engineers and technicians will exercise
stringent quality control measures during entire production process.
2.8 Raw Materials
The raw materials required for production of proposed products are MS Ingots and
Billets. The same is available in abundance at Kutch, Alang / Bhavnagar, Silvassa,
Daman, Raipur through & Maharashtra. Moreover there is a good proximity with
other markets like Hospet and Raipur –Chattisgarh belt, wherein the production of
MS Billets is in abundance. Further Gujarat is having adequate access to Imports
Kandla & Mundra Ports.
2.9 Marketing for Finished Products:
The plant is being setup in close proximity of Ahmedabad to get the full access to
Ahmedabad’s market, the biggest steel market for TMT Bars in Gujarat. Moreover,
it has very good connectivity and infrastructure for entire Gujarat. Sitting at
Ahmedabad, provides added advantage over other locations of steel manufacturing
in Gujarat.

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Till 2005, the Gujarat demands for steel was mainly met with supplies form other
states. However, with setup of various Industries in Kutch and Silvassa / Daman,
the availability of steel improved in the state of Gujarat.
At present, the total demand of Reinforcement Steel Bars (TMT Bars) for Gujarat
state is close to 1.25 lacs MTs per month. Ahmedabad, Rajkot, Surat and Vadodara
contribute to maximum consumption of steel, to the tune of 0.80 lacs MTs per
month. The other potential market places are Dahej, Jamnagar etc. All the market
places are in close proximity and better connected with Ahmedabad and it will be
added advantage to us as compared to other producers based at Kutch and
Silvassa. We, based at Ahmedabad, will be able to deliver the goods faster than
those producers. Secondly, the transportation shall be lesser from Ahmedabad,
compared to Kutch and Silvassa and the landed cost, hence, to the customer shall
be lesser in our case.

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3 Industry Demand
3.1 INDIAN STEEL SECTOR: DEVELOPMENT AND
POTENTIAL
At the time of independence in 1947, India had only three steel plants – the TATA
Iron & Steel Company, the Indian Iron and Steel Company and Visveswaraya Iron &
Steel Ltd and a few electric arc furnace-based plants. The period till 1947 thus
witnessed a small but viable steel industry in the country, which operated with a
capacity of about 1 million tonne and was completely in the private sector. From
the fledgling one million tonne capacity status at the time of independence, India
has now risen to be the 5th largest crude steel producer in the world and the
largest producer of sponge iron.
As per official estimates, the Iron and Steel Industry contributes around 2% of the
Gross Domestic Product (GDP) and its weight in the Index of Industrial Production
(IPP) is 6.20%. From a negligible global presence, the Indian steel industry is now
acknowledged for its product quality, reflected by trends of rising exports.
As it traversed its long history during the past 60 years, the Indian steel industry
has responded to the challenges of the highs and lows of business cycles. The first
major change came during the first three Five-Year Plans (1952-1970) when in line
with the economic order of the day, the iron and steel industry was earmarked for
state control. From the mid-50s to the early 1970s, the Government of India set up
large integrated steel plants in the public sector at Bhilai, Durgapur, Rourkela and
Bokaro.
The policy regime governing the industry during these years involved:
 Capacity control measures: Licensing of capacity, reservation of large-scale
capacity creation for the public sector units.

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 A dual-pricing system: Price and distribution control for the integrated, large-
scale producers in both the private and public sectors, while the rest of the
industry operated in a free market.
 Quantitative restrictions and high tariff barriers.
 Railway freight equalisation policy: To ensure balanced regional industrial
growth.
 Controls on imports of inputs, including technology, capital goods and
mobilisation of finances and exports.
The large-scale capacity creation in the public sector during these years contributed
to making India the 10th largest steel producer in the world as crude steel
production grew markedly to nearly 15 million tonnes in the span of a decade from
a mere 1 million tonne in 1947. But the trend could not be sustained from the late
1970’s onwards, as the economic slowdown adversely affected the pace of growth
of the Indian steel Industry. However, this phase was reversed in 1991-92, when
the country replaced the control regime by liberalisation and deregulation in the
context of globalisation. The provisions of the New Economic Policy initiated in the
early 1990’s impacted the Indian steel industry in the following ways:
 Large-scale capacities were removed from the list of industries reserved for the
public sector. The licensing requirement for additional capacities was also
withdrawn subject to locational restrictions.
 Private sector came to play a prominent role in the overall set-up.
 Pricing and distribution control mechanisms were discontinued.
 The iron and steel industry was included in the high priority list for foreign
investment, implying automatic approval for foreign equity participation up to
50%, subject to the foreign exchange and other stipulations governing such
investments in general.
 Freight equalisation scheme was replaced by a system of freight ceiling.
 Quantitative import restrictions were largely removed. Export restrictions were
withdrawn.

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The system, therefore, underwent marked changes. For steel makers, opening up
of the economy opened up new channels of procuring their inputs at competitive
rates from overseas markets and also new markets for their products. It also led to
greater access to information on global operations/techniques in manufacturing.
This, along with the pressures of a competitive global market, increased the need to
enhance efficiency levels so as to become internationally competitive. The steel
consumer, on the other hand, was now able to choose items from an array of
goods, be it indigenously manufactured or imported.
This freedom to choose established the sovereignty of the consumer and galvanised
steel producers to provide products/service levels in tune with the needs of the
consumers. With the opening up of the economy in 1992, the country experienced
rapid growth in steel making capacity. Essar Steel, Ispat Industries, Jindal Group
etc set up large integrated steel plants in the Private Sector. TATA Steel also
expanded its capacity. To sum up, some of the notable milestones in the period
were:
 Emergence of the private sector with the creation of around 9 million tonnes of
steel capacity based on state-of-the-art technology.
 Reduction/ dismantling of tariff barriers, partial float of the rupee on trade
account, access to best-practice of global technologies and consequent reduction
in costs – all these enhanced the international competitiveness of Indian steel in
the world export market.
After 1996-97, with the steady decline in the domestic economy’s growth rate, the
Indian steel industry’s pace of growth slowed down and in terms of all the
performance indicators – capacity creation, production, consumption, exports and
price/ profitability – the performance of the industry fell below average.
In foreign trade, Indian steel was also subjected to anti-dumping/ safeguard duties
as most developed economies invoked non-tariff barriers. Economic devastation
caused by the Asian financial crises, slowdown of the global economy and the

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impact of glut created by additional supplies from the newly steel-active countries
(the steel-surplus economies of erstwhile USSR) were the negative factors.
However, from the year 2002, the global industry turned around, helped to a great
extent by China, whose spectacular economic growth and rapidly-expanding
infrastructure led to soaring demand for steel, which its domestic supply could not
meet. At the same time, recoveries in major markets took place, reflected by
increase in production, recovery of prices, return of profitability, emergence of new
markets, lifting of trade barriers and finally, rise in steel demand – globally. The
situation was no different for the Indian steel industry, which by now had acquired
a degree of maturity, with emphasis on intensive R&D activities, adoption of
measures to increase domestic per capita steel consumption and other market
development projects, import substitution measures, thrust on export promotion
and exploring global avenues to fulfil input requirements.
The rapid pace of growth of the industry and the observed market trends called for
certain guidelines and framework. Thus was born the concept of the National Steel
Policy, with the aim to provide a roadmap of growth and development for the
Indian steel industry. The National Steel Policy (NSP) was announced in November
2005 as a basic blueprint for the growth of a self-reliant and globally competitive
steel sector. The long-term objective of the National Steel Policy is to ensure that
India has a modern and efficient steel industry of world standards, catering to
diversified steel demand. The focus of the policy is to attain levels of global
competitiveness in terms of global benchmarks of efficiency and productivity. The
national policy seeks to facilitate removal of procedural and policy bottlenecks that
affect the availability of production inputs, increased investment in research and
development, and creation of road, railway and port infrastructure. The policy
focuses on the domestic sector, but also envisages a steel industry growing faster
than domestic consumption, which will enable export opportunities to be realised.
If we were to pause for a moment to think about the growth of human civilization,
we would find that the pace of social and economic growth has been closely linked
to the proficiency with which people have been able to use and shape materials.

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Steel is one such material that has played an important role in the development of
mankind in the last century. Today, it is difficult to imagine a world without steel.
Steel has become vital to our everyday life. It is at the root of the quality of life that
each of us enjoys today, helping to shelter us, to feed us and to facilitate both our
working day and leisure activities. We depend on steel for almost everything from
our houses and buildings, the cards we drive, roads, bridges, agricultural
equipment, machines, the list is endless.
Steel is a versatile, constantly developing material that underspins all
manufacturing activity. Even if a product is not made entirely from steel, it will
undoubtedly have steel as a component at some point in the manufacturing
process. There are currently more than 3,500 different grades of steel with many
different properties – physical, chemical, environmental, 75% of which have been
developed in the last 20 years. Steel is also an environment friendly material and
has the distinction of being the most recycled material in the world today.
Today, consumption of steel is also regarded as an indicator of development of a
nation. Per capita steel consumption is now universally accepted as an index of
economic development of a nation. Given its role, steel has established itself as the
backbone of any economy.
The steel industry in India has always been on the ascent, owing to the abundant
availability of raw materials like iron ore, limestone and coal, besides relatively
cheap labour, which is a major cost advantage. It is noteworthy to mention that
India is the sixth largest producer of iron ore and the tenth largest producer of
crude steel in the world. Steel is a core sector industry and the demand for steel
affects the economy of the country.
Periodic researches and surveys have produced highly optimistic results. The
demand for steel is growing and will continue to grow in leaps and bounds. The
cross-cultural influence on India is getting pronounced, as a result of which a more

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enhance lifestyle is on the cards. With cities getting wider and mini townships
mushrooming all over, the real estate industry will keep booming, and hence the
demand for steel will only keep getting higher in the years to come. The consistent
need for steel will also be form sectors like automobiles, consumer durables and
infrastructure.
National Steel Policy 2005 envisages steel consumption in the country to go up
from 37 million tones presently to 110 million tones by 2020.
Above all, the per capita consumption of steel in India is at around 45 kg, which is
well behind the global average of 150 kg. with other Asian countries like China
(330) kg), Malaysia (405 Kg) and South Korea (925 Kg) having a higher per capita
consumption. As such India’s growth potential promises to be undisputedly good.
3.2 Sector structure/Market Size
The Indian steel industry entered into a new development stage from 2005-06,
resulting in India becoming the 5th
largest producer of steel globally. Producing
about 55 million tones (MT) of steel a year, today India accounts for a little over 7
percent of the world’s total production.
India is the only country across the world to post a positive overall growth in crude
steel production at 1.10 per cent for the quarter ended March 2010. The recovery in
steel production has been aided by the improved sales performance of steel
companies. The steel sector grew by 5.7 per cent in May 2010.
3.3 Production, consumption and growth of steel
Steel production reaches 28.49 million tonne (MT) in April-September 2009.
Further, India, which recorded production of 22.14 MT of steel during April-August
2009, is likely to emerge as the world’s third largest steel producer in the current

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year, according to Gautam Kumar Basak, Executive Secretary, Joint Plant
Committee (JPC).
The National Steel Policy has a target for taking steel production up to 110 MT by
2019-20.Nonetheless, with the current rate of ongoing Greenfield and brown field
projects, the Ministry of Steel has projected India’s steel capacity is expected to
touch 124.06 MT by 2011-12. in fact, based on the status of memoranda of
understanding (MoUs) signed by the private producers with the various state
governments, India’s steel capacity is likely to be 293 MT by 2020.
The National Steel Policy 2005 had projected consumption to grow at 7% based on
a GDP growth rate of 7-7.5% and production of 110 million tonnes by 2019-2020.
These estimates will be largely exceeded and it is envisaged that in the next five
years, demand will grow at a considerably higher annual average rate of over 10%
as compared to around 7% growth achieved between 1991-92 and 2005-06. It has
been assessed that, on a ‘most likely scenario’ basis, the steel production capacity
in the country by the year 2011-2012 will be nearly 124 million tonnes.
The table below shows the trend in production for sale, import, export and
consumption of total finished steel (alloy + non-alloy) in the country during the last
six years:
Year Total finished steel (alloy + non-alloy) (‘000 tonnes)
Production for sale Import Export Consumption
2003-04 40709 1753 5207 33119
2004-05 43513 2293 4705 36377
2005-06 46566 4305 4801 41433
2006-07 52529 4927 5242 46783
2007-08 56075 7029 5077 52125
2008-09 56393 5775 3750 51850
Source: JPC

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India’s steel consumption rose by 5.7 per cent to 26.49 Mt in the first six months of
the current fiscal over the same period a year ago on account of improved demand
from sectors like automobile and consumer durables.
A Credit Suisse Group study states that India’s steel consumption will continue to
grow by 16 per cent annually till 2012, fuelled by demand for construction projects
worth US$ 1 trillion.
The scope for rising to total consumption of steel is huge, given that per capital
steel consumption is only 35 kg – compared to 150 kg across the world and 250 kg
in China.
Steel players like JSW Steel and Essar Steel are increasing their focus on opening
up more retail outlets pan India with growth in domestic demand. JSW Steel
currently has 50 such steel retail outlets called JSW Shoppe and is targeting to
increase it to 200 by March 2010. They expect at least 10-15 per cent of their total
production to be sold by their retail outlets.
Essar Steel, which currently has over 300 retail outlets across the country, plans to
set up 5,000 outlets of various formats soon. It expects to sell 3Million Tonnes of
steel though the retail route in two years.
A host of steel companies have lined up major investment proposals. Furthermore,
with an expanding consumer market, the Indian steel industry is likely to receive
huge domestic and foreign investments.
 According to the Investment Commission of India, the Indian steel industry is
likely to receive huge domestic and foreign investments.
 Tata steel has raised US$ 500 million by issuing ‘global depository receipts’
(GDRS) aiming at expansion of its Jamshedpur plant and overseas mining
projects.

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 Steel companies have committed US$ 122.50 million for setting up sponge
iron units in Koppal and Bellary in Karnataka.
 SAIL will invest US$ 724.12 million to set up a 4-million tonne per annum
steel mill at its Bhilai Steel Plant.
 Uttam Galva Steel Plans a capital expenditure of US$ 62.8 million – US$
104.6 million over the next two years for setting up of a 60 MW power plant.
The power plant will help reduce its production costs.
Government Initiative
Subsequent to the recent fall in international prices of commodities and to protect
Indian producers, the Indian government has announced some changes in customs
duty rates, which were effective from November 2008.
The government has removed full exemption of customs duty on some industrial
and agricultural commodities. Iron and steel products like pig iron, spiegeleisen,
semi – finished products, flat products and long products are now subject to a basic
custom duty of 5 per cent ad –valorem.
The Indian government plans to invest over US$ 350 billion in industries related to
infrastructure and construction which will give a fillip to the steel sector.
Moreover, in the Union Budget 2009-10, the government has made a 23 per cent
hike in allocation for highway development and US$ 1.034 billion increase in
budgetary support to Railways which will further promote the steel industry.
3.4 Market Outlook
Road Ahead
While the demand for steel will continue to grow in traditional sectors such as
infrastructure, construction, housing, automotive, steel tubes and pipes, consumer
durables, packaging, and ground transportation, specialized steel will be

26
increasingly used in hi-tech engineering industries such as power generation,
petrochemical, fertilizers, etc. The new airports and railway metro projects will
require a large amount of stainless steel.
According to an estimate, with the growing need for oil and gas transportation
infrastructure, a US$ 118 billion opportunity is waiting to be tapped by steel
manufacturers in the next five years. Indian steelmakers are set to make the most
of booming global demand for steel pipes and tubes with the government
withdrawing the 10 per cent duty on the exports of these products. According to a
study by ICICI Direct. Indian steel companies are likely to get 19 per cent of the
total global demand in the years to come.
Urban Areas:
The present steel consumption per capita per annum is about 30 kg in India,
compared to 150 kg in the world, and 350 kg in the developed world. 2 The
estimated urban consumption per capita per annum is around 77 kg in the country,
expected to reach approximately 165 kg in 2019-20, implying a CAGR of 5 percent.
Apart from the anticipated growth in the construction, automobile, oil and gas
transportation, and infrastructure sectors of the economy, conscious promotion of
steel usage among architects, engineers and students by the Institute of Steel
Development and Growth (INSDAG) and the large producers will drive this
additional consumption. Steps would be taken to encourage usage of steel in
bridges, crash barriers, flyovers and building construction. Benefits of steel usage
would be added to the technical education curricula in the country.
Rural Areas:
The rural consumption of steel in India remains at around 2 kg per capita per
annum, primarily because steel is perceived to be expensive among the village
folks. Based on the promotional efforts mentioned above, and an active focus on
opening new block level rural stock points, a target is set for raising the per capita
rural consumption of steel to 4 kg per annum by 2019-20, implying a CAGR of 4.4
percent.

27
Exports:
Although the focus of Indian steel industry is on the domestic market, export will be
another window on the demand side. The growth of exports of steel from India has
been around 10 percent per annum over the past decade. That speaks for the
international cost competitiveness of the steel sector. It takes assiduous effort to
create, and hold on to export markets. While the business decision to export will
depend on the prevailing relative prices, the Government would encourage strategic
alliances with buyback arrangements and dedicated export production through
100% export-oriented units. A growth rate of around 13 percent per annum is
envisaged up to 2019-20.
Present growth scenario and future outlook
India ranks as the fifth largest producer of crude steel in the world. Domestic crude
steel production grew at a compounded annual growth rate of 7 per cent during
2004-05 to 2008-09. The increase in production came on the back of capacity
expansion, mainly in the private sector plants, and higher utilisation rates. This
growth was driven by both capacity expansion (from 47.99 million tonnes in 2004-
05 to approximately 64 million tonnes in 2008-09) and improved capacity
utilisation. India, the world’s largest producer of direct reduced iron (DRI) or
sponge iron, is also expected to maintain its lead in the near future. Sponge iron
production grew at a CAGR of 16% to reach a level of 20.80 million tonnes in 2008-
09 compared to 12.36 million tonnes in 2004-05. India is expected to become the
second largest producer of steel in the world by 2015-16, provided all requirements
for fresh capacity creation are met.
3.5 Marketing & Selling Arrangements
Further this is backward integration of the group so around the group itself likely
consumes 10 to 15 %.
Selling will be done through dealers network and it will be formed as per the target
basis only.

28
3.6 Competitive position in industry (Using Porter’s
Framework)
THREAT OF ENTRANTS-
The threat of entrants of new producer is very high because of less legal formalities
required by Indian Government to enter into business. Moreover, there are no such
great barriers out by government in this field. Access to the customers in this trade
is also not difficult because of growing industry and upcoming new areas and
buyers are very high.
There’s no great product differentiation in this industry which makes it easy for new
entrants to offer the same offering as provided by the present players but huge
amount of working capital is required as the builders and contractors buy in bulk
and generally trade on one to two weeks credit only. So some times, the non-

29
availability of huge amount of working capital may act as a hindrance for new
entrants in this industry.
THREAT OF SUBSTITUES-
Threat to substitution as such does not exist in this field.
POWER OF SUPPLIERS-
Supplier’s power is high as there’s a concentration of suppliers rather than a
fragmented source of supply of raw material.
BARGNING POWER-
Buyer’s power in this industry is high as the suppliers comprise and a large number
of small operators because the product required is undifferentiated till certain level
in a particular bracket. Moreover, buyer’s power is high as there’s no cost of
switching a supplier and there’s a threat of backward integration by the buyer i.e.
they can some times come to gather like a big family and their friends can come to
gather and get their construction done on their own.
COMPETITIVE RIVALRY-
In this industry, competitors are of roughly equal size so there’s intense
competition as one competitor attempts to gain dominance over other. Since the
construction industry is at its slump now and demand for constructed apartment in
also facing down fall stage welcoming entry of competitors who are fighting for their
share. It being an undifferentiated product, there’s little to stop customers
switching between competitors.
There is a huge competition in which make the organization to leave the profits of
margins in that deal to meet the competition. Even some times organization needed
to make loss in deal also as to get with the new customer or to maintain the old
one.
Sometimes scenario market is not good and there is no good demand may be due
to price or any other external factor then organization is not able meet the targets

30
set by the company which is adversely affected in form of payment of interest
which makes situation worse as already low sales above that low margins as a
result decrease in profits on per unit.
3.7 Industry SWOT:
Strength
Business is capable to do business is adverse condition and can get some
realization may it be less so owners need not need to worry as much as they
need to worry in other business and its product value will appreciate in
future so it creates a strength for business.
Weakness
Great capital and labour intensive industry so we need to employee great
capital and we need to take care very much and at same time it is very high
labour intensive so labour problems are very much in this industry.
Opportunity
Fast growing industry that to very high phase and it will grow as population
is growing and even building become old so they need to be renewed and
they need to be reconstructed so this industry will always grow.
Threat
As such no great threat is there in this industry other then recession, which
causes a great problem as during recession industry goes under great loss.

31
3.8 Idea SWOT:
Strength
Family background and have a good sources for supply of raw material and
good leakage with architects and consultants. Even family is have done real
estate business so have can get a fruitful knowledge about acquisition of
land and related issues.
Weakness
Low availability of finance as per the requirement of the project with the
promoters.
Opportunity
No truly identical product i.e. apartments are their in the area of Ahmedabad
and Gandhinagar.
Threat
Many competitors are their in this field as every now and then a new players
enter into the market and they work on very low margins.
Failure of the project may lead to great loss to the firm as huge capital will
be blocked in it.

32
4 Proposed Equipments for the project
(Figure in lakh)
Sr.
No Description Qty
Amoun
t
Ex.
Duty Vat Amount
A MILL EQUIPMENTS
470mm (18’’) Roughing Mill 3.Stand
320mm Intermediate Mill 3.Stand
290mm Intermediate Mill 4.Stand
275mm Conti. Finishing Mill 4.Stand
Total 530 54.59 23.38 607.97
B
Rotary Dividing Fly
Shear With Pinch Roll 52 5.356 2.29 59.65
C
TMT System for High
Strength Bar 85 8.755 3.75 97.51
D Twin Channel 60 6.18 2.65 68.83
E Cooling Bed 75 7.725 3.31 86.03
F Re-Heating Furnace 90 9.27 3.97 103.24
G
CNC Notching & Roll
Branding M/c. 40 4.12 1.76 45.88
H Cranes 80 8.24 3.53 91.77
I Air Oil & Water Pipe Line 7 0.72 0.31 8.03
Total 1019
104.9
6
44.9
6
1168.9
2
2 Electicals 210 21.63 9.27 240.90
3 Workshop Machinery 35 3.605 1.54 40.15
4 Testing Equipments 25 2.575 1.10 28.68

33
5
Erection & Installation & Site
Fabrication 30 30.00
Total 1319
1508.6
5

34
5 Financial Assessment of the Project
5.1 Introduction
This chapter deals with the financial viability of the proposed Mild Steel (TMT Bars)
manufacturing project.
A spreadsheet model has been developed for financial analysis with a view to
assess impact of changes in project parameters like project cost, capacity utilisation
levels, input costs and other parameters like to see changes in the course of
operation.
5.2 Basis and Assumptions
The important basis & assumptions, which are considered for the analysis, are
enlisted below:
5.2.1 Financing Structure
 Debt Equity Ratio : 1:1.13 (Including Quasi Equity)
 DSCR : 1.80
5.2.2 Installed Capacity & Utilisation
Design Capacity of the plant - 16 Tones per hour.
No. of hours per day - 20 Hours
Installed capacity p.a. of the plant – 16 X 20 X 315 days = 100800 MT

35
Table 5.1: Capacity Utilization
5.2.3 Operating Norms
Operating Norms outlined below have been arrived after carefully reviewing the
details by project promoters and discussions with professionals in the field:
 Raw Materials Cost : Base Price of Rs 30,200/- per MT
 Consumables : Rs 140/- per MT
 Fuel Expenses : Rs 771/- Per MT
 Power Expenses : Rs 440/- per MT
 Labour Cost : Rs 245/- per MT
 Selling Expenses : @0.95% of sales value
 Packing Expenses : Rs 55/- per MT
Products MTPA Particulars Year 1 Year 2 Year 3 Year 4
MS Long
Products 100,000
Qty. (MT)
60,000 65,000 70,000 80,000
Capacity in
% 60% 65% 70% 80%

36
 Sales Price : Rs 34000/- per MT for 12 MM
5.2.4 Financing Terms – Repayment & Interest
 Interest on Term Loan : 13% per annum.
 Repayment Terms : 7 Years including 18 months Moratorium,
Year First Second Third Fourth Five Six Seven
Repayment 225 300 300 300 300
 Interest on Working Capital Loan : 13% per annum.
 Bank Finance Available : 75% of Working Capital
5.2.5 Depreciation Rates
SLM WDV
 Land & Building : 3.34% 10%
 Main Plant and Equipment : 5.28% 15%
 Furniture & Fixture : 10% 10%
5.2.6 Working Capital Norms
 Raw Materials : 0.25 MONTH
 Consumables & Spares : 1.00 MONTH
 Working In Process : 3 Days
 Finished Goods : 0.25 MONTH
 Payables (Creditors) : 0.25 MONTH
 Receivables (Debtors) : 0.50 MONTH

37
5.2.7 Income Tax Rates
The rate of tax has been computed on following basis:
 Corporate Tax : 30.90 %
5.3 Feasibility Analysis -Projections
Feasibility analysis for 7 years operation has been worked out considering basis
mentioned above and results are presented in the form of following exhibits
(Exhibits enclosed at the end of this chapter):

38
6 Financial Feasibility
ANNEXURE - 1 (Rupees in Lacs)
COST OF PROJECT AND MEANS
OF FINANCE
Particulars Proposed Total
Amount Amount
C O S T O F P R O J E C T
Land and Site Development
Factory Land 83.00 83.00
Site Development 262.00 262.00
Buildings
Factory Building 195.00 195.00
Office Building & Utilities 174.00 174.00
Plant and Machineries
Indigenous Machineries 1145.00 1145.00
Tools, Jigs & Fixtures 40.00 40.00
Laboratory Equipment’s 40.00 40.00
Electrification, etc. 459.00 459.00
Installation, Erection, etc. 30.00 30.00
Motor Vehicles 20.00 20.00
Computers, Printers, etc. 3.00 3.00
Furniture & Fixtures 15.00 15.00
Other Misc. Assets 3.00 3.00
Preliminary & Pre-Operative Exp. 180.00 180.00
Provision for Contingencies 100.18 100.18
Total Capital Cost of Project 2749.18 2749.18
Margin Money for Working Capital 375.82 375.82
Total Cost of Project 3125.00 3125.00

39
MEANS OF FINANCE
Total Equity Share Capital 700.00 700.00
Long-term Loan
Term Loan From Bank 1675.00 1675.00
Total Long-term Loan 1675.00 1675.00
Unsecured Loans/Deposits
Agrawal group 750.00 750.00
Total Unsecured Loans/Deposits 750.00 750.00
Total Means of Finance 3125.00 3125.00

40
ANNEXURE - 2
PROFITABILITY AND NET CASH
ACCRUALS (Rupees in Lacs)
Particulars Operating Years
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Revenue/Income/Realizatio
n
Gross Sales Realization
9476.4
5
23956.
86
27968.0
2
31979.
24
32089.5
3
32089.5
3
32089.
53
32089.
53
Less: Excise Duties/Levies
1215.3
7
3072.5
1 3586.94
4101.3
9 4115.53 4115.53
4115.5
3
4115.5
3
Net Sales Realization
8261.0
8
20884.
35
24381.0
8
27877.
85
27974.0
0
27974.0
0
27974.
00
27974.
00
Total
Revenue/Income/Realizatio
n
8261.0
8
20884.
35
24381.0
8
27877.
85
27974.0
0
27974.0
0
27974.
00
27974.
00
Expenses/Cost of
Products/Services/Items
Raw Material Cost
Indigenous
8010.9
6
18843.
19
21977.9
1
25112.
64
25077.8
1
25077.8
1
25077.
81
25077.
81
Total Net Consumption
8010.9
6
18843.
19
21977.9
1
25112.
64
25077.8
1
25077.8
1
25077.
81
25077.
81
Packing Material Cost 13.84 32.57 37.98 43.40 43.34 43.34 43.34 43.34
Sub Total of Net
Consumption
8024.8
0
18875.
76
22015.8
9
25156.
04
25121.1
5
25121.1
5
25121.
15
25121.
15
Consumables, Stores, etc. 25.17 59.21 69.06 78.91 78.80 78.80 78.80 78.80
Employees Expenses 17.82 39.20 43.12 47.44 52.18 57.40 63.14 69.45
Fuel Expenses 188.79 444.07 517.95 591.82 591.00 591.00 591.00 591.00
Power/Electricity Expenses 124.60 293.09 341.84 390.60 390.06 390.06 390.06 390.06
Depreciation 239.36 284.31 245.50 212.16 183.46 158.74 137.43 119.03
Repairs & Maintenance
Exp. 32.90 72.38 79.62 87.58 96.34 105.97 116.57 128.22
Other Mfg. Expenses 66.50 159.60 186.21 212.81 234.10 257.51 283.26 311.58
Total Cost of Manufacture
8719.9
4
20227.
62
23499.1
9
26777.
36
26747.0
9
26760.6
3
26781.
41
26809.
29
Add: Opening Stock -
W.I.P. 188.15 223.32 260.43 297.58 297.98 298.41 298.88

41
Less: Closing Stock -
W.I.P. 188.15 223.32 260.43 297.58 297.98 298.41 298.88 299.40
Net Cost of Output /
Services
8531.7
9
20192.
45
23462.0
8
26740.
21
26746.6
9
26760.2
0
26780.
94
26808.
77
Add: Op. Stock-Finished
Goods 456.08 560.02 653.86 747.50 751.05 752.19 753.38
Less: Cl. Stock-Finished
Goods 456.08 560.02 653.86 747.50 751.05 752.19 753.38 754.69
Cost of Output of Goods
Sold
8075.7
1
20088.
52
23368.2
4
26646.
57
26743.1
5
26759.0
5
26779.
75
26807.
47
Gross Profit 185.37 795.83 1012.84
1231.2
8 1230.85 1214.95
1194.2
5
1166.5
3
Administration Expenses 43.87 80.12 88.13 96.94 106.64 117.29 129.03 141.92
Financial Charges
Long Term Loan 106.78 211.34 182.42 146.82 111.23 75.64 40.04 6.67
Unsecured
Loans/Deposits 32.50 65.00 65.00 64.42 56.88 47.59 38.30 29.02
On Working. Capital
Borrowings 54.41 101.64 118.64 135.64 136.19 136.30 136.42 136.56
Lease Rentals / Others 3.00 3.00 3.00 3.00 3.00 3.00
Total Financial Charges 193.69 380.98 369.06 349.88 307.30 262.53 217.76 172.25
Selling Expenses 85.08 212.92 247.59 282.41 285.08 287.01 289.13 291.47
Total Cost of Sales
8398.3
5
20762.
54
24073.0
2
27375.
80
27442.1
7
27425.8
8
27415.
67
27413.
11
Net Profit Before Taxes
-
137.27 121.81 308.06 502.05 531.83 548.12 558.33 560.89
Tax on Profit 0.49 59.08 155.75 165.42 170.78 174.14 175.05
Net Profit After Taxes
-
137.27 121.32 248.98 346.30 366.41 377.34 384.19 385.84
Depreciation Added Back 239.36 284.31 245.50 212.16 183.46 158.74 137.43 119.03
Net Cash Accruals 102.09 405.63 494.48 558.46 549.87 536.08 521.62 504.87

42
ANNEXURE - 3
ASSSESSEMENT OF WORKING CAPITAL
REQUIREMENTS
(Rupees in
Lacs)
Particulars
Stk.Pr
d.
Stk.Pr
d. Operating Years
1st
Year
2nd
Yr&+
2012
-13
2013-
14
2014
-15
2015-
16
2016
-17
2017
-18
2018
-19
2019
-20
CURRENT
ASSETS
Stocks on Hand
Raw Material Cost
Indigenous 0.33 0.33 M
440.6
0 518.19
604.3
9 690.60
689.6
4
689.6
4
689.6
4
689.6
4
Consumables,
Store 1.25 1.25 M 44.58 52.43 61.15 69.87 69.77 69.77 69.77 69.77
Work-in-
Process 4.00 4.00 D
188.1
5 223.32
260.4
3 297.58
297.9
8
298.4
1
298.8
8
299.4
0
Finished Goods 0.33 0.33 M
456.0
8 560.02
653.8
6 747.50
751.0
5
752.1
9
753.3
8
754.6
9
Receivables-
Domestic
Book Debts 0.30 0.30 M
369.2
3 466.72
544.8
6 623.01
625.1
6
625.1
6
625.1
6
625.1
6
BP / BD 0.20 0.20 M 69.73 88.13
102.8
9 117.65
118.0
5
118.0
5
118.0
5
118.0
5
Current
Expenses 1.00 1.00 M 61.80 71.44 82.21 93.15 97.03
101.2
7
105.9
3
111.0
6
Other Current Assets
Cash/Bank
Balances 3.09 178.53
316.4
2 471.77
645.3
9
806.9
4
953.7
8
1223.
20
Gross Wkg.
Capital
1633.
25
2158.7
8
2626.
21
3111.1
2
3294.
08
3461.
43
3614.
59
3890.
97
CURRENT
LIABILITIES
Sundry Creditors
Raw Material Cost
Indigenous 0.25 0.25 M
352.1
5 394.18
459.6
7 524.98
522.4
3
522.4
5
522.4
5
522.4
5
Consumables,
Store 0.50 0.50 M 17.83 20.97 24.46 27.95 27.91 27.91 27.91 27.91

43
Current
Expenses 0.50 0.50 M 30.90 35.72 41.10 46.57 48.52 50.64 52.97 55.53
Other Current
Liabilities
Installments Due Within
Next 12 M
on Long/Medium Term
Borrowings
139.5
8 279.17
325.6
0 372.03
372.0
3
372.0
3
232.4
3 92.86
Total Current Liabilities
540.4
6 730.04
850.8
3 971.53
970.8
9
973.0
3
835.7
6
698.7
5
Net Wkg. Capital(Tot.CA
- Tot.CL)
1092.
80
1428.7
4
1775.
38
2139.5
9
2323.
19
2488.
40
2778.
84
3192.
22
M.P.B.F. -
Method I
924.2
8
1280.9
3
1575.
74
1883.7
2
2021.
41
2145.
33
2258.
45
2463.
81
As Per Tandon
Com.Norm-Method II
824.0
6
1168.2
1
1444.
43
1733.8
4
1871.
70
1995.
08
2107.
62
2312.
34
Permissible Finance -
D.P.(%age)
Indigenous 75.00 DP 66.34 93.00
108.5
4 124.22
125.4
0
125.3
9
125.3
9
125.3
9
Consumables,
Stores, 75.00 DP 20.06 23.59 27.52 31.44 31.40 31.40 31.40 31.40
Work in
Process 75.00 DP
141.1
1 167.49
195.3
2 223.19
223.4
9
223.8
1
224.1
6
224.5
5
Finished Goods 75.00 DP
342.0
6 420.02
490.4
0 560.63
563.2
9
564.1
4
565.0
4
566.0
2
Book Debts 75.00 DP
276.9
3 350.04
408.6
5 467.26
468.8
7
468.8
7
468.8
7
468.8
7
BP / BD 10.00 DP 6.97 8.81 10.29 11.76 11.81 11.81 11.81 11.81
Total Bank Finance (DP
Method)
853.4
7
1062.9
5
1240.
71
1418.4
9
1424.
25
1425.
41
1426.
66
1428.
03
Bank Finance (Turnover
Method)
1895.
29
4791.3
7
5593.
60
6395.8
5
6417.
91
6417.
91
6417.
91
6417.
91
Bank Finance: As per DP
Method
853.4
7
1062.9
5
1240.
71
1418.4
9
1424.
25
1425.
41
1426.
66
1428.
03
Margin Money: (At
Commencement)
375.8
2 466.43
543.8
5
Margin Money:(incl.
Cash/Bk. Bal)
378.9
1 644.96
860.2
7
1093.1
3
1270.
97
1435.
02
1584.
61
1857.
05
% Margin Money - Net
Wkg. Capital 30.75 37.76 40.95 43.52 47.16 50.17 52.62 56.53
Current Ratio (No. Of 1.30 1.43 1.49 1.54 1.63 1.71 1.78 1.91

45
ANNEXURE - 4
SOURCES AND DISPOSITION OF FUNDS (Rupees in Lacs)
Particulars Constr. Operating Years
Period
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
201
8-
19
2019-
20
SOURCES OF
FUNDS
Net Profit Before
Tax
with Interest
Charges
Added Back but
after
Depreciation
Provision 56.42 502.79 677.12 851.93 839.13 810.65
776
.09 733.14
Equity Share
Capital 700.00
Depreciation 239.36 284.31 245.50 212.16 183.46 158.74
137
.43 119.03
Incr.in Long-term
Loan
Proposed-Term
Loan Fr
1675.0
0
Incr.in Unsecured
Loans
Proposed-Agarwal 650.00
Incr.in Bank
Borrowing
for Working
Capital 853.47 209.48 177.76 177.78 5.76 1.16
1.2
5 1.37
Incr.in
Cur.Liabilities 400.88 50.00 74.36 74.26 -0.64 2.14
2.3
3 2.56
Total Sources of
Fund
3025.0
0
1550.1
3
1046.5
8
1174.7
4
1316.1
3
1027.7
1 972.69
917
.10 856.10
DISPOSITIONS OF FUNDS
P & P Expenses
Incr.in Capital 2748.1

46
Expense 8
Incr.in Current
Assets
1630.1
6 350.09 329.54 329.56 9.34 5.81
6.3
2 6.96
Decr.in Long-term
Loan
Proposed-Term
Loan Fr 139.58 279.17 279.17 279.17 279.17
279
.17 139.57
Decr.in Unsecured
Loans/D
Proposed-Agarwal 46.43 92.86 92.86
92.
86 92.86
Interest/Financial
Exp. 193.69 380.98 369.06 349.88 307.30 262.53
217
.76 172.25
Taxes on Profit 0.49 59.08 155.75 165.42 170.78
174
.14 175.05
Total Disposition
2748.1
8
1823.8
5 871.14
1036.8
5
1160.7
9 854.09 811.15
770
.25 586.69
Opening Balance 276.82 3.09 178.53 316.42 471.77 645.39
806
.94 953.78
Net Surplus /
Deficit 276.82 -273.73 175.44 137.88 155.35 173.63 161.54
146
.85 269.42
Closing Balance 276.82 3.09 178.53 316.42 471.77 645.39 806.94
953
.78
1223.2
0

47
ANNEXURE - 5
PROJECTED BALANCE
SHEETS
(Rupees in
Lacs)
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Equity Share Capital 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00
Surplus of Previous Year -15.95 233.03 579.33 945.74
1323.0
8
1707.2
7
Add: Net Profit After Taxes 248.98 346.30 366.41 377.34 384.19 385.84
Surplus at the End of Year 233.03 579.33 945.74
1323.0
8
1707.2
7
2093.1
1
Long-term Loan
Proposed-Term Loan From
Bank
1675.0
0
1535.4
2
1256.2
5 977.08 697.91 418.74 139.57
Unsecured Loans/Deposits
Proposed- Agarwal group 650.00 650.00 650.00 603.57 510.71 417.85 324.99 232.13
Bank Borrowing for Wkg.
Capital 853.47
1062.9
5
1240.7
1
1418.4
9
1424.2
5
1425.4
1
1426.6
6
1428.0
3
Current Liabilities
Sundry Creditors 400.88 450.87 525.23 599.50 598.86 601.00 603.33 605.89
Other Current Liabilities
Total Current Liabilities 400.88 450.87 525.23 599.50 598.86 601.00 603.33 605.89
Total of Liabilities
4279.3
5
4399.2
4
4605.2
2
4877.9
7
4877.4
7
4886.0
8
4901.8
2
5059.1
6
A S S E T S
Fixed Assets
Gross Block
2748.1
8
2748.1
8
2748.1
8
2748.1
8
2748.1
8
2748.1
8
2748.1
8
2748.1
8
Less: Depreciation to Date 239.36 523.67 769.17 981.33
1164.7
9
1323.5
3
1460.9
6
1579.9
9
Net Block
2508.8
2
2224.5
1
1979.0
1
1766.8
5
1583.3
9
1424.6
5
1287.2
2
1168.1
9
Current Assets
Stocks on Hand
1129.4
1
1353.9
5
1579.8
3
1805.5
5
1808.4
4
1810.0
1
1811.6
7
1813.5
0

48
Receivables 438.96 554.85 647.76 740.66 743.21 743.21 743.21 743.21
Other Current Assets 61.80 71.45 82.20 93.14 97.04 101.27 105.94 111.06
Cash and Bank Balances 3.09 178.53 316.42 471.77 645.39 806.94 953.78
1223.2
0
Total Current Assets
1633.2
6
2158.7
8
2626.2
1
3111.1
2
3294.0
8
3461.4
3
3614.6
0
3890.9
7
Miscellaneous Expenditure
(To The Extent Not W/Off) 137.27 15.95
Total of Assets
4279.3
5
4399.2
4
4605.2
2
4877.9
7
4877.4
7
4886.0
8
4901.8
2
5059.1
6

49
ANNEXURE - 6
PROFITABILITY RATIOS, DSCR, DEBT EQUITY, ETC. (Rupees in Lacs)
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Profit Percentages toNet Sales
Gross Profit 185.37 795.83
1012.8
4
1231.2
8
1230.8
5
1214.9
5
1194.2
5
1166.5
3
% Of G.P. to Net Sales 2.24 3.81 4.15 4.42 4.40 4.34 4.27 4.17
Net Profit BeforeTaxes
-
137.27 121.81 308.06 502.05 531.83 548.12 558.33 560.89
% of N.P.B.T. To Net Sales -1.66 0.58 1.26 1.80 1.90 1.96 2.00 2.01
-
137.27 121.32 248.98 346.30 366.41 377.34 384.19 385.84
% of N.P.A.T. To Net Sales -1.66 0.58 1.02 1.24 1.31 1.35 1.37 1.38
Debt ServiceCoverage Ratio
Funds Availableto ServiceDebts
-
137.27 121.32 248.98 346.30 366.41 377.34 384.19 385.84
Depreciation Charges 239.36 284.31 245.50 212.16 183.46 158.74 137.43 119.03
Intereston LongTerm Loan 106.78 211.34 182.42 146.82 111.23 75.64 40.04 6.67
Lease Rentals and Charges
T o t a l 208.87 616.97 676.90 705.28 661.10 611.72 561.66 511.54
Debt ServiceObligations
Repayment ofLongTermLoan 139.58 279.17 279.17 279.17 279.17 279.17 139.57
Intereston LongTerm Loan 106.78 211.34 182.42 146.82 111.23 75.64 40.04 6.67
Lease Rentals and Charges
T o t a l 106.78 350.92 461.59 425.99 390.40 354.81 319.21 146.24
D. S. C. R. (Individual) 1.96 1.76 1.47 1.66 1.69 1.72 1.76 3.50
D. S. C. R. (Cumulative) ..... 1.96 1.80 1.63 1.64 1.65 1.67 1.68 1.78
D. S. C. R. (Overall) ........ ........ .........
.
1.78 ........ ......... ......... ......... .........
Parameters
Initial
Equity Capital 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00 700.00
Credit Balancein P&
-
137.27 -15.95 233.03 579.33 945.74
1323.0
8
1707.2
7
2093.1
1
Unsecured
Loans/Deposi 650.00 650.00 650.00 650.00 603.57 510.71 417.85 324.99 232.13
LongTerm Loan
1675.0
0
1675.0
0
1535.4
2
1256.2
5 977.08 697.91 418.74 139.57
Total Liabilities
4279.3
5
4399.2
4
4605.2
2
4877.9
7
4877.4
7
4886.0
8
4901.8
2
5059.1
6
DEBT EQUITY RATIO considering
i.e.TotalTermLia./NW
UnsecuredDep. as
Equity 1.24 1.38 1.15 0.79 0.52 0.32 0.17 0.05 0.00
UnsecuredDep. as Debt 3.32 4.13 3.19 2.04 1.24 0.73 0.41 0.19 0.08
Total OutsideLia./NW 6.60 5.43 3.94 2.81 1.96 1.42 1.04 0.81
Assets Turnover Ratio (x) 1.99 4.76 5.31 5.73 5.75 5.74 5.73 5.55

50
No. of Shares of 10.00each
70000
00
70000
00
70000
00
70000
00
70000
00
70000
00
70000
00
70000
00
Earnings Per Share(EPS) (in Rs.) -3.92 1.73 3.56 4.95 5.23 5.39 5.49 5.51
Cash EPS (in Rs.) 2.92 5.79 7.06 7.98 7.86 7.66 7.45 7.21
DividendPerShare(DPS) (in Rs.) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratio(%Age) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained Earnings/Share(in Rs.) -3.92 1.73 3.56 4.95 5.23 5.39 5.49 5.51
Retained Earnings (%Age) 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Book Value Per Share (in Rs.) 8.04 9.77 13.33 18.28 23.51 28.90 34.39 39.90
Debt Per Share (in Rs.) 33.21 31.22 27.23 22.58 17.27 11.95 6.64 3.32
ProbableMkt.Price/Share(inRs.) -3.92 1.73 3.56 4.95 5.23 5.39 5.49 5.51
Price / Book Value(x) -0.49 0.18 0.27 0.27 0.22 0.19 0.16 0.14
Price Earnings Ratio (x) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Yield (%Age) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

51
ANNEXURE - 7
(Rupees in
Lacs)
BREAK EVEN ANALYSIS
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
BREAK EVEN
ANALYSIS
Total Value of
Output/Services 8741.88
20980.5
0
24477.2
5
27974.0
0
27974.0
0
27974.0
0
27974.0
0
27974.0
0
Variable Cost of Output/Services
Raw Material Cost 8010.96
18843.1
9
21977.9
1
25112.6
4
25077.8
1
25077.8
1
25077.8
1
25077.8
1
Other Material Cost
Packing Material Cost 13.84 32.57 37.98 43.40 43.34 43.34 43.34 43.34
Interest on Working
Capital 54.41 101.64 118.64 135.64 136.19 136.30 136.42 136.56
Sales
Commission/Variable
Exp 78.48 198.40 231.62 264.83 265.75 265.75 265.75 265.75
Less: W.I.P.
Adjustments 188.15 35.17 37.11 37.15 0.40 0.43 0.47 0.52
Total Variable Cost 7969.54
19140.6
3
22329.0
4
25519.3
6
25522.6
9
25522.7
7
25522.8
5
25522.9
4
Net Contribution 772.33 1839.86 2148.20 2454.63 2451.30 2451.22 2451.14 2451.05
Profit Volume Ratio
(%age) 8.83 8.76 8.77 8.77 8.76 8.76 8.76 8.76
Semi Fixed / Semi
Variable Exp. .
Semi Fixed Expenses
(Fixed)
Consumables, Stores,
etc. 0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72
Power/Electricity
Expenses 3.58 3.58 3.58 3.58 3.58 3.58 3.58 3.58
Fuel Expenses 5.42 5.42 5.42 5.42 5.42 5.42 5.42 5.42
Repairs & 8.74 8.74 8.74 8.74 8.74 8.74 8.74 8.74

52
Maintenance Exp.
Administration &
Selling Expense 21.90 21.90 21.90 21.90 21.90 21.90 21.90 21.90
Deferred Expenses W/Off
Interest Charges 139.28 279.34 250.42 214.24 171.11 126.23 81.34 35.69
Less: Misc. Income
Total Net Fixed
Expenses 423.75 608.76 541.03 471.51 399.68 330.08 263.88 199.83
Total Net Cash Fixed
Expenses 184.39 324.45 295.53 259.35 216.22 171.34 126.45 80.80
Semi Fixed
Exp.(Semi-Fixed)
Employees Expenses 4.74 9.96 15.70 22.01
Repairs &
Maintenance Exp. 8.76 18.39 28.99 40.64
Other Mfg. Expenses 0.00 0.01 0.01 21.30 44.71 70.46 98.78
Administration &
Selling Expense 11.45 24.03 37.89 53.12
Total Semi Fixed Exp. 0.00 0.01 0.01 46.26 97.10 153.05 214.56
Semi Fixed
Exp.(Variable)
Consumables, Stores,
etc. 24.44 58.48 68.33 78.18 78.18 78.18 78.18 78.18
Power/Electricity
Expenses 121.01 289.50 338.25 387.01 387.01 387.01 387.01 387.01
Fuel Expenses 183.36 438.64 512.52 586.39 586.39 586.39 586.39 586.39
Repairs &
Maintenance Exp. 24.15 63.63 70.87 78.83 78.83 78.83 78.83 78.83
Other Mfg. Expenses 66.50 159.59 186.19 212.79 212.79 212.79 212.79 212.79
Administration &
Selling Expense 28.56 72.73 82.19 92.60 92.60 92.60 92.60 92.60
Total Semi Fixed
Expenses 461.13 1117.06 1296.76 1478.53 1478.53 1478.53 1478.53 1478.53
Total Expenses 884.88 1725.83 1837.81 1950.07 1924.48 1905.72 1895.47 1892.93
Total Cash Expenses 645.52 1441.52 1592.31 1737.91 1741.02 1746.98 1758.04 1773.90
Cash Break Even
Sales 7306.55
16438.1
2
18143.2
9
19805.9
5
19868.3
7
19937.0
4
20063.9
1
20245.6
6
Cash Margin of Safety 954.52 4446.22 6237.78 8071.89 8105.62 8036.95 7910.08 7728.33
Break Even Sales
10015.7
9
19680.1
8
20940.5
8
22223.8
2
21961.9
9
21748.6
2
21632.3
5
21604.1
5

53
Margin of Safety
-
1754.71 1204.16 3440.49 5654.02 6012.00 6225.37 6341.64 6369.84
At Maximum
Utilization: Year 4.00
(As % to Installed
Capacity)
Cash B.E.P.: % 56.83
B.E.P.: % 63.77

54
ANNEXURE - 8
PRE-TAX/POST-TAX IRR AND PAY-BACK
PERIOD
(Rupees in
Lacs)
Particulars
Operating
Years
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Post Tax INTERNAL RATE OF
RETURN
IN-FLOW of Funds
Net Profit After Taxes -137.27 121.32 248.98 346.30 366.41 377.34 384.19 385.84
Added Back
P & P Expenses W/off
Revenue Inflow of
Funds 241.37 681.97 741.90 769.70 717.98 659.31 599.96 540.56
Residual Value-
M/Money 285.81
Total Inflow of Funds 241.37 681.97 741.90 769.70 717.98 659.31 599.96 826.37
OUT-FLOW of Funds
Capital Out-flow of
Funds 3124.00
Present Value (PV)
Factor 0.86 0.75 0.64 0.56 0.48 0.41 0.36 0.31
Discounted Cash In-
Flow 208.40 508.39 477.52 427.74 344.50 273.14 214.60 255.21
Discounted Cash Out-
Flow 2697.28
Total PV:IN-Flow (all
yrs.) 2709.52
Total PV:OUT-Flow (all
yrs.) 2697.28
Effective Post-Tax IRR% 15.82

55
Pre Tax INTERNAL RATE OF
RETURN
IN-FLOW of Funds
Net Profit Before Taxes -137.27 121.81 308.06 502.05 531.83 548.12 558.33 560.89
Added Back
P & P Expenses W/off
Revenue Inflow of
Funds 241.37 682.46 800.98 925.45 883.40 830.09 774.10 715.61
Residual Value-
M/Money 285.81
Total Inflow of Funds 241.37 682.46 800.98 925.45 883.40 830.09 774.10 1001.42
OUT-FLOW of Funds
Capital Out-flow of
Funds 3124.00
Present Value (PV)
Factor 0.83 0.69 0.57 0.47 0.39 0.32 0.27 0.22
Discounted Cash In-
Flow 199.89 468.06 454.94 435.31 344.12 267.79 206.81 221.57
Discounted Cash Out-
Flow 2587.16
Total PV:IN-Flow (all
yrs.) 2598.53
Total PV:OUT-Flow (all
yrs.) 2587.16
Effective Pre-Tax IRR% 20.75
Un-Discounted
PAY BACK PERIOD:
4
YEARS
&
6.73 MONTHS

56
ANNEXURE - 10
QUANTITATIVE DETAILS OF OUTPUT, SALES AND STOCKS
(Rupees in
Lacs)
Particulars UOM Operating Years
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Determined
Capacity P.A .
Of Products/Services
TMT Bars 8 MM MT 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00
TMT Bars 10 MM MT 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00
TMT BARS 12 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 16 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 20 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 25 MM MT 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00
TMT BARS 32 MM MT 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00
Achievable Efficiency/Yield %
of Products/Services/Items
TMT Bars 8 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT Bars 10 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT BARS 12 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT BARS 16 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT BARS 20 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT BARS 25 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
TMT BARS 32 MM % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Net Usable Load/Capacity
of Products/Services/Items
TMT Bars 8 MM MT 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00
TMT Bars 10 MM MT 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00 19700.00
TMT BARS 12 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 16 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 20 MM MT 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00 14775.00
TMT BARS 25 MM MT 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00 9850.00
TMT BARS 32 MM MT 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00 4925.00
No of Shifts 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00

57
Wkg./Day
No of Working
Days/Year 330.00 330.00 330.00 330.00 330.00 330.00 330.00 330.00
Expected Usage/Utilization of
Achievable Load/Capacity (%)
TMT Bars 8 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT Bars 10 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT BARS 12 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT BARS 16 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT BARS 20 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT BARS 25 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
TMT BARS 32 MM % 50.00 60.00 70.00 80.00 80.00 80.00 80.00 80.00
Expected Usage/Output
TMT Bars 8 MM MT 4925.00 11820.00 13790.00 15760.00 15760.00 15760.00 15760.00 15760.00
TMT Bars 10 MM MT 4925.00 11820.00 13790.00 15760.00 15760.00 15760.00 15760.00 15760.00
TMT BARS 12 MM MT 3693.75 8865.00 10342.50 11820.00 11820.00 11820.00 11820.00 11820.00
TMT BARS 16 MM MT 3693.75 8865.00 10342.50 11820.00 11820.00 11820.00 11820.00 11820.00
TMT BARS 20 MM MT 3693.75 8865.00 10342.50 11820.00 11820.00 11820.00 11820.00 11820.00
TMT BARS 25 MM MT 2462.50 5910.00 6895.00 7880.00 7880.00 7880.00 7880.00 7880.00
TMT BARS 32 MM MT 1231.25 2955.00 3447.50 3940.00 3940.00 3940.00 3940.00 3940.00
Opening Stocks -
(Finished)
Of Products/Services/Items
TMT Bars 8 MM MT 270.88 325.05 379.23 433.40 433.40 433.40 433.40
TMT Bars 10 MM MT 270.88 325.05 379.23 433.40 433.40 433.40 433.40
TMT BARS 12 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05
TMT BARS 16 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05
TMT BARS 20 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05
TMT BARS 25 MM MT 135.44 162.53 189.61 216.70 216.70 216.70 216.70
TMT BARS 32 MM MT 67.72 81.26 94.81 108.35 108.35 108.35 108.35
Closing Stocks - (Finished)
TMT Bars 8 MM MT 270.88 325.05 379.23 433.40 433.40 433.40 433.40 433.40

58
TMT Bars 10 MM MT 270.88 325.05 379.23 433.40 433.40 433.40 433.40 433.40
TMT BARS 12 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05 325.05
TMT BARS 16 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05 325.05
TMT BARS 20 MM MT 203.16 243.79 284.42 325.05 325.05 325.05 325.05 325.05
TMT BARS 25 MM MT 135.44 162.53 189.61 216.70 216.70 216.70 216.70 216.70
TMT BARS 32 MM MT 67.72 81.26 94.81 108.35 108.35 108.35 108.35 108.35
Expected Sales/Revenue/Income
TMT Bars 8 MM MT 4654.12 11765.83 13735.82 15705.83 15760.00 15760.00 15760.00 15760.00
TMT Bars 10 MM MT 4654.12 11765.83 13735.82 15705.83 15760.00 15760.00 15760.00 15760.00
TMT BARS 12 MM MT 3490.59 8824.37 10301.87 11779.37 11820.00 11820.00 11820.00 11820.00
TMT BARS 16 MM MT 3490.59 8824.37 10301.87 11779.37 11820.00 11820.00 11820.00 11820.00
TMT BARS 20 MM MT 3490.59 8824.37 10301.87 11779.37 11820.00 11820.00 11820.00 11820.00
TMT BARS 25 MM MT 2327.06 5882.91 6867.92 7852.91 7880.00 7880.00 7880.00 7880.00
TMT BARS 32 MM MT 1163.53 2941.46 3433.95 3926.46 3940.00 3940.00 3940.00 3940.00

59
ANNEXURE - 11
TOTAL RAW MATERIAL COST
(Rupees in
Lacs)
Operating Year Output Adj. for Total Cost Material Material Total
Description of
Product UOM Quantity
WIP
Stks Quantity Per Unit Type I Type II Amount
2012-13
TMT Bars 8 MM MT 4925.00 109.44 5034.44 31824.63 1602.19 1602.19
TMT Bars 10 MM MT 4925.00 109.44 5034.44 31824.63 1602.19 1602.19
TMT BARS 12 MM MT 3693.75 82.08 3775.83 31824.63 1201.64 1201.64
TMT BARS 16 MM MT 3693.75 82.08 3775.83 31824.63 1201.64 1201.64
TMT BARS 20 MM MT 3693.75 82.08 3775.83 31824.63 1201.64 1201.64
TMT BARS 25 MM MT 2462.50 54.72 2517.22 31824.63 801.10 801.10
TMT BARS 32 MM MT 1231.25 27.36 1258.61 31824.63 400.55 400.55
Total Raw Mat.
Requirement 8010.96 8010.96
2013-14
TMT Bars 8 MM MT 11820.00 21.89 11841.89 31824.63 3768.64 3768.64
TMT Bars 10 MM MT 11820.00 21.89 11841.89 31824.63 3768.64 3768.64
TMT BARS 12 MM MT 8865.00 16.42 8881.42 31824.63 2826.48 2826.48
TMT BARS 16 MM MT 8865.00 16.42 8881.42 31824.63 2826.48 2826.48
TMT BARS 20 MM MT 8865.00 16.42 8881.42 31824.63 2826.48 2826.48
TMT BARS 25 MM MT 5910.00 10.94 5920.94 31824.63 1884.32 1884.32
TMT BARS 32 MM MT 2955.00 5.47 2960.47 31824.63 942.16 942.16
Total Raw Mat.
Requirement 18843.19 18843.19
2014-15
TMT Bars 8 MM MT 13790.00 21.89 13811.89 31824.63 4395.58 4395.58
TMT Bars 10 MM MT 13790.00 21.89 13811.89 31824.63 4395.58 4395.58
TMT BARS 12 MM MT 10342.50 16.42 10358.92 31824.63 3296.69 3296.69
TMT BARS 16 MM MT 10342.50 16.42 10358.92 31824.63 3296.69 3296.69
TMT BARS 20 MM MT 10342.50 16.42 10358.92 31824.63 3296.69 3296.69
TMT BARS 25 MM MT 6895.00 10.94 6905.94 31824.63 2197.79 2197.79
TMT BARS 32 MM MT 3447.50 5.47 3452.97 31824.63 1098.89 1098.89
Total Raw Mat.
Requirement 21977.91 21977.91
2015-16

60
TMT Bars 8 MM MT 15760.00 21.89 15781.89 31824.63 5022.53 5022.53
TMT Bars 10 MM MT 15760.00 21.89 15781.89 31824.63 5022.53 5022.53
TMT BARS 12 MM MT 11820.00 16.42 11836.42 31824.63 3766.90 3766.90
TMT BARS 16 MM MT 11820.00 16.42 11836.42 31824.63 3766.90 3766.90
TMT BARS 20 MM MT 11820.00 16.42 11836.42 31824.63 3766.90 3766.90
TMT BARS 25 MM MT 7880.00 10.94 7890.94 31824.63 2511.26 2511.26
TMT BARS 32 MM MT 3940.00 5.47 3945.47 31824.63 1255.63 1255.63
Total Raw Mat.
Requirement 25112.64 25112.64
2016-17
TMT Bars 8 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT Bars 10 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT BARS 12 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 16 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 20 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 25 MM MT 7880.00 7880.00 31824.63 2507.78 2507.78
TMT BARS 32 MM MT 3940.00 3940.00 31824.63 1253.89 1253.89
Total Raw Mat.
Requirement 25077.81 25077.81
2017-18
TMT Bars 8 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT Bars 10 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT BARS 12 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 16 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 20 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 25 MM MT 7880.00 7880.00 31824.63 2507.78 2507.78
TMT BARS 32 MM MT 3940.00 3940.00 31824.63 1253.89 1253.89
Total Raw Mat.
Requirement 25077.81 25077.81
2018-19
TMT Bars 8 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT Bars 10 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT BARS 12 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 16 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 20 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 25 MM MT 7880.00 7880.00 31824.63 2507.78 2507.78
TMT BARS 32 MM MT 3940.00 3940.00 31824.63 1253.89 1253.89
Total Raw Mat.
Requirement 25077.81 25077.81

61
2019-20
TMT Bars 8 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT Bars 10 MM MT 15760.00 15760.00 31824.63 5015.56 5015.56
TMT BARS 12 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 16 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 20 MM MT 11820.00 11820.00 31824.63 3761.67 3761.67
TMT BARS 25 MM MT 7880.00 7880.00 31824.63 2507.78 2507.78
TMT BARS 32 MM MT 3940.00 3940.00 31824.63 1253.89 1253.89
Total Raw Mat.
Requirement 25077.81 25077.81

62
ANNEXURE - 12
RAW MATERIAL COST PER UNIT
(Rupees in
Lacs)
Description of
Product Qty .Per Losses Total Rate Total
Batch
Qty Amount
Description of
Raw-Material UOM Batch %age Quantity Per Unit Amount
of
Output Per Unit
TMT Bars 8 MM MT
Ingot’s MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
Totals (Indigenous) 31824.63 1.00 31824.63
TMT Bars 10 MM MT
INGOTS MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
TMT BARS 12 MM MT
Ingot’s MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
TMT BARS 16 MM MT
INGOTS MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
TMT BARS 20 MM MT

63
INGOTS MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
TMT BARS 25 MM MT
INGOTS MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%
TMT BARS 32 MM MT
INGOTS MT 1.00 0.02 1.02 31100.00 31824.63
Sub Totals 31824.63
Add Loss/Wastage @
0.00%

64
ANNEXURE - 13
TOTAL PACKING MATERIAL COST
(Rupees in
Lacs)
Operating Year Output Adj. for Total Cost Total
Description of
Product UOM Quantity WIP Stks. Quantity Per Unit Amount
2012-13
TMT Bars 8 MM MT 4925.00 109.44 5034.44 55.00 2.77
TMT Bars 10 MM MT 4925.00 109.44 5034.44 55.00 2.77
TMT BARS 12 MM MT 3693.75 82.08 3775.83 55.00 2.08
TMT BARS 16 MM MT 3693.75 82.08 3775.83 55.00 2.08
TMT BARS 20 MM MT 3693.75 82.08 3775.83 55.00 2.08
TMT BARS 25 MM MT 2462.50 54.72 2517.22 55.00 1.38
TMT BARS 32 MM MT 1231.25 27.36 1258.61 55.00 0.69
Y e a r T o t a l:: 13.84
2013-14
TMT Bars 8 MM MT 11820.00 21.89 11841.89 55.00 6.51
TMT Bars 10 MM MT 11820.00 21.89 11841.89 55.00 6.51
TMT BARS 12 MM MT 8865.00 16.42 8881.42 55.00 4.88
TMT BARS 16 MM MT 8865.00 16.42 8881.42 55.00 4.88
TMT BARS 20 MM MT 8865.00 16.42 8881.42 55.00 4.88
TMT BARS 25 MM MT 5910.00 10.94 5920.94 55.00 3.26
TMT BARS 32 MM MT 2955.00 5.47 2960.47 55.00 1.63
Y e a r T o t a l: 32.57
2014-15
TMT Bars 8 MM MT 13790.00 21.89 13811.89 55.00 7.60
TMT Bars 10 MM MT 13790.00 21.89 13811.89 55.00 7.60
TMT BARS 12 MM MT 10342.50 16.42 10358.92 55.00 5.70
TMT BARS 16 MM MT 10342.50 16.42 10358.92 55.00 5.70
TMT BARS 20 MM MT 10342.50 16.42 10358.92 55.00 5.70
TMT BARS 25 MM MT 6895.00 10.94 6905.94 55.00 3.80
TMT BARS 32 MM MT 3447.50 5.47 3452.97 55.00 1.90
Y e a r T o t a l: 37.98
2015-16
TMT Bars 8 MM MT 15760.00 21.89 15781.89 55.00 8.68

65
TMT Bars 10 MM MT 15760.00 21.89 15781.89 55.00 8.68
TMT BARS 12 MM MT 11820.00 16.42 11836.42 55.00 6.51
TMT BARS 16 MM MT 11820.00 16.42 11836.42 55.00 6.51
TMT BARS 20 MM MT 11820.00 16.42 11836.42 55.00 6.51
TMT BARS 25 MM MT 7880.00 10.94 7890.94 55.00 4.34
TMT BARS 32 MM MT 3940.00 5.47 3945.47 55.00 2.17
Y e a r T o t a l: 43.40
2016-17
TMT Bars 8 MM MT 15760.00 15760.00 55.00 8.67
TMT Bars 10 MM MT 15760.00 15760.00 55.00 8.67
TMT BARS 12 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 16 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 20 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 25 MM MT 7880.00 7880.00 55.00 4.33
TMT BARS 32 MM MT 3940.00 3940.00 55.00 2.17
Y e a r T o t a l: 43.34
2017-18
TMT Bars 8 MM MT 15760.00 15760.00 55.00 8.67
TMT Bars 10 MM MT 15760.00 15760.00 55.00 8.67
TMT BARS 12 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 16 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 20 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 25 MM MT 7880.00 7880.00 55.00 4.33
TMT BARS 32 MM MT 3940.00 3940.00 55.00 2.17
Y e a r T o t a l: 43.34
2018-19
TMT Bars 8 MM MT 15760.00 15760.00 55.00 8.67
TMT Bars 10 MM MT 15760.00 15760.00 55.00 8.67
TMT BARS 12 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 16 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 20 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 25 MM MT 7880.00 7880.00 55.00 4.33
TMT BARS 32 MM MT 3940.00 3940.00 55.00 2.17
Y e a r T o t a l: 43.34
2019-20
TMT Bars 8 MM MT 15760.00 15760.00 55.00 8.67
TMT Bars 10 MM MT 15760.00 15760.00 55.00 8.67
TMT BARS 12 MM MT 11820.00 11820.00 55.00 6.50

66
TMT BARS 16 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 20 MM MT 11820.00 11820.00 55.00 6.50
TMT BARS 25 MM MT 7880.00 7880.00 55.00 4.33
TMT BARS 32 MM MT 3940.00 3940.00 55.00 2.17
Y e a r T o t a l: 43.34

67
ANNEXURE - 14
CONSUMABLES, STORES AND SPARES
EXPENSES
(Rupees in
Lacs)
Description of
Product UOM Quantity
WIP
Stks Quantity Per Unit Amount
2012-13
TMT Bars 8 MM MT 4925.00 109.44 5034.44 100.00 5.03
TMT Bars 10 MM MT 4925.00 109.44 5034.44 100.00 5.03
TMT BARS 12 MM MT 3693.75 82.08 3775.83 100.00 3.78
TMT BARS 16 MM MT 3693.75 82.08 3775.83 100.00 3.78
TMT BARS 20 MM MT 3693.75 82.08 3775.83 100.00 3.78
TMT BARS 25 MM MT 2462.50 54.72 2517.22 100.00 2.52
TMT BARS 32 MM MT 1231.25 27.36 1258.61 100.00 1.26
Y e a r T o t a l: 25.17
2013-14
TMT Bars 8 MM MT 11820.00 21.89 11841.89 100.00 11.84
TMT Bars 10 MM MT 11820.00 21.89 11841.89 100.00 11.84
TMT BARS 12 MM MT 8865.00 16.42 8881.42 100.00 8.88
TMT BARS 16 MM MT 8865.00 16.42 8881.42 100.00 8.88
TMT BARS 20 MM MT 8865.00 16.42 8881.42 100.00 8.88
TMT BARS 25 MM MT 5910.00 10.94 5920.94 100.00 5.92
TMT BARS 32 MM MT 2955.00 5.47 2960.47 100.00 2.96
Y e a r T o t a l: 59.21
2014-15
TMT Bars 8 MM MT 13790.00 21.89 13811.89 100.00 13.81
TMT Bars 10 MM MT 13790.00 21.89 13811.89 100.00 13.81
TMT BARS 12 MM MT 10342.50 16.42 10358.92 100.00 10.36
TMT BARS 16 MM MT 10342.50 16.42 10358.92 100.00 10.36
TMT BARS 20 MM MT 10342.50 16.42 10358.92 100.00 10.36
TMT BARS 25 MM MT 6895.00 10.94 6905.94 100.00 6.91
TMT BARS 32 MM MT 3447.50 5.47 3452.97 100.00 3.45
Y e a r T o t a l: 69.06
2015-16
TMT Bars 8 MM MT 15760.00 21.89 15781.89 100.00 15.78

68
TMT Bars 10 MM MT 15760.00 21.89 15781.89 100.00 15.78
TMT BARS 12 MM MT 11820.00 16.42 11836.42 100.00 11.84
TMT BARS 16 MM MT 11820.00 16.42 11836.42 100.00 11.84
TMT BARS 20 MM MT 11820.00 16.42 11836.42 100.00 11.84
TMT BARS 25 MM MT 7880.00 10.94 7890.94 100.00 7.89
TMT BARS 32 MM MT 3940.00 5.47 3945.47 100.00 3.95
Y e a r T o t a l: 78.91
2016-17
TMT Bars 8 MM MT 15760.00 15760.00 100.00 15.76
TMT Bars 10 MM MT 15760.00 15760.00 100.00 15.76
TMT BARS 12 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 16 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 20 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 25 MM MT 7880.00 7880.00 100.00 7.88
TMT BARS 32 MM MT 3940.00 3940.00 100.00 3.94
Y e a r T o t a l: 78.80
2017-18
TMT Bars 8 MM MT 15760.00 15760.00 100.00 15.76
TMT Bars 10 MM MT 15760.00 15760.00 100.00 15.76
TMT BARS 12 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 16 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 20 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 25 MM MT 7880.00 7880.00 100.00 7.88
TMT BARS 32 MM MT 3940.00 3940.00 100.00 3.94
Y e a r T o t a l: 78.80
2018-19
TMT Bars 8 MM MT 15760.00 15760.00 100.00 15.76
TMT Bars 10 MM MT 15760.00 15760.00 100.00 15.76
TMT BARS 12 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 16 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 20 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 25 MM MT 7880.00 7880.00 100.00 7.88
TMT BARS 32 MM MT 3940.00 3940.00 100.00 3.94
Y e a r T o t a l: 78.80
2019-20
TMT Bars 8 MM MT 15760.00 15760.00 100.00 15.76
TMT Bars 10 MM MT 15760.00 15760.00 100.00 15.76
TMT BARS 12 MM MT 11820.00 11820.00 100.00 11.82

69
TMT BARS 16 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 20 MM MT 11820.00 11820.00 100.00 11.82
TMT BARS 25 MM MT 7880.00 7880.00 100.00 7.88
TMT BARS 32 MM MT 3940.00 3940.00 100.00 3.94
Y e a r T o t a l: 78.80

70
ANNEXURE - 15
EMPLOYEES EXPENSES
(Rupees in
Lacs)
Placement/ Dept./ Starting Starting No. Of Pay Per Total
Designation Category Year Month Persons Month Amount
Factory Personnel
As Applicable from Year 1
GENERAL MANAGER
Factory
Person 1.00 7.00 1.00 80000.00 4.80
Production Manager
Factory
Person 1.00 7.00 1.00 50000.00 3.00
Production Incharge
Factory
Person 1.00 7.00 1.00 40000.00 2.40
Operators 1.00 7.00 4.00 25000.00 6.00
T O T A L 16.20
Welfare Expenses (@ 10.00 %) 1.62
Y e a r T o t a l 7.00 17.82
T o t a l (Factory) 7.00
Admin. Personnel
Finance Controller 1.00 4.00 1.00 50000.00 4.50
Accounts Asst. 1.00 4.00 4.00 10000.00 3.60
Time office & other 1.00 4.00 4.00 8000.00 2.88
Security Staff 1.00 4.00 12.00 7000.00 7.56
Support Staff 1.00 4.00 4.00 5000.00 1.80
T o t a l 20.34
Y e a r T o t a l 25.00 22.37
Total (Admin. Personnel) 25.00
Sales Personnel

71
Marketing staff 1.00 7.00 4.00 25000.00 6.00
T o t a l 6.00
Y e a r T o t a l 4.00 6.60
T o t a l (Sales) 4.00
G r a n d T o t a l 36.00

72
ANNEXURE - 16
FUEL EXPENSES (Rupees in Lacs)
Description of Product UOM Quantity WIP Stk. Quantity Per Unit Amount
2012-13
TMT Bars 8 MM MT 4925.00 109.44 5034.44 750.00 37.76
TMT Bars 10 MM MT 4925.00 109.44 5034.44 750.00 37.76
TMT BARS 12 MM MT 3693.75 82.08 3775.83 750.00 28.32
TMT BARS 16 MM MT 3693.75 82.08 3775.83 750.00 28.32
TMT BARS 20 MM MT 3693.75 82.08 3775.83 750.00 28.32
TMT BARS 25 MM MT 2462.50 54.72 2517.22 750.00 18.88
TMT BARS 32 MM MT 1231.25 27.36 1258.61 750.00 9.44
Y e a r T o t a l: 188.79
2013-14
TMT Bars 8 MM MT 11820.00 21.89 11841.89 750.00 88.81
TMT Bars 10 MM MT 11820.00 21.89 11841.89 750.00 88.81
TMT BARS 12 MM MT 8865.00 16.42 8881.42 750.00 66.61
TMT BARS 16 MM MT 8865.00 16.42 8881.42 750.00 66.61
TMT BARS 20 MM MT 8865.00 16.42 8881.42 750.00 66.61
TMT BARS 25 MM MT 5910.00 10.94 5920.94 750.00 44.41
TMT BARS 32 MM MT 2955.00 5.47 2960.47 750.00 22.20
Y e a r T o t a l: 444.07
2014-15
TMT Bars 8 MM MT 13790.00 21.89 13811.89 750.00 103.59
TMT Bars 10 MM MT 13790.00 21.89 13811.89 750.00 103.59
TMT BARS 12 MM MT 10342.50 16.42 10358.92 750.00 77.69
TMT BARS 16 MM MT 10342.50 16.42 10358.92 750.00 77.69
TMT BARS 20 MM MT 10342.50 16.42 10358.92 750.00 77.69
TMT BARS 25 MM MT 6895.00 10.94 6905.94 750.00 51.79
TMT BARS 32 MM MT 3447.50 5.47 3452.97 750.00 25.90
Y e a r T o t a l: 517.95
2015-16
TMT Bars 8 MM MT 15760.00 21.89 15781.89 750.00 118.36
TMT Bars 10 MM MT 15760.00 21.89 15781.89 750.00 118.36
TMT BARS 12 MM MT 11820.00 16.42 11836.42 750.00 88.77
TMT BARS 16 MM MT 11820.00 16.42 11836.42 750.00 88.77
TMT BARS 20 MM MT 11820.00 16.42 11836.42 750.00 88.77

73
TMT BARS 25 MM MT 7880.00 10.94 7890.94 750.00 59.18
TMT BARS 32 MM MT 3940.00 5.47 3945.47 750.00 29.59
Y e a r T o t a l: 591.82
2016-17
TMT Bars 8 MM MT 15760.00 15760.00 750.00 118.20
TMT Bars 10 MM MT 15760.00 15760.00 750.00 118.20
TMT BARS 12 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 16 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 20 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 25 MM MT 7880.00 7880.00 750.00 59.10
TMT BARS 32 MM MT 3940.00 3940.00 750.00 29.55
Y e a r T o t a l: 591.00
2017-18
TMT Bars 8 MM MT 15760.00 15760.00 750.00 118.20
TMT Bars 10 MM MT 15760.00 15760.00 750.00 118.20
TMT BARS 12 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 16 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 20 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 25 MM MT 7880.00 7880.00 750.00 59.10
TMT BARS 32 MM MT 3940.00 3940.00 750.00 29.55
Y e a r T o t a l: 591.00
2018-19
TMT Bars 8 MM MT 15760.00 15760.00 750.00 118.20
TMT Bars 10 MM MT 15760.00 15760.00 750.00 118.20
TMT BARS 12 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 16 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 20 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 25 MM MT 7880.00 7880.00 750.00 59.10
TMT BARS 32 MM MT 3940.00 3940.00 750.00 29.55
Y e a r T o t a l: 591.00
2019-20
TMT Bars 8 MM MT 15760.00 15760.00 750.00 118.20
TMT Bars 10 MM MT 15760.00 15760.00 750.00 118.20
TMT BARS 12 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 16 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 20 MM MT 11820.00 11820.00 750.00 88.65
TMT BARS 25 MM MT 7880.00 7880.00 750.00 59.10
TMT BARS 32 MM MT 3940.00 3940.00 750.00 29.55

75
ANNEXURE - 17
POWER/ELECTRICITY
EXPENSES
(Rupees in
Lacs)
Description of Product UOM Quantity WIP Stk. Quantity Per Unit Amount
2012-13
TMT Bars 8 MM MT 4925.00 109.44 5034.44 495.00 24.92
TMT Bars 10 MM MT 4925.00 109.44 5034.44 495.00 24.92
TMT BARS 12 MM MT 3693.75 82.08 3775.83 495.00 18.69
TMT BARS 16 MM MT 3693.75 82.08 3775.83 495.00 18.69
TMT BARS 20 MM MT 3693.75 82.08 3775.83 495.00 18.69
TMT BARS 25 MM MT 2462.50 54.72 2517.22 495.00 12.46
TMT BARS 32 MM MT 1231.25 27.36 1258.61 495.00 6.23
Y e a r T o t a l: 124.60
2013-14
TMT Bars 8 MM MT 11820.00 21.89 11841.89 495.00 58.62
TMT Bars 10 MM MT 11820.00 21.89 11841.89 495.00 58.62
TMT BARS 12 MM MT 8865.00 16.42 8881.42 495.00 43.96
TMT BARS 16 MM MT 8865.00 16.42 8881.42 495.00 43.96
TMT BARS 20 MM MT 8865.00 16.42 8881.42 495.00 43.96
TMT BARS 25 MM MT 5910.00 10.94 5920.94 495.00 29.31
TMT BARS 32 MM MT 2955.00 5.47 2960.47 495.00 14.65
Y e a r T o t a l: : 293.09
2014-15
TMT Bars 8 MM MT 13790.00 21.89 13811.89 495.00 68.37
TMT Bars 10 MM MT 13790.00 21.89 13811.89 495.00 68.37
TMT BARS 12 MM MT 10342.50 16.42 10358.92 495.00 51.28
TMT BARS 16 MM MT 10342.50 16.42 10358.92 495.00 51.28
TMT BARS 20 MM MT 10342.50 16.42 10358.92 495.00 51.28
TMT BARS 25 MM MT 6895.00 10.94 6905.94 495.00 34.18
TMT BARS 32 MM MT 3447.50 5.47 3452.97 495.00 17.09
Y e a r T o t a l: : 341.84
2015-16
TMT Bars 8 MM MT 15760.00 21.89 15781.89 495.00 78.12

76
TMT Bars 10 MM MT 15760.00 21.89 15781.89 495.00 78.12
TMT BARS 12 MM MT 11820.00 16.42 11836.42 495.00 58.59
TMT BARS 16 MM MT 11820.00 16.42 11836.42 495.00 58.59
TMT BARS 20 MM MT 11820.00 16.42 11836.42 495.00 58.59
TMT BARS 25 MM MT 7880.00 10.94 7890.94 495.00 39.06
TMT BARS 32 MM MT 3940.00 5.47 3945.47 495.00 19.53
Y e a r T o t a l: : 390.60
2016-17
TMT Bars 8 MM MT 15760.00 15760.00 495.00 78.01
TMT Bars 10 MM MT 15760.00 15760.00 495.00 78.01
TMT BARS 12 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 16 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 20 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 25 MM MT 7880.00 7880.00 495.00 39.01
TMT BARS 32 MM MT 3940.00 3940.00 495.00 19.50
Y e a r T o t a l: : 390.06
2017-18
TMT Bars 8 MM MT 15760.00 15760.00 495.00 78.01
TMT Bars 10 MM MT 15760.00 15760.00 495.00 78.01
TMT BARS 12 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 16 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 20 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 25 MM MT 7880.00 7880.00 495.00 39.01
TMT BARS 32 MM MT 3940.00 3940.00 495.00 19.50
Y e a r T o t a l: : 390.06
2018-19
TMT Bars 8 MM MT 15760.00 15760.00 495.00 78.01
TMT Bars 10 MM MT 15760.00 15760.00 495.00 78.01
TMT BARS 12 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 16 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 20 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 25 MM MT 7880.00 7880.00 495.00 39.01
TMT BARS 32 MM MT 3940.00 3940.00 495.00 19.50
Y e a r T o t a l: : 390.06
2019-20
TMT Bars 8 MM MT 15760.00 15760.00 495.00 78.01
TMT Bars 10 MM MT 15760.00 15760.00 495.00 78.01
TMT BARS 12 MM MT 11820.00 11820.00 495.00 58.51

77
TMT BARS 16 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 20 MM MT 11820.00 11820.00 495.00 58.51
TMT BARS 25 MM MT 7880.00 7880.00 495.00 39.01
TMT BARS 32 MM MT 3940.00 3940.00 495.00 19.50
Y e a r T o t a l: : 390.06

78
ANNEXURE - 18
REPAIRS AND MAINTENANCE
EXPENSES
(Rupees in
Lacs)
% age to
Assets Total
Particulars Value Amount
Year 1 Year 2 Year 3 Year 4 Year
Buildings
-Factory Building 2.00 .00 4. 36.00
-Office Building & Utilities 2.00 .00 3. 88.00
Plant and Machineries
-Imported Machineries
-Indigenous Machineries 3.00 .00 38. 44.00
-Tools, Jigs & Fixtures 3.00 .00 1. 34.00
-Laboratory Equipment’s 3.00 .00 1. 34.00
-Electrification, etc. 3.00 .00 15. 39.00
-Installation, Erection, etc.
-Motor Vehicles
-Computers, Printers, etc. 10.00 .00 0. 30.00
-Furniture & Fixtures 5.00 .00 0. 75.00
TOTAL 65.00 80.00
Operating Year Specific ic Expens
es %age-
A ssets Val ue Misc. .
%age %age
Given Total
increa se Amt. increa se Amt. Expense
es
Amount
2012-13 32.90 65.80
2013-14 10.00 10.00 72.38 72.38
2014-15 10.00 10.00 79.62 79.62
2015-16 10.00 10.00 87.58 87.58
2016-17 10.00 10.00 96.34 96.34
2017-18 10.00 10.00 105.97 105.97

79
2018-19 10.00 10.00 116.57 116.57
2019-20 10.00 10.00 128.22 128.22

80
ANNEXURE - 19
OTHER MANUFACTURING EXPENSES
(Rupees in
Lacs)
Particulars Amount
Insurance Charges 12.00
Labor (Un Loading) 42.00
Labor (WIP) 32.00
Labor (Processing) 47.00
T o t a l 133.00
Operating Year Specific
Expenses
%age Misc. Total
2012-13 66.50 66.50
2013-14 20.00 159.60 159.60
2014-15 16.67 186.21 186.21
2015-16 14.29 212.81 212.81
2016-17 10.00 234.10 234.10
2017-18 10.00 257.51 257.51
2018-19 10.00 283.26 283.26
2019-20 10.00 311.58 311.58

81
ANNEXURE - 20
ADMINISTRATIVE AND GENERAL
EXPENSES
(Rupees in
Lacs)
Particulars Amount
Mgmt. Remuneration 24.00
Telephone Exp. 3.00
Stationery Exp. 4.00
Travelling Exp. 5.00
Conveyance Exp. 4.00
General Office Exp. 3.00
T o t a l 43.00
Operating Year Specific
Expenses
%age Misc. . Total
2012-13 21.50 21.50
2013-14 10.00 47.30 47.30
2014-15 10.00 52.03 52.03
2015-16 10.00 57.23 57.23
2016-17 10.00 62.96 62.96
2017-18 10.00 69.25 69.25
2018-19 10.00 76.18 76.18
2019-20 10.00 83.79 83.79

82
ANNEXURE - 21
SELLING AND DISTRIBUTION
EXPENSES
(Rupees in
Lacs)
Domestic Domestic Domestic Domestic Domestic
Operating Year Sales Comm. Comm. Exp. Exp. Total
Description of Product Value %age Amount %age Amount Amount
2012-13
TMT Bars 8 MM 1712.72 0.75 12.85 0.20 3.43 16.27
TMT Bars 10 MM 1647.56 0.75 12.36 0.20 3.30 15.65
TMT BARS 12 MM 1221.71 0.75 9.16 0.20 2.44 11.61
TMT BARS 16 MM 1228.69 0.75 9.22 0.20 2.46 11.67
TMT BARS 20 MM 1221.71 0.75 9.16 0.20 2.44 11.61
TMT BARS 25 MM 814.47 0.75 6.11 0.20 1.63 7.74
TMT BARS 32 MM 414.22 0.75 3.11 0.20 0.83 3.94
Year Totals : : 61.96 16.52 78.48
2013-14
TMT Bars 8 MM 4329.83 0.75 32.47 0.20 8.66 41.13
TMT Bars 10 MM 4165.10 0.75 31.24 0.20 8.33 39.57
TMT BARS 12 MM 3088.53 0.75 23.16 0.20 6.18 29.34
TMT BARS 16 MM 3106.18 0.75 23.30 0.20 6.21 29.51
TMT BARS 20 MM 3088.53 0.75 23.16 0.20 6.18 29.34
TMT BARS 25 MM 2059.02 0.75 15.44 0.20 4.12 19.56
TMT BARS 32 MM 1047.16 0.75 7.85 0.20 2.09 9.95
Year Totals : : 156.63 41.77 198.40
2014-15
TMT Bars 8 MM 5054.78 0.75 37.91 0.20 10.11 48.02
TMT Bars 10 MM 4862.48 0.75 36.47 0.20 9.72 46.19
TMT BARS 12 MM 3605.65 0.75 27.04 0.20 7.21 34.25
TMT BARS 16 MM 3626.26 0.75 27.20 0.20 7.25 34.45
TMT BARS 20 MM 3605.65 0.75 27.04 0.20 7.21 34.25
TMT BARS 25 MM 2403.77 0.75 18.03 0.20 4.81 22.84
TMT BARS 32 MM 1222.49 0.75 9.17 0.20 2.44 11.61
Year Totals : : 182.86 48.76 231.62
2015-16
TMT Bars 8 MM 5779.75 0.75 43.35 0.20 11.56 54.91

83
TMT Bars 10 MM 5559.86 0.75 41.70 0.20 11.12 52.82
TMT BARS 12 MM 4122.78 0.75 30.92 0.20 8.25 39.17
TMT BARS 16 MM 4146.34 0.75 31.10 0.20 8.29 39.39
TMT BARS 20 MM 4122.78 0.75 30.92 0.20 8.25 39.17
TMT BARS 25 MM 2748.52 0.75 20.61 0.20 5.50 26.11
TMT BARS 32 MM 1397.82 0.75 10.48 0.20 2.80 13.28
Year Totals : : 209.08 55.76 264.84
2016-17
TMT Bars 8 MM 5799.68 0.75 43.50 0.20 11.60 55.10
TMT Bars 10 MM 5579.04 0.75 41.84 0.20 11.16 53.00
TMT BARS 12 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 16 MM 4160.64 0.75 31.20 0.20 8.32 39.53
TMT BARS 20 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 25 MM 2758.00 0.75 20.69 0.20 5.52 26.20
TMT BARS 32 MM 1402.64 0.75 10.52 0.20 2.81 13.33
Year Totals : : 209.81 55.95 265.75
2017-18
TMT Bars 8 MM 5799.68 0.75 43.50 0.20 11.60 55.10
TMT Bars 10 MM 5579.04 0.75 41.84 0.20 11.16 53.00
TMT BARS 12 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 16 MM 4160.64 0.75 31.20 0.20 8.32 39.53
TMT BARS 20 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 25 MM 2758.00 0.75 20.69 0.20 5.52 26.20
TMT BARS 32 MM 1402.64 0.75 10.52 0.20 2.81 13.33
Year Totals : : 209.81 55.95 265.75
2018-19
TMT Bars 8 MM 5799.68 0.75 43.50 0.20 11.60 55.10
TMT Bars 10 MM 5579.04 0.75 41.84 0.20 11.16 53.00
TMT BARS 12 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 16 MM 4160.64 0.75 31.20 0.20 8.32 39.53
TMT BARS 20 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 25 MM 2758.00 0.75 20.69 0.20 5.52 26.20
TMT BARS 32 MM 1402.64 0.75 10.52 0.20 2.81 13.33
Year Totals : : 209.81 55.95 265.75
2019-20
TMT Bars 8 MM 5799.68 0.75 43.50 0.20 11.60 55.10
TMT Bars 10 MM 5579.04 0.75 41.84 0.20 11.16 53.00
TMT BARS 12 MM 4137.00 0.75 31.03 0.20 8.27 39.30

84
TMT BARS 16 MM 4160.64 0.75 31.20 0.20 8.32 39.53
TMT BARS 20 MM 4137.00 0.75 31.03 0.20 8.27 39.30
TMT BARS 25 MM 2758.00 0.75 20.69 0.20 5.52 26.20
TMT BARS 32 MM 1402.64 0.75 10.52 0.20 2.81 13.33
Year Totals : : 209.81 55.95 265.75

85
ANNEXURE - 22
INTEREST AND REPAYMENT ON TERM LOANS (Rupees in Lacs)
A Name of Institution-Bank :: Term Loan From Bank Phased-C
B Term Borrowing Amount :: 1675.00
C Repayment Term (Years) :: 6.00
D Repayment Installments :: 24.00
E Repayment Commencement :: Year - 2 3rd Qtr.
F Rate of Interest(General) :: 12.75 % Per Annum
F Rate of Interest(Initial) :: 0.00 % Per Annum
G Apply Gen. Int. Rate from Year :: 1 Quarter :: 3
H Interest Calculation :: Quarterly
Operating Period Repayment Amount Interest
Year Ended Amount Outstanding Amount
2012-13 1.00 1675.00
2.00 1675.00
3.00 1675.00 53.39
4.00 1675.00 53.39
TOTAL : 106.78
2013-14 1.00 1675.00 53.39
2.00 1675.00 53.39
3.00 69.79 1605.21 53.39
4.00 69.79 1535.42 51.17
TOTAL : 139.58 211.34
2014-15 1.00 69.79 1465.63 48.94
2.00 69.79 1395.83 46.72
3.00 69.79 1326.04 44.49
4.00 69.79 1256.25 42.27
TOTAL : 279.17 182.42
2015-16 1.00 69.79 1186.46 40.04
2.00 69.79 1116.67 37.82
3.00 69.79 1046.88 35.59
4.00 69.79 977.08 33.37
TOTAL : 279.17 146.82
2016-17 1.00 69.79 907.29 31.14
2.00 69.79 837.50 28.92
3.00 69.79 767.71 26.70
4.00 69.79 697.92 24.47

86
TOTAL : 279.17 111.23
2017-18 1.00 69.79 628.13 22.25
2.00 69.79 558.33 20.02
3.00 69.79 488.54 17.80
4.00 69.79 418.75 15.57
TOTAL : 279.17 75.64
2018-19 1.00 69.79 348.96 13.35
2.00 69.79 279.17 11.12
3.00 69.79 209.38 8.90
4.00 69.79 139.58 6.67
TOTAL : 279.17 40.04
2019-20 1.00 69.79 69.79 4.45
2.00 69.79 2.22
TOTAL : 139.58 6.67

87
ANNEXURE - 27
INTEREST AND REPAYMENT ON UNSECURED
DEPOSITS
(Rupees in
Lacs)
A Name of Institution-Bank :: Agarwal group Phased-C
B Deposit/Borrowing Amt. :: 650.00
C Repayment Term (Years) :: 7.00
D Repayment Installments :: 28.00
E Repayment Commencement :: Year - 4 3rd Qtr.
F Rate of Interest(General) :: 10.00 % Per Annum
F Rate of Interest(Initial) :: 0.00 % Per Annum
G Apply Gen. Int. Rate from Year :: 1 Quarter :: 3
H Interest Calculation :: Quarterly
Operating Period Repayment Amount Interest
Year Ended Amount Outstanding Amount
2012-13 1.00 650.00
2.00 650.00
3.00 650.00 16.25
4.00 650.00 16.25
TOTAL : 32.50
2013-14 1.00 650.00 16.25
2.00 650.00 16.25
3.00 650.00 16.25
4.00 650.00 16.25
TOTAL : 65.00
2014-15 1.00 650.00 16.25
2.00 650.00 16.25
3.00 650.00 16.25
4.00 650.00 16.25
TOTAL : 65.00
2015-16 1.00 650.00 16.25
2.00 650.00 16.25
3.00 23.21 626.79 16.25
4.00 23.21 603.57 15.67
TOTAL : 46.43 64.42
2016-17 1.00 23.21 580.36 15.09
2.00 23.21 557.14 14.51

88
3.00 23.21 533.93 13.93
4.00 23.21 510.71 13.35
TOTAL : 92.86 56.88
2017-18 1.00 23.21 487.50 12.77
2.00 23.21 464.29 12.19
3.00 23.21 441.07 11.61
4.00 23.21 417.86 11.03
TOTAL : 92.86 47.59
2018-19 1.00 23.21 394.64 10.45
2.00 23.21 371.43 9.87
3.00 23.21 348.21 9.29
4.00 23.21 325.00 8.71
TOTAL : 92.86 38.30
2019-20 1.00 23.21 301.79 8.13
2.00 23.21 278.57 7.54
3.00 23.21 255.36 6.96
4.00 23.21 232.14 6.38
TOTAL: 92.86 29.02
2020-21 1.00 23.21 208.93 5.80
2.00 23.21 185.71 5.22
3.00 23.21 162.50 4.64
4.00 23.21 139.29 4.06
TOTAL: 92.86 19.73
Note: Repayment is considered as being made at the end of the period

89
ANNEXURE - 24
TAX ON PROFITS (Rupees in Lacs)
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
2019-
20
Net Profit Before Taxes
-
137.27 121.81 308.06 502.05 531.83 548.12 558.33 560.89
Adjustments to NPBT
Add: Depreciation as
provided 239.36 284.31 245.50 212.16 183.46 158.74 137.43 119.03
Less: Depreciation as per
IT 337.33 287.57 245.67 210.16 179.94 154.18 132.19 113.42
Recomputed NPBT
-
235.24 118.55 307.89 504.05 535.35 552.68 563.57 566.50
Adjustments to
Recomputed NPBT
Less: Set-off of Losses 118.55 116.68
Less: Deduction u/s
80HHC
Less: Deduction u/s 80IA
Less: Other Deductions
Taxable Profits 191.21 504.05 535.35 552.68 563.57 566.50
Tax on Profits 0.49 59.08 155.75 165.42 170.78 174.14 175.05

90
6 References
 Aarti Agencies
 Sun Enterprise
 Neelkanth Steel
 Sefo Industries

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