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					Mukundan Holdings Ltd.
 (A subsidiary of Binani Cement Ltd.)


  US$ 85 Million Term Loan Facility


        Lenders’ Presentation


              May 2008

       Mandated Lead Arrangers
Disclaimer
  This presentation contains statements that constitute “forward looking statements”
  including, without limitation, statements relating to the implementation of strategic
  initiatives, and other statements relating to Binani Cement Limited’s (“the
  Company’s” or “BCL’s” )future business developments and economic performance.
  All statements regarding the expected financial condition and results of operations,
  business, plans and prospects of the Company are forward-looking statements.
  These forward-looking statements include statements as to the Company’s business
  strategy, the Company’s revenue and profitability, planned projects and other
  matters discussed in this presentation regarding matters that are not historical fact.
  These forward-looking statements and any other projections contained in this
  presentation (whether made by the Company or any third party) involve known and
  unknown risks, uncertainties and other factors that may cause the Company’s
  actual results, performance or achievements to be materially different from any
  future results, performance or achievements expressed or implied by such forward-
  looking statements or other projections.
  The Company undertakes no obligation to publicly update or revise any of the
  opinions or forward looking statements expressed in this presentation as a result of
  new information, future events or otherwise.
  These materials are not for distribution, directly or indirectly, in or into the United
  States, Canada or Japan. These materials are not an offer of securities.

                                                                                            1
Agenda


 Introduction

 Company Summary & Key Management

 Cement: Growth Trends in Emerging Markets

 Binani: A Pan Asia Growth Play

 Robust Operations/Financials

 Consolidation of Business

 Syndication Overview

 Q&A



                                             2
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani — A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            3
Company Summary

History       Founded (1996), IPO (2007)

Antecedents   Flagship Company of the Braj Binani Group (founded in 1872) with
              interest also in zinc, glass fibre and composites
Ownership
                        Shareholders                                Shareholding %
                        Binani Industries Ltd.                            64.9%
                        J P Morgan                                        14.9%
                        Credit Suisse                                     9.1%
                        Public                                            11.1%




Capacity          Particulars                                                    Capacity
                  Integrated cement facility at Sirohi Rajasthan                  4.5 mtpa
                  Integrated cement facility at Neem ka thana Rajasthan           1.5 mtpa
                  Cement Grinding in Shandong Province China                      0.3 mtpa
                  Clinker Capacity in Shandong Province China                     0.5 mtpa
                  Cement Grinding in Jebel Industrial Area Dubai                  1.2 mtpa
                  Captive Power Plant at Sirohi Rajasthan                         70 MW

                                                                                             4
Company Summary (Contd.)


Dealers/          Market 68/2,360 (Dec’07)
Organizers
FY08 Production           1,264,221 MT of Ordinary Portland Cement (“OPC”),
                          1,694,231 MT of Pozzolana Portland Cement (“PPC”)
Market Cap                US$615 mn as on Jan 14, 2008

Financial Performance
                            Particulars       FY07 (mn)   FY08 (mn)    % Inc over
                                                                         2007
                            Net Sales           $169.95     $244.68       44%
                            EBITDA               $58.16     $86.74        49%
                            PAT                  $23.90     $43.95        84%




                                                                                    5
Key Management
        Mr. Vinod Juneja                    M.Com, LLB, Phd, with 33 years of experience in commercial, development & private sector banking
 MD,Braj Binani Group of Industries


     Mr M K Chattopadhyaya                  Bachelor of Commerce (Honours), LLB, FCA, FCS. Has over 25 years of experience in Accounts,
       Chief Financial Officer              Finance, Taxation & Corporate Affairs.

      Ms Visalakshi Sridhar                  B.Com, ACWA, ACS, 20 years of experience
           VP, Finance

          Mr Ibrahim Ali                     Bachelor of Engineering and Bachelor of Law. 50 years experience in formulating, planning and
      Advisor (Current Projects)
                                             implementation of large scale cement projects.

          Mr P Sheoran                       Electrical Engineer, IIT Kanpur. Over 34 years of experience in successfully running cement plants.
Wholetime Director (President, Works)

        Mr S.S.Khandekar                    Electrical Eng., IIT Mumbai. Over 38 years of experience in successfully running and managing
        Director (Technical)            cement plants.

          Mr I. C. Ahuja                    B.E. Mechanical (Honours). Having more than 40 years experience in design, engineering and
         Director (Projects)                implementation of large scale cement projects.

       Mr Krishan Goenka
                                            B Com, 27 years experience in transport business.
   Exec.Vice President (Logistics)

           Mr R.S.Joshi
                                             M.A (Economics). 29 years experience in industry.
         Exec.Vice President

          Mr Darshan Lal
                                             B.E. (Chemical). 25 years in handling operation of cement plants.
  Exec. Vice President (Operations)
           Mr B.M.Khara                      B.E (Civil). 21 years experience in cement marketing.
     Vice President (Marketing)

                                                                                                                                                   6
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani—A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            7
Strong Tailwind for Cement Industry in
Emerging Markets


  Markets                                                                      Key drivers


                      Experiencing a strong investment cycle(1), encompassing
   India                      Infrastructure (c. $500bn targeted by government over FY08-12)
                              Industrial capex (c. $300-350bn over FY08-11)
                              Real estate (3.4bn sq ft of annual construction during FY08-11)



                      GDP growth at 11%+(2), despite central government’s efforts to cool down the economy
   China
                      Building infrastructure at break-neck speed
                      Closure of small cement plants and consolidation in the industry to improve demand- supply dynamics and pricing




  Middle              Underlying a significant real estate boom as oil-rich countries look to diversity their petro-dollars into infrastructure and
                      tourism industries
    East
                      Unique market as no direct captive access to limestone


Source: (1) : UBS research estimates
        (2) : Economist




                                                                                                                                                      8
   Growth Trends – India
                India’s per capita cement consumption of 106 kg p.a. significantly lower than world
                average of 260 kg p.a.

                 India: Cement Capacity & Production
                                                                                                                              India: Capacity & Demand Growth

        180                                                           166              100%                           12.0%
                                  152                 157                   155                                                                                                    10.1%
        160        146                                      142                        95%                            10.0%
        140                              126                                94%                                                                              8.1%
                         118




                                                                                              Capacity U tilisation
        120                                                                            90%                            8.0%
                                                            90%
        100                                                                                                                       5.9%
MT PA




                                                                                       85%                            6.0%
        80
                                        83%
        60               81%                                                           80%                            4.0%        4.6%
                                                                                                                                                                4.0%                  4.0%
        40
                                                                                       75%                            2.0%
        20
         0                                                                             70%                            0.0%
                     FY04           FY05                FY06            FY07                                                      FY04                         FY05                    FY06

                                                                                                                                    % increase in Capacity             % increase in Demand
               Capacity (MTPA)          Production (MTPA)         Capacity utilisation (%)




              Increasing capacity utilisation indicates pressure on existing                                           Capacity increase failing to keep pace with demand increase
              cement capacities

         1The capacity of the industry is taken as the sum total of the installed capacity of the large players and does not include the total capacity of mini-
         cement players (i.e. smaller producers with individual capacity up to 300,000 tonnes), which has been estimated at 12 MnT. Of the total capacity,
         7.37 MnT is not in operation.
         Source : Cement Manufacturers Association, 2006
                                                                                                                                                                                              9
Growth Trends – India (Contd.)
  Growing demand-supply gap -             Demand is growing at 7.0%-8.0% p.a., Supply growth has been
  constrained due to limited brown field additions.

  Cyclical nature with growth in economy -                 Demand growth mainly due to the boom in
  housing sector, which increases spending for infrastructure development. With GDP expected to
  maintain a growth rate of more than 8%, cement industry is expected to grow at the same rate


  Increasing demand from housing and infrastructure -                 Over last decade, growth in cement
  consumption has been driven almost entirely by private housing and commercial construction activities.

  Infrastructure focused Budgets - In recent budgets, the Government of India has indicated its
  strong commitment towards developing infrastructure and has undertaken several large projects
  involving construction of ports, airports, power plants, and highways.

  Consolidation -     Key drivers for consolidation have been remunerative prices & improved profitability
  margins through wider geographic presence and improved scale economies through larger capacities.




                                                                                                             10
China Cement Sector

                        Cement production in China                            Since 1980s, China has been the world’s largest
                                                                              cement producer
               1,400
                                                                              The PRC cement industry is localized and very
                                                                      1,240   fragmented. Currently there are over 5,000
               1,200                                                          cement producing entities
                                                  .4%
                                              = 13            1,062
                                         GR                                   NDRC issued the Cement Industrial Development
               1,000                CA                  970
                                                                              Policy on Oct 17, 2006 as part of the Eleventh
                                               862                            Five Year Plan which was driven by environmental
                                                                              improvement and energy conservation
Million tons




                800                 725
                       661                                                       Closure of small cement plants

                600                                                              1.25 billion tons of cement per year to be
                                                                                 produced with the New Dry Process cement
                                                                                 technology by 2010
                400
                                                                                 Cement produced by New Dry Process
                                                                                 cement production lines to reach 70% of the
                200                                                              total output; and
                                                                                 Energy consumption by each           cement
                  0                                                              producing entity to fall by 25%
                       2001 2002 2003 2004 2005 2006

                                          Cement production
Source: China Statistics Yearbook

                                                                                                                                 11
China Cement Sector

                                Future growth drivers


                            With continuing economic development, property construction and
   Fundamental demand
                            fixed asset investment in infrastructure will continue to drive
      in construction
                            cement demand




   Closure of small kilns   NDRC plans to shut down around 130m tonnes of small vertical kilns
     improves market        in 07-08 and 140m tonnes in 09-10, nearly a quarter of market supply
     supply dynamics        that will improve market supply dynamics




                            M&A driven consolidation should support the emergence of pricing
                            power in the next 2–3 years
        Industry
                              Foreign players: active M&A activities by international players such
      consolidation
                              as Lafarge, Holcim and CRH in the past years
     supports pricing
    power to suppliers        Domestic players: domestic M&A picking up, China Cement
                              Association projects the top 60 producers to emerge into 30 in the
                              next 1–2 years


                                                                                                     12
UAE Cement Sector

                            Future growth drivers

                        domestic factories, despite producing at virtually full capacity, have not
                        been able to meet the country’s requirement.
    Demand Supply
      Mismatch          The first consequence of this has been that imports, which were virtually
                        negligible, have increased significantly to fill the gap


                        Dubai leads the spate of construction activity with its demand for large
       Real Estate      scale commercial and residential buildings as well as hotels.
   Development in UAE
                        Construction in Abu Dhabi is related to infrastructure, oil and gas as well
                        as commercial and residential accommodation


                        Suppressed interest rates since 2003
                        Liberalization of property laws in Dubai, Abu Dhabi and Ras al-
      Supportive        Khaimah
     Macroeconomic
                        The 14.5 per cent CAGR of GDP since 2001
        Factors
                        Robust foreign direct investment (FDI) levels
                        Average population growth of 4.33 per cent a year over the past 3 years


                                                                                                      13
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani — A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            14
Binani – Unique Pan-Asia Growth Play
  1.2 mtpa grinding
  capacity at Jebel                                                                            Shandong Binani Rongan
Industrial area, Dubai                                                                        Cement Company 0.5mtpa
                                                                                             clinker and 0.3mtpa cement
                                                                                           grinding unit limestone reserves
                                                                                                    of 148m tonne




                                                                                               India- 6 mtpa aggregate
                                                                                            -integrated cement facility in
                                                                                           Rajasthan (Binanigram & Neem
                                                                                              Ka Thana) and limestone
                                                                                              reserves of 195 mn tonne




                               Key Milestones..

    Year           1997              1998            2005             2006                              2007/08
                                                                                   IPO – JP Morgan divested 10.1% at Rs75 at IPO
                                  25MW power     Private Equity   Private Equity   New Kiln, two grinding unit have been commissioned
                Cement Plant
   Event                              plant       Investment      Investment by
                 Operational                                                       22.3 MW Captive Power Plant commissioned
                                   operational   by JPMorgan       Credit Suisse
                                                                                   Acquisition of unit in Dubai and China


  Capacity      1.65MTPA                          2.25MTPA                         4.5 MTPA                            6.0 MTPA




                                                                                                                                        15
Product Profile
                                                       Production Mix

                    2                                                                                                                      OPC is used for general construction purposes such as
                  1.8           1.72                                                        1.69                                           building roads, high-rise buildings and bridges, while PPC
                                                 1.6
                  1.6                                               1.45
                                                                                                                                           is more durable and therefore used for mass concreting,
                  1.4                                                                              1.26                                    such as in the construction of dams and barrages.
                                                                              1.19 1.24
                  1.2
                                                                                                                                           Increased production of blended PPC cement from 49%
          mmtpa




                                                                                                              PPC
                    1                                        0.86
                                                                                                              OPC                          of the total cement production in the FY 2007 to 57% in
                  0.8                    0.64
                                                                                                                                           the financial year 2007-08.
                  0.6    0.48
                  0.4                                                                                                                           Blending of fly ash with clinker reduces the amount
                  0.2                                                                                                                           of clinker required
                    0
                         FY2004           FY2005             FY2006           FY2007        FY2008
                                                                                                                                                Increases volume of cement and overall profitability


                                       Growth in Distribution Network
                                                                                                                                          Market organizers and dealers are spread throughout the
                 2,500                                                              2,360                 80                              states of Rajasthan, Gujarat, New Delhi, Haryana, Punjab
                                                                                                          70
                                                                                                                                          and Uttar Pradesh.
                 2,000                  1,839
                                                                                    68                    60   No. of Market Organisers   67 depots spread in Gujarat, Rajasthan and other parts of
                                                                                                                                          North India
No. of Dealers




                 1,500                                                                                    50

                                          42
                                                                                                          40                              Marketing team, with staff strength of 114 people as at 31
                 1,000                                                                                    30                              December 2007, has increased by c. 37% in the nine
                                                                                                                                          months since March 07.
                                                                                                          20
                  500
                                                                                                          10                              Adopted the "cash and carry" system as against the credit
                                                                                                                                          policy generally followed by the industry, thereby leading
                    0                                                                                     0
                                                                                                                                          to:
                                        Mar-07                                     Dec-07
                                                                                                                                                 lower working capital costs
                                                   Dealers          Market Organisers
                                                                                                                                                 reduced credit risk for company
Source : Company                                                                                                                                                                                       16
E: Company Estimates
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani — A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            17
Consistently Improving Operating Efficiency
                                                                                                                                          Power Consumption
  Power consumption at about 75 KW per ton in FY2007                                                                             Consumption/tonne          Contribution in CPP


       Captive plant meets 70-75% of the demand                                                            90
                                                                                                           80
                                                                                                                   77                77
                                                                                                                                                      73            75
                                                                                                                                                                                  71
                                                                                                           70            63
       Use of high quality imported coal blended with lignite have reduced                                 60
                                                                                                                                          59
                                                                                                                                                           53            52            52
       fuel costs                                                                                          50




                                                                                       KWh
                                                                                                           40
                                                                                                           30
       Captive power plants (25 MW plus 2x 22.3 MW) to meet the total                                      20
       power requirements of the plant including split grinding facility at                                10

       NKT                                                                                                     0
                                                                                                                   FY2004           FY2005           FY2006        FY2007         FY2008


  Thermal Energy Consumption @ 679 Kcal/Tonne of Clinker                            Source : Company
                                                                                                                              Thermal Energy Consumption
  Captive limestone mines of over 195 mn tons of proven reserves (Source-
  Holtec report dated Apr 2005)                                                                           684
                                                                                                          683                                                            683
       Sufficient to serve expanded capacity for at least 25 years                                        682                                        682




                                                                                     Kcal/MT of Clinker
                                                                                                          681                 681
  Captive lignite block in Nimbri Chandavan, Rajasthan for the Company’s                                  680
  captive power plant (allocated in Feb. 2007)                                                            679                                                                                679
                                                                                                          678                                                                                          678
  Efficient operational performance                                                                       677
                                                                                                          676

       EBITDA margin of 34% for FY 2007 increased to 36% in FY 2008                                       675
                                                                                                                        FY2004                 FY2005             FY2006            FY2007         FY2008

       Operating efficiency attributable to the technical base, cost
       management initiatives and the quality of manufacturing facilities          Source : Company

  Expected savings on freight costs                                                                                                 Capacity Utilization (Unit 1)
                                                                                             116                                                                                                    115
       Since Jan 07, additional transporters have been introduced (total of                  114
       28)                                                                                   112
                                                                                             110
                                                                                                                                                                                       108
       Railway siding commissioned in June 07 in Binanigram linking facility   %             108                     107

       to primary markets and new markets of Punjab, Western UP and                          106
                                                                                                                                               104                104
       Maharashtra                                                                           104
                                                                                             102
                                                                                             100
                                                                                                          98
                                                                                                                   FY2004                  FY2005                FY2006             FY2007         FY2008



                                                                                   Source : Company
                                                                                                                                                                                                             18
Financials Binani Cement Ltd. (BCL)
                                                                              (USD ‘Mn)
                                  FY2005          FY2006      FY2007            FY2008

  Revenues                            110.02         123.32       171.09             247.95
  EBITDA                               25.34          33.79        58.16                  86.74
  Interest                             13.08           8.54            8.16               11.61

  Depreciation                         10.50          10.72        10.87                  13.91
  PAT                                      1.61       13.24        23.91                  43.95

  Net Fixed Assets (incli.
  CWIP)                               132.53         148.97       252.57             304.93
  Investments                              5.79        0.00            0.00               11.69

  Equity Share Capital                 54.26          50.78        50.78                  50.78


  Net Worth (TNW)                      58.71          63.29        75.31             104.41
  Term Debt (Inc. Debentures)         121.95         130.25       160.55             175.00

  Total debt                          127.28         136.54       176.52             198.05
  EBITDA Margin                      23.03%          27.40%      34.00%              34.98%
  PAT Margin                          1.46%          10.74%      13.97%              17.73%
  Interest Cover                           1.94        3.96            7.13                7.47
  Exchange Rate: 1 USD = INR 40
                                                                                                  19
Financial Parameters
                       Cement Production                                                                      Sales

        3.5                                                                           300
                                                                   2.96
         3                                                                                                                         244.7
                                                                                      250
                                                         2.43
        2.5    2.2         2.24      2.31
                                                                                      200
                                                                                                                           170
mmtpa




         2




                                                                                US$
                                                                                      150                        122.1
        1.5                                                                                          109.5
                                                                                             93.7
                                                                                      100
         1

        0.5                                                                           50

         0                                                                             0
              FY2004      FY2005    FY2006              FY2007    FY2008                    FY2004   FY2005      FY2006   FY2007   FY2008




                                                                    Realisation/ton

                                                   90
                                                                                                      78.4
                                                   80
                                                                                             70.6
                                                   70
                                                   60                        52.1
                                                                     48.9
                                                   50      42.8
                                             US$




                                                   40
                                                   30
                                                   20
                                                   10
                                                   0
                                                         FY2004    FY2005   FY2006          FY2007   FY2008


Note: Exchange rate: 1 USD = Rs40


                                                                                                                                            20
Financial Parameters
                                      Total Income                                                                                        Interest

        300                                                                                                  16
                                                                                                                      14
                                                                                         248                 14                    13
        250
                                                                                                                                                                                     11.6
                                                                                                             12
        200
                                                                        170                                  10                                     8.6            8.2




                                                                                                       US$
  US$




        150                                           123.3                                                   8
                                      110
                      94.8                                                                                    6
        100
                                                                                                              4
        50
                                                                                                              2

         0                                                                                                    0
                  FY2004             FY2005           FY2006           FY2007        FY2008                          FY2004      FY2005         FY2006            FY2007            FY2008


  Source: Company                                                                                            Source: Company


        EBITDA & EBITDA % to Total Income                                                                             PAT & PAT% to Total Income

 100                                                                                           40.0%         50                                                                         20.0%
                                                                                 86.7                                                                                       44
 90                                                                                                          45                                                                  17.7% 18.0%
                                                                   34.2%            35.0%      35.0%
 80                                                                                                          40                                                                        16.0%
                                                                                               30.0%
 70                                               27.4%                                                      35                                               14.1%                     14.0%
                  26.7%                                         58.2
 60                                                                                            25.0%         30                                                                         12.0%
                                 23.1%                                                                                                          11.8%
                                                                                                                                                           23.9
                                                                                                       US$

 50                                                                                            20.0%         25                                                                         10.0%
 40                                            33.8                                                          20                                                                         8.0%
                                                                                               15.0%                                         14.5
 30            25.3           25.4                                                                           15                                                                         6.0%
                                                                                               10.0%
 20                                                                                                          10                                                                         4.0%
 10                                                                                            5.0%           5      0.9                                                                2.0%
                                                                                                                        0.9%    0.5
                                                                                                              0                    0.5%                                                 0.0%
  0                                                                                            0.0%
              FY2004         FY2005           FY2006           FY2007           FY2008                             FY2004      FY2005       FY2006        FY2007           FY2008



 Source: Company                                                                                             Source: Company
 Note: Exchange rate: 1 USD = Rs40
                                                                                                                                                                                                21
Financial Parameters

                      Debt/Equity                                                             Debt/EBITDA

  2.5                                                                    6
                      2.3       2.3            2.3
                                                                         5                    5.1
   2
            1.9                                          1.9
                                                                                 4.2                          4.2
                                                                         4
  1.5
                                                                         3                                              3
   1                                                                                                                             2.3
                                                                         2

  0.5
                                                                         1

   0                                                                     0
        FY2004    FY2005    FY2006         FY2007    FY2008                  FY2004       FY2005          FY2006    FY2007   FY2008




                                                       EBITDA/Interest

                                      8
                                                                                                    7.5
                                      7                                               7

                                      6

                                      5

                                      4                            3.8
                                      3

                                      2                  1.9
                                              1.7
                                      1

                                      0
                                          FY2004     FY2005    FY2006         FY2007        FY2008


                                                                                                                                       22
Recent Developments

BCL enters into the Chinese and Global Markets

  In August 2007, BCL acquired 70% stake with management control in M/s.Krishna Holdings Pte,
  Singapore [50% of equity capital & 100% of preference capital] which holds 70% in Shandong Binani
  Rongan Cement Company Limited. 30% is held by M/s.Shandong Rongan Group Company Limited.
  Shandong Binani Rongan Cement Company Limited
     One year old, debt free company     0.5mtpa clinker, 0.3mtpa            3 surface mines with limestone
                                         cement manufacturing facility to    reserves of 148m tonne
                                         commence production in Mar-08


  Approvals in place to scale up the capacity by 2.2mtpa cement manufacturing facility.
  Total investment – approx. USD 100m to be shared in the ratio of 70:30. 70% being Binani Group’s
  share.
  Investment Drivers
  Port based plant to facilitate export to Gulf countries including Binani Cement Factory LLC, Dubai,
  Africa and other international markets.
  China plant will provide the seed marketing in African countries and establish Binani brand to enable
  sale of large quantity of cement from proposed BCL’s Gujarat Plant
  Post expansion BCL’s total cement capacity to increase to 13m tonnes over the next 3 to 4 years; out of
  which 50% will be sold in India and balance in China, Duibai and African Countries.



                                                                                                              23
Expansion Planned/Commissioned
 Expansion project which included increasing production capacity from 2.25mtpa to 6mtpa commissioned by increasing
 capacity at Sirohi plant to 4.5 mtpa and a new plant with 1.5 mtpa at Neem ka thana, Rajasthan. Cement sales in
 Rajasthan, Gujarat, Northern Capital Region and Maharashtra.
 Commercial production of clinker commenced in Oct 2007
 First grinding unit of expansion project started commercial production from Dec 2007
 The second split grinding mill installed at Neem Ka Thana (North Rajasthan) in March 2008.
 Expansion project also includes setting up of two units of 22.3 MW each of captive power plant to meet the power
 requirements of the expanded capacity. One unit commenced operation by Mar 2008. Other unit expected to start
 commissioning in the first half of financial year 2008-09
 Consequent to the expansion project, the overall cement production capacity in India of the Company increased to
 6.0mtpa with captive power plants of 69.6 MW
 BCL proposes to increase capacity from the present 7.5mtpa (incl. units in China and Dubai) to 13.0 mtpa as follows:

                                             Capacity (mtpa)
   Existing capacity (Mar-08)                      7.5
   Expansion of China cement facility              2.2
   Green field expansion in Gujarat                2.5
   Acquisition of Stake in BCF, LLC Dubai          0.8
   Total                                          13.0




                 BCL to have presence in India, China, Dubai and African Countries

                                                                                                                        24
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani — A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            25
Consolidation of Business

  The Group has consolidated all its cement businesses under BCL.
  The Indian facility is directly owned by BCL and facilities in Dubai and China are owned by through
  SPV Subsidiaries viz. Krishna Holdings Pte Ltd, Singapore and Mukundan Holdings Limited, BVI (MHL)

  Term Loan Facility of USD 85 million utilised by MHL for:
     Acquisition of stake in Binani Cement Factory LLC, Dubai (BCF)
        49% stake acquired by MHL from KB Enterprises Corporation for USD 55 million in
        March 2008.


     Acquisition of balance 50% equity capital in Krishna Holdings Pte Limited
     (KHPL) – USD 5 million (at cost)

     Invest in expansion of Shandong Binani Rong’An Cement Co Ltd. (SBRCC) in
     China – USD 25 mn




                                                                                                        26
Transaction Structure



            Binani Cement Ltd.    50% of equity capital and 100% of
                  (BCL)           Preference capital

               100%                                           USD 5 mn
   Debt
   USD      Mukundan Holdings    USD     Krishna Holdings
                                                                      Promoter
               B.V.I. (SPV)      25 mn    (Singapore SPV)
   85mn                                                     50% of
                                            USD             Equity
                49%
                                          25 mn 70%         Capital
          USD 55 mn

                                                                       Local
               BCF Dubai                 SBRCC China
                                                              30%     Partner




                                                                                 27
Key Investment Considerations

 Leading Cement Producers in High Growth North Indian Cement Market

 Locational advantage to the Company as its limestone reserves are at a close proximity to its plant

 Focus on integration of International Operations and Captive Facilities

 Control over Key Components of Manufacturing Process (Limestone, Power, Coal)

 Efficient Operational Performance owing to its technical base, cost management initiatives, quality of
 manufacturing facilities and marketing & distribution network

 Consistently making Profits over the years.

 Presence in three Countries with plans to have presence in African countries

 Experienced Management

 Marketing Strengths:
     Dynamic Brand Positioning & Pricing
     Diverse Promotion Strategy
     Wide Distribution Network




                                                                                                       28
  Company Summary & Key Management



Cement: Growth Trends in Emerging Markets



      Binani — A pan-Asia growth play



        Robust operations/financial



         Consolidation of Business




           Syndication Overview




                                            29
Syndication Overview

    Borrower        Mukundan Holdings Limited

    Amount          USD 85 million

    Facility Type   Term Loan facility

    Purpose         For acquisition of 49% shareholding in Dubai, 30% shareholding in the Singapore SPV
                    and expansion of production facilities in China unit.

    Tenor           4 years from the date of utilization

    Repayment       Repayable in three unequal annual installments of 10%, 45% and 45% commencing 24
                    months from the Initial Utilization date.

    Margin          3.45% p.a.

    Security        (a) Pledge of shares (subject to compliance with Banking Regulations Act, Sec 19(2))
                         of:
                    •    100% shares of MHL, BVI (held by BCL, India);
                    •    100% shares of Krishna Holdings Pte Ltd, Singapore (30% held by MHL, BVI and
                         remaining 70% held by BCL, India); and
                    •    70% shares of SBRCCL, China (held by Krishna Holdings Pte Ltd, Singapore)
                    (b) Irrevocable and unconditional Corporate Guarantee of Binani Cement Limited
                         (India).
                    (c) Non Disposal Undertaking for 49% shares of BCF, Dubai held by the borrower
    Financial       •   Net borrowings/ EBITDA
    Covenants       •   Net borrowings/ Net Worth
                    •   DSCR

                                                                                                           30
Financial Covenants


 Year Ending Mar 31      FY 2009   FY2010   FY2011   FY2012

 Projected Ratio:

 Net Borrowings/EBITDA      2.28     2.28     2.31     2.29

 Net Borrowings/Equity      1.05     0.85     0.72     0.60

 DSCR                       2.13     1.75     1.92     2.10




 Financial Covenants:

 Net Borrowings/EBITDA      3.00     3.00     3.00     3.00

 Net Borrowings/Equity      2.00     2.00     2.00     2.00

 DSCR                       1.35     1.35     1.35     1.35



                                                              31
Syndication Calendar

    May 2008                                 June 2008

     M     T    W    T     F   S    S         M      T    W      T   F    S    S

                     1     2   3    4         30                               1

     5     6    7    8     9   10   11        2      3    4      5   6    7    8
    12    13   14    15   16   17   18        9     10    11    12   13   14   15
    19    20   21    22   23   24   25
                                              16    17    18    19   20   21   22
    26    27   28    29   30   31             23    24   25     26   27   28   29




               May 5, 2008               Launch of syndication

               May 12, 2008              Road show at Singapore
               May 18, 2008              Road show at Abu Dhabi
               May 19, 2008              Road show at Dubai
               May 30, 2008              Close of Syndication
               June 6, 2008              Documentation process
               June 13, 2008             Signing of Facility Agreement


                                                                                    32
Stills from the Plant (Sirohi, Rajasthan)




                                            33
Thank You
Q&A

				
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