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Welcomes you to Analysts Meet

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1 Welcomes you to Analysts Meet
GUJARAT STATE FERTILISERS & CHEMICALS LIMITED Welcomes you to Analysts Meet 16th December, 2011

2 CONTENTS An Overview Growth Trajectory Product Profile
GSFC – Market Presence Financial Performance GSFC – Shareholders’ Profile GSFC v/s Peer Group SWOT Analysis CSR – Touching Human Lives Achievements Way Forward

3 AN OVERVIEW

4 AN OVERVIEW GSFC is India’s premier fertiliser & chemical manufacturing company incorporated on February 15, 1962. First to manufacture DAP (complex fertilizer) in India. First to establish Melamine Plant in the Country. First to set up Caprolactam Plant in India.

5 HISTORY OF BUILT UP OF EQUITY SHARE CAPITAL
Initial Public Offer Bonus Issue Rights Issue Year Ratio 1975 1980 1984 1987 1991 1:3 1:4 3:10 1989 1993 1996 8:13 1:10 1:5

6 GSFC – MANUFACTURING LOCATIONS

7 India Reach Corporate Office
GUJARAT STATE FERTILISER & CHEMICALS LIMITED P.O. FERTILISERNAGAR DISTRICT VADODARA GUJARAT (INDIA)

8 Farm Information Centres cum Depots

9 COMPANIES PROMOTED BY GSFC
GUJARAT NARMADA VALLEY FERTILIZERS COMPANY LIMITED (GNFC) A Fertilizer & Chemical Company GUJARAT INDUSTRIAL POWER COMPANY LIMITED (GIPCL) A Joint Power Plant GUJARAT GREEN REVOLUTION COMPANY LIMITED (GGRC) Revolution in agriculture through Micro Irrigation TUNISIAN INDIAN FERTILIZERS (TIFERT) A Joint Venture in Tunisia to ensure P.A. supply GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED (GCPTCL) A step to improve port based infrastructure EFFLUENT CHANNEL PROJECTS LIMITED (ECPL) Ensuring Cleaner Environment BHAVNAGAR ENERGY COMPANY LIMITED (BECL) Lignite Based 500 MW power project

10 GROWTH TRAJECTORY

11 THE GROWTH TRAJECTORY SINCE 1967
PHASE I 1967 PHASE II  1969 PHASE III  PHASE IV PHASE V  PHASE VI Inception as a Fertilizer Company at Baroda Expansion in Fertilizers at Baroda Diversification in Petro-Chemicals at Baroda Acquisition & Expansion at other Locations Further Expansion in Petrochemicals and Acquisition Expansion in Petrochemicals, Fertilizers and Green Power Ammonia I Ammonia II Caprolactam-I Nandesari - Polymer Unit Acquisition Co-Generation of Steam & Power Project –I Sikka – DAP C Train Urea-I Urea II Oleum(SO2) Kosamba - Fibre Unit Acquisition MEK-Oxime Ammonium Sulphate Purge Gas Recovery Plant (Methane) Co-Generation of Steam & Power Project – II Methanol Diammonium Phosphate Nylon-6 Sikka – New DAP Plant - A&B Trains Caprolactam II Ammonia-III Revival Sulphuric Acid-IV Wind Power Projects – Phase I to V – 124 MW Oxo-Syn Gas Sulphuric Acid-I MEK Oxime Combined Cycle Co-Generation Project-III Phosphoric Acid Sulphuric Acid III Melamine II Utilities Melamine I Ammonia-IV

12 PRODUCT PROFILE

13 INDUSTRIAL PRODUCTS (installed capacity)
CAPROLACTAM MTPA NYLON-6 (GUJLON) MTPA MELAMINE (GUJLAMINE) MTPA MEK OXIME (GUJOXIME) MTPA WEAK NITRIC ACID MTPA ARGON GAS NM3 NY FILAMENT YARN (GUJNYL) MTPA NYLON -6 CHIPS MTPA MMA (GUJMER) MTPA PMMA (S) MTPA PMMA (P) MTPA MAA (GUJMET) MTPA ACH (GUJACH) MTPA

14 INTERMEDIATES CYCLOHEXANONE ANONE-ANOL MIXTURE CYCLOHEXANE
ANHYDROUS AMMONIA SULPHURIC ACID OLEUM

15 FERTILIZER PRODUCTS (installed capacity)
Fertilizers under the brand name “Sardar” UREA MTPA AMMONIUM SULPHATE (AS) MTPA AMMONIUM PHOSPHATE SULPHATE (APS) MTPA DI-AMMONIUM PHOSPHATE (DAP) MTPA NPK NPK

16 AGRO PRODUCTS BIOFERTILIZERS TISSUE CULTURE -BANANA PLANTS SEEDS
MICRO MIX (MICRONUTRIENTS) NUTRISOL (LIQUID FERTILIZERS) ORGANIC NUTRIENTS (PROTEIN HYDROLYSATE) PHOSPHO GYPSUM ZINC SULPHATE

17 AGRO EXTENSION ACTIVITY
Krishijivan–Agricultural magazine for farming community More than 65,000 subscribers in Gujarati edition (monthly) More than 8,000 subscribers in Hindi edition (quarterly) Farm Youth Training Programs organized regularly. Soil and Water testing facilities through well-equipped laboratory besides Mobile Van Lab. Field Demonstrations, Night Meetings, Seminars, Exhibitions. Promoting Micro Irrigation Systems.

18 MARKET PRESENCE

19 (Million Tons per Annum)
MARKET SHARE – FERTILIZER NAME OF FERTILIZER INDIAN DEMAND (Million Tons per Annum) GSFC SHARE DAP 11.1 8% APS 3.5 3% AS 0.5 70% UREA 28.2 1%

20 FERTILIZER PRODUCTION – (in MT)
In Lac Tonnes

21 MARKET SHARE – INDUSTRIAL PRODUCTS
Name of Product Major End Use Indian Demand MTPA GSFC Share GSFC Strength Caprolactam Tyre Cord and Nylon Yarn 122500 60% Market Leader Melamine Laminates & Plywood 40000 40% MEK Oxime Anti Skinning Agent for paints, varnish 550 90% Nylon – 6 Chips Extrusion for Monofilaments, Packaging, Moulding for Automobiles Well Spread Market Network

22 CAPROLACTAM PRODUCTION – (in MT)

23 FINANCIAL PERFORMANCE

24 SALES PERFORMANCE – (in MTs)
YEAR CAPROLACTAM NYLON – 6 MELAMINE AMMONIA 63,400 13900 15,600 36,100 59,700 14900 14,800 21,200 53,900 14000 14,100 27,100 62,700 13800 13,700 45,500 61,800 14,900 13,300 76,200

25 NET SALES – (Rs. in Crores)

26 SEGMENT WISE TURNOVER 2009-10 (Rs. 4019 Crores)

27 PROFIT PERFORMANCE

28 (Rs.) EARNING PER SHARE * EPS for the H is 44

29 CURRENT FISCAL – Till September 2011
Rs. In Crores

30 SEGMENT WISE TURNOVER

31 DIVIDEND TRACK RECORD

32 BOOK VALUE PER SHARE In Rs.

33 SHAREHOLDERS’ PROFILE

34 MAJOR HOLDERS Holding more than 1% Shares
SHARES % GUJARAT STATE INVESTMENTS LTD. (investment arm of GOG) 37.84 LIFE INSURANCE CORPORATION OF INDIA 6.02 RELIANCE CAPITAL TRUSTEE COMPANY LIMITED A/C RELIANCE GROWTH FUND 5.79 FIDELITY PURITAN TRUST-FIDELITY LOW-PRICED STOCK FUND 3.07 SBI MUTUAL FUND - MAGNUM TAX GAIN 1993 2.88 RELIANCE CAPITAL TRUSTEE CO LTD-RELIANCE NATURAL RESOURCES FUND 3.21 GUJARAT ALKALIES AND CHEMICALS LIMITED 1.88 GUJARAT NARMADA VALLEY FERTILIZERS COMPANY LIMITED GUJARAT MINERAL DEVELOPMENT CORPORATION LTD 1.25 TOTAL 63.84

35 SHARE HOLDING PATTERN (as on 30-11-2011) Total paid up equity share capital Rs. 79,69,55,060.00

36 GSFC v/s PEER GROUP

37 PEER GROUP COMPARISON FY 10-11
Particulars GSFC TCL RCF CFL ZUARI FACT Net Sales Rs Bn 47.6 62.3 55.1 75.3 55.3 13.0 EBIDTA 12.7 10.0 4.8 11.4 3.0 -0.5 EBIDTA / Net Sales % 27% 16% 9% 15% 5% NA PBT 11.1 5.6 3.6 9.9 2.4 PBT / Net Sales 23% 6% 13% 4% PAT 7.5 4.1 2.5 6.9 1.7 PAT / Net Sales 7% 3% -4% EPS Rs. 94 16 4 25 57 -1 Data Source : CMIE

38 ANALYSIS OF FINANCIALS
NAME OF COMPANY RONW ROCE CURRENT RATIO DEBT TO EQUITY RATIO 08-09 09-10 10-11 CHAMBAL 18.1 19.5 7.3 7.1 8.1 1.0 1.2 2.5 2.0 1.9 1.5 CFL 51.2 34.7 36.8 26.2 20.7 25.7 1.4 1.3 0.7 GNFC 10.8 3.8 10.3 3.5 5.9 0.9 0.2 0.3 0.5 GSFC 25.4 12.4 29.0 24.9 12.3 27.8 2.1 0.1 IFFCO 8.4 11.0 17.2 5.3 7.7 13.4 3.2 2.7 2.3 NAGARJUNA 1.8 4.1 7.5 3.4 5.5 NFL 6.3 7.8 9.7 6.1 7.6 9.2 0.4 TATA CHEMICALS 10.9 8.2 6.4 6.0 5.0 0.6 Data Source : CMIE

39 SWOT ANALYSIS

40 STRENGTHS WEAKNESS Zero Debt Company
Fully integrated Production Facilities. Better & efficient Management of Utilities viz. Power & Gas Proper & timely plant Maintenance Schedule Strong Brand Image and Market Network Captive jetty at Sikka. JV in Tunisia viz. TIFFERT as a backward integration to ensure consistent supply of PA. WEAKNESS Major raw materials are being imported and there are limited suppliers world over yet efforts are on to obtain consistent supplies. Being in existence for more than 49 years , the plant capacities were contemporary at that time. However, they appear to be smaller in the present context except in case of DAP which has contemporary capacity.

41 OPPORTUNITIES THREATS
Tie-ups with countries like Togo, Uganda, Senegal, Canada etc. for supply of raw material. Agro products consolidation. New Petrochemical Complex at Dahej. Capacity building in complex fertilizers. THREATS Market related threats. Exchange Rate Risks. Addition of new capacities world over resulting in Global competition.

42 CSR TOUCHING HUMAN LIVES

43 CORPORATE SOCIAL RESPONSIBILITY (CSR)
• Mid-day meals thro’ Akshaypatra Foundation to around 100,000 School Children. • Various facilities to nearby villages like drinking water, cleaning of ponds, construction of roads etc. Financial Support to Society for Village Development (SVADES) working in the field of developing village infrastructure, water recharging, education, youth activities etc. Financial support for providing gas connections, gas stoves and pressure cookers to 5000 Anganwadis thus saving precious trees.

44 ACHIEVEMENTS

45 ACHIEVEMENTS – Since 2007 FAI – award for best overall performance of P2O5 in Complex Fertilizers for Sikka Unit. ‘Gold Trophy’ of “SCOPE Meritorious Award – 2007 for environmental excellence & sustainable development”. “The International Safety Award” by the British Safety Council, U. K. for significant contribution in the field of health and safety. “ICC Aditya Birla Award” for best Responsible Care company. The Ministry of Power, GOI awarded the first prize for energy conservation in fertilizer sector. “The Best Green Belt” trophy in Gujarat for creating green surroundings. Certificate of Merit for the National Energy Conservation Award from Ministry of Power, Government of India.

46 WAY FORWARD…

47 PROJECTS UNDER CONSTRUCTION
NAME OF PROJECT CAPACITY PROJECT COST RS Crores EXPECTED COMMISSIOING EXPECTED ADDITIONAL TURNOVER RS CRS SOURCE OF FINANCE Methanol MTPA 301 Q 347 Internal Accruals TIFERT (P2O5) MTPA (GSFC share 50%) 500 mnUSD GSFC Investment – 120 Q 1244 Wind Mill – V 50.4 MW 281 H 31 Nylon – 6 15000 MTPA 125 Q 285 Annone Moderni-zation 2500 MTPA 90 H 20

48 LSTK Tenders in process. Land allocation and tendering in progress
PROJECTS UNDER CONSIDERATION PROJECT ESTIMATED INVESTMENT RS CRORE STATUS 4th DAP/NPK Train of 0.4 million MT/Year at Sikka 250 LSTK Tenders in process. Methyl Ethyl Ketone of 24,000 MTPY 120 Tender invitation Phosphoric Acid/ SSP at Sikka 1000 Under DFR Study Integrated Fertilizer & Petrochemical Complex at Dahej * Urea 1 Million MTPY * Caprolactam 0.1 Million MTPY * Melamine 40,000 MTPY 7000 DPR is done . Land allocation and tendering in progress

49 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise.

50 THANK YOU


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