Godawari Power & Ispat Ltd Management Discussions.

OVERVIEW OF INDIAN ECONOMY

India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships.

Indias GDP is estimated to have increased 7.2 per cent in 201718 and 7 per cent in 2018-19. India has retained its position as the third largest startup base in the world with over 4,750 technology start-ups.

Indias labour force is expected to touch 160-170 million by 2020, based on rate of population growth, increased labour force participation, and higher education enrollment, among other factors, according to a study by ASSOCHAM and Thought Arbitrage Research Institute.

Indias foreign exchange reserves were US$ 405.64 billion in the week up to 15th March, 2019, according to data from the RBI.

With the improvement in the economic scenario, there have been various investments in various sectors of the economy. The M&A activity in India reached record US$ 129.4 billion in 2018 while private equity (PE) and venture capital (VC) investments reached US$ 20.5 billion. Some of the important recent developments in Indian economy are as follows:

• During 2018-19 (up to February 2019), merchandise exports from India have increased 8.85 per cent year-on- year to US$ 298.47 billion, while services exports have grown 8.54 per cent year-on-year to US$ 185.51 billion.

• Nikkei India Manufacturing Purchasing Managers Index (PMI) reached a 14-month high in February 2019 and stood at 54.3.

• Net direct tax collection for 2018-19 had crossed 10 trillion (US$ 144.57 billion) by March 16, 2019, while goods and services tax (GST) collection stood at 10.70 trillion (US$ 154.69 billion) as of February 2019.

• Proceeds through Initial Public Offers (IPO) in India reached US$ 5.5 billion in 2018 and US$ 0.9 billion in Q1 2018-19.

• Indias Foreign Direct Investment (FDI) equity inflows reached US$ 409.15 billion between April 2000 and December 2018, with maximum contribution from services, computer software and hardware, telecommunications, construction, trading and automobiles.

• Indias Index of Industrial Production (IIP) rose 4.4 per cent year-on-year in 2018-19 (up to January 2019).

• Consumer Price Index (CPI) inflation stood at 2.57 per cent in February 2019.

• Net employment generation in the country reached a 17-month high in January 2019.

Indias gross domestic product (GDP) is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitisation, globalisation, favourable demographics, and reforms.

Indias revenue receipts are estimated to touch 28-30 trillion (US$ 385-412 billion), owing to Government of Indias measures to strengthen infrastructure and reforms like demonetisation and Goods and Services Tax (GST).

India is also focusing on renewable sources to generate energy. It is planning to achieve 40 per cent of its energy from non-fossil sources by 2030 which is currently 30 per cent and also have plans to increase its renewable energy capacity from to 175 GW by 2022.

India is expected to be the third largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to shift in consumer behaviour and expenditure pattern, according to a Boston Consulting Group (BCG) report; and is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040, according to a report by PricewaterhouseCoopers. (Source: www.ibef.org)

Indian Steel Industry Scenario (As on April 2019)

India was the worlds second largest steel producer, as of 2018. The country is slated to surpass USA to become the worlds second largest steel consumer in 2019.

In FY18, India produced 104.98 million tonnes (MT) and 103.13 MT of finished steel and crude steel, respectively. Crude steel production between April 2018- February 2019 - Provisional (P) reached 97.15 million tonnes. India was also a net exporter of steel in FY18. Exports and imports of finished steel stood at 6.36 MT and 7.84 MT respectively in FY19 (P).

The Government has taken various steps to boost the sector including the introduction of National Steel Policy 2017 and allowing 100 per cent Foreign Direct Investment (FDI) in the steel sector under the automatic route. Between April 2000 and December 2018, inflow of US$ 11.18 billion has been witnessed in the metallurgical industries as Foreign Direct Investment (FDI).

Indias per capita consumption of steel grew to 68.9 kgs, during 2017-18. National Steel Policy 2017 aims to increase the per capita steel consumption to 160 kgs by 2030-31. (Source: www.ibef.org)

Global Steel Industry Scenario

In 2018, the world crude steel production reached 1789 million tonnes (mt) and showed a growth of 4.94% over 2017. China remained worlds largest crude steel producer in 2018 (928 mt) followed by India (106 mt), Japan (104 mt) and the USA (87 mt). World Steel Association has projected Indian steel demand to grow by 7.3% in 2019 while globally steel demand has been projected to grow by 1.4% in 2019. Chinese steel use is projected to show flat growth in 2019. Per capita finished steel consumption in 2017 is placed at 212 kg for world and 523 kg for China by World Steel Association. The same for India was 69 kg in 2017. Per capita steel consumption for 2018 is yet to be published by WSA. (Source: www.steel.gov.in)

Indian Power Scenario

India has the fifth largest power generation capacity in the world. The country ranks third globally in terms of electricity production. In May 2018, India ranked 4th in the Asia Pacific region out of 25 nations on an index that measures their overall power. Electricity production in India reached 1,142.0 Billion Units (BU) during FY19 (up to February 2019).

Renewable energy is fast emerging as a major source of power in India. The Government of India has set a target to achieve 175 GW installed capacity of renewable energy by FY22. Wind energy is the largest source of renewable energy in India, accounting for 47.44 per cent (35.14 GW) (As of December, 2018) of total installed renewable capacity (74.08 GW) (As of December, 2018). There are plans to double wind power generation capacity to 60 GW by 2022. India has also raised the solar power generation capacity addition target by five times to 100 GW by 2022. The Union Government of India is preparing a rent a roof policy for supporting its target of generating 40 gigawatts (GW) of power through solar rooftop projects by 2022. All the states and union territories of India are on board to fulfill the Government of Indias vision of ensuring 24x7 affordable and quality power for all by March 2019. India is on path to achieve 100 per cent household electrification by March 31, 2019, as envisaged under the Saubhagya scheme. As of September 2018, the Government of India launched a voluntary based programme to promote energy efficient chiller systems in India. It enables the energy performance by providing star ratings and will be effective up to 31st December, 2020.

The Cabinet Committee on Economic Affairs (CCEA) has approved commercial coal mining for private sector and the methodology of allocating coal mines via auction and allotment, thereby prioritizing transparency, ease of doing business and ensuring the use of natural resources for national development.

The Government of India is planning to invite bids for the largest solar tender in the world, for installing 20 gigawatts (GW) of solar power capacity, to give a boost to manufacturing of solar power equipment in India. (Source: www.ibef.org)

Analysis and discussions on financial performance Review of operating & financial performance - standalone

The operating & financial performance of the Company during the year under review is discussed below in detail:

Production and sales i. Production

During the year under review, production volumes across various divisions were as follows:

Products/ Division Production in FY2019 (In MT) Production in FY2018 (In MT) Year on year growth
Iron ore mining 1547384 1579693 -2.04%
Iron ore pellets 1933250 1841050 5.01%
Sponge iron 460008 439139 4.75%
Steel billets 298418 197596 51.02%
MS rounds 182088 142101 28.14%
HB wire 134558 116555 15.45%
Ferro alloys 10536 13772 -23.50%
Power (Units in crore) 44.02 48.35 -8.95%

Iron Ore Mining:

The iron ore mining activity during the year impact moderately on account of extended monsoon during year. The production from captive iron ore mines resulted into better operating margins, as compared to market price of iron and is biggest strength of the Company. The Company is continuously making efforts to improve the production volume from the mines and expect to grow the volumes further during the year.

Iron Ore Pelletisation:

Your Company has achieved a capacity utilization of 92% in FY 2018-19, which is higher by about 5% as compared in FY 2017-18. The production of iron ore pellets increased during the year by 5.01%. The higher production of iron ore pellets coupled with better realizations contributed to higher sales & profitability.

Sponge Iron

The Company operated the sponge iron plant at full capacity and achieved the production volumes of 460008 MTs, mainly on account of operational efficiency. During year the plant operated at 89% capacity utilization.

Finished Steel & Rolled Products

The production of Steel Billets increased by 51.02% on yoy basis, led by availability of additional power from Jagdamba Power and Alloys Limited (JPAL) during the year. The Company aims to further increase the capacity utilisation production of steel metling shop during year current year.

Ferro Alloys:

The Company is making silico manganese, used in steel making. The production of silico manganese moderated by 23.50% led by strategic shift of power to steel billet production.

Captive Power:

The Company is operating 73 MW of captive power generation capacity out of which 42MW is waste heat recovery, 11 MW thermal coal based and 20 MW bio mass power. The overall production volumes decreased by 8.95% as compared to previous year in view of higher cost of fuel.

ii. Net sales/income from operations:

Product

FY 2019

FY 2018

Sales (MTs) Quantity Net sales ( in crore) Sales Realisation (Per Ton) Sales quantity (MTs) Net sales ( in crore) Sales Realisation (Per Ton)
Iron ore pellets 1452549 989.00 6809 1247361 669.23 5365
Sponge iron 140218 276.74 19736 228469 381.04 16678
Steel billets 121632 402.26 33072 81560 226.10 27722
MS rounds 79099 306.44 38741 74813 242.82 32457
HB wire 134558 547.21 40667 116562 396.48 34015
Silico Manganese 7664 51.82 67612 10891 70.39 64632
Others 301.78 139.83
TOTAL 2875.25 2125.89

In fiscal 2018-19, the Company achieved standalone net sales of 2875.30 Crores as compared to net sales of 2125.89 crores achieved during previous Financial Year, registering growth of 35.25%. The same was led by increase volume of production and realizations across all the products of the Company, due to buoyant demand environment.

iii) Raw Material & Input Cost:

The raw material and input cost of Company during the year was 58.88% of net sales as compared to 59.84% during the previous year on account better sales realisation of finished products. The cost of coal and iron ore remained higher as compared to preivous year.

iv) Operating and other expenses

The Companys operating and other expenses increased to 468.81 crore as against 313.31 crore mainly due to increased production volumes and freight cost for export of iron ore pellet, which increased the outward freight cost. However, transport cost is compensated through better realisation of finished product, which resulted in operating expenses as percentage of net sales increased by 1.57%, as compared to previous year.

v) Employee cost

The employee cost during the year increased by 21.80% to 97.53 crore as compared to 80.08 crore in the previous year due to increase in salaries of employees & workers. The employees cost stood at 3.39% of net sales during the year under review as compared to 3.77% during the previous year.

vi) Operating margins (EBIDTA)

The EBIDTA increased to 622.63 crores as compared to 434.96 crores of previous year which was 21.65% compared to 20.46% of net sales during the year under review mainly due to operational efficiency, increase in sales volume, cost reduction measures taken by the cost. Company over last couple of years and realisations across all the finished products of the Company.

vii) Interest and financial charges

Total expenses towards interest and bank charges has been 182.13 crore in 2018-19 as compared to 184.81 crore in 2017-18.

viii) Depreciation

The depreciation during the year has been provided as per Revised Schedule - II under the Companies Act, 2013. During the year under review the depreciation increased to 90.51 crores as compared to 89.49 crores due to capitalisation of plant and machinery.

ix) Profit/Loss before Tax (PBT)

The Company has registered a profit before tax and exceptional items of 349.99 crore, as against 166.18 crore during the previous year registering a growth of 110%.

x) Provision for taxation

The provision for taxation has been made as per provisions of Income Tax Act.

xi) Profit/Loss After Tax (PAT)

The Company registered net profit after tax and extraordinary items of 213.26 crores as against net profit after tax and extraordinary items of 181.95 crores during previous year registering a growth of 17%.

xii) Appropriation

Your Company has transferred an amount of 12.10 Crores to the General Reserves Account during the Financial Year 2018-19 from Debentures Redemption Reserve Account since the Debentures amounting to 19.47 crores have been redeemed during the Financial Year 2018-19.

xiii) Provision for dividend and dividend tax

In view of the restrictions imposed in the Master Restructuring Agreement entered into by the Company with its Lenders entered on 31st March, 2017, the Board of Directors of the Company have not recommended payment of any dividend for the year under review.

xiv) Fixed assets

Particulars FY19 FY18 Change % of Change
Gross block 1604.59 1502.17 102.42 6.82
Less depreciation 293.09 218.10 74.99 34.38
Net block 1311.50 1284.07 27.43 2.14
Capital WIP and pre-op expenses 44.84 88.59 -43.75 -49.38
Net fixed assets 1356.34 1372.66 -16.32 -1.19

The gross block and depreciation has increased due to addition of plant and machinery by capitalisation of capital work in progress and also capitalisation of borrowing cost.

xv) Inventories

The overall value of inventory of raw materials including stock in transit increased to 337.63 crore as on 31st March, 2019 as compared to 229.64 crore as on 31st March, 2018. The average level of holding of raw material stood at 73 days of consumption as compared to a level of 66 days during the previous year. Raw Material inventory kept at increased level in view of the increasing trend in the prices.

xvi) Sundry debtors

The debtors outstanding as on 31st March, 2019 were 16 days of sales as compared to 18 days in FY 2017-18, which was in normal range.

xvii) Short-term loans and advances

Loans and advances as on 31st March 2019 stood at 128.51 crores as against 212.13 crores on 31st March 2018.

xviii) Other current and financial liabilities

Overall current and financial liabilities increased to 304.53 crore from 273.77 crore mainly due to increase in trade payables. Details of current liabilities were as follows:

in crore
Particulars FY19 FY 18
Trade payables 182.23 142.01
Advances from customers 6.93 7.44
Current maturities of long-term borrowings 75.18 84.10
Others 40.19 40.20
Total 304.53 273.75

xix) Secured and unsecured loans

At the end of the year, secured term loans (including non-convertible debentures) totaled 1117.23 crores as against 1285.01 crore in FY 2017-18. The decrease is owing to repayment of term loan.

xx) Deferred tax assets

The deferred tax liability as on 31st March, 2019 was 2.34 crores as compared to deferred tax assets of 57.61 crores during the previous year.

xxi) Key financial indicators:

The key financial ratios of the Company are given below:

Particulars FY19 FY18 % Change
EBIDTA to net sales (%) 21.65 20.46 4.49
Profit/(Loss) after tax to net sales (%) 7.42 8.56 -13.32
Earning per share (Basic) 60.52 51.64 17.20
Earnings per share (Diluted) 60.52 51.64 17.20
Net worth per share 305.79 246.15 24.23
Debtors Turnover (times) 24.90 23.42 6.32
Inventory Turnover (times) 8.52 9.55 -10.79
Current ratio 1.84:1 1.60:1 N.A.
Debt-equity ratio 1.11:1 1.58:1 N.A.
Return on Net worth (%) 19.79 20.98 -5.67
Interest Service Coverage Ratio 3.42 2.38 0.00

CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial results of the Company included results from the operations of Subsidiary Companies i.e. Ardent Steel Limited, Godawari Green Energy Limited and Godawari Energy Limited and Associate Companies i.e. Hira Ferro Alloys Limited, Jagdamba Power and Alloys Limited and Chhattisgarh Ispat Bhoomi Limited and Joint Venture Companies i.e. Raipur Infrastructure Company Limited and Chhattisgarh Captive Coal Mining Limited. Results of Chhattsigarh Ispat Bhoomi Limited and both the Joint Venture Companies consolidated are unaudited, which has no major impact on overall financial of the Company.

The Company achieved consolidated gross revenue from operations of 3321.64 crore during the year under review as compared to 2588.84 crore during the previous year registering growth of 28.31% and EBITDA of 795.20 crore as compared to 600.04 crore during previous year, which grew by 31.52%. The EBITDA Margins increased to 23.18% as compared to 23.39% during previous year. The Company has registered a consolidated net profit after tax of 260.66 crore as compared to net profit after tax of 214.69 crore in the previous year, demonstrating overall turn around in operations & financial performance of the Company.

The operations of Material Subsidiary and Associate Companies are discussed below:

Ardent Steel Limited (ASL):

During the year, ASL produced 572673 MTs of iron ore pellets & sold 560831 MTs of pellets in the market. The Company achieved net sales of 353.98 crores, EBIDTA of 91.52 Crores & PAT of 44.09 crores during year as compared to net sales of 296.13 crores, EBIDTA of 76.43 Crores & PAT of 28.18 crore during the previous year. The net debt of the Company at the end of the year stood at 113.55 crore which is a reduction of 10.22 crore from last year net debt of 151.06 crore.

Godawari Green Energy Limited (GGEL)

During the year, the GGEL generated 84.91 million units (CUF which is 12.04% lower as compared to generation in FY18). The generation was lower on account of grid failure in the month of May17. Now, the plant is connected to 220 KVA grid along with 132 KVA grid earlier so that the interruption in generation due to grid failure can be avoided. The net revenue, EBIDTA & PAT of the Company stood at 92.84 crore, 81.11 Crore, (1.03) Crore respectively during the year as compared to 105.36 crore, 89.86 crore & 0.62 crore respectively during previous year. The net debt of the Company at the end of the year stood at 457.44 crore which is a reduction of 22.92 crore from last year net debt of 480.36 crore.

Hira Ferro Alloys Limited (HFAL):

The Company is operating ferro alloys manufacturing plant with capacity of 52200 MT and captive thermal power generation of 20MW. The Company also operates 8 MW bio mass power plant. The Company achieved operating revenues of 266.66 crores during the year as compared to operating revenue of 252.35 crores in previous year. The Companys operations resulted into net profit after tax of 3.76 crores as compared to net profit after tax of 5.76 crores during previous year.

Risk management

Risk is an integral factor in virtually all businesses. At GPIL, risks are adequately measured, estimated and controlled. Irrespective of the type of risk or the activity that creates it, the Companys fundamental approach to risk management remains the same: identify and measure risks, leverage an in-depth knowledge of the business and competitors and respond flexibly in the understanding and management of risks.

Economy risk

Domestic challenges like inflation, liquidity crunch, slower industrial growth, depreciating rupee, political instability and increasing commodity prices might affect performance.

Risk mitigation:

GPIL correctly anticipated that the challenge of the future would revolve around the timely availability and affordability of resources and raw materials, which translated into timely backward integration initiatives. As a part of this backward integration, the Company manufactures products that are consumed within and also sold to customers; the ability to provide a large and growing customer base from within has helped reduce marketing and costs of inventory, enhancing overall viability. Besides, the savings from captive supply has helped make the product more competitive for external sale, creating a unique win-win proposition. The Company generates significant per cent of its overall resource, raw material or power requirements by value from within, strengthening its overall competitiveness. As a result, integration is not incidental to the Companys existence; it represents its very core.

Industry/Demand risk

The Company may be affected by impact on demand due to the competitive action within the steel sector, import from Asian countries and industry down turn.

Risk mitigation:

The Company has significantly reduced the risks arising from erratic demand through integration of operations and captive production of iron ore and pellets. Besides, the Companys plants are located in a large steel manufacturing belt, making it possible to provide products with speed, periodic delivery and relatively high logistic efficiency, lower working capital cycle within the region. It is estimated that the 90% of the Companys output of pellets, sponge iron and its billets are sold within 200 kms of its plant. The Companys power sales are secured through merchant power sales agreement; the Company is engaged in long-term power sales agreement (25 years) with the government for units generated from its solar thermal power plant.

Technology risk

Technology obsolescence could warrant an increase in investments, affect cash flow and impact profitability.

Risk mitigation:

The Company invested in the latest technologies, which enables it to manufacture quality products. After completion of a project, the Company adapts the technology and builds in-house capabilities for further expansion. It also has a facility for the critical components for the existing units to lower plant downtime and control its operations better. It has also introduced the latest technology in the solar thermal power plant, which will lower the operating expenditure for the Company.

Input risk

In the business of steel manufacture, a number of diverse inputs are required to be progressively taken into the next stage. The challenge lies in an ability to procure these intermediate raw materials at the right cost and in the right time.

Risk mitigation:

The Companys integrated business model which makes it possible for the end product of one business to be positioned as the raw material of another, creating a self-feeding ecosystem within minimal inventory, costing and logistic issues. The Company has also secured captive iron ore mines, in order to protect the input cost for its main raw material i.e. iron ore. The extent of this integration has strengthened the Companys insulation from external pricing and supply shocks, enhancing input security. Besides, the Company is selectively enhancing production capacities, strengthening input security further.

Project management risk

Delay in project completion could lead to cost overrun.

Risk mitigation:

Over the years, the Company recognised that the principal viability risk was not derived as much from the marketplace as it was from within. Among the factors from within the organisation that affected viability, one of the most critical was the ability of the Company to commission its proposed plants on schedule. It is the Companys experience that timely commissioning creates a foundation of moderate capital cost and triggers revenue inflow to start contributing towards project payback. Over the years, the Company invested in project management with the objective to strengthen overall competitiveness: as a result, the focus graduated from timely commissioning to pre-scheduled commissioning, translating into a probable cost-underrun, accelerated revenue inflow and quicker payback.

Location risk

Locational disadvantage could affect logistic and time schedules, affecting viability.

Risk management:

The Companys manufacturing facility is located at the heart of industrial Chhattisgarh at Raipur. The Companys mines are located 150 km from the plant and adjacent to a highway, making logistics management convenient. The Companys location makes it easy to access JNPT port in the West (1,200 kms), Vishakhapatnam port in the South (500 kms) and Haldia and Paradeep ports in the East (800 and 600 kms respectively) for the export for ferro alloys and coal import. The Company markets 50 per cent of its pellet output within 200 km from its manufacturing units.

The Companys pellet plant in Orissa is also located at rich belt of Iron Ore in Keonjhor district, near to is principal raw material i.e. iron ore fines. The railways siding is located at about 3 KM away from plant for transport of pellet, making it an attractive location for such project.

Similarly the Companys 50 MW Solar Thermal Power Plant is located in Jaisalmer dist in Rajasthan having highest DNI (Solar Resource) in India, which an ideal location for a solar power plant.

Caring for society

GPIL believes that it is imperative to extend beyond the normal course of business and contribute to society.

CSR commitment

The Companys CSR commitment is encapsulated in the following priorities:

1. Enhance health-related and educational awareness.

2. Conduct affairs of our Company in socially beneficial manner.

3. Understand, support and develop communities and cultures in the vicinity of our plants.

4. Protect the environment and ensure safety of the people connected with the Company.

5. Enhance the value of the Company through sustainable and inclusive growth.

Education initiatives

1. Runs a school (Aakanksha Lion School) for specially-abled students.

2. Provided salary to night guard & teachers of Government Primary and Middle School of village Mandhar, Siltara & Tada and also to Community Teachers appointed in Govt. schools of Kachhe & Boria Gram Panchayat.

3. Provided examinations fee for poor students and National/ State Level Player students of Gram Panchayat Mandhar for the Session-2018.

4. Financially aided the Friends of Tribal Society for Establishing 90 Ekal Vidyalaya in State of Chhattisgarh.

5. Provided grants to the toppers of Govt. Primary & Middle School, Tada & felicitated all Topper Students of class V & VIII for the session-2018.

Health initiatives

1. Free Health Checkup Camp for students of Village Siltara

2. Operating First Aid Health Centre in Peripheral villages of Kachhe Aari Dongri Mines, Dorba and Boria Mines.

3. Free Health Checkup of villagers in Gidhali.

4. Provided Financial Assistance for Cardiac Treatment and Brain Surgery of villager of Jarodha and Kachhe.

Drinking water projects

1. Maintained piyau hut and engaged manpower to provide water in Siltara, Kachhe, Tada & Mandhar during summer season.

2. Provided Water tankers in the nearby villages of Mines during summer season.

3. Provided Water tanker for Dust Suppression & Drinking Water in Peripheral villages of Boria Mines.

Infrastructure development

1. Constructed C.C. Road at Tada, Mandhar

2. Carried out maintenance work of Ghadi Chowk of Kanker.

3. Carried out repairing work of roads in Village Parastarai.

4. Paid to Gram Panchayat Kachhe for Infrastructure Development

Environment

1. Engaged manpower for maintenance of Plantation & Garden in Janpad Office Dharsiwa & Dharsiwa Police Station.

2. Expenditure incurred for maintenance of Garden & Plantation at Swami Vivekanada International Airport, Udyog Bhavan, Tatibandh Chowk, Siltara Chowk, RKC Compound at Raipur and at Urla & Birgaon area.

3. Expenditure incurred for water tankers engaged for maintenance of plantation, dust suppression in nearby villages of Mining areas.

4. Maintenance of plantation in Telibandha Square, Canal Road.

5. Expenses incurred in Development & Maintenance of Green Belt Area (Oxy Zone) in 102 Acre Land, Siltara

6. Development & Maintenance of Garden, Plantation & Landscaping Work in Railway Station Raipur

Community development activities:

1. Digged & Cleaned Bade Dabri Pond at Village Akoli

2. Engaged Manpower in Road Sweeping at Village Mandhar

3. Constructed Muktidhaam Boundary Wall at Village Siltara and Leveling of Muktidhaam Land & approach road at Village Tada

4. Financial assistance to Women SHGs for Community Development and to Sankalap Charitable Trust

5. Educational Programme on "Manthan-Cyber Security" by Forum for Awareness of National Security (Chhattisgarh)

6. Constructed Toilets under Clean India Mission at Gram Panchayat Kachhe

7. Leveled Land of Farmers Paddy Field in the nearby Villages of Mines

Women Empowerment

1. Provided operational cost for Stitching & Tailoring Center at Kachhe & Parrekodo for tribal women.

Place: Raipur For and on behalf of Board of Directors
Date: 30.04.2019 Chairman