On the fundamental front there two few prominent developments:
- The Company's planned expansion of 350000 MTPA Coke Oven Plant along with Waste Heat Recovery Boiler of 80 TPH is in advanced stage and infrastructure work of roads & drains for the entire plant is commissioned.
- The DRI Plant of 60000 MT & coal washery in subsidiary company M/s Nilachal Iron & Power Limited is already commissioned and Forest Clearance certificate, pollution clearance and clearance from the Ministry of Environment has been received. The Dumri Coal Block has also received Environmental Clearance and Fresh Go Certificate.
- The Company received Carbon Credit, Volume of CERs: 55730 (Tradable Volume: 54615) on account of Power generated from its Waste Heat Recovery Boilers by the UNFCCC and first monetary receipt of approximately Rs. 33 million (Rupees thirty three millions only) on account of sale of 54615 units of Carbon Credit. This is expected in the coming months.
- The Company has received a Certificate of Conformity for production of Ductile Iron Pipes for water pipelines, which is in Conformity against the requirements of the following standards: ISO 2531:2009, EN 545:2010 by BUREAU VERITAS Certification.
- Jai Balaji Industries Ltd has applied for restructuring of its debts and has received the Corporate Debt Restructuring letter of approval dated 20th September, 2012 from CDR Empowered Group/CDR Cell pursuant to the CDR package approved by the CDR empowered group. The company has got some interest subvention in this respect.
The company reasonably believes that the turbulent conditions during FY12 and H1FY13, did not allow the potential of the operations to be fully realized, but such unfavorable conditions will not be a lasting phenomenon. In order to secure its long-term competitive position, the Company will continue to focus on its growth strategies. I am expecting some more buyer freezes in the coming days.