AND - nfl.co.in · NFL’s mission is to be a market leader in Fertilizers and a significant player...
Transcript of AND - nfl.co.in · NFL’s mission is to be a market leader in Fertilizers and a significant player...
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MEMORANDUM OF UNDERSTANDING
BETWEEN
NATIONAL FERTILIZERS LIMITED
AND
DEPARTMENT OF FERTILIZERS (MINISTRY OF CHEMICALS AND FERTILIZERS)
FOR THE YEAR 2014-2015
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MEMORANDUM OF UNDERSTANDING BETWEEN
NATIONAL FERTILIZERS LIMITED &
DEPARTMENT OF FERTILIZERS MINISTRY OF CHEMICALS & FERTILIZERS
FOR THE YEAR 2014-15 PART-I
Mission / Vision & Objectives of the PSE 1. Mission
NFL’s mission is to be a market leader in Fertilizers and a significant player in all its other business, reputed for customer satisfaction, reasonable reward to shareholders, ethics, professionalism and concern for ecology and the community.
2. Objectives a) To produce and market fertilizers and by-products efficiently and economically
besides achieving a reasonable and consistent growth.
b) To effectively manage the assets and resources of the Company to ensure a reasonable return on investment and to maximize internal resources. As part of diversification and maintaining soil health, to market other Fertilizers in addition to Nitrogenous Fertilizers.
c) To maintain international quality of production & services as per ISO-9001: 2008 & aiming at achieving customer satisfaction & delight.
d) To achieve international standard of excellence in plant & operational safety and maintaining environment as per international standard OHSAS 18001 & ISO-14001 respectively.
e) To carry out R&D activities for increasing plant availability, energy savings, process improvement and utilization efficiency in the application of chemicals and fertilizers and in the R & D activities for application of Fertilizers associating/ networking with other Companies.
f) To work out diversification/expansion schemes to increase the profitability of the Company and promote development of ancillary industries consistent with the Govt. policy.
g) To provide services to the Farming Community by organizing technical training, soil testing facilities etc.
h) To develop and maintain organizational environment for encouraging individual and group initiative, innovation and productivity and by improving employee skill through specialized training.
PART-II
Exercise Of Enhanced Autonomy & Delegation Of Financial Powers There is sufficient autonomy / delegation of powers available with the Board of Directors of NFL for operations of the company.
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Excellent (1) V.Good (2) Good (3) Fair (4) Poor (5)Documentary Evidence
/Source of origin of documents
1i.
a) Sales Turnover excluding interest and other income ` Crore 12 8379 8162 8142 7491 6891b) Gross Operating Margin ` Crore 6 96 86 81 74 67
ii. Profitabilitya) EBIT / Average Capital Employed % 10 1.45 0.85 0.56 0.13 -0.29
iii. Cost & Out put Efficiencya) PAT per employee ` Lakh 8 -2.50 -2.66 -2.74 -2.86 -2.97
iv. Liquidity / Leveragea) Debt Service Coverage Ratio Ratio 8 0.83 0.49 0.32 0.08 -0.17
v. Efficency of Asset Usea) Average Number of days of Inventory (Inventory turn over ratio) No. of days 6 10.49 10.76 10.78 11.72 12.74
2i) Corporate Social Responsibility (CSR) & Sustainability
a) Distribution of solar Lanterns to farmers Nos. 0.5 100 80 76 72 68b) Disposal of Fly Ash as % of total ash generation. % 0.5 50 45 40 35 30
ii) Research & Developmenta) Submission of study to NFL Board for alternate use of NMP-I plant at
Nangal Date 2 31-10-2014 30-11-2014 31-12-2014 31-01-2015 28-02-2015 Feasibility Study Report
iii)
a) Award of Contract for setting up pilot project for recovery of Sulphate of Potash (SOP) from underground Brine Date 5 01-01-2015 01-02-2015 01-03-2015 15-03-2015 31-03-2015
Certified report of contract
b) Submission of Feasibility Report to NFL Board for Gasification of Petcoke using existing Gasifier. Date 5 01-11-2014 01-12-2014 01-01-2015 01-02-2015 01-03-2015
Feasibility Study Report
c) Production of Bio-Fertilizers MT 5 275 270 262 250 240 Self Certification
iv.a) Completion of Hooking up arrangement for Purge Gas Recovery Plant
(PGR) at Vijaipur-II Date 10 01-01-2015 01-02-2015 01-03-2015 15-03-2015 31-03-2015Self certified report
b) Installation of 90KW Solar power plant at Bathinda Date 5 01-01-2015 01-02-2015 01-03-2015 15-03-2015 31-03-2015 Self certified report
Unit
Growth / Size / Activity
Self Certification
Initiatives for Growth
DYNAMIC / NON-FINANCIAL PARAMETERS
STATIC / FINANCIAL PARAMETERS
Wts (%)
Annual Report of the company
Project Management & Implementation
Evaluation Criteria
PART III NATIONAL FERTILIZERS LIMITED
MoU 2014-15 drafted based on Negotiation Meeting held on 19-2-2014 with DPE Task Force
MoU Target (2014-15)Sr.
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Excellent (1) V.Good (2) Good (3) Fair (4) Poor (5)Documentary Evidence
/Source of origin of documents
Unit
Wts (%)Evaluation CriteriaMoU Target (2014-15)
Sr.
v.a) Energy Consumption per MT of Urea at Plants Gcal/ MT of
UreaNangal “ 1 7.09 7.10 7.11 7.13 7.15
Bathinda “ 1 7.47 7.48 7.49 7.51 7.53
Panipat “ 1 7.60 7.61 7.62 7.64 7.66
Vijaipur-I “ 2 5.73 5.74 5.75 5.77 5.79Vijaipur-II “ 2 5.46 5.47 5.48 5.50 5.52
vi.a) Feasibility study for production of Bentonite Sulphur at Panipat / Bathinda Date 4 15-12-2014 01-01-2015 31-01-2015 28-02-2015 31-03-2015 Feasibility Study report
b) Demonstration of Nitrase & Urease inhibitors Nos. 1 70 50 30 10 0 Self Certification
3a) Urea Production LMT 3 36.04 35.80 35.68 33.90 32.21b) Demonstration on Balanced Fertilization including use of liquid Bio-
fertilizers Nos. 1 300 280 270 260 250c) Soil testing analysis for Macro Nutrients Nos. 1 30000 28000 26500 25250 24000
Total (1+2+3) 100Footnotes: The above financial targets are computed based on the following.
Self certification
Self certification
Productivity and Internal Process
SECTOR / ENTERPRISE SPECIFIC PARAMETERS
Technology, Quality, Innovative Practices
1. Total no. of employees = 4112
2. Urea production of 36.04 LMT under "Excellent", 35.80 LMT under "Very Good" & 35.68 LMT under "Good".3.Gas price @ 4.20 USD / MMBTU. However in case, APM / RIL Gas price is increased w.e.f 01-04-2014, the impact of the same shall be taken into account in the financial targets.4.There shall be negative marking as per MoU guidelines issued by DPE for non-compliance of DPE guidelines and Corporate Governance.
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(As per Annexure-VI of MoU guidelines)
2014-15 2014-15 2014-15 2014-15 2014-15MOU
ExcellentMoU Very Good
ACTUAL MoU Very Good
MOU Excellent
ACTUAL MoU Very Good
MOU Excellent
ACTUAL MoU Very Good
MOU Excellent
ACTUAL Acutal upto Sept-2013
Anticipated MoU Excellent
MoU very good
MoU (Excellent)
MoU (V.Good)
MoU (Good)
MoU (Fair)
MoU (Poor)
Plantwise capacity utilisation
Nangal 99% 100% 105% 99% 90% 100.00% 100.00% 100.00% 100.00% 92.00% 84.64%
Panipat 100% 92% 98% 81% 88% 100.00% 100.00% 100.00% 100.00% 92.00% 84.64%
Bathinda 101% 108% 94% 77% 105% 100.00% 100.00% 100.00% 100.00% 92.00% 84.64%
Vijaipur-I 102% 106% 104% 97% 96% 99.40% 101.50% 99.10% 100.00% 92.00% 84.64%
Vijaipur-II 110% 111% 117% 97% 105% 103.60% 102.00% 102.00% 100.00% 92.00% 84.64%
Production of Urea for Company (in Lakh MT)
33.00 32.31 33.30 32.31 33.00 33.80 32.31 33.00 34.01 32.31 33.00 32.11 17.48 36.00 36.00 35.68 36.04 35.80 35.68 32.83 30.20
Production (in ` crore) 5016.57 5832.31 7361.36 6820.26 3519.77 7700.52 8377.20 8160.20 8140.20 7488.84 6889.59
Profit and Loss Statement ItemsSales Turnover 4499.00 4429.60 5092.28 4894.00 4950.00 5791.03 5870.00 5940.00 7305.29 6481.92 6625.30 6720.23 3551.55 7703.29 7931.00 7836.00 8379.00 8162.00 8142.00 7490.64 6891.39
Interest and Other Income 56.68 46.12 37.37 36.62 18.77 37.47 34.28 34.28 34.28 34.28 34.28
Gross Oerating Margin rate (%)
6.06% 4.53% 4.32% 0.30% -0.85% 0.14% 1.15% 1.05% 0.99% 0.99% 0.97%
Gross Operating Margin 308.56 262.18 315.39 20.37 -30.13 10.49 96.00 86.00 81.00 74.00 67.00
EBITDA 255.00 238.55 364.71 250.99 265.43 301.91 285.00 303.00 341.66 325.27 347.52 74.19 -0.97 79.70 395.00 385.00 161.12 151.12 146.12 139.12 132.12
Depreciation 82.00 82.00 93.7591.16
91.16 88.90 110.42 110.42 91.22 119.58 119.58 117.67 67.05 134.47 129.82 129.82 136.94 136.94 136.94 136.94 136.94
EBIT (Earnings before interest and taxes)
173.00 156.55 270.96 159.83 174.27 213.01 174.58 192.58 250.44 205.69 227.94 -43.48 -68.02 -54.77 265.18 255.18 24.18 14.18 9.18 2.18 -4.82
Interest expenses 64.00 64.00 10.9640
40.00 9.15 36.42 36.42 66.24 76.86 76.86 129.73 87.00 181.12 143.18 143.18 179.04 179.04 179.04 179.04 179.04
Prior period expenses 0.00 0.00 0.05 0.00 0.00 -0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Extra ordinary items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 57.41 0.00 0.00 0.00 0.00 0.00
Any other expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 109.00 92.55 259.95119.83
134.27 203.92 138.16 156.16 184.20 128.83 151.08 -230.62 -155.02 -235.89 122.00 112.00 -154.86 -164.86 -169.86 -176.86 -183.86
Tax 38.00 32.27 88.44 40.73 45.64 65.42 45.90 51.88 57.47 42.80 50.19 -59.89 -52.09 -79.26 41.47 38.07 -52.03 -55.39 -57.07 -59.42 -61.78
Profit After Tax 71.00 60.28 171.51 79.10 88.63 138.50 92.26 104.28 126.73 86.03 100.89 -170.73 -102.93 -156.63 80.53 73.93 -102.83 -109.47 -112.79 -117.44 -122.08
Dividend paid 25.00 21.23 60.07 27.76 31.11 48.46 32.27 36.48 44.48 29.67 34.79 0.00 0.00 0.00 13.69 12.56 0.00 0.00 0.00 0.00 0.00
Profit transferred to Statutory reseves
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Any Other items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit transferred to Balance Sheet
46.00 39.05 111.44 51.34 57.52 90.04 59.99 67.80 82.25 56.36 66.10 -170.73 -102.93 -156.63 66.84 61.37 -102.83 -109.47 -112.79 -117.44 -122.08
NATIONAL FERTILIZERS LIMITED
` croreParticulars 2009-10 2010-11 2011-12 2013-142012-13
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(As per Annexure-VI of MoU guidelines)
2014-15 2014-15 2014-15 2014-15 2014-15MOU
ExcellentMoU Very Good
ACTUAL MoU Very Good
MOU Excellent
ACTUAL MoU Very Good
MOU Excellent
ACTUAL MoU Very Good
MOU Excellent
ACTUAL Acutal upto Sept-2013
Anticipated MoU Excellent
MoU very good
MoU (Excellent)
MoU (V.Good)
MoU (Good)
MoU (Fair)
MoU (Poor)
NATIONAL FERTILIZERS LIMITED
` croreParticulars 2009-10 2010-11 2011-12 2013-142012-13
Balance Sheet Items
Gross Block 2981.00 2981.00 2953.24 2973.46 2973.46 2929.54 3557.03 3557.03 2958.21 3557.03 3557.03 3473.97 3537.16 3594.90 3650.00 3650.00 3619.00 3619.00 3619.00 3619.00 3619.00
Less dep 2289.48 2289.48 2258.24 2352.91 2352.91 2330.53 2462.91 2462.91 2408.59 2462.91 2462.91 2366.65 2360.61 2485.35 2650.23 2650.23 2646.45 2646.45 2646.45 2646.45 2646.45
Net block 691.52 691.52 695.00 620.55 620.55 599.01 1094.12 1094.12 549.62 1094.12 1094.12 1107.32 1176.55 1109.55 999.77 999.77 972.55 972.55 972.55 972.55 972.55
Share capital of CPSE 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58 490.58
Reserves & surplus of CPSE 1033.09 1026.15 1091.56 1095.81 1101.99 1181.60 1216.49 1224.16 1263.85 1216.49 1224.16 1093.12 990.19 936.49 1109.20 1103.73 833.66 827.02 823.70 819.05 814.41
Add : Deferred Income from GOI
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Less Profit & Loss A/c (Dr. balance)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net worth of CPSE 1523.67 1516.73 1582.14 1586.39 1592.57 1672.18 1707.07 1714.74 1754.43 1707.07 1714.74 1583.70 1480.77 1427.07 1599.78 1594.31 1324.24 1317.60 1314.28 1309.63 1304.99
Investment 0.00 0.00 121.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Current assets 1746.94 1740.00 2085.75 1439.61 1445.79 1907.04 1484.95 1492.62 2943.36 1484.95 1492.62 3468.24 3274.70 2523.31 3410.72 3405.25 2320.15 2313.48 2283.36 2278.71 2274.07
Total current liabilities & provision
650.17 650.17 797.65 650.00 650.00 901.49 700.00 700.00 1971.62 700.00 700.00 2624.82 2599.31 1884.88 1500.00 1500.00 1708.43 1708.40 1711.72 1711.72 1711.72
Net current assets 1096.77 1089.83 1288.10 789.61 795.79 1005.55 784.95 792.62 971.74 784.95 792.62 843.42 675.39 638.43 1910.72 1905.25 611.72 605.08 571.64 566.99 562.35
Capital employed ( Net worth+ long term Borrowings
1788.29 1781.35 1983.10 1410.16 1416.34 1604.56 1879.07 1886.74 1521.36 1879.07 1886.74 1950.74 1851.94 1747.98 2910.49 2905.02 1584.27 1577.63 1544.19 1539.54 1534.90
Total debt (loan funds) 550.00 550.00 403.16 786.40 786.40 41.22 2497.00 2497.00 258.81 2497.00 2497.00 460.59 516.62 396.06 3475.71 3475.71 270.06 270.06 270.06 270.06 270.06
Total assets 1788.29 1781.35 2104.90 1410.16 1416.34 1604.56 1879.07 1886.74 1521.36 1879.07 1886.74 1950.74 1851.94 1747.98 2910.49 2905.02 1584.27 1577.63 1544.19 1539.54 1534.90
Ratios
PAT/ Networth 10.84% 8.28% 7.22% -10.78% -6.95% -10.98% -7.77% -8.31% -8.58% -8.97% -9.35%
EBITDA/ Net Block 52.48% 50.40% 62.16% 6.70% -0.08% 7.18% 16.57% 15.54% 15.02% 14.30% 13.58%
EBIT/ Average Capital Employed
16.07% 11.87% 16.02% -2.50% -3.58% -2.96% 1.45% 0.85% 0.56% 0.13% -0.29%
PAT per employee (` in lakhs) 3.60 2.95 2.81 -3.98 -2.46 -3.82 -2.50 -2.66 -2.74 -2.86 -2.97
Current ratio 2.61 2.12 1.49 1.32 1.26 1.34 1.36 1.35 1.33 1.33 1.32
Debt Service Coverage Ratio NA NA NA -2.47 -4.33 -1.76 0.83 0.49 0.32 0.08 -0.17
Sales turnover / Net Block 732.70% 966.77% 1329.15% 606.89% 301.86% 694.27% 861.55% 839.24% 837.18% 770.21% 708.59%Average no. of days of Inventory
6.28 4.3 5.94 10.45 11.8 11.41 10.49 10.76 10.78 11.72 12.74
Inventory turnover ratio (no. of times)
58.12 84.94 61.44 34.93 15.85 31.99 34.78 33.91 33.85 31.14 28.65
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` CRORE
2009-10 2010-11 2011-12 2012-13
Actual Actual Actual ActualActual April
to Sept 2013RE
MoU Excellent
MOU Very Good
MOU Good
MOU Fair MOU Poor
Gross sales 23 5092.28 5791.03 7305.29 6720.23 3551.55 7703.29 8379.00 8162.00 8142.00 7490.64 6891.39
Expenses consideredStock adjustment 26 75.71 -41.28 -56.07 -100.03 31.78 2.77 1.80 1.80 1.80 1.80 1.80Purachse of Traded goods 26 153.71 107.42 21.50 28.36 22.31 31.73 312.52 312.52 287.52 264.52 243.36Material consumed and Power and Fuel
25, 28 3790.07 4650.67 6145.02 5814.49 3001.34 6568.77 6828.39 6618.13 6661.64 6071.11 5528.38
Freight and handling 228.68 245.51 274.20 305.53 184.39 378.35 418.88 418.88 385.37 354.54 326.18Employee remuneration 27 349.52 386.96 407.83 417.89 211.75 445.75 465.2 465.2 465.20 465.20 465.20Repairs and Maintenance 29 76.57 74.20 80.31 90.38 34.48 79.79 87.5 90.76 90.76 90.76 90.76Depreciation 31 93.75 88.90 91.22 117.67 67.05 134.47 136.94 136.94 136.94 136.94 136.94Other expenses (At Unit Level excluding Corporate Office and Selling Expenses)
32 15.71 16.47 25.89 25.57 28.58 51.17 31.77 31.77 31.77 31.77 31.77
Cost of operations 4783.72 5528.85 6989.90 6699.86 3581.68 7692.80 8283.00 8076.00 8061.00 7416.64 6824.39
Gross operating margin 308.56 262.18 315.39 20.37 -30.13 10.49 96.00 86.00 81.00 74.00 67.00
Less : Interest 30 10.96 9.15 66.24 129.73 87.00 181.12 179.04 179.04 179.04 179.04 179.04Less: Prior period -0.05 0.06 0.00 2.99 0.00 0 0 0 0 0 0Less: Exceptional items 0.00 0.00 0.00 57.41 0.00 0 0 0 0 0 0Less : Corporate Office and Selling Expenses
32 94.38 95.17 102.32 97.48 56.66 102.73 106.10 106.10 106.10 106.10 106.10
Add: Other income 24 56.68 46.12 37.37 36.62 18.77 37.47 34.28 34.28 34.28 34.28 34.28
Profit before tax 259.95 203.92 184.20 -230.62 -155.02 -235.89 -154.86 -164.86 -169.86 -176.86 -183.86
Operating Margin 308.56 262.18 315.39 20.37 -30.13 10.49 96.00 86.00 81.00 74.00 67.00Less :CO CMO expenses 94.38 95.17 102.32 97.48 56.66 102.73 106.10 106.10 106.10 106.10 106.10Add:Other Income 56.68 46.12 37.37 36.62 18.77 37.47 34.28 34.28 34.28 34.28 34.28Add Depreciation 93.75 88.90 91.22 117.67 67.05 134.47 136.94 136.94 136.94 136.94 136.94Exceptional Item -57.41Past period -2.99EBIDTA 364.61 302.03 341.66 16.78 -0.97 79.70 161.12 151.12 146.12 139.12 132.12
2013-14
NATIONAL FERTILIZERS LIMITED
2014-15Note No. (Annual Report
2012-13)
Particulars
WORKING FOR GROSS OPERATING MARGIN AND RECONCILIATION WITH PROFIT BEFORE TAX
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` crore
Balance sheetEquity and LiabilitiesShareholders’ fundsShare capital 490.58 490.58Reserves and surplus 833.66 833.66
Net Worth 1324.24 1324.24
Deferred Income 3204.57 0.00(Grant from Government of India)Non-current liabilitiesLong-term borrowings 1749.82 239.94Deferred tax liabilities (Net) 0.00 0.00Other Long term liabilities 47.98 7.98Long-term provisions 168.83 8.83
Non-current liabilities 1966.63 256.75Current liabilitiesShort-term borrowings 1000.00 1000.00Trade payables 391.04 391.04Other current liabilities 1100.00 300.00Short-term provisions 47.51 47.51
Current liabilities 2538.55 1738.55Total Equity and Liabilities 9033.99 3319.54
AssetsNon-current assetsFixed assetsGross Block (Total) 7250.47 3619.00Acc. Depreciation 2647.35 2646.45Net Block 4603.12 972.55
Tangible assets 4594.12 963.55Intangible assets 9.00 9.00Capital work-in-progress 10.00 10.00Non-current investments 0.03 0.03Deferred tax assets 60.00 60.00
Long-term loans and advances 100.00 100.00Other non-current assets 1590.35 0.00
Non- Current Assets 6363.50 1142.58Current assetsInventories 400.00 400.00Trade receivables 1641.46 1641.46Cash and cash equivalents 5.00 5.00
Short-term loans and advances 130.00 130.00Other current assets 494.03 0.50
Current assets 2670.49 2176.96Total Assets 9033.99 3319.54
NATIONAL FERTILIZERS LIMITED
BALANCE SHEET FOR MOU 2014-15 (EXCELLENT)
Note : Changeover of Feedstock project from fuel oil to gas (AFCP) at Nangal, Panipatand Bathinda is reimbursable through capital subsidy by GOI in a span of five yearspost commercial production. Commercial production was achieved at Bathinda, Panipatand Nangal Units on 11th March, 28th March and 18th July 2013 respectively. Thus theitems pertaining to AFCP at Nangal, Panipat and Bathinda Units have not beenconsidered. Accordingly, Defererred Income (Government Grants) , Non-currentLiabilities, Current Liabilities, Fixed Assets, subsidy receivable from GOI under Non-Current and Current Assets have not been considered in the Balance Sheet for MoUparameters for 2014-15.
Including AFCP Reporting
Excluding AFCP for MoU purpose
MoU 2014-15 ExcellentParticulars
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` croreNet Worth 1324.24Long term Borrowings 239.94Current maturities of LT Borrowings transferred from CL to LT Borrwoings
30.12
Less : CWIP 10.00Less : Investments 0.03Capital Employed 1584.27
Current AssetsAs per Balance Sheet 2176.96Other items of Non current nature not considered in capital employed
143.19
Total cuurent Assets 2320.15
Current LiabilitesAs per Balance Sheet 1738.55Current maturities of LT Borrowings transferred from CL to LT Borrwoings 30.12Current Liabilities 1708.43
Tangible Assets 963.55Intangible Assets 9.00
Net Assets (Tangible Assets + Intangible Assets+Current Assets- Current Liabilities)
1584.27
Reconciliation of Capital Employed and Net Assets
NATIONAL FERTILIZERS LIMITED
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