1

Business Finance Project

Submitted by

Group 1
Khyati – 501
Mayank Sharma – 523
Natasha Garg – 535
Sayan Mondal – 554
Deepak Sharma – 559
Swastika Sindhav – 591

Under the guidance of

Prof. Dr. Vibha Jain

In partial fulfilment for the award of the degree

Master of Business Administration (Business Economics)

2019-21
from

Department of Business Economics

University of Delhi
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Capital Budgeting
&
Capital Structure
Of

Vizag Steel
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Index
 Chapter I – Introduction
 Introduction

 Importance of investment decision

 Objective of the study

 Methodology

 Limitations

 Chapter II – Company Profile

 Introduction

 Background

 Mission

 Vision

 Objectives

 Chapter III – Project Finance

 Sources of finance

 Chapter IV – Evaluation of Capital Budgeting

 Payback period

 Average rate of return

 Net present value

 Internal rate of return

 Profitability index method

 Chapter V – Capital Structure

 Frame work of capital structure

 Expansion project capital structure

 Chapter VI – Findings, Suggestions

 Findings

 Suggestions
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Chapter I – Introduction
1.1 Introduction
A project is an activity sufficiently self- contained to permit financial and commercial analysis. In most
cases projects represent expenditure of capital funds by pre-existing entities which want to expand or
improve their operation. In general a project is an activity in which, we will spend money in expectation
of returns and which logically seems to lead itself to planning. Financing and implementation as a unit,
is a specific activity with a specific point and a specific ending point intended to accomplish a specific
objective. To take up a new project, involves a capital investment decision and it is the top
management’s duty to make a situation and feasibility analysis of that particular project and means of
financing and implementing it financing is a rapidly expanding field, which focuses not on the credit
status of a company, but on cash flows that will be generated by a specific project. Capital budgeting
has its origins in the natural resource and infrastructure sectors. The current demand for infrastructure
and capital investments is being fuelled by deregulation in the power, telecommunications, and
transportation sectors, by the globalization of product markets and the need for manufacturing scale,
and by the privatization of government –owned entities in developed and developing countries. The
capital budgeting decision procedure basically involves the evaluation of the desirability of an
investment proposal. It is obvious that the firm most have a systematic procedure for making capital
budgeting decisions. The procedure for making capital budgeting decisions. The procedure must be
consistent with the objective of wealth maximization. In view of the significance of capital budgeting
decisions, the procedure must consist of step by step analysis.

1.2 Importance of investment decisions

Capital investments, representing the growing edge of a business, are deemed to be very important for
three interrelated reasons.

 The influence firm growth in the long term consequences capital investment decisions have
considerable impact on what the firm can do in future.
 They affect the risk of the firm; it is difficult to reverse capital investment decisions because the
market for used capital investments is ill organized and /or most of the capital equipment bought
by a firm to meet its specific requirements.
 Capital investment decisions involve substantial out lays.
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Visakhapatnam Steel Plant is a growing concern, capital budgeting is more or less a continuous
process and it is carried out by different functional areas of management such a production, marketing,
engineering, financial management etc. All the relevant functional departments play a crucial role in the
capital budgeting decision process.

1.3 Objectives of the study

 To describe the organizational profile of Visakhapatnam Steel Plant.
 To discuss the importance of the management of capital budgeting.
 Determination of proposal and investments, inflows and outflows.
 To evaluate the investment proposal by using capital budgeting techniques.
 To summarize and to suggest for the better investment proposal.

1.4 Methodology
The information for the study is obtained from secondary sources.

This data is from the number of books and records of the company, the annual reports published by the
company and other magazines. The secondary data is obtained from the following.

 Collection of required data from annual records, monthly records, internal Published book or
profile of Visakhapatnam Steel Plant.
 Other books and Journals and magazines
 Annual Reports of the company

1.5 Limitations
Though the project is completed successfully a few limitations may be there.

 Since the procedure and polices of the company will not allow to disclose confidential financial
information, the project has to be completed with the available data given to us.
 The study is carried basing on the information and documents provided by the organization and
based on the interaction with the various employees of the respective departments.
 Lack of knowledge. Some of the lack full-fledged knowledge of the concept and it’s difficult to
collect a specific opinion from them.
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Chapter II – Company Profile

2.1 Introduction
Steel comprises one of the most important resources of the economy. History shows that, the strongest
of civilizations have evolved quickly in the course of time, because of the proper use of the iron and
steel reserves they had. The huge iron pillars at the entrance of New Delhi suggest that the history of
iron and steel industry in India is well over 2000 years old.

Steel comprises one of the most important inputs to all sectors of the economy. Steel Industry is both a
basic and a core Industry. The economy of any nation depends on a strong base of Iron and Steel
Industry in that nation.

History has shown that the countries having a strong potential for Iron and Steel Industry have played a
prominent role in the advancement in the civilization in the world. Steel is such a versatile commodity
that every object we see in our day-to-day life had use, such as small items as nails, pins, needles etc.,
to surgical instruments, agricultural implements, boilers, ships, railway materials, automobile parts. The
great investments that has gone into the fundamental research in Iron and Steel Technology has
helped both directly and indirectly many modern fields of today’s science and technology. Steel is
versatile and indispensable item. The versatility of steel can be traced mainly of three reasons.

 It is only metallic item, which can be conveniently and economically produced in tonnage
quality.
 It has got very good strength coupled with malleability.
 Its properties can be changed over a wide range. Its properties can be manipulated to any
extent by proper heat treatment techniques.

Iron and Steel making as a craft as been known to India for a long time. However, its production is
significant quantities only after 1900. VSP by successfully installing & operating efficiently Rs. 460
cores worth of Pollution Control and Environment Control Equipments and converting the barren
landscape by planting more than 3 million plants has made the Steel Plant, Steel Township and
surrounding areas into a heaven of lush greenery. This has made Steel Township a greener, cleaner
and cooler place, which can boast of 3 to 4° C lesser temperature even in the peak summer compared
to Visakhapatnam City. VSP exports Quality Pig Iron & Steel products' to Sri Lanka, Myanmar, Nepal,
Middle East, USA, China and South East Asia. RINL-VSP was awarded 19

"Star Trading House" status during 1997-2000. Having established a fairly dependable export market,
VSP plans to make a continuous presence in the export market.

The govt. of India has recognized the importance of steel in Indian industry and established the
following steel plants, before it actually set up VSP/RINL.

2.2 Visakhapatnam Steel Plant Profile

To meet the growing domestic needs of steel, Government of India decided to set up an integrated
Steel plant at Visakhapatnam. An agreement was signed with erstwhile USSR in 1979 for cooperation
in setting up 3.4 million tonnes integrated Steel Plant at Visakhapatnam. The foundation was laid by the
then Prime Minister Mrs. Indira Gandhi on 20th January 1971.

The Project was estimated to cost Rs. 3,897.28 cores based on prices as on 4th Quarter of 1981.
However, on completion of Construction of the whole Plant in 1992, the cost escalated to around 8500
Cr. Unlike other integrated Steel Plants in India, Visakhapatnam Steel Plant is one of the most modern
Steel Plants in the country. The plant was dedicated to the nation on 1st August, 1992 by the then
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Prime Minister, P.V. Narasimha Rao. New Technology, large-scale computerization and automation
etc., are incorporated in the Plant. To operate the plant at international levels and attain such lab our
productivity, the organizational manpower has been rationalized. The plant has a capacity of producing
3.0 MT of liquid steel and 2,656 MT of saleable steel.

2.3 Mission
To attain 16 MT liquid steel capacity through technological upgradation, operational efficiency and
expansion; augmentation of assured supply of raw materials; to produce steel at international
Standards of Cost & Quality; and to meet the aspirations of stakeholders.

2.4 Objectives
 Expand plant capacity to 6.3 million ton by 2011-12 with the mission to expand further in
subsequent phases as per the corporate plan.
 Revamping existing Blast Furnaces to make them energy efficient to contemporary levels and in
the process increase their capacity by 1 Mt, thus total hot metal capacity to 7.5 Mt
 Be amongst top five lowest cost steel producers in world by 2009-10.
 Achieve higher levels of customer satisfaction.
 Vibrant work culture in the organization.
 Be proactive in conserving environment, maintaining high levels of safety 23 and addressing
social concerns.
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2.5 Sinter Plant Department

Sinter is a hard and porous lump obtained by agglomeration of lines of iron ore, coke, limestone and
metallurgical waster. This department by not wasting the powder and small pieces of iron ore coal
manganese, dolomite and limestone makes Sinter Cakes and put it for reuse. This increases the
productivity of Blast Furnace, improves the quality of pig iron and decreases the consumption of coke
rate.

2.6 Performance of RINL at a glance

2.6.1 Production Performance

Achieving new targets year after year in production has become a part of the work culture.

The production performance of VSP in the last four years is as follows:

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2.6.2 Commercial Performance

The commercial performance of VSP for the past four years is as follows: Commercial Performance (In
crores):

2.6.3 Financial Performance

VSP had to bear the burnt of huge project cost right from the day of its inception. This has affected the
company’s balance sheet due to very high interest burden. The company, in spite of making operating
profit every year had to report net loss during all financial years. This on the other hand had resulted in
making VSP to take great care in planning the financial resources.

The financial performance of VSP for the past ten years is as follows:
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Chapter III – Project Finance

Project financing is considered right from the time of the conception of the project. The proposal of the
project progress working capital, so, in general a project is considered as a ‘mini firm’ is a part and
parcel of the organization.

3.1 Sources of Finance

 Loan Financing
 Security Financing
 Internal Financing

3.1.1 Loan Financing

a) Short-Term Loans & Credits

Short-Term Loans & Credits are raised by a firm for meeting its working capital requirements. These
are generally for a short period not exceeding the accounting period i.e., one – year.

Types of Short-Term Loans & Credits:

 Trade Credit.
 Instalment Credit.
 Advances.
 Commercial papers
 Commercial banks
 Cash Credits
 Over Drafts
 Public Deposits.

b) Term Loans

Term loans are given by the financial institutions and banks, which form the primary source of long term
debt for both private as well as the Government organizations. Term loans are generally employed to
finance the acquisition of fixed assets that are generally repayable in less than 10 years. In addition to
short-term loans, company will raise medium term and long term loans.

3.1.2 Security Financing

Corporate Securities can be classified into two categories.

 Ownership Securities or Capital Stock.

 Creditorship Securities or Debt Capital.

3.1.2.1 Ownership Securities or Capital Stock

Types of Ownership Securities or Capital Stock:

a) Equity Capital

Equity Capital is also known as owner’s capital in a firm. The holders of these shares are the real
owners of the company. They have a control over the working of the company. Different ways to raise
the equity capital are:
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 Initial public offering

 Seasoned offering
 Rights issue
 Private placement
 Preferential allotment

b) Preference Capital

These shares have certain preferences as compared to other type of shares.

 Payment of Divided
 Repayment of the capital at the time of liquidation of the company.

3.1.2.2 Creditorship Securities or Debt Capital

Types of Creditorship Securities:

a) Debentures

Debentures are an alternative to the term loans and are instruments for raising the debt finance.
Debenture holders are the creditors of a company and the company and the company have the
obligations to pay the interest and principal at specified times. Debentures provide more flexibility, with
respect to maturity, interest rate, security and repayment Debentures may be fixed rate of interest or
floating rate or may be zero rates. Debentures & Ownership Securities help the management of the
company to reduce the cost of capital.

3.1.3 Internal Financing

A new company can raise finance only through external sources such as shares, debentures, loans and
public deposits. For existing company they need to raise funds through internal source. Such as
retained earnings depreciation as a source of funds.

Some other innovative source of finance.

 Venture Capital
 Seed Capital
 Bridge Finance
 Lease Financing
 Euro Issues

a) Equity Capital

 Infusion of Government equity either from budgetary resources or from Steel Development
Funds (SDF).
 Induction of equity by agencies/ companies who are setting up separate stand alone blast
furnaces or blast furnace based steel plant complexes without captive coke oven plant.
 Equity by overseas buyer suppliers of coking coal.
 Equity by overseas buyer of coke, whom may hedge initial capital invested and assured by
buyback arrangement for limited number of years.

b) Loan Capital

 Loan capital from financial installations like TDBI, IFCI, ICICI etc., guaranteed by the central
Government who is the owner of RINI.
 Surplus credit by major supplier of plant & equipment.
 Providing loan by agencies that enter into an assured buy- back arrangement at the terms and
condition mutually agreed upon.
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Chapter IV – Evaluation of Capital Budgeting

Project Expansion of Vizag Steel
VSP is operating at 6.3 MT of liquid steel at present. It is framed to Enhance its capacity to produce 6.3
MT of liquid steel by expansion. The estimated cost of expansion is:

Approved cost: 8692 crores (Base – June ‘05)

Debt component: 4346 crores

Assumed in calculation as per rate as 5.5%.

How expansion will affect the capacity in a positive way:

Project Schedule:

Stage Time

Stage I 36 Months
Stage II Structural mills – 48 Months

4.1 Payback Period

a) Cash Outlay: 8692

b) Payback Period: (Initial Investment / Annual Cashflow)

= 3 + (2951 / 3519)

= 3.10 years
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It is assumed that the profit earning of the project started from 2008-09.

Considering (incremental adjusted cash flow) i.e. expansion base year, for calculation of payback
period.

 Estimated profits are taken from the data provided.

 For CIF, we have deducted depreciation from profit & then calculated cumulative profit.

So the projected payback period is calculated as 3.10 years.

We should round this period to 4 years as there may be other additional factors, to assist the
calculation.

4.2 Average Rate of Return

Average Profit = Total Cash Inflows / Number of years

= 46296 / 15

= 3086.4

Here the additional working capital is also taken into consideration while calculating the ARR.

Average investment = Investment/2 + Ad. WC

= 8692/2 + 702

= 5048

ARR = (Average Profit / Average Investment) x 100

= (3086.4 / 5048) x 100

= 61.14%
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4.3 Return on Investment

ROI = (Average Annual Profit / Total Initial Investment) x 100

= (3086.4 / 8692) x 100

= 35.51%

It shows the return on an average yielded by an average income of the firm on a long run basis with
ARR 61.14%. However, there may be some decrease as future is uncertain.

4.4 Net Present Value

NPV = Total Present Value of Cash Inflows – Total Outlay

= 15026.62 – 8692

= 6334.62
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4.5 Internal Rate of Return

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IRR = L + (H – L) x (A – Cash Outlay)/(A – B)

= 18+(35–18)x(15826.708 – 8692)/(15826.708 – 7659.6921)

= 18 + 17 x (7134.708 / 8167.016)

= 18 + 17 x 0.874

= 32.85

This calculation is done on the basis of trial and errors by taking various percentages of DCF so that an
appropriate percentage of Internal Rate of Return can be judged out. Calculated figure is 32.85%, so
we can take it as 35% because of market uncertainty.

4.6 Profitability Index Method

PI = Cash Inflows / Cash Outflows

= 15026.62 / 8692

= 1.73

In calculation of PI, simple income is taken into consideration. However, this is incorrect practically.
Thus, discounted rate helps us to get to an approximate PI which is more reliable than the traditional
approach.
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Chapter V – Capital Structure

5.1 Framework for Capital Structure:

The FRICT analysis a financial structure may be evaluated from various perspectives. From the
owners’ point of view, return risk and value are important consideration. From the strategic point of
view, flexibility assumes great significance. A sound capital structure will be achieved by balancing all
these considerations.

5.1.1 Flexibility

The capital structure should be determined within the debt capacity of the company, and this capacity
should not be exceeded. The debt capacity of a company depends on its ability to generate future cash
flows, it should have enough cash to pay creditors’ fixed charges and principal sum and leave some
excess cash to meet future contingency. The capital structure should be flexible. It structure should be
flexible. It should be possible for a company to adapt if warranted by a changed situation. It should also
be possible for a company to adapt its capital structure with a minimum cost and delay if warranted by
changed situation. It should also be possible for the company to provide funds whenever needed to
finance its profitable activities.

5.1.2 Risk:

The risk depends on the variability in the firm’s operations. It may be caused by the macroeconomic
factors and industry and firm specific factors. The excessive use of debt magnifies the variability of
shareholders earnings, and threatens the solvency of the company.

5.1.3 Income:

The capital structure of the company should be most advantageous to the owners (Shareholders) of the
firm. It should create value; subject to other considerations, it should generate maximum returns to the
shareholders with minimum additional cost.

5.1.4 Control:

The Capital structure should involve minimum risk of loss of control of the company. The owners of
closely held companies are particularly concerned about dilution of control.

5.1.5 Timing:

The capital structure should be feasible to implement given the current and future conditions of the
capital market. The sequencing of sources of financing is important. The current decision influences the
future options of raising capital.

The FRICT (Flexibility, Risk, Income, Control and Timing) analysis provides the general framework
for evaluating a firm’s capital structure. The particular characteristics of a company may reflect some
additional specific features. Further, the emphasis given to each of these features will differ from
company may reflect some additional specific features. Further the emphasis given to each of these
features will differ from company to company. For example, a company may give more importance to
flexibility than control, while another company may be more concerned about solvency than any other
requirement. Furthermore, the relative importance of these requirements may change with shifting
conditions. The company’s capital structure should, therefore, be easily adaptable.
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5.2 Approaches to establish Target Capital Structure

The capital structure will be planned initially when a company is incorporated. The initial capital
structure should be designed very carefully. The management of Ht Company should set a Target
Capital Structure and the subsequent financing decisions should be made with a view to achieve the
target capital Structure. The company needs funds to finance its activities continuously. Every time
when funds have to be procured, the financial manager weighs the pros and cons of various sources of
finance and selects the most advantageous sources keeping in view the target capital Consequently, it
is being increasingly realized that a company should plan its capital structure to maximize the use of the
funds and to be able to adapt more easily to the changing conditions.

Theoretically, the financial manager should plan an Optimum Capital Structure for his company. The
optimum capital structure is one that maximizes the market value of the firm. So far out discussion of
the optimum capital structure has been theoretical. In practice, the optimum capital structure has been
theoretical. In practice, the determination of an optimum capital structure is a formidable task, and one
has to go beyond the theory. There are significant variations among industries and among companies
within an industry in terms of capital structure. Since a number of factors influence the capital structure
decision of a company, the judgment of the person making the capital structure decision plays a crucial
part. Two similar companies may have different capital structures if the decision- makers differ in their
judgment of the significance of various factors.

A totally theoretical model perhaps cannot adequately handle all those factors, which affect the capital
structure decision in practice these factors are highly psychological, complex and qualitative and do not
always follow accepted theory, since capital markets are not perfect and the decision has to be taken
under imperfect knowledge and risk.

Elements of Capital Structure

A company formulating its long-term financial policy should first of all analyse its current financial
structure. The following are the important elements of the company’s financial structure that need
proper security and analysis.

Capital Mix:
Firms have to decide about the mix of debt and equity capital. Debt capital can be mobilized from a
variety of sources. How heavily does the company depend on debt? What is the mix of debt
instruments? Given the company’s risks, is the reliance on the level and instruments of debt
reasonable? Does the firm’s debt policy allow it flexibility to undertake strategic investments in adverse
financial conditions? The firms and analysis use debt ratios, debt-service coverage ratios, and the funds
flow statement to analyse the capital mix.

5.2.1 Net Income Approach (NI Approach)

Accounting to NI Approach, the debt in the capital structure influences the total value of the enterprise.
In other words the overall cost of capital as well as the total value of the enterprise, in other words, the
overall cost of capital as well as the value of the firm would change with change in debt in the capital
structure.

NI Approach states that if the proportion of debt in the capital structure in increased, the weighted
average cost of capital would decrease and the market value of the firm would increase. On the other
hand a decrease in the financial leverage will lead to an increase in the overall cost of capital thus
reducing the value of the firm.
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5.2.2 Net Operating Income Approach (NOI Approach)

NOI Approach is contrary to the NI Approach. It argues that the capital structure changes do not
influence the value of the firm. In other words, the value of the firm and the overall cost of capital are
independent of the degree of leverage (Debt)

The Net Operating Income Approach has made the following assumptions.

 The market evaluates the value of the firm as a whole. So the split between debt and equity is
insignificant.
 Net Operating Income is capitalized at the overall cost of capital (K 0) which is dependent on the
business risk. If business risk is assumed to be constant K0) remains unchanged.
 Cost of Debt (K0) is constant.
 Cost of Equity (K0) increases with the degree leverage.
 Corporate taxes do not exist.

5.2.3 Traditional Approach

5.2.3.1 First Stage

In the first stage Overall cost of capital is reduced or the value of the firm is increased with increasing
leverage. Cost of equity (Ke) remains constant or there may be a slight rise because the increased use
of debt increases the financial risk to shareholders, only to some extent. But this rise is not sufficient to
offset the advantage derived than using cheaper source of debt.

Cost of debt (K0) remains constant since the proportion of debt is considered to be within reasonable
limit. As a result, with the use of more debt. A cheaper source, the value of the firm increase or the
overall cost of capital decreases with increasing leverage (proportion of debt.)

5.2.3.2 Second Stage

After reaching a certain level of debt, the degree of leverage has little or no effect on the value or the
overall cost of the firm. This is because the advantage of low cost debit is offset by increased cost of
equity. The cost of equity is increased due to a higher financial risk. In this stage. Overall cost of capital
is minimum or the value of the firm is maximum.

5.2.3.3 Third Stage

Beyond the acceptable limit, if the amount of debt is increased, the cost of equity would show a great
rise thus offsetting advantage of low cost debt.

Further, the cost of debt (Kd) also rises because the firm’s capacity to borrow decreases. Thus, during
this stage, the cost of capital increases or the value of the firm decreases with leverage.

5.3 Capital Restructuring in Vizag Steel

5.3.1 First Capital Restructuring

Objective
To ensure viability and to prevent from becoming potentially sick under sick industrial companies
(Special Provisions) Act 1985 as the analysis made in 1989 indicated non-viability even at 100%
capability utilization due to high capital related charges.

Approval Reference : 10 (13)/89- VSP (Vol- III) Dt. 26th July, 1993
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Salient Features
 Conversion of Rs. 1184 crores Govt. of India Loans the Equity Capital.
 Conversion of Rs. 1185 crores Govt. of India loans into 7% noncumulative preference shares
redeemable at the end of 10 years.
 Conversion of Rs.791 crores interest due on Govt. of India loans into interest free loan for a
period of seven years.
 Conversion of Govt. of India loans receivable in 1992-1993 into 7% non- cumulative preference
shares redeemable at the end of 10years from the date of allotment (Rs. 419 crores released
after 31st July, 1992).
 Conversion of Govt. of India Loans receivable in 1993-94 into preference shares to be decided
after review.
 Waiver of penal interest that become due up to July, 1992 (Rs.149.40 crores)
 Govt. of India ensures funds (Rs. 1507 crores) in the plan period for the project.

Challenges Set
 100% Capacity utilization by 1996-97.
 Net profit with no interest on Govt. of India funds by 1997-98.
 Cumulative losses to be wiped out by 2004-05.

Benefits from Capital Restructuring

 Reduction of loss by Rs. 432.47 crores annually on account of interest saving due to conversion
of loans to equity capital, preference capital and interest free loan.
 Reduction of loss by Rs. 149.40 crores on account of interest saving due to waive of penal
interest.

5.3.2 Second Capital Restructuring

Objective
To prevent becoming potentially sick unit under sick industrial companies (Special Provision) Act 1985.

Approval Reference : 10 (13)/89- VSP (Vol- III) Dt. 27th May, 1998.
Salient Features
 Conversion of Rs. 542.47 crores loan into 7% non – cumulative preferences capital redeemable
after 10 years.
 Conversion of Rs. 791 crores interest free loan to 7% noncumulative preference capital with
effect from 31.03.1998 redeemable after 2000-01 with repayment schedule to be communicated
in due course.

Benefits from capital Restructuring:

 Reduction of loss by Rs. 235.85 crores on account of interest saving due to conversion of loans
to preference capital retrospectively.
 Interest saving of Rs. 88.47 crores per annum.
 Company could avoid attracting provisions of sick industrial companies (Special Provisions) Act
1985.
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Chapter VI – Evaluation of Capital Structuring

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Chapter VII – Findings & Suggestions

 The project completion cost is estimated to be Rs. 8692 crores.
 The payback period of the project in VSP is 3 years and 10 months. The payback period is less
than the target period so the project may be accepted.
 The NPV of the project is positive than the value of the capital.
 The Internal rate of return is Internal rate of 31.85% it is greater than the cost of capital i.e., 19%
so the project accepted.
 The profitability index is greater than thrice the ROI so the project is accepted.
 The estimated cash flows of the project include interest and tax.
 Before expansion the EPS value is Rs. 13,603.6
 For only expansion the EPS (at 7:3) of VSP is Rs. 322.646
 For expansion project the mix of Capital structure (6:4) is also best for the company, but equity
to be raised and debt to be lowered.

Bibliography
 Financial Management - I.M. Pandey
 Financial Management – Prasanna Chandra
 Financial Management - M.Y. Khan & Jain
 www.vizagsteel.com
 VSP profile & Annual Reports