India - Container Transport Logistics Project

DOORS" of The World Bank FOR OMlCIAL US OM -X ~7 S 3- II Rspt Pi P-6319-IN NEMtORtAJD AN REONENDAflON OF TE PREST OF T ITEINATION&L BA FOR RECONSTRIUCTION AN DEVEMLPIERIT TO TME EXCtIQ.VE DIRECTRS ON A PROPOSED LOAN IN TUEE AIouNT EQUIVALET TO US$94 MILLION To CONTNER CORPORATION OF IDIA LTD. WITH THE GUARANTEE OF INDIA FOR A CONTAIR TRANSPORT LOGISTICS PROJECT MAY 18, 1994 MICROGRAPHICS Report No: P- 6319 IN Type: MOP This docme has a resticted d_triuo and may be usd by rnts only n he perfo a of thi officia dutes Its cone_n may ng othrws be dicosed without Word Bnk ao&Worai.  CURRENCY EOUIVALENTS Currency Unit - Rupee (Rs) 1 Rupee (Rs) = U!$ 0.0323 US$ 1.00 - Rs 32 SYSTEM OF WEIGHTS AND MEASURES: METRIC The metric system is used throughout the report. ACONYMS AND ABBREVIATIONS BFK = bogie container flats CONCOR = Container Ccrporation of India CFS container freight station GOI = Govemment of India GON = Govermment of the Netherlands ICD inland container depot IR = Indian Railways JNPT = Jawaharlal Nehm Port Trust KPH = Kilometers Per Hour MOU = Memorandum of Understnding POL = petroleum oil lubricants PKM = passenger-kilometrs RDSO = Research, Design and Standards Organization REID = radio frequency identification device RlTES = Rail India Technical and lionomic Services TEU = twenty-foot equivalent units TK = Tughlakabad ICD TKM ton-kilometers  FOR OFFICIAL USE ONLY -MDIA CONTrANER TRANSPORT LOGISTICS PROJECT LOAN AND PROJECT SUMMARY Borrower: Container Corporation of India Ltd. (CONCOR) Executig Agency, Container Corporation of India (CONCOR) Guarantor. India, acting by its President AimouUt: IBRD Loan of US$ 94 million equivalent Terms: Repayment in 20 years, includin, - 5-year grace period, with interest at the Bank's standard variable rate Financing Plan: (US$ million) Local Fgn. Exchange ot IBRD 66 28 94 CONCOR 53 0 531 The Netherlands 0 4 4 Total 119 32 151 Ecoaonic Rate of Return: 37 percent Povety Category: Not applicable Staff Appraia Report: No. 12780-IN tIncludes duties and taxes of US$ 15.0 million "li doc_t mhas a restricted distiuomn d may be used by oin In the p z oftheir Jofa duts Itsontents m tothebisebedisclosedwithaoWodBDank audtha  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENr OF THE INTE NATIONAL BANK FOR RtECONSMRUCrION AND DEVELOPMENT T-D THE EXECUTVE DItECTORS ON A PROPOSED LOAN TO THE CONTAINER CORPORATION OF INDIA LTD. FOR A CONTAIER TRANSPORT LOGISTICS PROJECT 1 I submit for yow approval the following report and reco d n propoed loan to the Container Corporation of lidia Ltd. (CONCOR), with the guarantee of India, for the equivalent of US$ 94 million to help finance a Container Transport Logistics Project. The loan would be at the Bank's stanard variable intest rate, with a maturity of 20 years, including a 5-year grace period. 2. Bacdgound. Despite relatively rapid growth duing the last few years, the containerizaon of general cargo presently accounts for only about 30 percent of the seaboard trade of Inda, as compared with 60 perce in many other developing couris. Perhaps mo importany* less than 15 percent of the containers passing through Indian ports move iWland while 85 percent are stuffed or desuffed in the ports. The fact that only 35 prcent of all cargo arriving at the leading general cargo port of Bombay is destied for the greater Bombay area, while 65 percent is shipped on to inland areas, clearly indicates the substantial growth potental for inland transport of overseas trade contaiers. The amount of inland transport and of cargo suffed or destuffed at ports adds to the already severe congestion of India's main roads. A recent study of road transport in the main corridors noted that 46 percent of truckdng hauls on India's main highway network are in excess of 500 kn and 26 percent in excess of 1,000 kan. Given the severe capacity constrais on Tndia's main roads and the lower through costs, much of this traffic could be moved by rail in containers if high- quality, long-haul, multi-modal container services were made available. 3. Because containerization sti1l accounts for only a relatively small prentage of all cargo shipments and is largely limited to the seaborne leg of foreign trade (with most coners stffed or destuffed at the ports), India is failing to capitalize on many of the advantages of multi-modal ranisport and unitization. This includes lower packaging costs; less breakage; and more efficient stuffg/destuffing of containers by lower-cost labor in inexpensive, less-congested, higher-security facilities outside the port area. Perhaps even more important is that c ion would facilit trade by simplifying documetaon and making speedier payment to exporters possible (tbat is, exporters would receive payment on the basis of though bills of lading issued at an inland container terminal rather than at the port of shipmet). 4. The low inland penetration of overseas coniners and limited domestic container movements is caused by many different reasons, including (a) cumbersome customs regulations and procedures that have especially restricted the movement by road of containers under bond; (b) the shortage of inland container depots (ICDs) and container freight stations t%FSs); (c) the absence of an appropriate legislative framework for multi-modal transport; (d) the shortage of railway flat cars and multi-axle trucks suitable for the transport of containers; (e) tht generally poor condition of the road network that restricts road movement of containers; and (f) the low priority given by Indian Railways (IR) to such traffic. 5. Following the establishment of the Container Corporation of India Ltd. (CONCOR), considerable progress has been made in developing a network of ICDs and a ystem of dedicated container trains linking Delhi with the major ports of Bombay, Jawaharlal Nehru Port at New Bombay (JNPI), and Madras, as well as betweenBangalore, Madras and Cochin. The opening of the Tughlakabad ICD (CM) near Delhi and new ICDs at Bangalore and Cochin in 1993 has eased the ICD inastructur constrait to container transport and has helped CONCOR increase the number of twenty-foot equivalent units (TEUs) handled, from 26,5( in fiscal 1991 to over 220,000 in fiscal 1994. 6. Recenly, there have also been several other encourgn developments to promote muldti-modal ansport in India which address many of the above constraints. These include:  2 (a) the GOI decision to permit private ownership and opeations of ICDs and CFSs (originally a CONCOR monopoly) and the establishment of a streamlined process for consideration of such requests (a significant number of private CFSs hive already been approyed); (b) the adoption of the Multi-modal Transportation of Goods Act that provides for the issuance of muiti-modal tasport documen and clarifies the responsibilities of the multi-modal transport operator; (c) CONCOR's proposal to expand its conainer haning capacty and broaden its capital base by including an inital 5 percent private sector equity participation; (d) several measures to simplify documentation and other procedures for customs clearance and for the movement of conainers inland by road or rail; and (e) IRs agreement to enhance service levels and operate regular container trans on major corridors with guaranteed transit times. 7. Rationale for IBRD Involvement and Country Assiotne Strategy. The proposed project is conssent with the Bank's Country Assistance Strateg (report # P-6141-IN) for India, which focuses on supportng GOI's efforts to provide an enabling environment for broad-based efficient private sector-led growth while accelerating poverty alleviation and the development of himan resources, which was discussed on May 12, 1994. Key elements of the CAS are to assist India in becoming a more trade-oriented economy, improving infhstructure services, increasing efficiency, promoting instutional capacity, and fostering competition in the transport sector in India. Looking specifically at the project, the development of international container transport is complex logistically and requires a commercial and institutional framework that is not yet complete in India. The Bank and the bilateral assistance from the Government of the Netherlands (GON) would assist in transferring relevant overseas experience in the technology of container handling and transport, which would improve the institutional capabilities of CONCOR as well as the industry. It would also enable CONCOR to become a fully competitive and fiancia}ly sound enterprise, permitting it to finance its futu requirements on the domestic capital markets through either debt or eqity financing. 8. Project Objectives. The overall objective of the project is to establish an enabling environment for container transport and to increase the capacity and efficiency of long-hul transport of high-value general cargo. More specifically, the proposed project would: (a) improve the institutional fraework for efficient and competitive coainer transport to serve both foreign and domestic trade; (b) strengthen the commercial and operational performance of CONCOR in an increasingly competitive environment; and (c) greatly improve the service level and capacity in the main corridors by providing modem technology rolling stock to permit regular scheduled block train operations on gateway port corridors. 9. Project Description. The proposed project would help develop the necessary framework for continer transport with particular emphasis, as a first step, on the main corridors of Delhi- Bombay/JNPT and Delhi-Madras. The project would include three major complementary compoents:  3 (a) Improvement of the institutional amew,ork for efficient and conpetive container tra rt by removing some of the restrictive customs practices and policies on inland movements of containers (including by road) and by expanding customs working hours at TKD. (b) gtrenhenin gf the commercial approach and operati9nal cajacity of CONCOR in an increasingly competitve environment by (i) fornalizing service relations with IR through a Memorandum of Understanding (MOU) relating to service leve}s of container trains operations; (ii) divesting at least 5 percent of the Government's equity in CONCOR; (ii) (iii) broadening the composition of the Board of Directors of CONCOR to include non official part time directors; (iv) refoming CONCOR's claim policy to meet customers demand and to be competitive with road transport; and (v) providing technical assistance and tainig to improve CONCOR's operational, commercial, financial and general management capabilities. (c) &=W scheduled hi&h-Wualitv container train services in the main corrdors through (i) purchase of 1,200 bogie container flats (BFK) flat cars from IR and retrofit with air braking systems; (ii) purchase of 1,500 new container flat cars of new design (100 I;PH capability); (iii) purchase of 5 prototype 60-foot long platform, lightweight flat cars capable of carrymg three loaded 20-foot ISO containers for testing purposes; (iv) a further purchase of approximately 750 new flat cars of the same design as under (ii) or an equivalent capacity of the new designs under (ifl) (if the design has been approved by the time of starting procurement); (v) procurement of complementary cargo handling equipment for TKD ICD; and (vi) construction of civil works necessary for completing ICD infucture. 10. The project would be implementeJ over 5.5 years at a total cost of US$ 151 million, with a foreign exchuge component of US$ 32 million (21 percent of tota project costs), including US$ 19 million in price contingencies. The IBRD loan would be for US$ 94 million, or 69 percent of total project cost, excluding dutes and taxes. The GON has agreed to provide co-financing of about US$ 4 million equivalent for the technical assistae component of the project. The breakdown of costs and financing is shown is Schedule A. The proposed pourement aangments and the disbursements schedule are given in Schedule B. A timetable of key project processing events and the status of Bank Group operations are given in schedules C and D respectively. The Staff Appraisal Report No. 12780-IN datd April 25, 1994, is being disb d separately. 11. Project Implemea CONCOR will implement the main components of the project, partiarly the procuement of flat cars and other equipmen and the related instittional componens in accordance with an agreed implementtion schedule and performance targets. Close coordination and cooperation with TR will be needed to ensure the expected performance improvements as foreseen under the draft Memorandum of Unetnding for 1994/95. The broader instiuional component related to customs procedures and practices will be implemented by the Ministry of Finamnc. Wile CONCOR would be the recipient of the technical assistae for operaional support and staff training, die GON would be responsible for contractig with the already selected consulting firm. Project procurement has recenty started and the project should be completed by June 30, 1999. A project mid-erm review is planned for end 1995. 12. Frqject Susnblity. TMe sustinability of the project is dependent on (a) the ability of CONCOR to improve its operational performance and stngthen its commercial approach to meet market needs; (b) the cooperation of IR in providing the necessary block tain paths and tracion power; and (c) the c of the Government to removing some of the regulatory or procedural constrais to increased container transport in a competitive environment. Several measr have already been taken by CONCOR and the Goverent (as mentioned in para 6 above). The operational  4 perfmnnance and commercial approach of CONCOR would be stengened by the technical assistance component of the project and sever of the agreements reached during loan negotiations (pas 15 and 16 below). 13. Lesons from Previous Bank/IDA Involvemet. It should be noted that there has been no other project of a similar type in the transport sector in India. The overall Bank experience with lending to the transport sector has been somewhat mixed, especially in the area of project implementation and procurement, due to slow decision maldng and delays in counterpart funding as well as capacity constraints and quality control by the constuction industry. The performance in the railway sub-sector has generally been much better than in the tranwsport sector as a whole. Counterpart funding has been available and contratal disputes have been limited. However, there have been delays in procurement. 14. Drawing on past experience, considerable attention has been given to several measures to ensure efficient implemention of the proposed Containe Tranport Logistics Project. First, agreement has been reached on the key policy issues (such as the Multi-modal Transport of Goods Act), changes in customs procedures, and private sector participation, which will enable conainer trawsport and CONCOR to function in a more efficient maner. Second, the prepation of the physical components of the project is well advanced with the expected award of the first package of contuacts occurring within the nest nine months. FirWly, in order to improve the technical, operatonal, financial and marketing performance of CONCOR, the GON has provided a grant for a comprehensive technical assistance program, which is part of the project. Some provision for complementary technical assistance is also included in the proposed loan. 15. Agreed Actions. During negotiations with the Government and CONCOR, the following main assurances and agreements were obtained: (a) that the Govermment will: (i) implement agreed oustoms-related measures to facilitate inland movements of containers in accordance with an agreed timig; (ii) offer for sale at least 5 percent of its share in CONCOR's equity; and (iii) cause 1k to maintain in force an MOU with CONCOR; and (b) that CONCOR will: (i) maintain in force a satisfactory MOU with IR; (ii) enter into agreements for expeditious loading/disarging of container flat cars with the three gateway ports; (hii) submit to the Bank for comments the annually updated Business and Finance Plan; and (iv) implement the project so as to achieve agreed performance and financial targets. 16. Coaditions of Effectveness. The following conditions are specified for effectiveness: (a) CONCOR has implemented a new claims policy, and (b) CONCOR's Board of Directors shall have been broadened thru the appointment of on-official members. 17. Evl Aspects. The project will have a positive enironmental effect by transferring to rail part of the break bulk freight moving on the higly congested high-density corridor (HDC) highways. This will result in fewer accidents and rduced road congestion, noise, emissions, and POL consumption. In addition the acquisition of new high-speed flat cas will permit a higher and more efficient utilization of dte increasingly overloaded railway network. 18. Project DBaits. The project has the potent to yield substaal benefits in terms of reduced transport pad inventory costs and to that degree shod also serve to stimulate additional  trade. Parts of the long-haul non-bulk traffic currently movig on highways would also shift to the more economic rail transport mode, which has an estimad Economic Rate of Return of 37 percent for this project. In addition, changes in customs regulations and private sector entry will facilitate the handling and movement of containers, particularly for the short-haul road transportion of containers. There is littde risk that the proposed investments will fail to generate sufficient benefits to justify the relatively modest outlays due to the large unsatisfied demand for container transportation in hdia. 19. Risks. The main risk related to the project is that the expected improvements in CONCOR's performance may not be fully achieved due to insufficient support from IR in providing needed block train paths and traction power. To reduce this risk, the MOU between CONCOR and IR clearly determines the obligations of IR and provides performance incentives ,for both parties. However, IR's priorities could shift in response to a shft in national priorities. Another risk is that agencies, such as Customs, that derive little direct benefit from the project may be slow to amend their procedures and thus prevent or delay benefits from being fully realized. In an attempt to reduce this risk, up front and short term actions, particularly in respect to customs procedures, have been agreed with GOI. Finally, the foreign exchange risk of the project will be borne by CONCOR even though all of its revenues are in Rupees. The results obtained from running sensitivity analyses indicate that CONCOR would be able to meet its debt-servicing obligations even with a depreciation of the Rumee at a rate two times of that projected by the Bank. 20. Recoendatmon. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve it. Lewis T. Preston President Attachments Washington, D. C. April 25, 1994  6 Schedgle A Page 1 of 2 INDIA CONTAINER TRANSPORT LOGISTIC PFROJECT PROJECT COST SUMMARY TABLE (US$ millions) Estimated Estimated Loca Exchange Estimated Component Description Fgn. Exch. Loc. C. - Duty/Taxes Total 1. Retrofit braking system of 1,200 BFK flat cars* .00 3.36 .24 3.60 2. Purchase 1200 BFK flat cars* .00 18.75 1.31 20.06 3. Construction of 1,500 modern design flat cars 15.75 36.75 6.51 59.01 4. Construction of 5 tri- axle flat cars .45 .00 .11 .56 5. Construction of 750 m-modem design flat cars 7.88 18.37 3.26 29.51 6. Container HuAling and Tracking Equipment 2.60 .19 .72 3.51 7. ICD Construction* - Tughlakabad .00 5.18 .36 5.54 - Ludhiana .00 2.93 .20 3.13 - Hyderabad .00 1.76 .12. 1.88 8. Computer Software Systems* .00 .45 .03 .48 9. Consultancies and Training* (a) Technical Assistance for Capacity 3.70 .00 .00 3.70 Building and Training** (b) Engineering Services for Project .00 1.00. .00 1.00 Preparation and Implementation Support SUB-TOTAL 30.38 88.74 JIM 131.28 Contingency 1.62 15.26 2.14 19.02 TOTAL -Q32.00 1Q0 15.00 151.00  7 -Schedule A Page 2 of 2 DISTRIBUTION OF FINANCING (US$ millions) Estimated Estimated Local Exchange Estinated Fgn. Exch. Loc. C. - Duty/raxes Total Govermnent of The Netherlands 4.00 .00 .00 4.00 World Bank 28.00 66.00 .00 94.00 CONCOR .00 38.00 15.00 53.00 Total 32.00 104.00 15.00 151.00 * Items to be fully funded by CONCOR. ** Item to be funded by GON in the amount of US$ 3.5 million equivalent and by Bank in the amount of US$ 0.2 million equivalent Bilateral Assistance  8 Schedule B Page I of 2 CON-TAINER TRNMSPOR LDGIM PRJCT Procurement Method m Distrinn S. No. Pzoject Element Procurement Method NBF(a) Total Cost ICB LCB Otthers t. Works 12.1(b) 12.1(b) Goods and Equipment 2.1 New rolling stock 101.1 101.1 (2,250) (91.1) _ (91) 2.2 Five tri-axle flatcar for 0.6(c) 0.6 testing (0.5) (0.5) 2.3 Purchase of 1,200 used 23.1(b) 23.1(b) BFK flat cars 2.4 Retrofit braking system of 4.1(b) 4.1(b) 1,200 BFK flat cars 2.5 Handling equipment 2.3 1.0(b) 3.3 (1.8) (1.8) 2.6 T ucks, chassis and other 0.2b) 0.2(b) equipment . _ 2.7 Computers and software : 0.6(b) 0.6(b) 2.8 Transponders and related 0.5 0.5 equipment (0.4) _ . _ (0.4) 3. Technical Assistance L 3.1 Capacity Building and 0.2 4.0(d) 4.2(d) Training (0.2) (0.2) 3.2 Project Preparation and 1.2(b) 1.2(b) hmpletnentation Support . _ - Grand Total 103.9 0.8 46.3 151.0 (93.3) (0.7) (94.0) Note: Figures in parentheses indicate amount financed by Bank. The order of these notes are: a. Not Bank financed. b. Financed by CONCOR. c. Procurement of the prototype td-axle flatuar for testing purposes may be acquired either through ICB or from the proprietary manufauer. d. Financed under The Netherlands Grant.  9 Page 2 of 2 Disbursement Cate,eorjes % of Expendiure Categorsr - E to beDisbsed (1) Flat ,ars, cargo 100% of foreign handling and other expenditures and equipment 100% of local expenditures (ex-fatory cost) (2) Technical assistance 100% and training Estunated Ds Bank FY FY95 FY96 FY97 FY98 FY99 FY2000 US$ million)- Annual 12 26 28 16 8 4 Cumulative 12 38 66 82 90 94  10 Schedule C CMUMER TRANSPORT LOIST-ICS nPRJECT Timetable of Key Processini Events Time to prepare: Five years Project prepared by: Container Corporation of Mndia with Bank Assistarnce First Bank Mission: July 1989 Appraisal Mission: January 7-24, 1994 Negotiations: April 11-15, 1994 Planned Date of Effectiveness: September 1994 List of Relevant PPARs-and PCRs: None  SCHEDULE D PAGE 1 of 4 THE STATUS Of aXK GROP OPERATIOS iN INIA STA=EET OF BANK LwAS AND IDA aRIITS (AG of March 31. 1994) - ~~~~~~~~~~~~~~~~~USS Million (net of caneellationst LoaSn Ft of --------------------------------------- Credit A Jpproval Purpose ZIRD IDA l/ Undisbursed 2/ __.__- _.__. .._.... _ _-------------------------- _^-_---. ..-- . ----- - ---_-- -.._____________ 1/ 113 Loans/ 8939.4 1/ 169 Credits fully disbursedicancelled 12988.1 13S5-DN 1983 Upper Indravati Hydra Power - 170.00 11.29 2442-IN 1984 Fatakka rr Thermal Power 278.80 - 36.49 1496-IN 1984 *3ujarat Medium Irrigation - 1S1.12 12.74 SF-20-ZN 1984 Indira Sarovar Hydroelecttti - 13.84 17.65 S-16-IN 1984 Periyar Vaigai It Irrigation - 17.50 2.55 1426-IN 1984 Population III - 70.00 1. 08 1424-ZN 1984 Rainfed Areas Watershed Dev. - 22.35 2.OS SF-12-IN 1984 Tamil Nadu Water Supply - 36.S0 2.74 1454-IN 1984 Tamil Nadu Water Supply - 36.50 10.76 1483-IN 1984 Upper Ganga Irrigation - 105.43 10.68 2S44-IN 1985 Chandrapur Thermal Power 28C.0 80.60 1613-IN 1985 Indira Sarovar Hydroelectric - 13.20 15.26 z582-IN 1985 Kerala Power 1S6.00 - 87.08 2534-IN 1985 National Highways 133.00 - 31.38 i665-ZN 1986 Andhra Pradesh It Irrigation - 140.00 22.70 2660-IN 1986 Cement Industry 165.00 - 15.52 2674-IN 1986 Combined Cycle Power 485.00 - 15.25 1643-IN 1986 Gu1arat Urban - 50.34 17.43 2661-ZN 1986 ICICI - Cement Industry 35.00 - 3.48 1622-ZN 1986 Kerala Water Supply and Sanitation - 21.80 4.63 1621-IN 1986 Maharashzra Composite Irrigation - 128.82 94.94 1631-IN 1986 National Agricultural Research It - 57.21 14.99 1619-IN 1986 Vest Bengal Minor Irrigation - 45.4S 18.35 1623-IN 198S West Bengal Population - 45.85 10.81 1737-ZN 1987 1ihar Tubewelle - 22.29 7.48 1750-IN 1987 Bombay Water Supply & Sewerage III - 145.00 65.05 2769-IN 1987 Bombay Water Supply & Sewerage III 30.00 - 30.00 2796-IN 1987 Coal Mining 4 Quality Improvement 323.06 - 30.74 1757-rN 1987 Oujarat Rural Roads - 96.75 38.45 2846-IN 1987 Madras water Supply 53.00 - 24.26 1754-IN 1987 National Agric. Extension III - 66.62 17.51 i844-ZN 1987 National Capital Power 373.00 - 82.50 1770-IN 1987 National water Management - 114.00 28.78 2785-IN 1987 Oil India Petroleum 140.00 - S.11 2845-IN 1987 Talcher Thermal 367.00 - 179.50 2813-ZN 1987 Telecommunications rX 168.00 - 4.83 1780-IN 1987 Uttar Pradesh urban Development - 120.95 55.44 1931-IN 19S8 Bombay & Madras Population - 57.00 16.43 2928-IN 1988 Indcan. Fin. & Tech. Asst. 360.00 - 41.55 2893-IN 1988 National Dairy iI 200.00 - 148.28 2935-IN 1988 Railway Modernization III 270.00 - 26.90 1923-IN 1988 Tamil Nadu Urban Dev. - 254.73 104.04 3093-ZN 1989 Electronics Industry Dev. 8.00 - 7.50 3058-IN 1989 Export Development - 120.00 - 9.S1 3096-IN 1989 Maharashtra Power 354.00. - 264.84 3024-IN 1989 Nathpa Jhakri Power 485.00 - 416.46 1952-IN 1989 National Seeds III 147.24 55.64 2022-IN 1989 National Sericulture - 133.35 67.18 2057-IN 1989 Nat'l. Family Welfare Trng. - 72.76 40.84 3044-ZN 1989 Petroleum Transport 50.00 - 15.00 1959-IN 19S9 States Roads - 80.00 0.01 2994-ZN 1989 States Roads 115.00 - 98.52 2010-ZN 1989 Upper Krishna Irrigation I - 160.00 65.39 3050-IN 1989 Upper Krishna Irrigatzon II 45.00 - 45.00 2008-ZN 1989 Vocational Training - 163.85 106.62! 3196-IN 1990 Cement IndFistry Restructuring 300.00 - 140.30 2115-ZN 1990 Hyderabad Water Supply - 79.90 S1.S9 2064-ZN 1990 Indu trial Technology Development - SS.00 47.28 3119-IN 1990 Industrial Technology Development 145.00 - 72.67 3237-ZN 1990 Northern Region Transmission 48S.00 - 446.6 2133-IN 1990 PopulatiOn Training VII 63.96 40.12  SC== PAGSE 2 of 4 US$ t9illion (Sec og cancellacions) 1040/ flp of ........... ....... Credit P Approval Purpose 1UD 'IDA tJ URduSigNSed 2/ .*-------- __._.._.....................__.. ... .... ._.... .*,.......... .....-.. - --........... .*.. 3239-U; 1990 Private Power Utilitzes Z eTZC 98.00 - 31.Sl 2076-tN t990 PUn3eb Zr?qa;loniDralnaq - 14S.28 113.44 2154-UN t 99a TM" Nadu lntegrated NutrIlon It - 67.12 * 49.64 2130-XN 1990 Teehnici Eduaarion I - 210.74 146.90 2100-tN 1990 atersbhd Ovelopment (ills) -7S. S7.67 2131-UN 199Q Wacershed Oevelopmenc (Pl-aun) SS.00 47.6S 332S-tN 1991 am Safety 23.00 -23 0 2141-tU 1991 Dam Saetey - t30a00 2327 3364-UN 1991 as Plaqing Reducclo, 450.00 44.92 21373-t 1991 rcDS t (Orasa & Andhra Pradeshl 74.35 S2.77 3334-UN 1991 Industrial Pollution Control 124 .00 - 6664 2252-UN 1991 tidustrzal Pollutmn Control 31.60 31. 01 2234-U8 1991 Maarashtra Rural Mater Supply -109.90 00.36 312S-D 19:1 Petrocedmicals It -00 - 11.00 3259-It 1991 PetTCh=e1Cakls It 233-30 145.79 3344-U; 1991 Private Paver Utilities U1 3180-) 200.00 90.73 221S-UN ln91 Tamil Nadu Agricultural Development - 92.10 6S.62 3300-rN 1991 Tamil Nadu Agr&cultural Oevelopment 20.00 - 20.00 22232-N 1991 Technician ducacyon rr - 25S.73 210.62 2300-UN 1992 Child Survival and Safe Motherhood - 214.50 lSL.99 2194-U; 1992 Famly Welfare Urban sum - 79.00 81.49 2320-ZN 1992 Maharasttera Forestry - 124.00 114.92 2310-U; 1992 National AIDS Centrol 0 64.00 69.58 3436-U; 1992 Power Utilities Efficiency 265.00 - 250.90 3490-UN 1992 Second Nahaeashtra Power 350.00 _ 329.72 3470-UN 1992 Second Natioal sighay lS3.00 1S3.00 2361-UN 1992 Second Natioal Highway S3.00 :53.41 2329-U; 1992 Sbhimp and Fish Clture - s.00 83.43 2341-UN 1992 West lenal Forestry 34.00 24.06 2433-U; 1*93 Agricultural Developmnt RaJ"ethan - 106.00 94.11 2439-Z11 1993 Bikar Plateu Developmenc - 11t.00 107.8S 245-U; 1993 Jharia Hie fire Control - 12.00 11.6S 2483-UN 1993 Kanutaka Rural Water Supply - 92.00 68.33 2528-IF 1993 atinal Leprosy EiminatUin - 8S.00 81.71 3632-UN 1993 N1PC Power Geneaion * 400.00 - 400.00 3630-U; 1993 Power Finance Corporation 20.00 - 20.00 3577-"u 1993 Porgrid Sytm Delopment 35.00 - 323.13 3544-IN 1V93 Renwable Resources Delopmnt 7S.00 - 53.00 7449-MU 1993 Renewable Rsouce 04velopMnt - 115.00 112.24 2409-IN 1993 Rubber - 92.00 09.72 2470-Zn 1993 Secnd Integrated Child ev. - 194.00 190.48 2440-U; 1S93 Socdia Safety Net Sector Ad3ustment - SOO.00 250.47 2509-Ut 1993 Uttar Pradesh BSic Education - 165.00 156.24 2510-11 1993 Uttar Pradesh Sodic Lands Recla. - 54.70 53.10 2572-U; 1994 Forestry Research Educattn *- 47.00 47.74 2S73-UN 1994 Aadbra Pradesh Forestry I 77.40 76.53 2592-U 194 Mater Resources Cnsol. (1Nya) * - 250.00 264.53 2s94-ru 199 SSrashtraEergency Earthbuake * - 246.0O 249.90 Total 17636.5 20130.0 9946.2 of which has been repaid 4447.7 1140.1 ______.__ .__........_ Total now outstandig 13108.0 10909.9 Amount Sold 133.S of which has been repaid 133.8 Total no held by Ban and IA 13455.15 10415.56 Total undisbursed (excluding *I 3923.1 3901.9 1/ MDA Credit amounts for 0R-denominated Credits are expresgd in tezer of their Us dollar quivaler.t. as established the time of Credit negotiations and as subsequently presentd to te Board. 2/ Vledieburse eamts for SR-denomted IDA Cedts are derived as the undisburse balane expressed in SR equivalents fin tun derived as the differene betwee the original principal expresed in S0 (Eased on the excage rate as eatabsishd at the tii of credit negotiaton and the ch alAtive disbUrsemeRts cnaverted to MDM eqvalents at eM exchange rates prvailing at the respective dates of disbursemens less cancellations expressed in SDR equivalents coverted Co US dollt equivalts St 10IUS dllar exchage aeQ int exfhft an March 31. 1994. * Not yet effective. Soure t Statement of Loans ald Credits (LWAMA) of Marxh 31. 1994.  SOIZDULI D PAGE 3 OF 4 3. STATEDE? OF IFC MINVE. S ...______ ._...__...._...__,. (As of March 3U. 1994) Amount (US$ Million) Fiscal Year Company Loa _ quity Total __________ _--- .... -.---------------------- -----__-- ----....... ------ 1959 Republic Forge Company 4td. 1.50 _.S0 ;959-92 Kirloskar Oil Engines Ltd. 0.85 - 0.5 1960 Assam Sillimanite Ltd. 1.36 -. 1.36 1961 K.S.3. Pumps Ltd. 0.21 -- 0.2i 1963-66 Precision Bearings Todia Utd. 0.65 0.38 1.03 1964 Fort aloster Industries Ltd. 0.81 0.40 1.21 1964 Lekahsd Machine Works Ltd. 0.9" 0.36 1.32 1964-75-79190 Mahindra Ugine Steel Co. Ltd. 11.81 2.04 14.65 1967 Indian Bzplosives Ltd. 8.60 2.86 11.46 1967 Jaysbre Chemicals Ltd. 1.05 0.10 1.1S 1969-70 Zuari Agro-ChesMloal Ltd. 1S.lS 3.s6 16.91 1977-87 Searts Limited 1S.SS -- 1S.55 1978-87/91/93 Mousing Development Finance Corp. 106.29 4.05 110.34 1960/82/87/89 Deepak Fertilizer and Petrochemicals Corporation Ltd. 7.50 4.23 11.73 1961-82 Magar7un Coated Tubes Ltd. 1.So 0.24 1.74 2.981-82 sagarjuna Steels Limited 2.88 0.24 3.12 1981-66-89 Tata Iron and Steel Company Ltd. 131.04 24.49 155.53 1981-90/93 Mahindra & Mahindra Ltd. 29.71 9.30 39.01 1982 Ashok Leyland Limited 28.00 -- 28.00 1982 Coromaudel Fertilizers Limited 15.6 -- 1.5.88 1982 The Bomby Dyeing and Manufacturing Co. Ltd. 18.80 -- 18.80 1982-87/91-93 rT2 Signode 2.99 1.01 4.00 1982-87 The Indian Rayon Corp. Ltd. 14.57 __ 14.57 19S3 Sharat Forge Company Ltd. 15.90 -- 15.90 1984-86 The Gvalior Rayon Silk Manufacturing (Weaving) Co. Ltd. 15.95 __ 15.95 198S Biaja Auto Ltd. 23.93 __ 23.93 1985 Nodi Cement U.05 OS 13.05 198S-66/90-91 India Loase Development Ltd. 8.SO 0.78 9.26 1985/91 8i4hr Spange 15.24 0.66 15.92 1966 Baja Tempo -Limited 30.54 -- 30.54 1986/93 1ndia quipment Leasing Ltd. S.SO 0.44 3.94 1986 Larsen and Toubro Ltd. 21.78 -- 21.78 1982-67-93/94 The Great Eastern Shipping Compy Ltd. 68.00 13.69 81.89 19i7 Zzport-Import Bank of India 15.45 -- 15.45 1987 Guajrat Fusion Glass Ltd. 7.S2 1.70 9.22 1967 Gularat Maunmda Valley Pertilixer 38.07 -- 38.07 1967 Hero Honda Motors Ltd. 7.74 _.74 1967 rindustan Motors Ltd. 39.14 __ 39.14 1987 The Gujarat Rural Housing Finance Corp. -- 0.19 0.19 1967 Vinco Limited 4.70 __ 4.70 1967-89/90 Titan Watche" Linited 22.02 1.15 23.17 1988 rnvel Transmissions Ltd. -- 1.07 1.07 1989 Ahmedabad Electricity Company, Ltd. 20.e3 -- 20.83 1969 WX4 Advanced Technology -= 0.20 0.20 1969-90/92 Keltron Telephone Instruments. Ltd. -_ 0.56 Q.SS 1969-92 Gujarat State Fertilizer 40.46 -- 40.46 1990 .18 India Securities Firms -- 0.37 0.37 1990 UeL Fuel Systems Ltd. -- 0.63 0.63 1990-91 Tata Electric 111.88 16.7S 130.63 1991 ATZC Industries Sxport Finance 0.28 -- 0.28 1991 Bombay electric 66.00 -- 68.00 1991-93 C8SC Ltd. 83.06 -- 83.06 1991 Export Finance - APDC 0.35 __ 0.3S 1991 Rerdilla Axide and electronics Ltd. -- 0.29 0.39 1991 Irdust. Credit & Investment Corp. of Itdia -- 26.60 26.40 1991/93 Infrastructure Leasing & Financial Services 15.00 4.92 19.92 1991 TDSCS 0evelopment Finance Companies 2.05 2.0S 1991/93 TRIVBNS -- 1.30 1.30 1991 Varun Transport. Storage & CoMuuniaetion 17.04 3.06 20.10 1992-93 Arvind Hills 22.13 19.16 41.29  SCIDUUL 0 VAQ8 3 Or 4 amount (UsS milio,m Fiscal Year COUpany Loan Equ1ty Total - .___ .---. -- --- -- -- ------- ------ ------- --- . _-_----w- . -_-____ 1992 Block IM.on -- -.20 8.20 1992 KUDOS vc7 -- 1.01 1 1992 Xotak Mahindra 0.66 -- 0.66 1992 Nippon Denro 40.00 5.77 45*77 1992 SXF Bearings Sl.SO _ .S0 1993 Creditcapital VF _ 0.51 0.51 1993 vz=O-UCO 3.00 0.2s 3.15 1993 20th CZUTURY 16.00 -- 16.00 1993 Indo Tech Fund 0.00 0.64 0.64 1993 CRDC Asset Mgt 0.00 0.32 0.32- 1994 Gujarat AmbuIa 35.14 8.23 43.37 1994 $ndo Rm Spinning a Weaving Is.0 9.64 44.84 1994 Centurion Grcwth -- 2.39 2.39 1994 TCIC -- 0.16 0.16 TOTAL. GROSS COMMITME .289.97 194.75 1484.72 4ess: Cancellatioa. Terminations, Exchange Adjustments, Repayments. Writeoffs and Sales 704.23 74.92 779.11 Ncw seld by tIFC SB5.74 119.83 70s.57 Undiabursed 104.21 12.4? 116.68 Source: IFC Statement of SIC InveStmentS as of March 31, 1994.