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The World Bank

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PRESIDETOFP ToU

INTEIATZOWnARAKOR fWl Al

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-OF SDR 23.4. MILO U$16MhINEQInALEt

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(as of may 1, 1991)

Currency unit- Rupee (Rs)

-S$0405 - Rs. 1.00USO0 - Rs. 20. 0Q

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NOR OFFICAL USE ONLY

lSwntcUDI -P3.01KO sUBoL 1y

huomnc: India, acting by its President

bzsZLBaflmra s Industrial Credit and Inestment Corporations of India (ICICI)IndUstrial Development Bank of India (IDBI)

I4Ss A4Yra=S: US$124.0 million equlvalentCredit Amount: SDR 23.4 million (US$31.6 million equivalent)

lam|: The Bank loan would have a repayment period of twentyyears, including five years' grace, at the Bank'sstandard variable rate. The IDA credit would be onstandard terms, with a 35 year maturity period.

oTemar: The Government would onlend the proceeds of the lank loan tothe ICICI (US$50 million equivalent) and the IDBI (US$74million equivalent). The Government would bear the foreign

¢ehange risk, onlending to the Development FinanceInstitutions (DFIs) in Rupees, at an interest rate of 2% belowthe long term domestic commercial lending rate (currently 15%),and a repayment period of 15 years, including five years ofgrace. The DPI' a would onlend at 158 or such rate as may beset in consultation with the Bank.

w nancinQ Plaq: I~~~~ocal IMreXq Total--------US 8 million__-_

Government of India 17.4 -- 17.4Financial Institutions 25.0 -- 25.0Project Sponsors 62.0 -- 62.0TIED 89.5 34.5 124.0

* IDA 2LI6Total 203.9 56.1 260.0

Economic Rate ofRturn: Not applicable

Staff &pUia4sa9347-IN

his document has a estitd distributon and may be used by repients only th ,fornmaeof ther offil dutie.ts contents may not otrwise be dbdosed witout Worx4 Bank -i*hou=tm

MEMORANDUM AND RECOMMENDATION OF THE PRMSIDENTOF THE INTERNATIONAL BANK FOR RECONSTRUCTION ANID DEVEWPNET

AND THE INTERNATIONAL DEVEWPNENT ASSOCIATIONTO THE EXECUTIVE DIRECTORS

ON A PROPOSED LOAN AND CREDITTO INDIA

FOR AN INDUSTRIAL POLUTION ; MM PROJ-ECT

1. I submit for your approval, the followdg memorandum andrecommendation on a proposed loan of US$124 million equivalent and developmentcredit of SDR 23.4 million, (US$31.6 million equivalent) to India, to helpfinance an Industrial Pollution Control project. The loan would be at the Bank'sstandard variable interest rate, with a maturity of 20 years, including 5 yearsof grace. The proposed credit would be on standard IDA terms with 35 yearsmaturity.

2. The Government would onlend the proceeds of the Bank loan to theIndustrial Credit and Investment Corporation of India (US$50 million) and theIndustrial Development Bank of India (US$74 million). The Government would bearthe foreign exchange risk, onlending to the institutions in Rupees, at aninterest rate of 2% below the long term domestic lending rate (currently 15),with a repayment period of 15 years, including five years of grace.

3. Biakgamiun. Since the early 1970s, InUdia has forcefully moved toreduce the conflict between industrial development and environmental protection.Among the actions already undertaken to achieve this goal are: (a) the enactmentof laws and regulations governing the discharge of pollutants into the air andwater bodies, as well as the generation and disposal of toxic and bazardousresidues and the development of safety codes for factory operations; (b) thecreation of rsforcement agencies to monitor and oversee compliance with theenvlronmental Xaws; and (c) the enactment of an umbrella environmental actempowering the state to pursue environmental protection measures. The Governmenthas also introduced a number of incentives and penalties to ncourage industryto comply with environmental standards. The Gavernment's actions have alreadyhad a significant effect by encouraging a favorable change in attitude inindustry toward environmental concerns, the adoption of environmental Impactassessments as standard practice for new industrial projects and theimplementation of a large number of treatment plants and abatement measures atexisting units.

4. As industtrial modernization is a key element of the developmentstrategy of the country, efforts continue to be mounted to control and reduceits adverse environmental impact. The Government is in the process of enactinga policy statement for the promotion of environmentally safe industrial growth,conservation of natural resources, waste minimization and control and abatementof pollution. The elements of the strategy are still being defined but arelikely to Lnclude: (a) the internalization of environmental concerns in economicpolicy making; (b) the integration of environmental policy within industrialpolicy particularly for the future development of the chemical industry and thesmall scale sectors; and (c) the adoption of a common management strategy forenvironmental policy with active participation of industry and the public. The

2

proposed targets for this policy for the next five years are: (a) to reduce by25% the use of water by the industrial sector and the generation of solidresidues and all emissions of pollutants from lndustrial sources into waterbodies; (b) to promote the adoption and implementation of common effluenttreatment plants at existing clusters ofamall scale industries; (c) to containthe emissions of airborne pollutants, in particular COs and SOx, at presentlevels; and, (d) to regulate the use of non-biodegradable products and thedisposal of toxic and hazardous waste. These targets are optimistic and may takelonger to achieve.

5. Lesgons Learned from Previous Bank Operations. This project is thefirst stand alone environmental operstion in India dealing with control andabatement of industrial pollution and the first dedicated environmental operationfor industry in the Asia region. It therefore involves an element of roledefinition. However, the implementation of industrial finance projects in Indiahas been satisfactory with disbursement rates consistent with Bank standards.

6. Rationale for Bank Involvent. The proposed project fits CZearlywithin the proposed strategies for pollution control in India as described bythe draft Policy Statement on Abatement of Pollution, now being developed by theGovernment, and by the draft Environmental Action Plan, currently underpreparation. The proposed Action Plan calls for the formulation of specificaction programs for some of the most critical environmental problem confrontingIndia including: (i) the strengthening of the relevant institutions; (ii)industrial pollution control; and, (iii) ensuring safe water supply. Theproposed project directly deals with these priorities and addresses the technicalasistance, financial resources and policy advice needed to address environmentalconcerns in industry.

7. rro1ect Obtectives. The project's overall objective is to supportthe Government of India's (GOI's) efforts to prevent and alleviate environmentaldegradation caused by industrial operations. The project is designed to assistin identifying and implementing a cost effective program for industrial pollut.ionmonitoring, control and abatement within the context of institutional andfinancial constraints present in India. The project specific goals are:(i) topromote effective and timely enforcement of existing legislation on environmentalprotection regarding industrial sources; (ii) to support efforts by industry tocomply with existing environmental regulations, includiag a special effortdesigned to reach the small scale sector by setting up common treatmentfacilities; and (iiI) to support assessments, extension services and researchin waste minimization, resource recovery and pollution abatement in industry.

8. Pro1ect Deserintion. The project will focus on the chemical andrelated industries including fertilizers, tanning, dyes, pesticides andinsecticides, pharmaceuticals, petrochemicals, pulp and paper, and sugar anddistilleries, which as a group have been identified as a major source ofindustrial pollution. Because of their size and importance, and the nature oftheir operations, these industrial subsectors have a substantial potential forpollution control and monitoring investments with sizable environmental-benefits.Under the project, efforts to monitor, control and alleviate industrial pollutionwill be concentrated in the states of Gujarat, Maharashtra, Tamil Radu and UttarPradesh. The first three states are the seat for the bulk of the chemical and

3

related industrial sector In India, while Uttar Pradesh ls the largest state,with a large numbor of small and medium size industrLal plants.

9. The proposed project comprises three components:

(i) Ten l El 0nln SgldglW Lis designed to strengthen the monitoringand enforcement abillty of the 001 by financing a program ofimprovements at the Central and selected State Pollution ControlBoards to enable effective implementation of their mandates. Thecomponent would finance: (a) a training program in technical andmanagerial skills; (b) acquisition of equipment required to upgradetechnLeal capabilitieo of tho Boards; and (c) other laboratoryfacllities.

(ii) The Investment Component would finance: (a) individual enterpriseprojects in the target sectors dealing with waste inilmization,resource recovery and pollution abatement; (b) implementation ofcommon treatment facilities at industrial estates for the treatmentand proper disposal of liquid and solid wastes; and (c) demonstrationprojects selected on the basis of their innovative nature, potentialenvironmental beneflts and other eligibllity criteria agreed betweenthe GOI and the Bank.

(iMi) The Technical Assistance CoSgonent would assist: (a) the Ministryof Bnvironment and Forests (NOEF) to evaluate enironmental problemand develop solutions; and (b) the DFIs to assist enterprises inundertaking the required feasibilLty studies for pollution controlinvestments.

10. The total project cost is about US$260 million equivalent, icludingphysical and price contingencles. Direct and indirect foreip exchange costsaccount for about US$56 million, or 22% of the total cost. A summary of projectcosts and the financig plan are presented in Schedule A. Asmots and methodsof procurement, and the dlsbursement schedule are shonm In Scbedule B. Allproject funds are expected to be disbursed in seven years. A timetable of keyproject processing events and the status of Bank Group operations in India aregiven in schedules C and D, respectively. The Staff Appraisal Report No.9347-IN, dated Nay 7, 1991, is being distrlbuted separately.

11. $yeed Actions. The 001 has agreed to: (a) maintain anImplementation Cell and a Steering Committee for the duration of the project andprovide them with the requislte assistance to carry out thelr functions properly;(b) undertake and complete a study by Dcamber 31. 1991 on the organization andmanagement of the State Pollution Control Boards; (c) discuss wLth the Bank,the progress in the iplementation of changes in the discharge standards forindustrial sources of pollution; (d) obtain a Letter of Understanding from IDBIfor channeling grant funds under the inuvstment and technical assistancecomponents, as a conditlon of loan effectiveness; and (e) relend to the DFIs theproceeds of the Bank loan under the terms of Subsidiary Loan Agreements to besigned as a condition of effectiveness, specifying lending in Rupees at a rate2% below the DFIs' long-term domestic lendlng rate (currently 15%) with a maturityof 20 years including up to five years of grace.

4

12. The DFIs have agreed to relend the proceads of the Bank loan (a) inaccordance with sub-project eligibility criteria and free limits agreed with theBank; and (b) at an interest rate of 15% or such other rate as may be revisedin consultation with the Bank with sub-loan maturities of up to 15 yearsincluding four years of grace.

13. ACgfith. The main bonefits of the project are associated with thereduction in environmental degradation, caused by industrial sources, resultingfrom the activities described in the report. The institutional component isexpected to yield, in the short term, improvements in the effectiveness andcoverage of the Boards in their monitoring and enforcement activities. Withstronger Boards, the 001 will be able to promote stricter complianco with theprovisions of the environmental acts. The sponsoring of the common treatmentfacilities is a pioneering effort with potential for replication across India.Successful implementation of the proposed facilities should result in asubstantial impact in the environmental performance of the small and mediumscale industries which so far have proved resistant to change. By providingtechnical and financial support for individual enterprise efforts in wasteminimization and resource recovery, the project is expected to contributesubstantially to a reduction of waste generation in the chemical and relatedindustries. The support of demonstration projects will assist in theintroduction of novel techniques and processes for solving pervasiveenvironmental problems in industry.

14. Risks. Specific project risks are associated with the response ofindustry to the need to improve the environmental aspects of their operations.Although the project places priority on the strengthening of the amonitorlig andenforcement institutions, in the final analysis it is the ability to convey theseconcerns to the manufacturer that will deterine the success of the operation.The weaknesses of the State Boards, among these the current inadequacies intraining aud infrastructure, represent an implementation risk. lowever, GoI'scommitment to address the shortcomings In organization and management structureof the Boards and the project sponsored actions in training, equipment andfacilities will greatly contribute to improve their effectiveness. Theinvestment component has been carefully sized to reflect the knwn demand forinvestments in pollution control.

15. Re *ndatiRn I am satisfied that the proposed loan and creditcomply with the Articles of Agreement of the Bank and the Associationrespectively, and recommend that the Executive Directors approve the proposedloan and credit.

Barber B. ConablePresident

Attachments

Washington D.C.Kay 10, 1991

5

Page 1 of 1

Iatmatd Cst an FianengPlan

(US$ dillion)

Local Foreign Total----- (us $ S illon) -. _-

Estimated Projoet Cents a/

Institutional 8.9 9.1 18.0Imvestment 194.0 43.0 237.0Teshnical Assistance 1.0 4.0 5.0

Fl. Contf 203.956,1 260.0

£Lmlf Plan

SourcesGoveriment Of India 17.4 .-. 17.4Financial Institutios -25.0 --- 25.0Project Sponsors 62.0 --- 62.0I$3D 89.5 34.5 124.0IDA 10.0 21.6 31.6

Total ELOMaIng 203.9 S6.1 260.0

a/ Price and physical contingencies are added to the total.The project costs are exclusive of taxes and duties.

6

mI 8 1 of 2

_ ~~~a mm ..

Equipment 7.2 3.8 1.8 12.8( 4.1) (2.7) (1.8) (8.6)

C iil Works --- 1.8 --- 1.2(1.5) (1.5)

Services --. - 3.4 3.4-.- --- (2.5) (2.5)

Zatal 7.2 5.6 5.2 18.0(4.1) (4.2) (4.3) (12.6)

Equipment 35.0 25.0 17.0 77.0(25.0) (20.0) (10.0) (55.-0)

Civil Works 8.3 100.7 38.0 147.0(8.3) (58.7) (9.0) (76.0)

srvices -- --- 13.0 13.0,,. _e. (9.0) (9.0)

9TolL 43.3 125.7 68.0 237.0(33.3) (78.7) (28.0) (140.0)

Equlpment 1.0 1.0 1.0 3.0(1.0) (0.0) (1.0) (2.0)

Services --- .-. 2.0 2.0--- --- ~(1.0) (1.0)

Total 1.0 1.0 3.0 5.0(1.0) (0.0) (2.0) (3.0)

TOTAL 51.5 132.3 76.2 260.0(38.4) (82.9) (34.3) (155.6)

/Figures in parentheses are the amounts financed by the ank.

7

SCHE MPage 2 of 2

sl"J"lzCZ ^lQYL ~~~~~~to be fLISSMg

1. PartA (lustitutional Component)

a) Equipment 8.6 IOOF/lOOLE/80L /b) Civil Works 1.5 90c) Consultant Services and Training 2.5 100

2. ar B (Investment Component)Equipment, Civil Works and Consult-ancy services under:

a) Subloans for Individual Projects 100.0 lOOF/75L

b) Subloans and Subgrants for CommonTreatment Facllities andDemonstration ProJects 40.0 lOOF/80L

3. arLt (Tec"nical Assistance)

a) Equipment 1.0 lOOF/lOOLE/80L

b) Consultant Services 2.0 100

Total

astimat DLsburseaqmts

BInk onrou Fiscal airt JIm 1993 12 22 lii 1919 1998

Annual 8.0 8.0 18.0 48.0 36.0 22.0 15.6

Cumulative 8.0 16.0 34.0 82.0 118.0 140.0 155.6

A/ J means foreign expenditures, LE is local ex-factory, L is other local.

8

SCHEDULE CPage 1 of I

Timtable oil go Project Proosanin Rvent

(a) Time takn to prepare project: 10 Months

(b) Prepared By Goverrnont, ICICI, and IDBIwith Ban assistance.

(c) First Bank Mission: Janr 14, 1990

(d) Appraisal mision departure: November 22, 1990

(e) Negotiations: April 15, 1991

(f) Planned date oE effectiveness: October 1, 1991

(g) List of relevant =Cs and lIARs: None

9SCHUt£ O

PAG l o 4

rem STA1S OF SamE opPuAiI IN IsA

A. STATME Of SAI LOA AND ISA CROEITS

(As of March 31, 11)

U56 lltIIon(not of aslltlona)

Loss or flesl tYearCredit No. of Approval Pvrp1s. nS IDA 1/ W tdlsbras 21

76 Loans/ .2 - -152 CredIts tfully dtbursed 106.2 -

1172-t1 1o2 Kora Thtrml Poser - 400.0 20.031177-iN 19 2 Mhdys Pradesh Major IertgiUon - 220.0 47.501173-4N 1on2 Wa * Sssgs Soeei Forest - n.0 2.062073-WN 1002 RImgund Thermal Poser 260.0 9.011260-IN 2.163 GaJu't etow Supply -2.0 27.0?1919-IN 196 HrNetys trristlon It 10.0 32.041332-IN 1o3 U.P. Pubite T Ibll I* - lo0.0 2.071363-IN 1008 Uppr Indrati Hydro Peows 170.0 40.772273-ZN 1008 Uppe Ireveti Nydro Pr 1.4 - 156.011369-1N 1968 Calcutte Urban Oeveloepmwt ? - n47.0 60.612263-IN 1018 Central Poser Trtn lssion 210.7 - 137.232295-IN 193 N"Imlaya Watershed Mss t r1.2 - t0.10I=3-IN 100 mharashta Water UtIlization - 62.0 2.552329-IN 100 J Heav Pradesh Urban 1.1 - 0.531424-IN 1964 Related Area Watershed *W. - 31.0 29.601423-DIN 194 poplation LIn - 70.0 3.441432-IN 1004 Karastaha Soetel Foresry - 27.0 6.252367-IN 194 NhWve Shoe Port 260.0 - 21.562380-IN 19 4 OSdhiehue Coal 109.0 - 20.96240J-IN 1964 e.ab _StalsPerol_e 213.5 40.6092415-IN 1964 Mdhya Prdeetb Pertila I 1 4.6 - 19.701454-IN 1964 T$t I Nde.I t Supply - 30.5 21.72SF-12-IN 194 Ts I "oft Wate supply - 30.5 39.67SIF-10-IN 1964 P eryr Yalget I Irgtios - 17.5 12.7014I3-IN 1984 Upper atge Iitonl 125.0 93.721491-IN 1964 IujvI"t Mdium argaton - I72.0 06.542416-IN 1964 rndera Sovar Nydroelestrie 17.4 * 12.10SF-20-IN 1964 Indir Sero e. Ndre loeSrte - 1S.0 10.901013-IN 1965 Indirae *rover leetris - 15.2 16.702417-11 19164 3.1 saIs Elerltlestte 27 .t - 29.112442-IN 194 For uM Themal Poser 30. - 124.272452-IN 1954 Foth tr11 Therml Posr 135.4 - I.61502-IN 1964 Nablonl Coopertiv

_eI. opm.t CrporaXtio tSt - 220.0 113.701514-IN 1966 Keral Soelrl ForOry - 31.9 17.1312e-IN 195 Natoel AgrIs. taoo I - 30.1 33.691544-1N 1966 Sembey Urbem 0evelopt - 1W8.* 110.512497-IN 1966 Dr (Mat) W ad Poet A0.0 200.001552-IN 1965 N rmM (o ara sa lnd Pow - 100.0 57.091563-IN 1965 Naremd @ arat) Caonl - 160.0 99.501569-IN 1965 Segend NatiIna Agricultural hit.. - 49.0 34.70s1-=N 196 Natio l Itel F - 165.0 U.212496-I 1965 Jharis Coking Coal 57.7 - 5.282606-IN 1966 mhohmr*Ws Pt eohelcel 800.0 - 9.692534-IN 1965 sao"" Nutionl "HI~ M 200.0 - 139.792544-IN 1966 Chaudrapur Thornl _s 30.0 - 130.6025111N 1965 " lhend Pow Tranumiseon 160.0 - 60.902562-IN 1965 Kerala Pow e 17.0 _ 140.0?11-Ill 196 emqa ie.' Irrigation - 96.0 119.95

10

SCHOdULE 0

PAGE 2 of 4

( e t f ll#ton

Loan or Fisol Y1fe aBbrf --------- oCedit No. of Arovael Purpose 1 D 1, UIdisburs 2/

1621-11 1ow Maaehtra Compoiteo Irrigatton - 160.0 16.481622-IN 19son Kael& Wator Sppy adnitation * 41.0 42.411623-IN1 1w esat SenIl Population 1.0 26.61t18-tIN 1on National AgrulOtural Researc h - 72.1 66.02620-iN 106 Industrial Espert 0eW. Fnne. 90.0 - 16.6280-i 106 ICIC-tndus. Lap. Dw. Finance 140.0 - 42.411648-IN 1on GaJeret Urban - 62.0 46.722660-ZN 1o6 Ceme Industry 165.0 - 90.722441-10 1066 iCiCi - Cemnt Industry 5.0 - 25.10165-1K 109t Andhr Pradehb U rieties - 140.0 160.142662-1K 196 Amdar Predeb II Irrigation 181.0 - 181.002674-N so66 Combined Cyolo r 465.0 - 41.072730-2N 1906 Cooperative wFrtill) 116.8 - 25.891787-ZN 1"7 giber Tubwelln 6 6.0 60.762769-IN 167 oebay Wteor Supply a

Sewerage III 40.0 - 40.00t6-0-1 19y Sammy bs%er Sbpply A

1 K 1 r qo XSp -I 146.0 116.401754-ZN 1907 Nasti AIc. atenston ITT -I5.0 71.761757-2N 9067 Gujrat Rural Rombs - 110.6 109.021770-N 1067 National Water Manamet 114.0 100.072?8t-TN 1967 oI Indio Petrole_m140.0 - 69.212790-11 la7 Coal Mining a Owlity Impreveiet 840.0 - 124.782613-N 1067 Telecomu ln Satio IX 103.0 - 8C.442797-2N 1"? Uter Pradeh Urban O l.op.et 20.0 - 20.001760-ZN LW Utter Pradeeb Urban D r.lopmsnt 180.0 99.622627-1N 1n? Kernatak Powr 880.0 - 208.752644-ZN 1s National Capital Power 426.0 - 209.982845-IN 19W7 Talocer Thermal 875.0 - 880.682646-1K 198J Madr Water Supply 6J.0 - 49.381622-1K 106W Madr Wate br Suppr - 16.0 1."2160-2N 11it National Wiry q 200.0 - 200.0018S9-1N lo9W Nationl Oeiry S - 1CO.0 76.12904-IN 1066 W aestrn Ca Deelopn 268.2 - $5.72926-11 1986 0Fdl. ain. 4 Tefh. Ast. 860.0 - 186.90208-11 1918 Ralwa Iy Medrlzatleo. III 80.0 - 275.502018-ZN 1066 Karenatk Power It 200.0 - 283.75206T-ZN is" Ubter Pra Ah Powr 80.0 - 804.461028-Zm 1066 Tsmi Nude Urban 0.w. * ;00.3 226.521081-IN 19t (emmby Madras Popublon - 67.0 16.622904-IN61 sn Statebs Rods 170.0 170.001066-ZN 101_ SttOe Reads - 60.0 01.623024-tN 10Me NOthe Jhakrl Power 466.0 - 446.291052-lN $166 Natio_al Seed II .S 160.0 103.663044-IN two Fetroleum Transport 840.0 - 30J.002006-ZN 1909 Voosl*tl TrAni*. - 230.0 228.843045-tN 16900 Voelonl Traintn .0 -: . $0.002010-IN 101_ Upper Krishna trrigatlon U - 160.0 126.628060-tn 106 Upper Krihs Irrigtolon a S16.0 - I65.001105-IN 106611 Insrt Devel opment 120.0 - 07.723056-IN 106 ICICI - Oxport DeeloAme"t 175.0 144.622022-IN 19 Na Mtional teriultwre - 147.0 126.033l06-ZN 1t06 National Serialture J0.0 - 80.00S09J-tN un glwcrt 1060o otry 0"v. . 6.0 - 7.508094-ZN £060 tctIC - letronios ad. Sew. 101.0 e 16.36066-IN 16 n186 - Inetrosse lad. Se,. 101.0 - 2.748096-IN 106 Mabaatr Pow 400.0 - 87.2?20SW-IN 1s6n Ntb*i. Fmily Welfare trog. - 118.3 96.09810-IN 1 16 Nt1*4. Fealy Welfare Tra, 11.8 - 11.30$119-IN1 1900 Industril Technlogw OveIoa l 145.0 - 126.902064-N 100 Ind utrIl Tothnelegy Oevel _pe - 55.0 58.66

SIomuLEt 0

PAGR Jdo 4

Us It I Ion( oet oil ea lotios)

oan or Piowal lee_,Credit No. o Ap.,val Purpe MSoA I/ Unditburs 2/

3144-91 19000 Pna rpofrip 15.0 -15.00206iN 100 w Urrowietlevrl"afo, 210.0 14-.00215-16 100 -- abed Wtr SuP1Y 79.9 80.703102-16 1990 bed Water 10.0 ° 10.003109-11 100 M.* M." - SP3175-1 136 Watershd quest hII 13.0 IS1.'2100-D! 100 Wa0ered (MlI 75.0 7n.7t3195-14 IWO Teoola. S tie. I 211.0 - 2.002180-161 I990 TebaoMia Siusats - 235.0 M.oS

7-I6 13 Waterd mt -(Pl tes) 7.0 - 7.002131-IN 1960 Waterhed DowelioA atls) - 35.0 54.7810-161 son0 Popelati Ttraiin Vt 10.0 - 10.00211 10 Poplalos Training VI - 06.7 35.215-N 100 Tt I Itatd Ntritio S - 09.J 0.18237-16 1000 llrohera egIboI Transelslo. 43.0 - 46.00323-I 10 Pr Powr Utillties ".0 - .003158-34 1o1 1CM I (o0f-is a Andbr Pradu) 10.0 - 10.00217- 1001 ACO ASdbre Prd) _ 1.0 94.83

8-1991 Petroohemio1l 12.0 - 11.002-I 100 Meleol 28.0 - 212.#

30-N 10n _ o 40.0 - 40.002179-1N 1 te l 170.0 187.758800-16 1001 T.I IX Mad1Agrieultural eveo t 20.0 - 20.002215116 101t Toml Nad Agrioult1nrl e01 t - 92.5 so.62228V 1001 Igl -t 07.1 266.3

Total X"178.0 176M6. 12204.31e whblh baa boe repid 2 . .

Totl mmestanding 14661.2 1665.ANAG Sod 3

toti am bold by laab ed IDA /1

tal lundisbersd CeledIg *) .0 46.2

A/ I Creit asseat fo1 Mdmemfted Crdlit are enwrse in te O te US Vol las'.qwivaloate, as tabli_bg et tb ti.o Credit aeiettos NW as subeeqeetlypresente to th Seard.

2/ Undsd beree ameata for $1111-deuoeIaate MS Credits dirt 4Wed tMRa OWUmelaIVe diabersmet*Cnverted toe r Us dollar sqelaeaft at the UIm dollop esebag rate os

ten Ma 11 whbile original p ieipelX lo besed an th oo g rate lot ^at g . Tho aesset tfr the tst #Aat Isn ao" ome us "aboed

bela ai o lot tb blg th the Wrisl prislal.8/ Priert

o Nt yet ettostive.. ^ itl".~~~~~~~~~~~~~~~

eaiuui 0 12 4

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3. STATSW w WC IUISlUPT

(As S n , 101)

(on 01I II left)flseal ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~bo CUS Ce ii..)

Flout Year Compan I...Iqlt Toute

IM9 tp6l le fo p COMPo7L*d. 1.50 1.50is" NIrloska Oil t_ 'a. 0.65 0.6111tw0 Asses1 II1eea,l Lt. 1.6 * 1.361os6 6.6.6. P , . 0I @1 - 0.21116810 P..tsl.o s p India Ltd. @.46 O.6 1.05

1694 Fort Olsee adutciee Ltd., 0.61 0.40 1.1106475-/90 Whtldie ugh. I Stoo Ce. Ltd. MU 1.64 14."1s64 Lobelma) Usble. Wevrlts Ltd. 0.0 0.3 S,t19667 "Inb Ch_ Ltd. 1.0 0.10 1.11toy6 rna Eiele Ltd. 6.50 1.46 11.401668-70 Ise 9.t1o Ltd. 8.41 3.36 16.11t97647 iro L t 1." - is."IT791M "owing .lp.en1 t FPase Coe. 10.00 .10 206.10

P.tu..faie Ce.po."tbe Ltd. .3 4.3 11.716 C d Pst I wto Limtd 5. - 15.66I1-1-60-0 Tau l aN StI c_ Ltd. 71.07 21.40 ".6166 1_r Cte T.n o Ld. 1.50 * 1.90911140/7 1 r $Ined. LimItew 1.0 -2.9

166 tgpJ we Stools Limte 3.66 - n.6c1on6sh Leylaod Limited 0.0 1.00 "16 Thm Somber byeing d 0.00

muteturlng Ce. Ltd. 28.50 U. O1962 Ubort Fer" Compes Ltd. 28.50 1.69010 The lndian Rom Cwp. LUt. 14.11 - 4.6

01141-4111 VWGoier IbS 11 tlit V_ ,1664-0 fauin (amio i. U 15.91 MISson otbat IPos" ) C.- IS" -t.9t

106/90/ J) Aute Ltd. .0 *- 28.9665 Usod1 Cen" U.14 1s.0

165/80/61 IndIa L_ose 01_s Ltd. 09.0 0.3 9.261660 Lerse . dwl Toubs. Ld. 3S." - 1.091t65 ladle Iquigm Loselog Ltd. 2.50 0.60 J.60

1866 le~~tja IM"08.0ted 30.64 *b 30.14i9"~~~T kb% ob1w1"

Compan Ltd. 6.50 10.6 .197 0.J..t Notled. b yt f1a Fertilr S6.01 * 6.0?1967 "we Hond MIeb t Ltd. 7.74 7.749117 View Liited 40 4.70

197480-5 Tte Weto Limited 11n.0 O.M 22.6116 t t ef ndia 14.0 - 14.961967 eJoe F . 0ossLtd. 7.62 1.70 .211967 Gwent Naoel "essing 0.00

Finesse Cerp. 0.1916 Niouets Mt@ts ltd. M63 - 3.11108 el TL_WO. td * 0 1.07108 VW Advmasd ?eancizWoR0.5 0.50108 WeUes Telephoes * Ltd. * .4 .401t t Utlt 1.41 - 36.421o" A"wMede8bed £l.eteieit Cuom IN, Ltd. 21.12 *31.110/0 Tote l.l0 166.0111 _ * 2A.S10 J.U. Shor A, Sock Sushee Prilte Ltd. 0.319 0.36s16/90 J olldre & i dm Ok Ld. - 0.36 U-11.150 OCAL Fl SystmLtd. 0.0 0.63IO, Zadust. Credit a Ietoest Cop. Of ndia *5.00 2°.001l61 VICAI It 2.65 1.01101 C Ltd. . .74 * 10.74,11 Hotdl Ila Ouide ai 8lt..i. Lt. 0. 0.; o."101 1sf isembro"re Lo e s plogasll tslo IS.00 1.61 S .01

Tulvor i Peet Imteirdril Ltd. (WIL) -* 0.U5 0.55

M a0m cUMZiUI 6A04 8.4? "0-10.

Loses Cossi laties, Temlts2ew old S 410.0 71.02 494.05

NWd"old 4110.2 n.s1 42s."

t%iAlrd Mill " 2011190