201176B Eptl 999 - 50N - S 230225 - Fj3Sr5, A1,3
201176B Eptl 999 - 50N - S 230225 - Fj3Sr5, A1,3
201176B Eptl 999 - 50N - S 230225 - Fj3Sr5, A1,3
Yusuf Dossa
Engineering Valuation Risk Joseph Lobo (Pvt) Ltd
Ref 999.50201176B.19180502 | 25 February 2023 | Pg/ 1 of 6.
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Valuation Report
(Issued Without Prejudice - for the internal use of EPTL only)
At the request of Engro PowerGen Thar Ltd [EPTL], we have assessed the subject projects & their assets in order to
estimate, for the internal use EPTL, their Present Market Value [PMV] & Forced Sale Value [FSV] as of 15-Jan-2023.
The report of our findings for EPTL is provided as follows.
Assessment request by [a] Engro PowerGen Thar Ltd [EPTL]
16th Floor, Harbor Front Building
HC# 3, Marine Drive, Block-4, Clifton, Karachi, Pakistan.
On behalf of EPTL.
Subject Valuation | Assessment of Present Market Value [PMV] for:
[a] Land.
[b] Building & structures.
[c] Plant, machinery, ancillary equipment & infrastructure modules.
[d] Vehicle fleet.
[e] Computers, office & IT networking equipment.
Location [a] EPTL plant site complex, District Tharparkar, Sindh.
Dates of Survey At 11- to 15-Jan-2023.
Persons liaised with [a] Mr Anosh Khan [AK]: Deputy Manager - Treasury, SECMC / EPTL, Head Office,
Karachi; [b] Mr Zia Haider [ZH]: Site Head, Administration, EPTL plant complex; [c]
Mr Muneeb Imran Qureishi [MQ]: Deputy Manager, Operations, EPTL plant
complex; [d] Mr Tasawuf Iqbal [TI]: Deputy Manager, Maintenance, EPTL plant
complex; [e] Mr Asad Iqbal [MQ]: Manager, Mechanical, EPTL plant complex; as
well as several other staff members at the aforementioned complex.
0100 Preamble
0101 EPTL is a 660MW pulverized-coal type power generation plant sited 25km NE of Islamkot, District Tharparkar.
The project includes 2x 1,015mt/h circulating fluidized bed coal-fired boilers, 2x 330MW steam turbines with
all ancillaries as well as flue gas & water treatment plants.
0102 The project was established in 2014 as an SPV between Engro Energy Ltd [EEL, formerly Engro PowerGen
Ltd [EPL]], China Machinery Engineering Corp [CMEC], Habib Bank Ltd [HBL] & Liberty Mills Ltd [LML]. The
project attained commercial operation in Jul-2019.
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0203.2 Cost-approach-2: FAR historical cost recasting & work-forward for Present Market Value [PMV1]
as of 15-Jan-2023.
0203.3 Comparative-plant / market-approach: The market-sourced data values & specifications for other
existing plants & facilities of similar configuration was used, as well as figures from the extensive
databases compiled by JL & our international partners during other valuations, risk & sums-
insured assessments, as well as claims & loss adjusting assignments in Pakistan, &
internationally.
0203 Assessment of the Present Market Value [PMV] for the EPTL power plant project component as of 15-Jan-
2023.
0204 The survey report is to be accompanied by a Photo file of the subject assets.
0205 The report is not intended to have comprehensive self-contained descriptives of subject assets, but short
asset captions using existing nomenclature received from EPTL who already have access to and are familiar
with the detailed technical specifications of the subject assets.
0206 No material testing is to be performed to assess value &/or condition of the assets inspected. Assessment is
to be based on physical inspection, measurements &/or data provided by EPTL, in addition to market inquiries
& the combined proprietary database resources of Joseph Lobo (Pvt) Ltd & our international partners.
0300 Definitions
0301 New Replacement Value [NRV1] is the estimated cost of replacing the existing subject asset with an unused
substitute of identical or equivalent asset of like kind, quality, equal utility & output/capacity/specifications,
having zero wear-&-tear, using current standards of materials & design, and with no deduction for
depreciation.
0302 Present Market Value [PMV] also termed as Fair Market Value is the estimated value of a tangible asset, in
its current state, as-is-where-is, in an unrestricted market, founded on market information, extrapolation &/or
precedent, based on what an informed, willing, & unpressured buyer without any obligation would likely arrive
at and agree with a similarly knowledgeable, willing, unpressured & unobligated seller in the market, with
neither party under any compulsion to buy or sell. The assessed PMV apply to a degree & form of deployment
related to identical utilization &/or project requirement. Any deviations with respect to differing utility will entail
adjustments or an entirely revised appraisal.
0303 Operational / Useful Life is the estimated life during which an asset is projected to generate revenue or
provide other valuable or quantifiable service. Equivalent to the period over which an asset can be
depreciated, useful life refers to the duration for which the item will be useful to the entity, not how long the
asset will or could actually last before being reduced to scrap at the end of its useful life. Many factors affect
a property's useful life including the frequency of use, the age or running hours already incurred at the time
of acquisition as well as the repair policy & the prevailing environmental conditions during operation or storage
of the asset. Useful life of identical type of assets will differ from user to user depending on the above factors
as well as additional factors as foreseeable technological improvements, economic changes & changes in
laws.
0304 End-Life Residual Value / Scrap Value [ERV] is the estimated value of a physical asset &/or its component/s
after completion of its economic operational life and is deemed no longer usable in original form. The
individual components may at times be put to other use in original form or more often be processed before
reuse. Scrap value is also dependent on the supply & demand for the component materials of the scrapped
asset.
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0421 The covered area was coupled with the applicable construction rates & NRV for 15-Feb-2023 computed for
the entire developed, built-up & constructed area.
0422 The derived value was then depreciated using declining balance basis [computed on mean life & End-Life
Residual Values [ERV]] work-back computation & our proprietary financial models for buildings & civil
structures.
0423 Details for the individual rates & computed values are listed in the attached Annexures.
0424 The cost-approach derived values were then depreciated using our proprietary financial models using
declining balance basis [computed on mean operational life & end-life residual values] work-back computation
from the Year-of-Completion.
◼ Land: Market Approach & Comparatives
0425 Total land component for EPTL project has been advised as 313acres [126.67hectares].
0426 The versatility of the locations wrt ‘best-use’ was also to be taken into account.
0427 The assessment was carried out to obtain the existing-use value of the land on an open market comparative
transactions basis wherever possible for identical, near-identical & similar properties. The appraisal also
included additional trade opinions & in-depth discussions with patwaris, land owners, private & institutional
investors, brokers, other localized market intelligence as well as other reliable sources with respect to land
values & their movements to determine the current market value of asset. Due consideration was given to all
relevant factors affecting the current, prevailing salability of the assets, availability of buyers as well as the
assessment of its real value under the existing economic conditions.
◼ Buildings & Structures | 15-Jan-2023 | FAR historical-cost based Cost-Approach / OAV Recasting with OAV-
NRV1 work-forward + NRV2-PMV2 work-back:
Asset Group Present Market Value USD
[rounded up 10]
◼ Computers, Office Equipment, Furniture, Appliances, Recreation & Kitchen / Cafeteria Equipment | 15-Jan-
2023 | FAR historical-cost based Cost-Approach / OAV Recasting with OAV-NRV1 work-forward + NRV2-
PMV2 work-back:
Asset Group Present Market Value USD
[rounded up 10]
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◼ Commuter Vehicles & Passenger Cars [CV] | 15-Jan-2023 | FAR historical-cost based Cost-Approach / OAV
Recasting with OAV-NRV1 work-forward + NRV2-PMV2 work-back:
Asset Group Present Market Value USD
[rounded up 10]
◼ Plant + Buildings + C / Misc Eqp + Land + CV | 15-Jan-2023 | Comparative Plant / Cost Approach / PMV:
Asset Group Present Market Value USD
[rounded up 10]
0511 Plant component Plant, ancillary equipment & mine production-related vehicles 819,433,950
_____________________________________________________________________________________________________________________________ _____________________________________________________________________________________________________
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0517 Plant component Plant, ancillary equipment & mine production-related vehicles 668,330,320
0519 Computers, Office Equipment, Furniture, Appliances, Recreation & Kitchen / 39,720
Cafeteria Equipment [C-OE-Furn-App-R-KC]
0520 Commuter vehicles & passenger cars 204,890
0600 Annexures
0601 Annexure-01 Plant, machinery & land PMV.
0602 Annexure-02 Satellite views.
0603 Annexure-03 Photo file.
The above inspection was carefully carried out to the best of our ability & our responsibility is limited to an exercise of reasonable care. This report represents our
findings on the date & at the place stated & is issued without prejudice to the rights of whomsoever concerned. It does not intend to relieve any party from its legal
&/or contractual obligations. All relating documents that were provided to us will be preserved for 03 years from this day. Neither the whole nor any part of the report
nor any reference thereto may be included in any published document or statement nor published in any way without our written approval of the form & context in
which it will appear.
Joseph Lobo are a professional firm of licensed Surveyors & Valuers, enlisted by
the Pakistan Banks Association as class-A Valuers with no limit on the Asset value
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Ref 999.50201176B.1519180502
25-Feb-2023
Engro PowerGen Thar Ltd Annexure 01
District Tharparkar, Sindh
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
34 27 Eptl 1120000051 Computers, Macbook Pro 13" space gray Manzoor EPTL-CEO 2020 1 1,450
furniture, office-,
35 28 Eptl 1120000054 software-,
Computers,& misc HP - SCANNER 7000-S3 2021 1 920
furniture, office-,
36 29 Eptl 1120000055 software-, & misc Weight bridge Firewall (FortiGate 60F)
Computers, 2021 1 640
furniture, office-,
37 30 Eptl 1120000056 software-,
Computers,& misc Fiber Wire connectivity Weight bridge 2021 1 1,460
furniture, office-,
38 31 Eptl 1120000057 software-,
Computers,& misc Weighbridge system Intregration with ONESAP 2021 1 11,620
furniture, office-,
39 32 Eptl 1120000058 software-,
Computers,& misc Sony VPL EW 455- Projector - Site Meeting Room 2021 1 840
furniture, office-,
40 33 Eptl 1120000059 software-, & misc TCL P615 55 INCH UHD LED TV
Computers, 2021 1 640
furniture, office-,
41 34 Eptl 1120000060 software-,
Computers,& misc TCL P615 55 INCH UHD LED TV 2021 1 640
furniture, office-,
42 35 Eptl 1120000061 software-,
Computers,& misc TCL P615 55 INCH UHD LED TV 2021 1 640
furniture, office-,
43 36 Eptl 1120000062 software-,
Computers,& misc TCL P615 55 INCH UHD LED TV 2021 1 640
furniture, office-,
44 37 Eptl 1120000063 software-, & misc TCL P715 65 INCH UHD LED TV
Computers, 2021 1 1,220
furniture, office-,
45 38 Eptl 1120000064 software-,
Computers,& misc Dell Vestro- Ali Muhammad Mehanti 2021 1 790
furniture, office-,
46 39 Eptl 1120000066 software-,
Computers,& misc Dell Vestro- Kamal Uddin 2021 1 780
furniture, office-,
47 40 Eptl 1120000067 software-,
Computers,& misc Dell Vestro- Denise 2021 1 820
furniture, office-,
48 41 Eptl 1120000068 software-, & misc Dell Vestro- Fahad Somroo
Computers, 2021 1 820
furniture, office-,
49 42 Eptl 1120000069 software-,
Computers,& misc DELL VESTRO- MUHAMMAD JAZIB SIDDIQUI 2021 1 850
furniture, office-,
50 43 Eptl 1120000070 software-,
Computers,& misc DELL VESTRO- MUHAMMAD SOHAIB D 2021 1 850
furniture, office-,
51 44 Eptl 1120000071 software-,
Computers,& misc DELL VESTRO- Saad Ahmed 2021 1 850
furniture, office-,
52 45 Eptl 1120000072 software-, & misc DELL VESTRO- 135391 Muhammad Samad CAD
Computers, 2021 1 890
furniture, office-,
53 46 Eptl 1120000073 software-,
Computers,& misc Laptop for Abdul Wahab 2022 1 980
furniture, office-,
54 47 Eptl 1120000074 software-,
Computers,& misc Laptop for Abdul Basit 2022 1 980
furniture, office-,
55 48 Eptl 1120000075 software-, & misc HP Probook 450 G8 - Qazi Hassam Uddin
Computers, 2022 1 1,200
furniture, office-,
56 49 Eptl 1120000076 software-, & misc HP Probook 450 G8 - Muhammad Hamza Awais
Computers, 2022 1 1,150
furniture, office-,
57 50 Eptl 1120000077 software-,
Computers,& misc HP Probook 450 G8 - Adnan Arif 2022 1 1,030
furniture, office-,
58 51 Eptl 1120000078 software-,
Computers,& misc HP ProBook 450 G8 - Osama Saigal 2022 1 1,160
furniture, office-,
59 52 Eptl 1120000079 software-, & misc HP Pro Book 450G8 - MFS
Computers, 2022 1 1,160
furniture, office-,
60 53 Eptl 1120000080 software-, & misc HP ProBook 450 G8 - Ali Khan
Computers, 2022 1 1,160
furniture, office-,
61 54 Eptl 1120000081 software-,
Computers,& misc Dahua FR Camera 2022 1 730
furniture, office-,
62 55 Eptl 1120000082 software-,
Computers,& misc Dahua FR Camera 2022 1 730
furniture, office-,
63 56 Eptl 1120000083 software-, & misc Dahua FR Camera
Computers, 2022 1 730
furniture, office-,
64 57 Eptl 1120000084 software-,
Computers,& misc Dahua FR Camera 2022 1 730
furniture, office-,
65 58 Eptl 1120000085 software-,
Computers,& misc Dahua FR NVR 2022 1 730
furniture, office-,
66 59 Eptl 1120000088 software-,
Computers,& misc HP ProBook 450 G8 - Sana Aslam 2022 1 1,210
furniture, office-,
software-, & misc
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
100 13 Eptl 1050000117 Null entries Exchange Gain/Loss - November 2020 2020 1
excluded from
101 14 Eptl 1050000118 valuation
Null entries Exchange Gain/Loss - December 2020 2020 1
excluded from
102 15 Eptl 1050000119 valuation
Null entries Exchange Gain/Loss - January 2021 2021 1
excluded from
103 16 Eptl 1050000120 valuation
Null entries Exchange Gain/Loss - February 2021 2021 1
excluded from
104 17 Eptl 1050000121 valuation
Null entries Exchange Gain/Loss - March 2021 2021 1
excluded from
105 18 Eptl 1050000122 valuation
Null entries Exchange Gain/Loss - April 2021 2021 1
excluded from
106 19 Eptl 1050000123 valuation
Null entries Exchange Gain/Loss - May 2021 2021 1
excluded from
107 20 Eptl 1050000124 valuation
Null entries Exchange Gain/Loss - June 2021 2021 1
excluded from
108 21 Eptl 1050000125 valuation
Null entries Exchange Gain/Loss - July 2021 2021 1
excluded from
109 22 Eptl 1050000126 valuation
Null entries Exchange Gain/Loss - August 2021 2021 1
excluded from
110 23 Eptl 1050000127 valuation
Null entries Exchange Gain/Loss - September 2021 2021 1
excluded from
111 24 Eptl 1050000128 valuation
Null entries Exchange Gain/Loss - October 2021 2021 1
excluded from
112 25 Eptl 1050000129 valuation
Null entries Exchange Gain/Loss - November 2021 2021 1
excluded from
113 26 Eptl 1050000130 valuation
Null entries Exchange Gain/Loss - December 2021 2021 1
excluded from
114 27 Eptl 1050000131 valuation
Null entries Exchange Gain/Loss - January 2022 2022 1
excluded from
115 28 Eptl 1050000132 valuation
Null entries Exchange Gain/Loss - February 2022 2022 1
excluded from
116 29 Eptl 1050000133 valuation
Null entries Exchange Gain/Loss - March 2022 2022 1
excluded from
117 30 Eptl 1050000134 valuation
Null entries Exchange Gain/Loss - April 2022 2022 1
excluded from
118 31 Eptl 1050000135 valuation
Null entries Exchange Gain/Loss - May 2022 2022 1
excluded from
119 32 Eptl 1050000136 valuation
Null entries Exchange Gain/Loss - June 2022 2022 1
excluded from
120 33 Eptl 1050000138 valuation
Null entries Exchange Gain/Loss - July 2022 2022 1
excluded from
121 34 Eptl 1050000139 valuation
Null entries Exchange Gain/Loss - August 2022 2022 1
excluded from
122 35 Eptl 1050000141 valuation
Null entries Exchange Gain/Loss - September 2022 2022 1
excluded from
123 36 Eptl 1050000142 valuation
Null entries Exchange Gain/Loss - October 2022 2022 1
excluded from
124 37 Eptl 1050000143 valuation
Null entries Exchange Gain/Loss - November 2022 2022 1
excluded from
125 38 Eptl 1050000145 valuation
Null entries Exchange Gain/Loss - December 2022 2022 1
excluded from
126 39 Eptl 1050000151 valuation
Null entries Exchange Gain/Loss - January 2023 2023 1
excluded from
127 40 Eptl 1120000030 valuation
Null entries SECMC DEBIT NOTE FOR APR 2015 - USAMA - 2017 1
excluded from Spare
128 41 Eptl 1120000031 valuation
Null entries EPTL DEBIT NOTE FOR APR 2015 - AZS MAC 2017 1
excluded from BOOK 0
129 1 Eptl 1050000000 valuation
Plant-1 Steam turbine Generator 2019 1 127,420,320
131 3 Eptl 1050000002 Plant-1 Feed water pump turbines 2019 1 2,109,540
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
133 5 Eptl 1050000004 Plant-1 driven Feed water Booster pumps 2019 1 200,530
134 6 Eptl 1050000005 Plant-1 Turbine driven Feed water pumps 2019 1 240,360
135 7 Eptl 1050000006 Plant-1 Motor driven feed water booster pumps 2019 1 92,310
136 8 Eptl 1050000007 Plant-1 Motor driven feed pump 2019 1 789,170
139 11 Eptl 1050000010 Plant-1 Steam turbine control valve , Regulating system 2019 1 1,539,260
140 12 Eptl 1050000011 Plant-1 Condensate polishing treatment system 2019 1 18,989,630
145 17 Eptl 1050000016 Plant-1 HP fan ,Boiler high pressure fluidized blower 2019 1 704,080
150 22 Eptl 1050000032 Plant-1 Double geared roller crusher 2019 1 40,740
152 24 Eptl 1050000034 Plant-1 with stand scarpe feeder 2019 1 16,680
153 25 Eptl 1050000035 Plant-1 Bucket wheel stack reclaimer 2019 1 7,865,820
155 27 Eptl 1050000037 Plant-1 Water ring vaccum pump 2019 1 193,840
156 28 Eptl 1050000038 Plant-1 ID (induced draft fan) fans 2019 1 1,691,610
157 29 Eptl 1050000039 Plant-1 Mechanical draft cooling towers 2019 1 11,883,750
158 30 Eptl 1050000040 Plant-1 High amplitude probability combination screen 2019 1 5,760
160 32 Eptl 1050000042 Plant-1 Auxilary boiler feed pumps 2019 1 24,490
161 33 Eptl 1050000043 Plant-1 Force draft fan for aux boiler 2019 1 77,680
165 37 Eptl 1050000054 Plant-1 HP bypass device for steam turbine 2019 1 2,153,790
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
166 38 Eptl 1050000055 Plant-1 LP bypass valve for steam turbine 2019 1 5,320,630
169 41 Eptl 1050000075 Plant-1 Column mill ,Verticle roller mill with conveyor 2019 1 43,197,330
172 44 Eptl 1050000148 Plant-1 Impact bed on C-6AB Sample 2022 1 8,370
173 45 Eptl 1120000006 Plant-1 REMOTE MONITORING SYSTEM ABB PGIM 5.1 2019 1 24,850
184 56 Eptl 1050000064 Plant-2 Diesel engine fire water pump 2019 1 3,423,510
185 57 Eptl 1050000065 Plant-2 Motor driven fire pumps 2019 1 3,329,890
191 63 Eptl 1050000073 Plant-2 Industrial waste water treatment system 2019 1 750,140
195 67 Eptl 1050000144 Plant-2 Portable Ultrasonic Liquid Flowmeter 2022 1 11,750
198 70 Eptl 1050000149 Plant-2 Schenck Belt Weighing Scale 2022 1 52,730
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
199 71 Eptl 1120000000 Plant-2 Digital Earth Tester basic unit 2016 1 2,840
200 72 Eptl 1120000001 Plant-2 Aver EVC300 Video Con multipoint unit 2017 1 50
201 73 Eptl 1120000004 Plant-2 Fiber Glass water Tank - EPTL Colony 2018 1 1,690
202 74 Eptl 1120000005 Plant-2 Areena vision light for construction Site 2019 1 4,590
203 75 Eptl 1120000014 Plant-2 SUBMERSIBLE PUMP FOR FOUNTAIN 2020 1 840
204 76 Eptl 1120000052 Plant-2 RAPID PCR TEST INSTRUMENT - ABBOT 2021 1 3,360
205 77 Eptl 1120000053 Plant-2 Eletoronic Siren with activation Panel 2021 1 14,430
218 90 Eptl 1050000059 Plant-3 ciculation pumps for hydrogen system 2019 1 13,780
228 100 Eptl 1120000002 Plant-3 Petrol Generator(Honda-Japan) Model EU 65is 2017 1 3,630
(5.5
229 101 Eptl 1120000003 Plant-3 Diesel Generator(Denyo) Soundproof Model DCA- 2017 1 19,130
25SPX
230 102 Eptl 1050000049 Plant-related Truck Crane - 25T 2019 1 67,640
vehicles
231 103 Eptl 1050000050 Plant-related Forklift - 3T 2019 1 3,370
vehicles
Sr# 1 Sr# 2 Location Asset# Asset Class Description YoM Qty PMV-2023 USD PMV-2023 sub-total USD
Description
256 2 Eptl 1070000003 Other vehicles Toyota Corolla Altis - Onail Abbas (Prev Farukh) 2021 1 19,000
257 3 Eptl 1070000005 Other vehicles Toyota Altis 1.6- Black Saad Ahmed 2021 1 19,000
258 4 Eptl 1070000009 Other vehicles Comp. Car EPTL M.Ali Khan BVE-486 2021 1 18,000
259 5 Eptl 1070000012 Other vehicles Toyota Yaris - Samad 2022 1 14,400
260 6 Eptl 1070000013 Other vehicles Honda City - Zubair Khan 2022 1 20,600
213,700
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Annexure 03 | Photo File
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Annexure 03 | Photo File
7▲ EPTL | Tharparkar | Coal crusher 10▲ EPTL | Tharparkar | Coal crushing Building
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Annexure 03 | Photo File
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Annexure 03 | Photo File
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Annexure 03 | Photo File
25▲ EPTL | Tharparkar | Steam Turbine-1 28▲ EPTL | Tharparkar | Steam Turbine-2
26▲ EPTL | Tharparkar | Name plate Steam Turbine Generator 29▲ EPTL | Tharparkar | Turbine Hall OH Cranes
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Annexure 03 | Photo File
31▲ EPTL | Tharparkar | GIS Substation 34▲ EPTL | Tharparkar | Name plate Steam Turbine
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