MIRA INFORM REPORT

Report No. :	302363
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	HALDIA PETROCHEMICALS LIMITED
Registered Office :	1 Auckland Place, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.09.1985
Com. Reg. No.:	21-039487
Capital Investment / Paid-up Capital :	Rs. 19590.203 Millions
CIN No.: [Company Identification No.]	U23209WB1985SGC039487
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALH00472D
PAN No.: [Permanent Account No.]	AAACH7360R
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Petrochemical Polymers Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Temporary halt in operation.
Payment Behaviour :	--
Litigation :	Clear
Comments :	Subject was jointly promoted by Government of West Bengal and Chattejee Group. Subsequently both the co-promoters entered into a dispute with regards to ownership and rights, which further led to deterioration in the liquidity profile as both the parties continued differences resulted into no equity infusion to correct the capital structure and ease the liquidity position. Further, owing to which the active operations had to be stalled and they were suspended since July 6, 2014, due to lack of funds in order to satisfy the working capital requirement. Accordingly, the company’s financial profile remains to be stretched and likely to remain adverse in the near team, with the company’s networth likely to be fully eroded unless further capital is infused or alternate arrangements are made to protect 100% erosion of the same. Moreover, it seems that the dispute is on the verge of resolution as the West Bengal Government has decided to transfer its shares to Chatterjee Group after which the sole Mr. Purnendu Chatterjee may be at the helm and the company’s fortunes world head towards northely direction, as the lenders have also recently agreed to infuse fresh funds and are waiting for a fitness certificate from the audit team. In view of stalled operations, we could not recommend any credit dealings and would suggest close monitoring of the developments.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Terms Loans = D
Rating Explanation	Expected to be in Default.
Date	March, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Vijaya
Designation :	Administrative Department
Contact No.:	91-33-22831640
Date :	17.12.2014

LOCATIONS

Registered / Eastern Regional / Corporate Office:	1 Auckland Place Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22831640 / 43 / 45 / 471024 / 22831637 / 22806221
Fax No.:	91-33-22802390 / 1654
E-Mail :	aloke.chattopadhyay@hpl.co.in corp@hpl.co.in ero@hpl.co.in
Websites:	www.haldiapetrochemicals.com
Location:	Owned
Factory :	Post Box 12, P.O Durgachak, District Purba Mednipur – 721602, West Bengal, India
Tel. No.:	91-3224-274007 / 877 / 876 / 882 / 384
Fax No.:	91-3224-274420
E-Mail :	plant@hpl.co.in
Application Research Developments Center (ARDC) :	54 / A/1 Block – DN, sector 5, Salt Lake, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-23673491/ 3492/ 3061/ 3062/ 3495/ 91-3224-274007 / 877/876/882/384
Fax No.:	91-33-23679890/ 22471361/ 1102
E-Mail :	ARDC@hpl.co.in marketing@hpl.co.in
Southern Regional Office:	2A Royal Court , 41 Venkata Narayana Road, T Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-24341003 / 9929 / 8592
Fax No.:	91-44-2434 1401
E-Mail :	sro@hpl.co.in
Northern Regional Office:	903, Ansal Bhawan, 16 Kasturba Gandhi Marg, New Delhi – 110 001
Tel. No.:	91-11-23315606 / 5626 / 2372 1348 / 3176
Fax No.:	91-11-2372 3327
E-Mail :	nro@hpl.co.in
Western Regional Office	106-108 Kesava Building, Bandra – Kurla complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-26590653 / 113/ 219 /318
Fax No.:	91-22-2659 0114
E-Mail :	wro@hpl.co.in
Area Sales Office:	Indore office: 18, Old Palasia 102C, Kanchan Sagar, A.B. Road, Indore – 452001, Madhya Pradesh, India Tel No: 91-731-2547452 / 5066979 Mobile No:91-9821026699 Fax No:91-731-5066979 Email: asoindo@hpl.co.in Hyderabad Office: Mega Sri Classics, 301, 4^th Floor, Model House Lane, Dwarkapuri Colony, Punjagutta, Hyderabad – 500, Andhra Pradesh, India Tel no: 91-40-55633072 Fax No: 91-40-23358302 Email: asohyd@hpl.co.in Kanpur Office: 6, Prabhu Sadbhavana, 9/56 Arya Nagar, Kanpur – 208002, Uttar Pradesh, India Tel no: 91-512-255 6863 Mobile No–91-9839103055 Fax no: 91-512 -2555089 Email: asokan@hpl.co.in Jaipur Office: 225, City Centre, S.C. Road, Jaipur – 302001, Rajasthan, India Tel no: 91-141-237 6910 Mobile No: 91-9829051882 Fax No: 91-141-2367910 Email: asojai@hpl.co.in Ludhiana Office: Flat - B, 5th Floor, Noble Enclave, Bhaiwala Chawk, Ferozepur Road, Ludhiana – 141001, Punjab, India Tel no: 91-161- 403853 / 315136 Mobile no:91-9814161096 Fax no: 91-161- 403853 Email: asoludh@hpl.co.in Ahmedabad Office: B - 504, Suhavan Apartments, Opp. Judges Bunglow Road, Near Rudra Square, Vastrapur, Bodak-Deb, Ahmedabad – 380015, Gujarat, India Tel no: 91-79-6870594 / 6871508 Mobile No:–91-9825604342 Durgapur Office: C/O. Adda Office, City Centre, 1st Floor, Durgapur – 713216, West Bengal, India Tel No:91-343-546815/6716, Extn. 232
Materials Department :	HPL Link Road, Haldia – 721602, West Bengal, India

DIRECTORS

As On 26.09.2014

Name :

Rangarajan Vasudevan

Designation :

Director

Address :

E-262 Ground Floor, Greater Kailash Part-I, Delhi - 110048, India

Date of Birth/Age :

14.06.1937

Date of Appointment :

25.07.1997

DIN No.:

00025334

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L11100GJ1996PLC029880	HINDUSTAN OIL EXPLORATION COMPANY LIMITED	Director	11/06/97	11/06/97	-	Active	NO
2	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	25/07/97	25/07/97	-	Active	NO
3	U03312DL1988PTC208639	Schneider Electric Conzerv India Private Limited	Director	07/12/98	07/12/98	11/06/08	Amalgamated	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Nominee director	23/10/02	23/10/02	08/09/08	Active	NO
5	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	30/06/03	30/06/03	01/02/07	Active	NO
6	U45202DL1991PLC046111	PUREARTH INFRASTRUCTURE LIMITED	Whole-time director	11/08/13	22/12/04	-	Active	NO
7	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	25/09/14	26/10/06	04/11/14	Active	NO
8	U62200KA2007PTC041691	TRANSINDIA AVIATION PRIVATE LIMITED	Director	10/02/07	10/02/07	-	Active	NO
9	L15421WB1975PLC030118	BALRAMPUR CHINI MILLS LTD	Director	07/08/14	25/11/09	-	Active	NO

Name :

Saumya Sankar Banerjee

Designation :

Nominee director

Address :

B/51 Maker Kundan Garden, Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

04.05.1962

Date of Appointment :

24.09.2013

DIN No.:

00056167

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Nominee director	28/07/05	28/07/05	21/02/09	Amalgamated	NO
2	L17111RJ1992PLC006987	NITIN SPINNERS LIMITED	Nominee director	21/02/09	21/02/09	29/06/13	Active	NO
3	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	24/09/13	17/06/13	-	Active	NO
4	U70101WB1995PTC073339	BANDHAN FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	28/06/13	28/06/13	11/10/14	Active	NO

Name :

Satpal Kumar Arora

Designation :

Nominee director

Address :

C-1/401, 3rd Floor, IIDL Apartment,, Ramprastha Colony, Ghaziabad - 201011, Uttar Pradesh, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

24.09.2013

DIN No.:

00061420

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1989PLC035140	DCM SHRIRAM INDUSTRIES LIMITED	Nominee director	27/05/05	27/05/05	14/04/08	Active	NO
2	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LTD	Nominee director	30/06/07	30/06/07	30/06/08	Active	NO
3	L17111UP1924PLC000275	J. K. COTTON LIMITED	Nominee director	27/05/08	27/05/08	26/05/10	Active	NO
4	L15249UP1933PLC000511	DHAMPUR SUGAR MILLS LIMITED	Nominee director	28/11/08	28/11/08	05/03/13	Active	NO
5	U65993DL1988PLC030284	IFCI VENTURE CAPITAL FUNDS LIMITED	Managing director	09/03/13	09/03/10	09/04/14	Active	NO
6	U24100MH1993PLC071376	Shree Pushkar Chemicals & Fertilisers Limited	Nominee director	29/09/12	09/03/10	12/10/12	Active	NO
7	U51506TN2001PLC047919	SHARON SOLUTIONS LIMITED	Nominee director	19/03/10	19/03/10	25/02/13	Active	NO
8	U45201WB2007PTC162847	PALOGIX INFRASTRUCTURE Private Limited	Nominee director	29/06/10	29/06/10	09/12/11	Active	NO
9	L24129TG1976PLC001983	NAGARJUNA FERTILIZERS AND CHEMICALS LTD.	Nominee director	10/01/11	10/01/11	-	Amalgamated	NO
10	L51109UP1987PLC009090	GANESHA ECOSPHERE LIMITED	Nominee director	28/09/11	07/03/11	25/02/13	Active	NO
11	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Director	25/09/13	08/03/11	27/11/13	Active	NO
12	L65910DL1989PLC034812	TOURISM FINANCE CORPORATION OF INDIA LIMITED	Managing director	09/04/14	18/05/11	07/08/14	Active	NO
13	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Nominee director	10/06/11	10/06/11	18/01/12	Active	NO
14	U51909DL1984PLC018787	DELTRONIX INDIA LIMITED	Nominee director	19/07/11	19/07/11	17/06/13	Active	NO
15	L24129AP2006PLC076238	Nagarjuna Fertilizers and Chemicals Limited	Nominee director	18/08/11	18/08/11	30/01/14	Active	NO
16	U51109TG2002PTC039141	AMRIT JAL VENTURES Private Limited	Nominee director	19/08/11	19/08/11	09/12/11	Active	NO
17	U31200TG1995PLC019206	TITAN ENERGY SYSTEMS LIMITED	Nominee director	22/09/11	22/09/11	19/09/12	Active	NO
18	U74899DL1995PLC064034	IFCI FINANCIAL SERVICES LIMITED	Director	26/07/12	04/12/11	18/01/14	Active	NO
19	U65991TN1989PLC017792	IFIN SECURITIES FINANCE LIMITED	Director	03/08/12	08/12/11	06/08/13	Active	NO
20	U93000TN2009PLC070524	IFIN COMMODITIES LIMITED	Director	03/08/12	08/12/11	18/01/14	Active	NO
21	U40108TG2008PTC057788	GAYATRI ENERGY VENTURES PRIVATE LIMITED	Nominee director	29/05/12	29/05/12	-	Active	NO
22	U74999MH2011PTC223668	IFCI Sycamore Capital Advisors Private Limited	Director	15/12/12	30/10/12	-	Active	NO
23	U74899DL1995PLC074649	IFCI Factors Limited	Director	30/09/13	08/04/13	26/12/13	Active	NO
24	U65993DL2002PLC115769	ASSETS CARE & RECONSTRUCTION ENTERPRISE LIMITED	Nominee director	26/09/13	21/05/13	-	Active	NO
25	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	24/09/13	23/05/13	-	Active	NO
26	U40101KA2009PLC049582	RAICHUR POWER CORPORATION LIMITED	Director	04/07/13	04/07/13	-	Active	NO
27	U67190MH1986PLC040506	STOCK HOLDING CORPORATION OF INDIA LIMITED	Additional director	28/09/13	28/09/13	03/02/14	Active	NO
28	U40101MP1993PLC007667	SHREE MAHESHWAR HYDEL POWER CORPORATION LIMITED	Nominee director	30/12/13	30/12/13	-	Active	NO

Name :

Jamshyd Naoroji Godrej

Designation :

Director

Address :

40-D, Ridge Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

24.01.1949

Date of Appointment :

31.07.2012

DIN No.:

00076250

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Managing director	01/04/14	07/10/74	-	Active	NO
2	U74999MH1960PLC011759	LAWKIM LIMITED	Director	21/02/77	21/02/77	-	Amalgamated	NO
3	U65990MH1975PTC018480	GODREJ INVESTMENTS PRIVATE LIMITED	Director	12/06/84	12/06/84	-	Active	NO
4	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	07/03/88	07/03/88	-	Active	NO
5	L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	Director	25/04/90	25/04/90	-	Active	NO
6	L15142MP1984PLC002382	WADALA COMMODITIES LIMITED	Director	28/11/91	28/11/91	10/06/08	Active	NO
7	U15410MH1991PLC135359	GODREJ AGROVET LIMITED	Director	24/08/92	24/08/92	-	Active	NO
8	U85110KA1992GOI013570	ANTRIX CORPORATION LIMITED	Director	27/11/92	27/11/92	11/05/13	Active	NO
9	L72200MH1994PLC077342	GEOMETRIC LIMITED	Director	25/03/94	25/03/94	-	Active	NO
10	U24211MH1987PLC043137	GODREJ HOUSEHOLD PRODUCTS LIMITED	Director	08/08/94	08/08/94	-	Amalgamated	NO
11	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Director	21/05/96	21/05/96	26/04/12	Active	NO
12	L35911PN1945PLC004656	Bajaj Holdings & Investment Limited.	Director	27/10/98	27/10/98	20/02/08	Active	NO
13	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Director	01/03/01	01/03/01	-	Active	NO
14	U72900MH2001PLC134244	3D PLM SOFTWARE SOLUTIONS LIMITED	Director	23/01/02	23/01/02	17/04/07	Active	NO
15	U24240MH1997PTC105714	Hershey India Private Limited	Director	12/07/02	12/07/02	15/05/07	Active	NO
16	U74140MH2002PTC136070	Eureka Outsourcing Solutions Private Limited	Director	18/12/03	18/12/03	27/12/07	Active	NO
17	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	31/07/12	02/11/04	-	Active	NO
18	U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	Director	13/12/04	13/12/04	-	Active	NO
19	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	01/04/05	01/04/05	03/05/11	Active	NO
20	U80302KA1998PTC037801	ILLINOIS INSTITITUTE OF TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	29/11/05	29/11/05	-	Active	NO
21	U67120MH2005PLC155188	BSE Limited	Director	14/09/07	26/09/06	16/06/08	Active	NO
22	U80904DL2007NPL161078	SINGAPORE - INDIA PARTNERSHIP FOUNDATION(INDIA)	Director	23/03/07	23/03/07	-	Active	NO
23	L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	Director	01/04/14	30/01/08	-	Active	NO
24	U74990MH2008NPL189117	INDIAN INSTITUTE FOR HUMAN SETTLEMENTS	Director	23/12/08	23/12/08	17/10/14	Active	NO
25	U93030DL2009NPL194891	Shakti Sustainable Energy Foundation	Director	05/10/09	05/10/09	-	Active	NO
26	U80211DL2008NPL185825	WWF India Foundation	Director	13/08/10	13/08/10	-	Active	NO
27	U73100MH2011NPL220003	RAPTOR RESEARCH AND CONSERVATION FOUNDATION	Director	21/07/11	21/07/11	-	Active	NO
28	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/12	29/08/12	-	Active	NO
29	U74900KA2012NPL067059	IMTMA Machine Tool Industry Park	Director	06/12/12	06/12/12	-	Active	NO
30	AAA-1480	RKN ENTERPRISE LLP	Designated Partner	01/06/10	01/06/10	-	Active	NO
31	AAA-1481	JNG ENTERPRISE LLP	Designated Partner	01/06/10	01/06/10	-	Active	NO
32	AAA-1485	GODREJ & BOYCE ENTERPRISE LLP	Body corporate as Designated Partner	02/06/10	02/06/10	-	Active	NO

Name :

Subhasendu Chatterjee

Designation :

Director

Address :

L-3, Kailash Colony, Second Floor, New Delhi - 110048, India

Date of Birth/Age :

13.07.1947

Date of Appointment :

31.07.2012

DIN No.:

00153459

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	31/07/12	04/05/99	-	Active	NO
2	U74210WB1994PTC088493	CHATTERJEE MANAGEMENT SERVICES PVT LTD	Director	01/09/99	01/09/99	-	Active	NO
3	U24231WB1999NPL090780	INSTITUTE OF MOLECULAR MEDICINE	Director	17/12/99	17/12/99	-	Active	NO
4	U72200WB2000PTC090957	TCG CHEMBIOTEK INFRASTRUCTURE PRIVATE LIMITED	Director	18/01/00	18/01/00	15/11/11	Active	NO
5	U74899DL1994PLC062471	PENCH POWER LIMITED	Director	29/04/00	29/04/00	-	Active	NO
6	U23209WB1995PLC073512	TCG REFINERIES LTD	Director	01/09/01	01/09/01	-	Active	NO
7	U40102WB1995PLC073254	HALDIA POWER LTD.	Director	01/09/01	01/09/01	-	Active	NO
8	U45202WB1997PTC084386	BENGAL INTELLIGENT PARKS PRIVATE LIMITED	Director	20/11/02	20/11/02	01/08/14	Active	NO
9	U30009WB1995PTC074207	TCG SOFTWARE SERVICES PRIVATE LIMITED	Director	24/05/04	24/05/04	-	Active	NO
10	U72900WB2000PTC091367	CELCIUS TECHNOLOGIES PRIVATE LIMITED	Additional director	04/02/14	17/08/04	-	Active	NO
11	U63013DL1995PTC072239	T.C.G. AVIATION PRIVATE LIMITED	Director	01/08/05	01/08/05	-	Active	NO
12	U45101WB1995PLC067270	ASIAN GATEWAY LTD.	Director	30/09/05	30/09/05	-	Active	NO
13	U92190MH1999PTC122165	CROSSOVER FILMS INDIA PRIVATE LIMITED	Director	29/09/07	11/01/07	-	Active	NO
14	U45400WB2007PTC116752	GREEN ACRE DEVELOPERS PRIVATE LIMITED	Director	25/06/07	25/06/07	-	Active	NO
15	U25209WB1997PTC083127	HALDIA POLYPARKS PRIVATE LIMITED	Director	30/09/08	01/09/08	-	Active	NO
16	U65993WB1981PTC033405	TCG URBAN INFRASTRUCTURE HOLDINGS Private LIMITED	Director	30/09/11	21/01/11	-	Active	NO
17	U29197WB1997PTC084101	LAKELAND VILLAGE PRIVATE LIMITED	Director	28/09/12	30/01/12	-	Active	NO
18	U91120WB2001NPL093735	I CREATE FOUNDATION	Additional director	01/10/14	01/10/14	-	Active	NO

Name :

Purnendu Chatterjee

Designation :

Director

Address :

1107 Fifth Avenue, New York, N.Y.10128, New York, 10128, United States Of America

Date of Birth/Age :

06.10.1952

Date of Appointment :

30.06.1994

DIN No.:

00415297

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	30/06/94	30/06/94	-	Active	NO
2	U74210WB1994PTC088493	CHATTERJEE MANAGEMENT SERVICES PVT LTD	Director	25/11/94	25/11/94	11/03/14	Active	NO
3	U74899DL1994PLC062471	PENCH POWER LIMITED	Director	09/02/95	09/02/95	-	Active	NO
4	U80100TG1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	13/11/97	13/11/97	-	Active	NO
5	U73200WB1998PLC087651	TCG LIFESCIENCES LIMITED	Director	03/08/98	03/08/98	-	Active	NO
6	U85110WB1997PTC022614	TCG SOFTWARE PRIVATE LIMITED	Director	27/05/04	27/05/04	01/09/12	Active	NO
7	U99999MH2006NPL159749	ASIA SOCIETY INDIA CENTRE	Director	24/03/06	24/03/06	-	Active	NO
8	U74899DL1991PTC043273	CRYSTAL CITY DEVELOPERS PRIVATE LIMITED	Director	18/12/06	18/12/06	-	Active	NO
9	U74999MH2003PTC139774	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED	Nominee director	05/11/07	05/11/07	22/04/10	Active	NO
10	U17226UP1932PTC000475	OBEETEE PRIVATE LIMITED	Director	07/12/07	12/11/07	-	Active	NO
11	U74120WB2010NPL141674	GLOBAL INSTITUTE OF SCIENCE AND TECHNOLOGY	Director	03/02/10	03/02/10	-	Active	NO

Name :

Ajay Kumar Pandey

Designation :

Director

Address :

244 Shanti Pally, Flat - 4e, Kolkata - 700042, West Bengal, India

Date of Appointment :

30.07.2014

DIN No.:

00546262

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15120WB1995PLC075079	BENGAL NESTOR'S INDUSTRIES LTD.	Nominee director	16/10/02	16/10/02	13/04/09	Active	NO
2	U70101WB1995PTC071384	ARTH CERAMICS Private Limited	Nominee director	05/04/06	05/04/06	30/03/09	Active	NO
3	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	26/09/14	30/07/14	-	Active	NO

Name :

Hari Krishna Dwivedi

Designation :

Director

Address :

Flat-F1 Govt. Housing Estate, 44, Ironside Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

20.06.1963

Date of Appointment :

23.05.2013

DIN No.:

01952502

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110WB1989PLC046284	ADVANCED MEDICARE & RESEARCH INSTITUTE LIMITED	Director	29/03/06	29/03/06	28/03/07	Amalgamated	NO
2	U60100WB2008GOI127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	11/01/12	11/01/12	05/07/12	Active	NO
3	U74140WB1997SGC084422	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPN LTD (WBGOVT COMPANY)	Director	31/01/12	31/01/12	-	Active	NO
4	U40101WB2007SGC113474	WEST BENGALSTATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Nominee director	03/02/12	03/02/12	-	Active	NO
5	U40109WB2007SGC113473	WEST BENGALSTATE ELECTRICITY DISTRIBUTION COMPANY LIMITED	Nominee director	03/02/12	03/02/12	16/10/14	Active	NO
6	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Nominee director	03/02/12	03/02/12	-	Active	NO
7	U85110WB2008SGC126373	WEST BENGAL MEDICAL SERVICES CORPORATION LIMITED	Director	24/02/12	24/02/12	-	Active	NO
8	U93000WB2009SGC139803	West Bengal Swarojgar Corporation Limited	Director	02/03/12	02/03/12	-	Active	NO
9	U45203WB2012SGC180687	WEST BENGAL HIGHWAY DEVELOPMENT CORPORATION LIMITED	Director	03/05/12	03/05/12	-	Active	NO
10	U70109WB1993SGC058358	WEST BENGAL STATE POLICE HOUSING CORPORATION LTD	Director	26/09/12	31/05/12	07/02/13	Active	NO
11	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	23/05/13	23/05/13	-	Active	NO

Name :

Uttam Kumar Basu

Designation :

Managing director

Address :

2nd Floor, 58/87 Prince Anwar Shah Road, Kolkata - 700045, West Bengal, India

Date of Appointment :

01.11.2013

DIN No.:

02040217

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U11201GJ2006PTC048372	Indian Catalyst Private Limited	Additional director	01/02/08	01/02/08	11/12/08	Active	NO
2	U51909KA2008PLC045558	SHELL MRPL AVIATION FUELS AND SERVICES LIMITED	Director	01/09/08	01/09/08	30/06/12	Active	NO
3	L85110KA1988GOI008959	MANGALORE REFINERY AND PETROCHEMICALS LIMITED	Managing director	01/09/08	01/09/08	30/06/12	Active	NO
4	U40107KA2006PLC041258	ONGC Mangalore Petrochemicals Limited	Director	01/09/10	04/09/08	30/06/12	Active	NO
5	U85110KA1998PLC024020	PETRONET MHB LIMITED	Director	26/09/08	23/09/08	30/06/12	Active	NO
6	U51909TN2006PLC059710	MANGALAM RETAIL SERVICES LIMITED	Additional director	26/12/08	26/12/08	08/02/11	Active	NO
7	U45209KA2006PLC038590	MANGALORE SEZ LIMITED	Nominee director	11/06/10	11/06/10	02/05/11	Active	NO
8	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Managing director	26/09/14	01/11/13	-	Active	NO
9	U45202WB1998PLC087462	HALDIA RIVERSIDE ESTATES LIMITED	Director	14/07/14	23/11/13	-	Active	NO
10	U45201WB1998PLC086768	HALDIA CRACKER COMPLEX LIMITED	Director	14/07/14	23/11/13	-	Active	NO

Name :

Sumit Kumar Sanghai

Designation :

Nominee director

Address :

Flat 3B, 3rd Floor, Plazzoo,, 35, Panditya Road,, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

09.03.1976

Date of Appointment :

31.07.2012

DIN No.:

02277681

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45400WB2008PTC127391	DYNAMO PROPERTIES PRIVATE LIMITED	Director	31/07/08	31/07/08	08/11/08	Active	NO
2	U51909WB2002PTC095179	HILAND TRADERS PRIVATE LIMITED	Nominee director	02/08/11	02/08/11	20/03/13	Active	NO
3	U45200WB2007PTC113663	DUNLOP PROPERTIES PRIVATE LIMITED	Nominee director	02/08/11	02/08/11	20/03/13	Active	NO
4	U55101WB1997PLC084156	BHARTIYA HOTELS LIMITED	Nominee director	02/08/11	02/08/11	20/03/13	Active	NO
5	U91900WB2011NPL167415	Palazzo Flat Owners Association	Director	27/12/11	27/12/11	-	Active	NO
6	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	31/07/12	07/06/12	-	Active	NO

Name :

Chanchalmal Bachhawat

Designation :

Director

Address :

Flat No E/3, 44 Ironside Road, RHE, Kolkata - 700019, West Bengal, India

Date of Appointment :

12.12.2012

DIN No.:

02302769

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15520WB1986SGC040530	EASTERN DISTILLERIES & CHEMICALS LTD	Director	03/07/08	03/07/08	20/08/09	Active	NO
2	U40101WB2007SGC113474	WEST BENGALSTATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	01/08/09	01/08/09	11/01/12	Active	NO
3	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	01/08/09	01/08/09	11/01/12	Active	NO
4	U40109WB2007SGC113473	WEST BENGALSTATE ELECTRICITY DISTRIBUTION COMPANY LIMITED	Director	01/08/09	01/08/09	11/01/12	Active	NO
5	U74140WB1997SGC084422	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPN LTD (WBGOVT COMPANY)	Director	24/06/11	17/08/09	31/01/12	Active	NO
6	U60100WB2008GOI127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	27/08/09	27/08/09	11/01/12	Active	NO
7	U70109WB1993SGC058358	WEST BENGAL STATE POLICE HOUSING CORPORATION LTD	Director	28/09/10	03/09/09	31/05/12	Active	NO
8	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LTD	Director	20/11/12	08/09/09	-	Active	NO
9	U93000WB2009SGC139803	West Bengal Swarojgar Corporation Limited	Director	27/11/09	27/11/09	02/03/12	Active	NO
10	U91110WB2003NPL097201	WEST BENGAL TRADE PROMOTION ORGANISATION	Director	20/11/12	20/11/12	-	Active	NO
11	U45203WB2012SGC180687	WEST BENGAL HIGHWAY DEVELOPMENT CORPORATION LIMITED	Director	29/11/12	29/11/12	-	Active	NO
12	U23201WB1987SGC043535	GREATER CALCUTTA GAS SUPPLY CORPN LTD	Director	10/12/12	10/12/12	-	Active	NO
13	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	24/09/13	12/12/12	-	Active	NO
14	U52209WB1974SGC029237	WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPN LTD	Director	01/01/13	01/01/13	-	Active	NO
15	U15491WB1976SGC030655	WEST BENGAL TEA DEVELOPMENT CORPORATION LTD	Director	11/01/13	11/01/13	-	Active	NO

Name :

Subroto Gupta

Designation :

Nominee director

Address :

E-71, Maker Kundan Gradens, Juhu Road, Santacruz (West), Mumbai - 400049, Maharashtra, India

Date of Appointment :

26.08.2014

DIN No.:

02356707

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Nominee director	08/09/08	08/09/08	09/05/12	Active	NO
2	U55101TN2007PTC062085	ROBUST HOTELS PRIVATE LIMITED	Nominee director	14/12/10	14/12/10	10/06/13	Active	NO
3	L40101HP1994PLC015483	JAIPRAKASH POWER VENTURES LIMITED	Nominee director	17/02/12	17/02/12	06/09/14	Active	NO
4	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	26/08/14	26/08/14	-	Active	NO

Name :

Vijay Krishna Chaudhry

Designation :

Director

Address :

6126 - A, Ramshorn Dr. Mclean, Va, 22101, United States Of America

Date of Birth/Age :

19.06.1945

Date of Appointment :

31.07.2012

DIN No.:

02761079

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	31/07/12	22/08/09	-	Active	NO
2	U70100DL2010PTC203718	BLUE BELL PROPTECH PRIVATE LIMITED	Nominee director	05/07/11	05/07/11	-	Active	NO
3	U45202MH2010PTC209117	Jai Maharashtra Nagar Development Private Limited	Nominee director	08/08/12	08/08/12	05/11/14	Active	NO

Name :

Krishna Gupta

Designation :

Director

Address :

44, Iron Side Road, Flat C-1, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

22.06.1966

Date of Appointment :

26.09.2014

DIN No.:

03041346

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Managing director	31/03/10	31/03/10	23/11/12	Active	NO
2	U10102WB1996PLC076986	BENGAL EMTA COAL MINES LTD	Director	15/09/10	21/04/10	10/12/12	Active	NO
3	U40102WB1961SGC025250	THE DURGAPUR PROJECTS LTD	Director	17/05/10	17/05/10	01/01/13	Active	NO
4	U40108WB2007SGC121189	WEST BENGAL GREEN ENERGY DEVELOPMENT CORPORATION LIMITED	Nominee director	19/05/10	19/05/10	22/11/12	Active	NO
5	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LTD	Managing director	23/11/12	23/11/12	-	Active	NO
6	U91110WB2003NPL097201	WEST BENGAL TRADE PROMOTION ORGANISATION	Nominee director	23/11/12	23/11/12	-	Active	NO
7	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Director	26/09/14	12/12/12	-	Active	NO

Name :

Sisir Kumar Mukherjee

Designation :

Nominee director

Address :

Kaikhali VIP Road, BLK-2, FLT-4B, Regent Enclave, Kolkata - 700052, West Bengal, India

Date of Birth/Age :

18.07.1943

Date of Appointment :

24.09.2013

DIN No.:

03054675

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB1993PLC060639	GUJARAT NRE MINERAL RESOURCES LTD	Director	10/09/10	16/04/10	25/03/14	Active	NO
2	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	24/09/13	22/03/13	-	Active	NO
3	L51909WB1986PLC040098	GUJARAT NRE COKE LTD	Director	01/10/14	18/03/14	-	Active	NO

KEY EXECUTIVES

Name :	Aloke Chattopadhyay
Designation :	Secretary
Address :	125, Bonomali Nashar Road, Kolkata – 700 060, West Bengal, India
Date of Birth/Age :	03.01.1955
Date of Appointment :	19.04.2005
PAN No.:	ACHPC7998L
Name :	Ms. Vijaya
Designation :	Administrative Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government Companies	48.87
Nationalised or Other Banks	7.57
Foreign Holdings	39.83
Bodies Corporate	2.81
Directors or relative of directors	0.26
Other top fifty shareholders	0.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Petrochemical Polymers Products.

Products :

ITC Code No.:	Products / Services
39021000	Polypropylene (PP-Homo Polymer)
39023000	Polypropylene (PP-Co Polymer)
39012000	High density Polythyelene (HDPE)
39012000	Linear Low density Polythyelene (LLDPE)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

• China
• Vietnam
• European Countries

Imports :

Products :

Raw Material

Countries :

• Middle East
• Abu Dubai

Terms :

Selling :

Cash, Advance Payment, L/C, Credit and Cheque

Purchasing :

Cash, Advance Payment, L/C, Credit and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	United Bank of India
Branch Address	Old Court House, Kolkata, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Declined to provide contact details.

• Union Bank, Industrial Finance Branch, 1/1 Camac Street, Kolkata - 700016, West Bengal, India
• State Bank of India, Cag Branch, Nehru Road, Kolkata, West Bengal, India
• Export-Import Bank of India, Cuff Parade, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Foreign currency term loan from others	472.21	233.100
Rupee term loan from others	1559.680	1367.320
Rupee term loans from banks	9664.240	9590.930
Other external commercial borrowings	0.000	698.710
SHORT TERM BORROWINGS
Working capital loan from banks	6534.340	10775.970
Total	18230.470	22666.030

Auditors :
Name 1 :	Lodha and Company Chartered Accountants
Address :	Lodha and Company 14, Esplanade Mansion, Government Place East , Kolkata – 700069, West Bengal, India
PAN No. :	AABFL1894Q
Name 2 :	N.C. Banerjee and Company Chartered Accountants
Address :	2, Ganesh Chandra Avenue, 1st Floor, Room No: 9, Kolkata - 700 013, West Bengal, India
PAN No. :	AABFN8760F
Memberships :	--
Collaborators :	--
Subsidiaries :	Haldia Riverside Estates Limited (HREL) Haldia Cracker Complex Limited (HCCL)
Others :	Chatterjee Petrochem (Mauritius) Company [CP(M)C] West Bengal Industrial Development Corporation Limited (WBIDC)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000000	Equity Shares	Rs.10/- each	Rs.22000.000 Millions
300000000	Preference Shares	Rs.10/- each	Rs.3000.000 Millions
	Total		Rs. 25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1687938532	Equity Shares	Rs.10/- each	Rs.16879.385 Millions
271081818	Preference Shares	Rs.10/- each	Rs.2710.818 Millions
	Total		Rs. 19590.203 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19590.210	19590.210	19590.210
(b) Reserves & Surplus	(19047.640)	(14401.340)	(4800.220)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	542.570	5188.870	14789.990
(3) Non-Current Liabilities
(a) long-term borrowings	11871.130	11890.060	15430.710
(b) Deferred tax liabilities (Net)	0.000	0.000	1131.580
(c) Other long term liabilities	12.110	10.960	10.310
(d) long-term provisions	64.660	75.250	77.250
Total Non-current Liabilities (3)	11947.900	11976.270	16649.850
(4) Current Liabilities
(a) Short term borrowings	6534.340	10775.970	14684.730
(b) Trade payables	26594.860	21549.960	13078.080
(c) Other current liabilities	10278.020	8017.100	4827.350
(d) Short-term provisions	258.600	203.310	211.460
Total Current Liabilities (4)	43665.820	40546.340	32801.620
TOTAL	56156.290	57711.480	64241.460
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34547.640	38368.800	42261.040
(ii) Intangible Assets	282.090	519.870	757.860
(iii) Capital work-in-progress	101.880	72.740	100.640
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6175.650	175.550	175.550
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1691.380	2059.320	1996.610
(e) Other Non-current assets	31.490	0.000	0.000
Total Non-Current Assets	42830.130	41196.280	45291.700
(2) Current assets
(a) Current investments	0.000	0.000	50.000
(b) Inventories	6155.150	10823.010	12440.220
(c) Trade receivables	634.850	852.240	1619.160
(d) Cash and cash equivalents	47.150	123.540	859.550
(e) Short-term loans and advances	5390.740	3680.500	1125.330
(f) Other current assets	1098.270	1035.910	2855.500
Total Current Assets	13326.160	16515.200	18949.760
TOTAL	56156.290	57711.480	64241.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations8	81298.320	86601.300	81344.470
		Other Income	17.440	26.220	188.250
		TOTAL	81315.760	86627.520	81532.720
Less	EXPENSES
		Cost of Materials Consumed	68601.630	74681.360	70016.130
		Purchases of Stock-in-Trade	360.750	307.560	396.840
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	773.850	781.030	(371.690)
		Employees benefits expense	734.640	841.430	920.310
		Exceptional Items	(7095.590)	0.000	(932.110)
		Other expenses	12898.820	12109.490	11972.220
		TOTAL	76274.100	88720.870	82001.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5041.660	(2093.350)	(468.980)
Less	FINANCIAL EXPENSES		5027.900	4336.560	3875.080
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.760	(6429.910)	(4344.060)
Less/ Add	DEPRECIATION/ AMORTISATION		4286.560	4277.670	4241.570
	PROFIT/ (LOSS) BEFORE TAX		(4272.800)	(10707.580)	(8585.630)
Less	TAX		373.500	(1106.460)	(1121.770)
	PROFIT/ (LOSS) AFTER TAX		(4646.300)	(9601.120)	(7463.860)
	Earnings / (Loss) Per Share (Rs.)		(2.77)	(5.71)	(4.80)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(5.72)	(11.09)	(9.18)
Operating Profit Margin (PBDIT/ Sales)	(%)	6.20	(2.42)	(0.58)
Return on Total Assets (PBT/Total Assets}	(%)	(8.57)	(18.63)	(13.42)
Return on Investment (ROI) (PBT/Networth)		(7.88)	(2.06)	(0.58)
Debt Equity Ratio (Total Debt/Networth)		33.92	4.37	2.04
Current Ratio (Current Asset/Current Liability)		0.31	0.41	0.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	19590.210	19590.210	19590.210
Reserves & Surplus	(4800.220)	(14401.340)	(19047.640)
Net worth	14789.990	5188.870	542.570
long-term borrowings	15430.710	11890.060	11871.130
Short term borrowings	14684.730	10775.970	6534.340
Total borrowings	30115.440	22666.030	18405.470
Debt/Equity ratio	2.036	4.368	33.923

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	81344.470	86601.300	81298.320
		6.462	(6.123)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	81344.470	86601.300	81298.320
Profit	(7463.860)	(9601.120)	(4646.300)
	(9.18%)	(11.09%)	(5.72%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----------------
22]	Litigations that the firm / promoter involved in	-----------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----------------
26]	Buyer visit details	-----------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INTRODUCTION

The company continued to operate under extremely adverse financial conditions. Unavailability of sufficient working capital continued to restrict plant throughput within 40-60% level, which was not sufficient to generate operating profits due to high cost of production at low throughput operations and lower margin from products.

The company made several efforts to raise throughput to self-sustaining levels. The company invited Expression of Intent (EOIs) from interested business houses for product swap against naphtha supplies. However, the response remained muted and could not be materialized. Infusion of additional fund by one of the promoters and proportionate release of working capital funds by lenders also failed to generate adequate fund due to regular payment commitments. Since the funds were disbursed in small tranches, it could not be effectively utilized for augmentation of processing capacity. Moreover, principal and interest payment obligations continued to squeeze working capital of the company, limiting plant throughput levels and overall profitability.

Petrochemical business environment has seen appreciable improvements in last year. The new ethylene capacity additions have been less than incremental product demand. As a result, polymer margins have strengthened since early 2013. Chemical prices had also been firm except for Butadiene, which remained languished due to poor market sentiments in Automobile sector. Overall, net international product margins have been significantly better in FY 13-14 compared to FY 12-13 levels.

Demand-supply scenario in domestic market in immediate future, i.e. FY 14-15, is expected to remain strong considering gradual growth in demand and lack of capacity additions. Effective addition of polyolefin capacity addition is not likely to happen before end 2014, as a result of which, margins are expected to remain firm. However, the company is yet to reap benefits of improved margins due to low capacity operations. The uncertainties regarding business survival have severely affected the morale of all stakeholders, making business transactions increasingly difficult with passage of time. Owing to lower production volumes in last two years, the company was forced to reduce supplies to several markets, thereby losing customers in the process. Most of these customers have moved to other domestic sources or imports. Going forward, the company may require special sincere efforts to regain confidence of these customers, as and when, the company plans to improve operating rates and increase placement of products in domestic market.

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR FY 2013-14:

Total Turnover Rs. 91296.010 million against Rs.97774.960 million for the corresponding previous period, an increase/ (decrease) of (6.63%).

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs. (2053.930) million against (2093.350) Million for the corresponding previous period.

Profit (loss) After Tax (PAT) is (loss) Rs. (4646.300) Million against Rs. (9601.120) Million for the corresponding previous period.

The Company has, during the year, incurred a Loss after Tax of Rs 4646.300 Million which has been transferred to Reserves and Surplus (Note 3 of Financial Statements) and shown under Surplus / (Deficit).

PRESS RELEASE

HALDIA PETROCHEMICALS MAY RESTART OPERATIONS AT PLANT

Banks have reportedly decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group (TCG), agreed to invest Rs 100 crore as margin amount into the ailing plant. TCG is one of the principal promoters of HPL, along with the West Bengal Industrial Development Corporation (WBIDC).

The main lenders to HPL are Industrial Development Bank of India, State Bank of India, Punjab National Bank, ICICI Bank and Industrial Finance Corporation of India. The banks will tread with caution and will lend the total money in tranches.

Operations at Haldia Petrochemicals’ plant have been suspended since July 7 due to a shortage of working capital, though the official reason was a technical snag in the naptha cracker unit, added the report.

HALDIA PETROCHEM SET TO REOPEN, LENDERS TO INFUSE FUNDS

Banks have decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group, agreed to invest Rs 100 crore (Rs 1 billion) as margin amount into the ailing plant, sources say.

The imbroglio over the Haldia Petrochemicals project might end soon, with the plant reopening, as lenders have agreed to infuse fresh funds into the loss-making company, whose net worth has eroded completely.

According to a source, banks have decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group, agreed to invest Rs 1000.000 Millions (Rs 1 billion) as margin amount into the ailing plant. TCG is one of the principal promoters of HPL, along with the West Bengal Industrial Development Corporation . “Lenders will agree to infuse funds when the promoter shows interest. "Now that he has agreed to bring 10 per cent of the cash, we are ready to pay the rest,” said the source. He said the management had asked for Rs 10000.000 Millions (Rs 10 billion) to buy naphtha, the main feedstock.

The main lenders to HPL are Industrial Development Bank of India, State Bank of India, Punjab National Bank, ICICI Bank and Industrial Finance Corporation of India. The banks will tread with caution and will lend the total money in tranches. “The lenders don’t want HPL to become a non-performing asset, so they have decided to lend money but in instalments and only after judging the performance of the plant,” said the source. The prospect of the plant reopening has become brighter due to the falling price of naptha, its main raw material, in the world market. Operations were suspended since July 7 due to a shortage of working capital, though the official reason was a technical snag in the naptha cracker unit. According to a company official, the plant is completely fit to reopen. “Since TCG has now agreed to pay the margin amount, the fresh funds should be used to buy fresh feedstock rather than paring debts,” he said.

With the plant set to reopen, all eyes would be on TCG, to assume management control after the Competition Commission of India gave its nod to the proposed share transfer agreement with WBIDC. TCG had agreed to buy 520 million shares (30.8 per cent of the equity) of WBIDC at Rs 25.10 each, matching the price offered by Indian Oil Corporation after the government invited an Expression of Interest last year.

CHATTERJEE GROUP’S HALDIA PETROCHEMICALS DEAL GETS CCI nod

NEW DELHI: Competition Commission has cleared Chatterjee Group's proposal to hike its stake in Haldia Petrochemicals by acquiring shares from West Bengal Industrial Development Corporation.

The proposed combination is not likely to have appreciable adverse effect on competition in India, the fair trade watchdog said in its order.

Under the deal, Essex Development Investment (Mauritius) Limited would acquire 15.4 per cent stake in Haldia Petrochemicals Limited (HPL) from West Bengal Industrial Development Corp Limited.

Essex is part of Chatterjee Group -- which through its affiliate/associate companies namely Chatterjee Petrochem (Mauritius) Company, India Trade (Mauritius) Ltd and Winstar India Investment Company Ltd, PCC holds 39.54 per cent stake in HPL.

Post the deal, Chatterjee Group's overall shareholding in HPL would increase to about 55 per cent.

HPL is into manufacture and sale of petrochemical related products. Essex is an investment company while Chatterjee Group has diversified interests including in real estate, life sciences and information technology.

"... it is observed that the proposed combination would result in sole control of Chatterjee Group over HPL. Further, none of companies belonging to Chatterjee Group including Essex and CPMC, or their portfolio companies have any other investment in the petrochemical industry apart from HPL.

"Therefore, there is no horizontal overlap or vertical arrangement between HPL and CPMC, Essex or Chatterjee Group," according to Competition Commission of India's (CCI) order dated December 5 and made public today.

SHARE TRANSFER OF HPL TO TCG A COMPLEX TRANSACTION: WBIDC

Kolkata: The proposed partial transfer of West Bengal Industrial Development Corporation (WBIDC) shares in Haldia Petrochemicals Limited (HPL) to TCG was a complex transaction with lots of conditionalities, a source in the state agency said.

"The share sale agreement with TCG is a complex negotiation and a complex transaction as lenders are involved", an official of WBIDC said.

The official said that the Competition Commission of India (CCI) had cleared TCG's proposal to hike its stake in HPL by acquiring shares from WBIDC.

TCG group company Essex Development Investments (Mauritius) Ltd would acquire 15.4 percent stake in Haldia Petrochemicals Ltd (HPL) from WBIDC.

WBIDC's aggregate shareholding in HPL was around 34 percent.

The official said that although the CCI had cleared the proposal, TCG was yet to pay up for the money required for buying out the shares.

According to the agreement, Purnendu Chatterjee-owned TCG was to pay Rs 1300 crore to WBIDC in two equal tranches.

The HPL plant was lying closed for more than five months owing severe lack of working capital, while it managing director Uttam Basu, who term was to end on December 31, 2014, had already resigned.

Post the deal, TCG's overall shareholding in HPL would increase to about 55 percent giving ownership control. 

HALDIA PETROCHEMICALS SALARY PAYMENTS UNDER A CLOUD

KOLKATA: With Haldia Petrochemicals Limited's (HPL) plant closed since July, salary payments in the month of January for employees have come under a cloud.

"There is some problem in payments of salaries of the HPL employees in January," a source in the company said.

Today, the management committee of the HPL held a meeting, which was also attended by TCG chief Purnendu Chatterjee, to resolve the pending crisis which was on the top of the agenda.

The representative of the West Bengal government was also present at the meet.

TCG is the largest shareholder of HPL, which employed nearly 1,200 employees at its plant in Haldia and in its various offices. The company had to force closure of its plant at Haldia following lack of funds to meet working capital needs.

Coupled with ongoing issues, the company is also facing high levels of attrition owing to uncertainty.

Asked whether there was any discussion held regarding re-opening of the plant, the source said, "There was no conclusive talks held during the meeting".

"The plant can only reopen once the promoters and the lenders infuse funds required for that," the sources said.

Facing a severe crisis of working capital for running the plant, the plant has been under closure for almost six months now.

Meanwhile, the West Bengal government decided to transfer its shares to Purnendu Chatterjee's TCG for which the latter would have to pay around Rs 13000.000 Millions in two tranches.

HALDIA PETROCHEMICALS LIMITED FALTERED ON EXPORT COMMITMENT AGAINST ADVANCE LICENSE: SOURCES

KOLKATA: The ailing Haldia Petrochemicals Limited, whose plant is under closure since last six months, failed to meetexport commitment for which it had got advance licenses.

"Since 2009, HPL was getting advance license for duty-freeimport of naphtha against exports of finished products," a source close to the development told.

However, owing to poor pricing, the company could not send its finished products overseas, for which it had availed of duty-free naphtha imports, the source said.

No comments were received from the company. Since 2009, the company had four managing directors, namely Swapan Bhowmick, Partha Bhattacharya, Sumantra Chaudhury and Uttam Basu.

Basu resigned from the company before his term was to end on December 31, 2014. The company was exporting its products not only to neighbouring Bangladesh and Nepal but also to European countries.

Meanwhile, the Competition Commission of India (CCI) cleared Purnendu Chatterjee's proposed 15.4 per cent stake purchase from the West Bengal government in HPL for which it would have around Rs 13000.000 Millions in two tranches.

The company had to force closure of its plant at Haldia following lack of funds to meet working capital needs.

The closure of the plant had also affected hundreds of downstream manufacturing units which were sourcing polymers from HPL.

Upon purchasing of shares, TCG's shareholding in HPL would stand at more than 55 per cent, thus paving the way for becoming the largest shareholder.

OWNERSHIP ROW: PROMOTERS OF HALDIA PETROCHEMICALS REASSURE LENDERS

Kolkata: The West Bengal government and The Chatterjee Group (TCG), co-promoters of Haldia Petrochemicals Ltd (HPL), gave fresh assurances to the company’s lenders at a board meeting on Wednesday that they were taking steps to resolve their dispute in their bid to secure funds to restart operations.

The government has agreed on the terms for the sale of 520 million of its 675 million shares to TCG, and lawyers are preparing the documents for the deal, said a person familiar with the development. Though it wasn’t part of the agenda for Wednesday’s board meeting, this matter was discussed, this person added, asking not to be named. Lenders had said they wouldn’t stake more money on HPL unless its co-promoters end their spat over ownership and control.

TCG and the government are asking lenders to restructure HPL’s loans and infuse working capital so that the firm could restart operations suspended on 7 July due to a technical problem.

TCG chief Purnendu Chatterjee said on Wednesday the plant had been repaired but operations may not start soon. “It is in very good shape,” Chatterjee said, referring to HPL’s plant.

HPL managing director U.K. Basu wasn’t available for comments. West Bengal’s principal secretary for commerce and industries C.M. Bachawat refused to comment.

It seems the deal between the government and TCG is likely to be concluded soon, said the person cited above, and lenders will commit to restructure HPL’s loans. It wasn’t clear soon whether lenders would ask TCG to infuse cash into HPL’s operations over and above paying for the state government’s shares, but it is a distinct possibility.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10533078	30/10/2014	2,300,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, kolkata, West Bengal - 700016, INDIA	C34773630
2	10527691	06/10/2014	1,940,000,000.00	ICICI BANK	3A GURUSADAY ROAD, KOLKATA, West Bengal - 700017,  INDIA	C31102023
3	10527692	06/10/2014	200,000,000.00	ICICI BANK	3A GURUSADAY ROAD, KOLKATA, West Bengal - 700017,  INDIA	C31102460
4	10527759	30/09/2014	300,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, KOLKATA, West Bengal - 700016, INDIA	C31144181
5	10527453	29/09/2014	25,500,000.00	BANK OF BARODA	83 LINTON STREET, KOLKATA, West Bengal - 700014, INDIA	C30945620
6	10524841	29/09/2014	44,000,000.00	Indian Bank	Strand Road Branch, 3A, Hare Street, Kolkata, Wes  t Bengal - 700001, INDIA	C28376705
7	10526789	29/09/2014	30,900,000.00	Central bank of India	Corporate Finance Branch, Kolkata, West Bengal - 700001, INDIA	C30375364
8	10526969	29/09/2014	1,894,100,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 83 TOPSIA ROAD, kolkata, West  Bengal - 700046, INDIA	C30496954
9	10527096	29/09/2014	1,920,000,000.00	UNION BANK IN INDIA	INDUSTRIAL FINANCIAL BRANCH, 1/1 CAMAC STREET, KOLKATA, West Bengal - 700016, INDIA	C30576870
10	10527098	29/09/2014	172,500,000.00	DENA BANK	BRABOURNE ROAD BRANCH, 16A, BRABOURNE ROAD, KOLKATA, West Bengal - 700001, INDIA	C30578090

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	175.000	0.000
Total	175.000	0.000

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.40
UK Pound	1	Rs. 94.17
Euro	1	Rs. 73.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	JYO

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.