MIRA INFORM REPORT

Report No. :	331326
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED

Registered Office :	Opposite Golf Course, Shastri Nagar, Yerawada, Pune – 411006, Maharashtra
Tel. No.:	91-20-26684155

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	31.05.1979

Com. Reg. No.:	11-021360

Capital Investment / Paid-up Capital :	Rs.882.000 Million

CIN No.: [Company Identification No.]	L24121MH1979PLC021360

TAN No.: [Tax Deduction & Collection Account No.]	MUMD10002G

PAN No.: [Permanent Account No.]	AAACD1388D

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer and Trader Fertilizers, Industrial Chemicals, Technical Ammonium Nitrate.

No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. For the financial year ended 2015, sales turnover of the company has declined which has resulted into dip in profit of the company during a year under a review. Rating also takes into consideration leading market positon of DFPCL in the industrial chemicals segment supported by healthy capital structure and adequate financial base of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CARE
Rating	Non-Convertible Debenture Issue = AA
Rating Explanation	High degree of safety and very low credit risk
Date	23.12.2014

Rating Agency Name	CARE
Rating	Commercial Paper Issue = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	23.12.2014

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 :	Mr. Bhupendra
Designation :	Accounts
Contact No.:	91-20-66458083

LOCATIONS

Registered Office :	Opposite Golf Course, Shastri Nagar, Yerawada, Pune -411006, Maharashtra, India
Tel. No.:	91-20-26684155/ 26684342/ 26684597/ 26684235/ 26458000/ 66458000
Mobile No.:	91-9822209351 (Mr. Sanjay Gundi)
Fax No.:	91-20-26687499/ 26683727
E-Mail :	Sanjay.gundi@dfpcl.com deepak_fertiliser@vsnl.com corpcom@deepakfertilisers.com shares@deepakfertilisers.com r.sriraman@dfpcl.com investorgrievance@deepakfertilsers.com careers@deepakfertilisers.com investorgrievance@deepakfertilisers.com investorgrievance@dfpcl.com jjmodi@deepakfertilisers.com dfdn@vsnl.com dfpcl@nbd.vsnl.net.in dfdn@airtelmail.in
Website :	http://www.deepakgroup.com http://www.deepakfertilisers.com http://www.dfpcl.com http://www.dfdn.com

Corporate Office :	Sai-Hera, Mundhwa, Pune, Maharashtra, India

Factory :	Plot No. K-1, K-7 and K-8, MIDC Industrial Area, Taloja, A. V., District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-67684000
Fax No.:	91-22-27412413
E Mail:	arumugamg@deepakfertilisers.com

Marketing / Project Office :	Plot No. 32, Sector 16, Opposite Modern College, Vashi, Navi Mumbai - 400703, Maharashtra, India

Branch Office :	Located At Delhi, India

Area Offices :	Located at: Akola Nagpur Nashik Aurangabad Hubli Kolkata Hyderabad

DIRECTORS

As on 31.03.2014

Name :	Mr. S. C. Mehta
Designation :	Chairman Emeritus

Name :	Mr. Partha Bhattacharyya
Designation :	Executive Director

Name :	Mr. R. A. Shah
Designation :	Director
Date of Birth / Age :	82 Years
Qualification :	B.A., L.L.B., Solicitor
Date of Appointment :	26.12.1979

Name :	Mr. D. Basu
Designation :	Director
Date of Birth / Age :	78 Years
Qualification :	M.A. (Economics)
Date of Appointment :	27.07.2000

Name :	Mr. N. C. Singhal
Designation :	Director
Date of Birth / Age :	77 Years
Qualification :	M.A. (Economics), M.Sc. (Statistics), P.G. Diploma in Public Administration
Date of Appointment :	25.03.1997

Name :	Mr. U. P. Jhaveri
Designation :	Director
Date of Birth / Age :	68 Years
Qualification :	B.E. (Chemical)
Date of Appointment :	21.10.2004

Name :	Mr. S. R. Wadhwa
Designation :	Director
Date of Birth / Age :	78 Years
Qualification :	M.A., L.L.M., CAIIB, Masters Diploma in Public Administration
Date of Appointment :	18.10.2005

Name :	Dr. S. Rama Iyer
Designation :	Director
Date of Birth / Age :	74 Years
Qualification :	B.E.(Chemical), M. Tech. and Ph.D. from IIT, Mumbai
Date of Appointment :	23.10.2007

Name :	Mrs. Parul S. Mehta
Designation :	Director
Date of Birth / Age :	49 Years
Qualification :	B.Com.
Date of Appointment :	20.10.2005

Name :	Mr. Anil Sachdev
Designation :	Director
Date of Birth / Age :	59 Years
Qualification :	B.Sc., MBA
Date of Appointment :	23.10.2008

Name :	Mr. Pranay Vakil
Designation :	Director
Date of Birth / Age :	67 Years
Qualification :	B.Com., C.A., L.L.B., FRICS
Date of Appointment :	25.05.2010

KEY EXECUTIVES

MANAGEMENT TEAM :

Name :	Mr. Somnath Patil
Designation :	President and CFO

Name :	Mr. Rajendra Sinh
Designation :	President HRD and Corporate Services

Name :	Dr. Rajeev Chemburkar
Designation :	President Chemicals

Name :	Mr. Guy R. Goves
Designation :	President – Agribusiness

Name :	Mr. Pandurang Landge
Designation :	President – Projects

Name :	Mr. Carl Anders Lindgren
Designation :	President and Technical Advisor for TAN

Name :	Mr. Alok Goel
Designation :	President – Strategy and Business Development

Name :	Mr. Naresh Kumar Pinisetti
Designation :	President - Human Resources

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	25404701	28.80
Bodies Corporate	18655372	21.15
Sub Total	44060073	49.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	44060073	49.95
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1723303	1.95
Financial Institutions / Banks	30001	0.03
Insurance Companies	1724354	1.95
Foreign Institutional Investors	12903765	14.63
Any Others (Specify)	156859	0.18
Foreign Portolio Investor ( Corporate)	156859	0.18
Sub Total	16538282	18.75
(2) Non-Institutions
Bodies Corporate	4341221	4.92
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	17727536	20.10
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	3080476	3.49
Any Others (Specify)	2457355	2.79
Trusts	17674	0.02
Non Resident Indians	2254931	2.56
Foreign Corporate Bodies	184750	0.21
Sub Total	27606588	31.30
Total Public shareholding (B)	44144870	50.05
Total (A)+(B)	88204943	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	88204943	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader Fertilizers, Industrial Chemicals, Technical Ammonium Nitrate.

Products :

Product Descriptions	ITC Code
Chemical Fertilisers containing Nitrates and Phosphates (Nitro phosphate / Ammonium Nitrate Phosphate)	31055100
Organic Chemicals : Acyclic Alcohols: Methanol (Methyl Alcohol)	29051100
Ammonium Nitrate	31023000
ISO Propyl Alcohol (IPA)	29051220
Nitric Acid	28080010

Brand Names :

Agencies Held :

Exports :

Products :

Industrial Products

Countries :

Dubai
Pakistan
African Countries

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

OBC Group Company

Customers :

No. of Employees :

700 (Approximately)

Bankers :

Bank of Baroda
IDBI Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
DBS Bank Limited
ICICI Bank Limited
Kotak Mahindra Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long-term Borrowings
External Commercial Borrowings (ECBs)
Bank of Baroda		838.600
HSBC Bank		748.750
Debentures - Secured (Listed)
500, 9.31% Redeemable Privately Placed Non-Convertible Debentures (NCDs) of Rs.1.000 Millioneach		500.000
500, 10% Redeemable Privately Placed NCDs of Rs.1.000 Millioneach		166.667
500, 9.75% Redeemable Privately Placed NCDs of Rs.1.000 Millioneach		166.667
1000, 9.70% Redeemable Privately Placed NCDs of Rs.1.000 Millioneach		1000.000
2500, 9.71% Redeemable Privately Placed NCDs of Rs.1.000 Millioneach		2500.000

Short Term Borrowings
From banks:
- Buyer’s credit (in foreign currency)		2296.493

Total	NA	8217.177

Notes:

Long-term Borrowings

Particulars

Rate and Repayment

schedule

Security

ECBs from Bank of

Baroda, s.988.350

Million(Rs.1004.273

Million). Rs.29.940

(27.137 Million) kept as fixed deposit with Bank of Baroda as a lien for ECBs (refer note no. 15)

At variable interest rate of Libor plus 325 basis points payable quarterly (average for the year 3.89%) (3.87%).

Repayable in 20 quarterly installments commencing from 30th September, 2012 and last installment is

payable on 30th June, 2017

Pari-passu first charge on the entire fixed assets pertaining to Technical Ammonium Nitrate (TAN Project), the leasehold rights and interest in Plot Nos. K-7 and K-8 at MIDC Industrial Area, Taloja, Dist. Raigad, Maharashtra and the building(s) structure(s) standing or to be constructed thereon and all fixed plants and machineries installed/ to be installed thereon, and all movable machineries, equipment and other movable assets of the said project, both present and future and the equipment’s, furniture, fixtures and fittings (excluding current assets) along with payment of interest and additional interest on the said loans, remuneration of the Trustees and all other monies thereto.

ECBs from HSBC Bank, Rs.247.917 Million(Rs.1357.125 Million)

At variable interest rate of Libor plus 300 basis points payable half yearly. The Company has taken interest rate swap from floating rate to fixed rate of 6.09 % Repayable in 6 equal half yearly installments commencing from 31st January, 2014 and last installment is payable on 29th July, 2016

Redeemable Privately Placed NCDs Rs.500.000

Million (Rs.500.000 Million)

9.31% per annum payable annually. Redeemable in single installment on 15th July, 2015

Pari-passu first charge on the Company’s fixed assets, plant and machinery pertaining to Iso Propyl Alcohol (IPA) Plant located at Plot No. K-2, MIDC Industrial Area, Taloja, Dist. Raigad, Maharashtra and the building(s), structure(s) standing or to be constructed thereon and all fixed plants and machineries installed/to be installed thereon, and all movable machineries, equipments and other movable assets of the said project, both present and

future and the equipments, furniture, fixtures and fittings (excluding current assets) along with payment of interest and additional interest on the said loans, debenture costs, charges, expenses and remuneration of the Trustees and all other monies thereto ranking pari-passu with subsisting mortgage with minimum asset cover of 1.25 times of the asset value over the outstanding debenture issue amount, at all times.

Redeemable Privately Placed NCDs Rs.333.333

Million(Rs.500.000 Million)

10% per annum payable quarterly. Redeemable in

three equal installments from 25th November, 2013 to 25th November, 2015

Pari-passu first charge on the entire fixed assets pertaining to Technical Ammonium Nitrate (TAN Project), the leasehold rights and interest in Plot Nos. K-7 and K-8 at MIDC Industrial Area, Taloja, Dist. Raigad, Maharashtra and the building(s) structure(s) standing or to be constructed thereon and all fixed plants and machineries installed/ to be installed thereon, and all movable machineries, equipments and other movable assets of the said project, both present and future and the equipments, furniture, fixtures and fittings (excluding current assets) along with payment of interest and additional interest on the said loans. remuneration of the Trustees and all other monies to rank pari-passu with subsisting mortgage with minimum asset cover of 1.25 times of the asset value over the outstanding debenture issue amount, at all times.

Redeemable Privately Placed NCDs Rs.333.333

Million (Rs.500.000 Million)

9.75% per annum payable quarterly. Redeemable in three equal installments

from 25th November, 2013 to 25th November, 2015

Redeemable Privately Placed NCDs Rs.416.666

Million(Rs.833.333 Million)

10.80% per annum payable annually. Redeemable in three equal installments from 1st September, 2012 to 1st September, 2014

Pari-passu charge on the entire assets of the Company’s immovable properties, plant and machinery, whether immovable or movable, pertaining to the Company’s undertaking situated at Plot Nos. K-1 and K-2, MIDC Industrial Area, Taloja, Dist. Raigad, Maharashtra to rank pari-passu with the mortgages and charges created in favour of financial institutions/trustees and prior mortgages and charges in favor of the banks together with

interest, remuneration of the Trustees and all other monies thereto ranking pari-passu with subsisting mortgage with minimum asset cover of 1.25 times of the asset value over the outstanding debenture issue amount, at all times.

Redeemable

Privately Placed

Non-Convertible

Debentures Rs.1000.000 Million(Rs.1000.000 Million)

9.70% per annum payable annually. Redeemable in single installment on 18th January, 2016

Pari-passu charge on the present and future immovable and movable fixed assets (i.e. Land, Building and Plant and Machinery) pertaining to Ammonia, WNA, CNA, LDAN, ANP, Bagging, ETP, DNA4, Methanol, CO2 plants located at Plot K1, MIDC Industrial Area, Taloja, Dist. Raigad, Maharashtra of the Company, ensuring a minimum asset cover of 1.25 times of the gross value of assets over the outstanding debenture issue amount, at all times.

Redeemable

Privately Placed

Non-Convertible

Debentures Rs.2500.000

Million (Rs.2500.000 Million)

9.71% per annum payable annually. Redeemable in single installment on 18th January, 2018

Short Term Borrowings

Notes:

Buyer’s credits are generally due within 180 days and carry variable average interest rate for the year 0.97 % (1.71%) are secured by a first charge by way of hypothecation of stocks of raw materials, stock-in-process, consumable stores and book debts.

Cash credit is repayable on demand and carries variable interest rate average for the year is 11.62% (13.25%). There is no utilisation of cash credit facilities as at the year end.

(iii) Cash credit facilities sanctioned by banks including working capital demand loans are secured by a first charge by way of hypothecation of stocks of raw materials, stock-in-process, consumable stores and book debts.

Auditors :

Name :

B. K. Khare and Company

Chartered Accountants

Solicitors 1 :

Name :

Crawford Bayley and Company

Solicitors 2 :

Name :

J. Sagar Associates

Solicitors 3 :

Name :

AZB and Partners

Memberships :

Collaborators :

Associates :

Ishanya Brand Services Limited
Ishanya Realty Corporation Limited

Jointly Controlled Entity :

Desai Fruits and Vegetables Private Limited

Entities over which key managerial personnel are able to exercise significant influence:

Blue Shell Investments Private Limited
Nova Synthetic Limited
The Lakaki Works Private Limited
Superpose Credits and Capital Private Limited
Storewell Credits and Capital Private Limited
High Tide Investments Private Limited
Deepak Asset Reconstruction Private Limited
Mahadhan Investment and Finance Private Limited
SCM Fertichem Limited
Ishanya Foundation
Deepak Foundation

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : not Divulged

Issued, Subscribed & Paid-up Capital : Rs.882.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Million
1000000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.100.000 Million

	Total		Rs.1350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

88204943	Equity Shares	Rs.10/- each	Rs.882.049 Million

a. Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million
Balance as at the beginning of the year	88204943	882.049
Add: Issued during the year	--	--
Balance as at the end of the year	88204943	882.049

b. Terms/ Rights attached with Equity Shares

The Company has only one class of issued Equity Shares having at par value of Rs.10 per Share. Each holder of Equity Shares is entitled to one vote per Share.

The Company declares and pay dividend in Indian Rupee except in the case of overseas Shareholders where dividend is paid in respective foreign currencies considering foreign exchange rate applied at the date of remittance. The dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuring Annual General Meeting.

In the event of liquidation of the Company the holders of Equity Share will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

c. Details of equity shares held by shareholders holding more than 5% shares :

Name of Shareholder	Number of Shares	% holding
Shri S. C. Mehta	19.281	21.86%
Nova Synthetic Limited	17.267	19.58%
Fidelity Puriton Trust Fund-Fidelity low prices	7.569	8.58%
Total	44.117	50.02%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	882.000	882.049	882.049
(b) Reserves & Surplus	14366.600	14029.096	12260.457
(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)	15248.600	14911.145	13142.506

(3) Non-Current Liabilities
(a) long-term borrowings	3385.400	5920.684	7141.504
(b) Deferred tax liabilities (Net)	1244.900	1177.548	1222.838
(c) Other long term liabilities	8.200	2.191	7.702
(d) long-term provisions	261.000	233.708	197.888
Total Non-current Liabilities (3)	4899.500	7334.131	8569.932

(4) Current Liabilities
(a) Short term borrowings	7851.100	2296.493	3044.302
(b) Trade payables	2306.400	3498.653	2076.125
(c) Other current liabilities	3803.200	2744.304	2079.193
(d) Short-term provisions	528.200	807.176	699.378
Total Current Liabilities (4)	14488.900	9346.626	7898.998

TOTAL	34637.000	31591.902	29611.436

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14911.700	13796.017	14023.589
(ii) Intangible Assets	0.000	85.079	103.361
(iii) Capital work-in-progress	0.000	939.335	265.431
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1081.800	2788.227	956.578
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	665.600	408.067	581.936
(e) Other Non-current assets	19.500	57.183	82.204
Total Non-Current Assets	16678.600	18073.908	16013.099

(2) Current assets
(a) Current investments	1932.500	262.160	2483.262
(b) Inventories	4029.600	3387.584	2397.844
(c) Trade receivables	9352.500	7693.975	6451.646
(d) Cash and cash equivalents	383.600	924.756	1020.122
(e) Short-term loans and advances	2097.100	1148.660	1135.973
(f) Other current assets	163.100	100.859	109.490
Total Current Assets	17958.400	13517.994	13598.337

TOTAL	34637.000	31591.902	29611.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	37117.700	38162.795	26,079.490
		Other Income	382.800	470.398	602.914
		TOTAL (A)	37500.500	38633.193	26,682.404

Less	EXPENSES
		Cost of Materials Consumed	13946.400	16527.636	12,524.950
		Purchases of Stock-in-Trade	15958.000	11438.421	6,301.675
		Changes in Inventories of Finished Goods and Stock-in-Trade- (Increase) / Decrease	(725.700)	(473.730)	(309.631)
		Employee Benefits Expense	1426.800	1634.195	1,450.164
		Other Expenses	3535.100	3995.345	2,913.200
		Exceptional Items	3.500	113.520	0.000
		TOTAL (B)	34144.100	33235.387	22,880.358

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3356.400	5397.806	3802.046

Less	FINANCIAL EXPENSES (D)		1101.100	1007.507	821.737

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2255.300	4390.299	2980.309

Less	DEPRECIATION/ AMORTISATION (F)		1173.100	1026.397	974.536

	PROFIT BEFORE TAX (E-F) (G)		1082.200	3363.902	2005.773

Less	TAX (H)		298.700	925.059	536.722

	PROFIT AFTER TAX (G-H) (I)		783.500	2438.843	1469.051

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10375.704	8949.895	8305.502

Less	APPROPRIATIONS
		Transferred to Debenture Redemption Reserve		95.830	116.563
		Transferred to General Reserve		247.000	147.500
		Proposed Dividend on Equity Shares (Net)		573.345	485.140
		Tax on Proposed Dividend (Net)		96.859	75.455
	BALANCE CARRIED TO THE B/S		NA	10375.704	8949.895

	EARNINGS IN FOREIGN CURRENCY
		Export of goods (on FOB basis)		805.872	784.585
		Other income		151.663	138.178
	TOTAL EARNINGS		NA	957.535	922.763

	IMPORTS
		Raw materials		6962.522	2514.946
		Components and spare parts		70.860	70.924
		Capital goods		73.787	67.045
		Stock-in-trade		4141.399	2597.062
	TOTAL IMPORTS		NA	11248.568	5249.977

	Earnings Per Share (Rs.)		8.88	27.65	16.65

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	1398.918	1053.227
Cash generated from operations	NA	5145.647	2569.832
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	2.11	6.39	5.63

Operating Profit Margin (PBDIT/Sales)	(%)	9.04	14.14	14.58

Return on Total Assets (PBT/Total Assets)	(%)	3.23	12.07	7.07

Return on Investment (ROI) (PBT/Networth)		0.07	0.23	0.15

Debt Equity Ratio (Total Debt /Networth)		0.74	0.64	0.86

Current Ratio (Current Asset/Current Liability)		1.24	1.45	1.72

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.143.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	882.049	882.049	882.000
Reserves & Surplus	12260.457	14029.096	14366.600
Net worth	13142.506	14911.145	15248.600

long-term borrowings	7141.504	5920.684	3385.400
Short term borrowings	3044.302	2296.493	7851.100
Total borrowings	10185.806	8217.177	11236.500
Debt/Equity ratio	0.775	0.551	0.737

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	26079.490	38162.795	37117.700
		46.333	(2.739)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	26079.490	38162.795	37117.700
Profit	1469.051	2438.843	783.500
	5.63%	6.39%	2.11%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426207	09/04/2013	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B74446279
2	10372880	28/11/2013 *	15,000,000,000.00	IL and FS TRUST COMPANY LIMITED	Il & Fs Financial Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India	B91795773
3	10248341	11/10/2010	500,000,000.00	CENTRAL BANK OF INDIA	Mmo Building, 6th Floor, 55, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400023, India	A97674899
4	10245057	07/10/2010	1,150,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	Plot No. 139-140b, Western Express Highway, Sahar Road Junction, Ville Parle (East), Mumbai, Maharashtra - 400057, India	A96437066
5	10206363	24/02/2010	1,000,000,000.00	CENTRAL BANK OF INDIA	Mmo Bldg, 6th Floor, 55, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India	A81243370
6	10204739	18/12/2012 *	960,000,000.00	BANK OF BARODA	Corporate Financial Service Branch, Mantri Court, 1st Floor, 39, Ramabai Ambedkar Road, Pune, Maharashtra - 411001, India	B65872426
7	10146660	17/05/2013 *	1,250,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower, 'E', Cuffe Parade,, Colaba,, Mumbai, Maharashtra - 400020, India	B75911362

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

PRESS RELEASE

DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED REGISTERS MUTED PERFORMANCE IN Q1 FY 15

· On Q-on Q basis revenue drops 12%, PBT drops 54% & PAT by 56%

· On YoY basis, due to significant growth in trading operations, company managed to grow its revenue by 27%, while PBT drops by 6% & PAT by 7%

Pune, July 31, 2014: Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) today announced its financial results for the Quarter-ended June 30, 2014 (Q1 FY 15).

The Company recorded a 12% decline in total income to Rs.9453.700 Million for the quarter ended on 30^th June, 2014 (Q1 FY 15) from Rs.10695.900 Million in the preceding quarter of the previous financial year (FY14). Profit before tax decreased to Rs.560.100 Million in Q1 FY 15 as against Rs.1225.900 Million in Q4 FY 14 and Profit after tax stood at Rs.398.500 Million in Q1 FY 15 as against Rs.914.400 Million in Q4 FY 14.

However on YoY basis, revenue increased by 27% on the back of significant growth in trading operations, while PBT decreased by 6% & PAT by 7%

The performance of the Company during the quarter was adversely affected on account of abrupt stoppage of gas supply to its plant at Taloja consequent to a decision by Ministry of Petroleum and Natural Gas. The Company was compelled to shut down some of its plants, like Ammonia, ANP and CO2 due to non-availability of natural gas. Being an integrated plant, the gas stoppage also affected the utilities plants, thereby increasing the operating costs.

The Company has challenged the decision of stoppage of gas supply before Delhi High Court and is hopeful of resolution of the issue to the satisfaction of all concerned.

The Chemicals segment registered a growth of 26% to Rs.6770.300 Million in Q1 FY 15 from Rs.5361.000 Million in Q1 FY 14, riding on the back of 124% growth in trading operations. During the quarter, Propylene plant of one of our key raw material supplier was under planned shut down for around 40 days affecting the IPA production. Further subdued demand for Technical Ammonium Nitrate impacted the segment results. Segment profit therefore dropped by 5% during the quarter to Rs.715.300 Million as against Rs.752.900 Million during the same period last year.

DEEPAK FERTILISERS STRONG Q3 PERFORMANCE; NET PROFIT DOUBLES

Profit before Tax (PBT) is up by 117% on YoY basis and Profit after Tax (PAT) is up by 103%
Revenue grows by 63%
Fertilisers and Chemicals segment revenue up 78% and 57% respectively

Mumbai/Pune, January 29, 2014: Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) today announced its financial results for the Quarter-ended December 31, 2013 (Q3 FY 14).

Total Income, on a Q-on-Q basis, grew marginally, while Profit before Tax grew 42% and Profit after Tax grew 41%. The combined performance of Chemicals as well as Fertilisers segments helped the Company in achieving such a positive result.

The Chemicals segment registered a growth of 57% to Rs. 6509.900 Million in Q3 FY 14 from Rs.4139.400 Million in Q3 FY13. The key products like Iso Propyl Alcohol and Technical Ammonium Nitrate registered a growth of 12% and 36% respectively. Profits for the Chemicals segment stood at Rs. 795.400 Million in Q3 FY 14 as against Rs.560.700 Million in Q3 FY 13 registering a growth of 42%. Easing of raw materials prices like Ammonia and its subsequent stability, better realization of products like Methanol and IPA contributed towards profitability of the segment.

A good monsoon, strong portfolio of brands and the Company’s continued focused efforts towards operational excellence helped the Agri-business register a 78% growth to Rs.4015.500 Million in the current quarter as against Rs.2251.300 Million in the same period last year. The quarter witnessed a sharp rise in volumes of company’s manufactured fertilizers and traded non-subsidized specialty fertilizers. Segment profitability for the Agri-business thus grew to Rs. 550.700 Million in Q3 FY 14 against Rs.139.400 Million in Q3 FY 13. On Q-on-Q basis the segment revenue dropped by 11% because of lower bulk fertilizer traded volume, but profit grew by 14% mainly due to improved margins on non-subsidized specialty fertilizers and marked to market forex gains.

Finance cost for Q3 FY14 was lower than Q2 FY14 due to stable currency situation. Exceptional item in Q3 FY14 represents the amount paid towards the company’s Voluntary Retirement Scheme.

For the nine months period ending on December 31, 2013, DFPCL recorded a growth of 41% on a Y-on-Y basis with income from operations rising to Rs.27460.600 Million from Rs.19472.000 Million in same period last year. Profit before Tax stood at Rs.2138.000 Million during the nine months period as against Rs.1596.900 Million in comparable period last year. Profit after Tax stood at Rs.1524.400 Million in the current period against Rs.1177.900 Million in same period last year.

Mr. Sailesh C. Mehta, Chairman and Managing Director – DFPCL, said: “Our continuous efforts towards maximizing capacity utilization and operational excellence supported by favorable external factors like softening of raw material prices and stabilizing of currency have resulted in an overall strong performance of the organization. The capacity utilization of two of our key products i.e. IPA and Nitro Phosphate fertilizer are near maximum and in case of third key product Ammonium Nitrate, despite temporary sluggish growth in the mining industry, the plant is ramping up towards full capacity utilization.

Considering the significant growth prospects in the core sectors of agriculture, mining and pharma, in which the company operates, we are actively pursuing various organic and inorganic growth opportunities; which we should be able to finalize in the forthcoming quarters.”

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 records 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 records 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.63.57
UK Pound	1	Rs.98.22
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		68

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.

MIRA INFORM REPORT

Unit