MIRA INFORM REPORT

Report No. :	349465
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	DURGAPUR CHEMICALS LIMITED
Registered Office :	6, Little Russel Street, Kolkata – 700071, West Bengal
Tel. No.:	91-33-22871555/1558
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.07.1963
Com. Reg. No.:	21-025873
Capital Investment / Paid-up Capital :	Rs.1052.117 Million
CIN No.: [Company Identification No.]	U24119WB1963SGC025873
IEC No.:	0288034201
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCD1831A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of basic organic and inorganic Chemicals such as Caustic Soda lye, Hydrochloric Acid, Chlorine, Hydrogen, Stable Bleaching Powder and Sodium Penta Chloro Phenate.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject was incorporated in the year 1963, as a public sector company wholly owned by the Government of West Bengal. For the year 2014, the company has achieved average sales turnover, however has reported accumulated losses from its operations along with huge borrowings. The company has eroded networth base marked by decline in its cash accruals and poor liquidity position. Business is active. Payments are slow and delayed. In view of weak financial condition, the company can be considered for business dealings on fully safe and secured 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	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	CRISIL
Rating	Long Term Rating=D
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	03.07.2015

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel No.91-343-2555762)

LOCATIONS

Registered Office :	6, Little Russel Street, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22871555/1558
Fax No.:	91-33-22871557/1559
E-Mail :	sukomalkantiguha@rediffmail.com dclgmc@gmail.com
Factory :	Hahnemann Sarani, District: Burwan, Durgapur – 713215, West Bengal, India
Tel. No.:	91-343-2555762
Fax No.:	91-343-2556667
E-Mail :	dcldppurchase@rediffmail.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Sujit Chakravorti

Designation :

Director

Address :

17/7, James Long Sarani (Formerly: 17/7, Nafar Ch-, Andra Das Road, Behala, S 24 PGS, Kolkata, - 700034, West Bengal, India

Date of Birth/Age :

13.09.1943

Date of Appointment :

11.07.2012

DIN No.:

00066344

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	L63022WB1954PLC021638	DEEPAK INDUSTRIES LIMITED	Director	01/10/2014	22/11/2000	-	Active	NO
2	L27202GJ1962PLC040548	JHAGADIA COPPER LIMITED	Nominee director	22/11/2000	22/11/2000	26/09/2007	Active	NO
3	L74140WB1996PLC081521	SHALIMAR WIRES INDUSTRIES LIMITED	Nominee director	03/08/2001	03/08/2001	26/09/2007	Active	NO
4	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
5	L20211AS1982PLC001969	KITPLY INDUSTRIES LIMITED	Director	29/06/2004	29/06/2004	22/09/2012	Active	NO
6	L36900WB1979PLC032046	WEBFIL LIMITED	Director	01/09/2014	29/06/2006	-	Active	NO
7	U29262WB1986PTC040209	PARCON (INDIA) PRIVATE LIMITED	Director	18/08/2007	09/07/2007	-	Active	NO
8	U40101ML1976GOI001658	NORTH EASTERN ELECTRIC POWER CORPN LIMITED	Director	20/02/2008	20/02/2008	19/02/2011	Active	NO
9	U85195WB1976SGC030823	INFUSIONS (INDIA) LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
10	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO
11	L17232WB1890PLC000627	FORT GLOSTER INDUSTRIES LIMITED	Nominee director	08/01/2013	08/01/2013	19/03/2013	Active	NO
12	U40102WB1961SGC025250	THE DURGAPUR PROJECTS LIMITED	Director	01/02/2013	01/02/2013	02/04/2015	Active	NO

Name :

Mr. Subrata Mukherjee

Designation :

Director

Address :

Boral, Sukanta Pally, Post-Boral, Ward No-30, Sonalpur South, 24 Parganas, Sonarpur - 700154, West Bengal, India

Date of Birth/Age :

21.02.1962

Date of Appointment :

15.03.2010

PAN No.:

AANPM5182G

DIN No.:

03016383

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	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
2	U74899DL1994GAT056812	ALKALI MANUFACTURERS ASSOCIATION OF INDIA(TRANSFER COMPANY FROM MAHARASHTRA TO	Director	12/09/2014	12/09/2014	-	Active	NO

Name :

Mr. Arun Datta Majumder

Designation :

Director

Address :

BH-153, Sector-II, Salt Lake, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

01.03.1928

Date of Appointment :

07.01.1997

DIN No.:

02564123

Name :

Mr. Saroj Kumar Mitra

Designation :

Director

Address :

189, Saltlake, Block - CF, Bidhannagar, North 24 Parganas, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

29.01.1929

Date of Appointment :

07.01.1997

DIN No.:

02483717

Name :

Mr. Debkumar Mitra

Designation :

Director

Address :

Meghnath Saha Road, Asansol (South), Burdwan - 713301, West Bengal, India

Date of Birth/Age :

19.12.1942

Date of Appointment :

22.03.Mr. 2007

DIN No.:

02483743

Name :

Mr. Nilotpal Roy

Designation :

Director

Address :

1-B-1 Lala Lajpat Rai Road, A-Zone, Durgapur - 713204, West Bengal, India

Date of Birth/Age :

14.01.1948

Date of Appointment :

07.01.1997

DIN No.:

00087298

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	U24119wb1963sgc025873	Durgapur Chemicals Limited	Director	07/01/1997	07/01/1997	-	Active	No
2	U40102wb1961sgc025250	The Durgapur Projects Limited	Director	28/09/2003	28/09/2003	01/01/2013	Active	No
3	L27109dl1973goi006454	Steel Authority Of India Limited	Whole-Time Director	16/02/2006	16/02/2006	31/01/2008	Active	No
4	L28999wb1943plc133247	Mcnally Sayaji Engineering Limited	Director	06/11/2009	31/10/2008	13/08/2010	Active	No
5	U74900dl2011ptc216741	Monnet Ecomaister Enviro Private Limited	Director	29/09/2014	01/10/2013	-	Active	No

Name :

Ms. Mriganka Majumdar

Designation :

Director

Address :

Flat-4/2, Balark, N-363, Baishnabghata Patuli Township, Kolkata - 700094, West Bengal, India

Date of Birth/Age :

15.12.1948

Date of Appointment :

20.03.2012

DIN No.:

02237742

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	U40109WB2003PLC096966	NEW TOWN ELECTRIC SUPPLY COMPANY LIMITED	Director	25/08/2008	25/08/2008	12/02/2009	Active	NO
2	U40102WB1961SGC025250	THE DURGAPUR PROJECTS LIMITED	Managing director	01/11/2009	23/02/2009	31/12/2013	Active	NO
3	U10102WB1996PLC076986	BENGAL EMTA COAL MINES LIMITED	Director	15/09/2010	18/11/2009	15/02/2014	Active	NO
4	U23100WB2011SGC161115	DPL COKE OVEN LIMITED	Director	23/03/2011	23/03/2011	25/03/2014	Dormant under section 455	NO
5	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	20/03/2012	20/03/2012	-	Active	NO

Name :

Mr. Subhashis Gangulee

Designation :

Director

Address :

BJ-106, Salt Lake, Block-BJ, Sector-II, Bidhannagar (East), North 24 Parganas, Kolkata - 700091, West Bengal, India

Date of Appointment :

04.09.2014

DIN No.:

06407037

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	U22219WB1982SGC035285	SILPABARTA PRINTING PRESS LIMITED	Director	20/09/2012	20/09/2012	01/07/2013	Active	NO
2	U26921WB1984PLC037885	PULVER-ASH PROJECTS LIMITED	Director	20/09/2012	20/09/2012	26/09/2013	Active	NO
3	U51109WB1984PLC037183	WEST BENGAL PROJECTS LIMITED	Director	16/11/2012	16/11/2012	08/08/2013	Active	NO
4	U70101WB2008PLC130353	MURSHIDABAD JUTE PARKS INFRASTRUCTURE LIMITED	Nominee director	26/11/2012	26/11/2012	01/07/2013	Active	NO
5	U70101WB2008PLC130352	COOCHBEHAR JUTE PARKS INFRASTRUCTURE LIMITED	Nominee director	26/11/2012	26/11/2012	01/07/2013	Active	NO
6	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	04/09/2014	04/09/2014	-	Active	NO
7	U27100WB1986SGC041017	NATIONAL IRON AND STEEL COMPANY (1984) LIMITED	Director	04/09/2014	04/09/2014	-	Active	NO
8	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	18/09/2014	18/09/2014	-	Active	NO

Name :

Mr. Subhashis Gangulee

Designation :

Director

Address :

BJ-106, Salt Lake, Sector-II, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

14.11.1958

Date of Appointment :

04.09.2014

Name :

Mr. Rajat Kanti Dasgupta

Designation :

Nominee Director

Address :

226/5/2, N. S. C. Bose Road., Jadavpur, Kolkata, 700047, West Bengal, India

Date of Birth/Age :

09.12.1945

Date of Appointment :

17.01.2009

DIN No.:

02171898

KEY EXECUTIVES

Name :	Mr. Sukomal Kanti Guha
Designation :	Secretary
Address :	10, Sourin Roy Road, Behala, Kolkata - 700034, West Bengal, India
Date of Birth/Age :	15.03.1954
Date of Appointment :	01.11.1999
PAN No.:	ADWPG9552E

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Governor of West Bengal, India (Rs.10/- and Rs.2.66/-)	390013733
Bikash Nath (Rs.10/-)	1
India Alkalies Limited, India (Rs.10/-)	1
Shyamlala K. Majumder (Rs.10/-)	1

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of basic organic and inorganic Chemicals such as Caustic Soda lye, Hydrochloric Acid, Chlorine, Hydrogen, Stable Bleaching Powder and Sodium Penta Chloro Phenate.

Products :

Item Code No.	Product Description
28151200	Caustic Soda Lye

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Allahabad Bank
Branch	Kolkata Main Branch, 14, India Exchange Place, Kolkata – 700001, 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)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term loans from banks	330.920	377.921
Term loans from banks	0.000	0.100
Short-term borrowings
Working capital loans from banks	0.000	23.449
Total	330.920	401.470

Auditors :
Name :	Kyal and Associates Chartered Accountants
Address :	13/9C, N.S.B. Road, Opposite Union Bank of India, 1^st Floor , Raniganj, Burdwan - 713347, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFK3614N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
393000000	Equity Shares	Rs.10/- each	Rs.3930.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million
388013734	Equity Shares	Rs.2.66/- each	Rs.1032.117 Million
	TOTAL		Rs.1052.117 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1052.117	803.788	803.788
(b) Reserves & Surplus	(1251.924)	(901.467)	(687.547)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	33.731	162.060	2.060
Total Shareholders’ Funds (1) + (2)	(166.076)	64.381	118.301
(3) Non-Current Liabilities
(a) long-term borrowings	330.920	378.021	439.655
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	79.045	81.458	92.306
Total Non-current Liabilities (3)	409.965	459.479	531.961
(4) Current Liabilities
(a) Short term borrowings	0.000	23.449	45.648
(b) Trade payables	404.874	366.706	294.968
(c) Other current liabilities	587.472	436.847	292.363
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	992.346	827.002	632.979
TOTAL	1236.235	1350.862	1283.241
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	894.633	952.101	1009.593
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.472	4.722	5.722
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	898.105	956.823	1015.315
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.581	92.268	53.588
(c) Trade receivables	138.588	146.052	99.756
(d) Cash and cash equivalents	70.544	110.831	69.307
(e) Short-term loans and advances	50.417	44.888	45.275
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	338.130	394.039	267.926
TOTAL	1236.235	1350.862	1283.241

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
NET SALES	761.275	757.170	650.763
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES
Stock Increase/ Decrease	3.299	(8.156)	1.967
Derived Production	757.976	765.326	652.730
Cost of Production	931.320	821.328	746.653
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(173.344)	(46.074)	(84.124)
INTEREST	109.491	102.232	90.624
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(282.835)	(148.306)	(147.748)
DEPRECIATION/ AMORTISATION	59.883	60.461	59.759
PROFIT BEFORE TAX AND PRIOR PERIOD ADJUSTMENT	(342.718)	(208.767)	(234.507)
PRIOR PERIOD ADJUSTMENT	(2.928)	(0.342)	4.987
PROFIT/ (LOSS) BEFORE TAX	(345.646)	(209.109)	(239.494)
TAX	0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX	(345.646)	(209.109)	(239.494)
Earnings / (Loss) Per Share (Rs.)	(0.89)	(0.54)	(0.61)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	512.268	356.691	223.202
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(134.119)	(62.633)	(84.959)
Net cash flow from operating activity	(134.335)	(62.714)	(85.302)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(45.40)	(27.62)	(36.80)
Operating Profit Margin (PBIDT/Sales)	(%)	(22.77)	(6.09)	(12.93)
Return on Total Assets (PBT/Total Assets}	(%)	(28.04)	(15.53)	18.75
Return on Investment (ROI) (PBT/Networth)		2.08	(3.25)	2.02
Debt Equity Ratio (Total Debt /Networth)		(5.08)	11.78	5.99
Current Ratio (Current Asset/Current Liability)		0.34	0.48	0.42

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	803.788	803.788	1052.117
Reserves & Surplus	(687.547)	(901.467)	(1251.924)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	2.060	162.060	33.731
Net worth	118.301	64.381	(166.076)
long-term borrowings	439.655	378.021	330.920
Short term borrowings	45.648	23.449	0.000
Current Maturities of Long-Term Debts	223.202	356.691	512.268
Total borrowings	708.505	758.161	843.188
Debt/Equity ratio	5.989	11.776	(5.077)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	650.763	757.170	761.275
		16.351	0.542

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	650.763	757.170	761.275
Profit/ (Loss)	(239.494)	(209.109)	(345.646)
	(36.80%)	(27.62%)	(45.40%)

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE AND FINANCIAL HIGHLIGHTS

During the period, the production had declined in comparison to the previous year due to expiry of life of membranes which was installed in the year 2008. Due to same, the power consumption was increased. In July 2013, old membranes were replaced with a new one by AKCC, Japan , at a cost of Rs. 40.000 Million approx with all accessories

During the year, the company has made the gross turnover of Rs. 878.576 Million as against of Rs 881.344 Million which is marginally lower than the previous year as the operation of chlorobenzene plants were temporarily suspended as it became economically unviable. The loss had increased to the extent of Rs. 136.537 Million in respect to previous year mainly due to increase of power and fuel cost by Rs. 73.309 Million , Employee cost by Rs.11.871 Million and other overhead cost by Rs.49.137 Million which include cost of replacement of Membranes and spares. During the year, the average level of production of Caustic Soda Lye was about 67 MT . The production was less due to repeated power failures, low productivity due to old membranes and some mechanical break downs. The Membranes of Caustic Chlorine Plant has since been replaced in July 2013 and the capacity has gone up considerably on full load basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The subject is A Government of West Bengal Enterprise , is one of the oldest Chemical Industry in West Bengal. The company is engaged in manufacturing of basic organic and inorganic Chemicals such as Caustic Soda lye, Hydrochloric Acid, Chlorine, Hydrogen, Stable Bleaching Powder and Sodium Penta Chloro Phenate. The operation of Chlorobenzene Plants was temporarily suspended as it became economically unviable.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10207381	03/03/2010	737,900,000.00	ALLAHABAD BANK	KOLKATA MAIN BRANCH, 14, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	A81522088
2	10055890	14/05/2007	270,100,000.00	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE COR  PORATION LIMITED.	3/2, DALHOUSIE SQURE (EAST), KOLKATA, West Bengal  - 700001, INDIA	A16533713
3	10031047	29/06/2009 *	467,800,000.00	ALLAHABAD BANK	KOLKATA MAIN BRANCH, 14, INDIA EXCHANGE PLACE, KO  LKATA, West Bengal - 700001, INDIA	A65788408

FIXED ASSETS

• Land
• Buildings
• Residential Building
• Office Building
• Factory Building
• Other Building
• Plant and Equipment
• Factory Equipments
• Other Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Motor Vehicles
• Office Equipment
• Other Equipments

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.66.13
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		19

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.