MIRA INFORM REPORT

Report No. :	512491
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	DEEPAK PHENOLICS LIMITED (w.e.f. 19.08.2014)
Formerly Known As :	DEEPAK CLEAN TECH LIMITED
Registered Office :	First Floor, Aaditya-II, National Highway No.8, Chhani Road, Vadodara – 390024, Gujarat
Tel. No.:	91-265-2334480
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.03.2011
Com. Reg. No.:	04-064669
Capital Investment / Paid-up Capital :	INR 2500.000 Million
CIN No.: [Company Identification No.]	U24100GJ2011PLC064669
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCD7856R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Phenol and Acetone. (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Yet to commence business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was incorporated in the year 2011. The company is yet to commence its commercial operation. It is a wholly subsidiary of Deepak Nitrite Limited (DNL). Management has denied to part any information about the company. As per available financial of 2017, the company has recorded some pre-operative expenses which has resulted into accumulated losses. However, the rating favourably factor in additional capital infusion during the year along with debt free capital structure. As per indirect source we could find that the company is undertaking the setup of a greenfield project at Dahej (Gujarat) for manufacturing of phenol and acetone. The proposed project would have manufacturing capacity of 200,000 TPA of phenol and 120,000 TPA of acetone. It would also include a cumene manufacturing facility, which would meet part of the plant’s cumene requirement. The technology for the phenol plant will be provided by KBR Inc. of USA and for the Cumene Plant UOP Honeywell. The EPCM (Engineering, Procurement, Construction, and Management) contract has been awarded to ThyssenKrupp Industrial Solutions (India) Private Limited. The project cost has been estimated at INR 14000.000 million, which would be funded by debt of INR 8400.000 million (60% of project cost) and equity of INR 5600.000 million (40% of project cost). The project is expected to be commissioned in Q1FY2019. Payment terms are unknown. In view of aforesaid, the company can be considered for business dealings with some caution.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term borrowing = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	01.03.2018

Rating Agency Name	ICRA
Rating	Short term borrowing = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	01.03.2018

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 01.06.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Anil Kumar
Designation :	Accounts Department
Contact No.:	91-7574822338
Date :	29.05.2018

MANAGEMENT NON-COOPERTIVE (Tel. No.: 91-265-2351013/ 2334481)

LOCATIONS

Registered Office / Corporate Office/ Project Office:	First Floor, Aaditya-II, National Highway No.8, Chhani Road, Vadodara – 390024, Gujarat, India
Tel. No.:	91-265-2334480
Fax No.:	91-265-276555
E-Mail :	abajpai@deepaknitrite.com
Website :	www.deepakphenolics.com
Project Site Address:	12/B, GIDC, Dahej Industrial Estate, Bharuch – 392130, Gujarat, India

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Deepak Chimanlal Mehta

Designation :

Managing Director

Address :

Kejriwal House, 7N, Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

12.12.1956

Qualification:

B.Sc.

Date of Appointment :

29.12.2015

PAN No.:

AAHPM6688F

DIN No.:

00028377

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200GJ2013PTC074728	DEEPAK CYBIT PRIVATE LIMITED	26/04/2013	-
U73200PN2012NPL142984	BAIF INSTITUTE FOR SUSTAINABLE LIVELIHOODS AND DEVELOPMENT	16/04/2012	-
U85100MH2009NPL193842	KAWANT DEVELOPMENT CORPORATION	06/07/2009	-
U24100PN2007PLC138999	DEEPAK NOVOCHEM TECHNOLOGIES LIMITED	31/03/2007	-
U72200MH1994PTC082506	SOFOTEL INFRA PRIVATE LIMITED	30/11/2006	-
U67120MH1994PTC082395	STIFFEN CREDITS AND CAPITAL PRIVATE LIMITED	10/04/2004	-
U67120MH1994PTC082394	STEPUP CREDITS AND CAPITAL PRIVATE LIMITED	10/04/2004	-
U65990MH1994PTC082391	STIGMA CREDITS AND CAPITAL PRIVATE LIMITED	10/04/2004	-
U65990MH1994PTC082474	CHECKPOINT CREDIT AND CAPITAL PRIVATE LIMITED	10/04/2004	-
U65990MH1994PTC082638	STOREWELL CREDITS AND CAPITAL PRIVATE LIMITED	25/09/2017	-
U67120MH1994PTC081852	SKYROSE FINVEST PRIVATE LIMITED	22/10/1994	-
U65910MH1994PTC081851	FOREX LEAFIN PRIVATE LIMITED	22/10/1994	-
U65920MH1994PTC081846	PRANAWA LEAFIN PRIVATE LIMITED	22/10/1994	-
U65990MH1994PTC081594	SUNDOWN FINVEST PRIVATE LIMITED	22/10/1994	-
U65990MH1994PTC081274	HARDIK LEAFIN PRIVATE LIMITED	22/10/1994	-
U65990MH1992PTC067734	GREYPOINT INVESTMENTS PRIVATE LIMITED	10/06/2006	-
U74110PN1991NPL063062	DEEPAK RESEARCH AND DEVELOPMENT FOUNDATION	23/08/1991	-
U24239MH1954PTC008322	LAKAKI WORKS PVT LTD	18/12/2000	-
L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	14/06/1978	-

Name :

Mr. Sandesh Kumar Jagannath Anand

Designation :

Director

Address :

A/17, Chanakyapuri, New Sama Road, Vadodara – 390008, Gujarat, India

Date of Birth/Age :

09.12.1942

Qualification:

B.E. (Chemical Engineering)

Date of Appointment :

07.08.2015

DIN No.:

00001792

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23200GJ1969PLC001569	INDIAN PETROCHEMICALS CORPORATION LIMITED	04/06/2002	-
L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	04/08/2012	-
U74120GJ1976PLC002956	PARAMOUNT LIMITED	22/09/2012	-
U17119GJ1992PLC017745	SUNRISE INDUSTRIES (INDIA) LIMITED	10/10/2009	-
U85110GJ2010PTC060687	OPTIMUM DIAGNOSTICS AND RESEARCH PRIVATE LIMITED	30/09/2014	-

Name :

Mr. Prem Kumar Taneja

Designation :

Additional Director

Address :

Md's Bungalow , Fertilizernagar Township Po, Fertilizernagar, Vadodara -391750, Gujarat, India

Date of Appointment :

03.11.2017

DIN No.:

00010589

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65910GJ1990PLC013913	GSFC INVESTMENT AND LEASING COMPANY LIMITED	20/11/2006	-
U40102GJ2007SGC051396	BHAVNAGAR ENERGY COMPANY LIMITED	19/04/2016	-

Name :

Mr. Rajeev Mahendra Pandia

Designation :

Director

Address :

701 Benson, Sai Baba Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

17.12.1949

Qualification:

B. Tech, .M.S

Date of Appointment :

05.08.2016

DIN No.:

00021730

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L25191GJ1974PLC002555	GRP LIMITED	25/08/2011	-
L35920MH1942PLC003554	THE SUPREME INDUSTRIES LIMITED	16/09/2015	-
L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	26/09/2014	-

Name :

Ila Deepak Mehta

Designation :

Director

Address :

Kejriwal House 7, N.Gamadia Road, Mumbai – 400026, Maharashtra, India 

Date of Appointment :

26.06.2017

DIN No.:

00230412

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65990MH1992PTC067734	GREYPOINT INVESTMENTS PRIVATE LIMITED	10/06/2006	-
U65990MH1994PTC081274	HARDIK LEAFIN PRIVATE LIMITED	09/06/2006	-
U65990MH1994PTC081594	SUNDOWN FINVEST PRIVATE LIMITED	09/06/2006	-
U65920MH1994PTC081846	PRANAWA LEAFIN PRIVATE LIMITED	09/06/2006	-
U65910MH1994PTC081851	FOREX LEAFIN PRIVATE LIMITED	09/06/2006	-
U67120MH1994PTC081852	SKYROSE FINVEST PRIVATE LIMITED	09/06/2006	-
U65990MH1994PTC082474	CHECKPOINT CREDIT AND CAPITAL PRIVATE LIMITED	07/06/2006	-
U65990MH1994PTC082391	STIGMA CREDITS AND CAPITAL PRIVATE LIMITED	07/06/2006	-
U67120MH1994PTC082394	STEPUP CREDITS AND CAPITAL PRIVATE LIMITED	07/10/2006	-
U67120MH1994PTC082395	STIFFEN CREDITS AND CAPITAL PRIVATE LIMITED	07/06/2006	-
U24100PN2007PLC138999	DEEPAK NOVOCHEM TECHNOLOGIES LIMITED	06/08/2007	-
U72900MH2013PTC242613	VOIDCOIN SOFTWARE PRIVATE LIMITED	29/04/2013	-

Name :

Mr. Shripad Prabhakar Gumaste

Designation :

Director

Address :

26, Sant Sopandeo Society, Santnagar, Pune – 411009, Maharashtra, India

Date of Birth/Age :

24.04.1965

Qualification:

M.E.-Chemical Engineering

Date of Appointment :

07.08.2015

DIN No.:

01776483

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999PN2006PTC128511	TRIDIAGONAL SOLUTIONS PRIVATE LIMITED	01/10/2012	-
U70102PN2006PTC129191	KOLTE-PATIL REAL ESTATE PRIVATE LIMITED	14/09/2015	-
U24100PN2007PLC138999	DEEPAK NOVOCHEM TECHNOLOGIES LIMITED	15/09/2008	-

Name :

Mr. Sanjay Bakulchandra Upadhyay

Designation :

Director

Address :

B 82, Bhagaylaxmi Society, Near Samata Subhanpura, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

20.07.1961

Qualification:

M.Com, Aicwa, Fcs, Amp(Wharton Usa)

Date of Appointment :

29.03.2011

DIN No.:

01776546

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	26/06/2017	-
U24100PN2007PLC138999	DEEPAK NOVOCHEM TECHNOLOGIES LIMITED	15/09/2008	-

KEY EXECUTIVES

Name :	Shyamapada Bandopadhyay
Designation :	Chief Financial Officer
Address :	E.K.T.P. Phase IV, B 27/7, E M Bypass, Kolkata – 700078, West Bengal, India
Date of Birth/Age :	18.07.1954
Qualification :	ACS, FCMA
Date of Appointment :	29.12.2015
PAN No:	ACXPB5103C
Name :	Mr. Arvind Rajendrakumar Bajpai
Designation :	Company Secretary
Address :	A/2/202 Labh Exotica Near Prathan Vatika, Gotri Village, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	19.02.1972
Qualification :	BSC. FCS
Date of Appointment :	29.12.2015
PAN No:	AFCPB4986R
Name :	Mr. Anil Kumar
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Deepak C. Mehta	1
Chimanlal K Mehta	1
Ajay C Mehta	1
Ila Deepak Mehta	1
Maulik D Mehta	1
Deepak Desai	1
Deepak Nitrite Limited	249999994
Total	250000000

List of Allotees:

AS ON 03.11.2017

Names of Allotee [Preference Shares]	No. of Shares
Deepak Nitrite Limited, India	3500000
Total	3500000

AS ON 26.06.2017

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	0.0000004
Promoters – [Bodies corporate]	99.9999976
Public/Other than promoters - [Individual/Hindu Undivided Family – Indian]	0.000002
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Phenol and Acetone. (Registered Activity)

Products / Services :

ITC Code	Product/ Services Description
29071110	Phenol
29141100	Aceton

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Bank Name	Bank of Baroda
Branch	Corporate Financial Services Branch1st Floor, Opposite Petrol Pump, R.C. Dutt Road, Alkapuri, Vadodara-390007, Gujarat, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term loans from banks	1007.297	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	308.760	136.118
Other loans and advances	82.270	0.000
Total	1398.327	136.118

Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	708, Sharda Chambers, New Marine Lines, Mumbai-400 020, Maharashtra, India
PAN No.:	AAAFB0265E
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Deepak Nitrite Limited, India [CIN NO.: L24110GJ1970PLC001735]

CAPITAL STRUCTURE

AFTER 26.06.2017

Authorised Capital: INR 5500.000 Million

Issued, Subscribed & Paid-up Capital: INR 4810.000 Million

AS ON 26.06.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
280000000	Equity Shares	INR 10/- each	INR 2800.000 Million
27000000	Preference Shares	INR 100/- each	INR 2700.000 Million
	Total		INR 5500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	INR 10/- each	INR 2500.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2500.000	618.441	140.500
(b) Reserves and Surplus	(125.551)	(29.515)	(4.628)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	300.000	0.000	51.000
Total Shareholders’ Funds (1) + (2)	2674.449	588.926	186.872
(3) Non-Current Liabilities
(a) long-term borrowings	1007.297	0.000	0.000
(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	4.358	1.283	0.000
Total Non-current Liabilities (3)	1011.655	1.283	0.000
(4) Current Liabilities
(a) Short-term borrowings	691.030	336.118	0.000
(b) Trade payables	168.235	38.774	1.681
(c) Other current liabilities	800.478	18.905	54.768
(d) Short-term provisions	0.693	0.288	0.000
Total Current Liabilities (4)	1660.436	394.085	56.449
TOTAL	5346.540	984.294	243.321
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	221.906	6.190	0.000
(ii) Intangible Assets	1.400	0.000	0.000
(iii) Tangible assets capital work-in-progress	3084.626	216.174	59.837
(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 loans and advances	1255.431	400.273	179.928
(e) Other Non-current assets	0.052	0.104	0.157
Total Non-Current Assets	4563.415	622.741	239.922
(2) Current assets
(a) Current investments	110.000	162.734	0.000
(b) Inventories	105.878	1.670	0.000
(c) Trade receivables	441.700	168.476	0.000
(d) Cash and bank balances	124.973	25.565	3.235
(e) Short-term loans and advances	0.521	2.742	0.111
(f) Other current assets	0.053	0.366	0.053
Total Current Assets	783.125	361.553	3.399
TOTAL	5346.540	984.294	243.321

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1360.123	370.616	0.000
	Other Income	9.891	0.489	0.142
	TOTAL	1370.014	371.105	0.142
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	1469.329	358.745	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(104.236)	(1.518)	0.000
	Employee benefit expense	15.356	17.341	0.000
	Other expenses	39.009	14.675	4.653
	TOTAL	1419.458	389.243	4.653
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(49.444)	(18.138)	(4.511)
Less	FINANCIAL EXPENSES	42.233	5.826	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(91.677)	(23.964)	(4.511)
Less	DEPRECIATION/ AMORTISATION	4.359	0.923	0.000
	PROFIT/ (LOSS) BEFORE TAX	(96.036)	(24.887)	(4.511)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(96.036)	(24.887)	(4.511)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(29.515)	(4.628)	(0.117)
	Balance Carried to the B/S	(125.551)	(29.515)	(4.628)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.662	0.704	0.000
	Other Earning	0.000	0.000	0.000
	TOTAL EARNINGS	1.662	0.704	0.000
	IMPORTS
	Raw Materials	1137.987	311.452	0.000
	Components and spare parts	0.000	0.000	0.000
	Capital Goods	87.317	0.000	0.000
	TOTAL IMPORTS	1225.304	311.452	0.000
	Earnings / (Loss) Per Share (INR)
	Basic	(0.73)	(0.68)	(1.25)
	Diluted	(0.73)	(0.68)	(1.25)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	(444.910)	(234.897)	(128.273)
Net cash flows from (used in) operating activities	(445.431)	(234.989)	(128.273)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	118.53	165.92	0.00
Account Receivables Turnover [Income / Sunday Debtors]	3.08	2.20	0.00
Average Payment Days [Sundry Creditors / Purchases * 365]	41.79	39.45	0.00
Inventory Turnover [Operating Income / Inventories]	(0.47)	(10.86)	0.00
Asset Turnover [Operating Income / Net Fixed Assets]	(0.01)	(0.08)	(0.08)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.50	0.40	0.23
Debt Equity Ratio (Borrowings / NetWorth)	0.64	0.57	0.00
Current Liabilities to Networth (Current Liabilities / NetWorth)	0.62	0.67	0.30
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	1.24	0.38	0.32
Interest Coverage Ratio [PBIT / Financial Charges]	(1.17)	(3.11)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	(7.06)	(6.72)	0.00
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	(1.80)	(2.53)	(1.85)
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	(3.59)	(4.23)	(2.41)

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	0.47	0.92	0.06
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.41	0.91	0.06
G-Score Ratio Financial [NetWorth / Total Assets]	0.50	0.60	0.77
G-Score Ratio Debt [Debts / Equity Capital]	0.68	0.54	0.00
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	0.47	0.92	0.06

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	140.500	618.441	2500.000
Reserves & Surplus	(4.628)	(29.515)	(125.551)
Share Application money pending allotment	51.000	0.000	300.000
Net worth	186.872	588.926	2674.449
Long-term borrowings	0.000	0.000	1007.297
Short term borrowings	0.000	336.118	691.030
Total borrowings	0.000	336.118	1698.327
Debt/Equity ratio	0.000	0.571	0.635

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Total Income	0.142	371.105	1370.014
		261241.549	269.172

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	0.142	371.105	1370.014
Profit/ (Loss)	(4.511)	(24.887)	(96.036)
	(3176.76%)	(6.71%)	(7.01%)

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	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)	Yes
16	No. of employees	No
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	No
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

STATE OF COMPANY'S AFFAIRS - PHENOL PROJECT

The members are aware that the Company is setting up a greenfield plant to manufacture 200,000 MTPA of Phenol and 120,000 MTPA of its co-product Acetone. This will be supported by manufacturing 260,000 MT of Cumene, which is a Feedstock for manufacturing Phenol and Acetone. This Greenfield project is expected to be commissioned in the second half of FY2018 at Dahej in the State of Gujarat. The overall capital outlay for this project is INR 14000.000 million, which will be funded through a combination of debt and equity. The Company has already tied up the entire debt portion of INR 8400.000 million, while the equity funds are being raised and deployed in a progressive manner.

With this, the Company will address the opportunity offered by the supply deficit in the domestic market which is currently met by imports. In addition to competitiveness on cost due to supplying the domestic markets from a plant located in India, the Company will leverage the latest manufacturing technologies in its state-of-the art plant which will reduce wastage and is more efficient in utilization of inputs and energy.

With an objective of developing working relationships with major clients across India as well as establishing strong marketing and distribution channels, the Company has started seed marketing of phenol to understand and penetrate in the market. Additionally, availability of benzene, a key raw material has improved significantly in the domestic market thereby enhancing the prospects for the mega phenol project further.

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT-TERM BORROWINGS
Rupee term loans from banks	300.000	200.000
Total	300.000	200.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	G49763352	100114002	BANK OF BARODA	04/07/2017	-	400000000.0	CORPORATE FINANCIAL SERVICES BRANCH1ST FLOOR, OPPOSITE PETROL PUMP, R.C. DUTT ROAD, ALKAPURI, VADODARA – 390007, GUJARAT, INDIA
2	G53472957	100053408	AXIS TRUSTEE SERVICES LIMITED	08/09/2016	22/08/2017	8400000000.0	AXIS HOUSE, BOMBAY DYEING MILLS, COMPOUND, PANDHURANG BUDHKAR MARG, WORLI, MUMBAI – 400025, MAHARASHTRA, INDIA
3	G07949407	10604767	AXIS BANK LIMITED	04/11/2015	28/06/2016	800000000.0	VARDHMAN COMPLEX, OPPOSITE GEB OFFICE, RACE COURCE CIRCLE (NORTH), VADODARA -390007, GUJARAT, INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Guarantees	20.398	0.000

FIXED ASSETS:

Tangible Assets

· Plant and equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Motor 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 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	INR
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	PRI
Report Prepared by :	SUD

SCORE FACTORS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.