BHAGERIA INDUSTRIES LIMITEDTel. : 91-22-4043 6666 REGD. OFF.: OFFICE NO. 1002, 10TH FLOOR, TOPIWALA CENTRE, OFF 8. v. ROAD,Email : info@bhageriagroup.com NEAR GOREGAON RAILWAY STATION, GOREGAON (WEST), MUMBAI — 400 062.

cm : L40300MH1989PL0052574Website : www.bhageriagroup.com

Date: August 23, 2019

To

Listing Department, Listing Department,BSE LTD. NSE LTD.

Phiroze Jeejeebhoy Towers, Exchange Plaza,Dalal Street, BKC, Bandra (E),Mumbai — 400 001. Mumbai 400 051.

Scrip Code: 530803 Scrip Code: BHAGERIA

Sub : Ratings from CARE Ratings Ltd— Disclosure under Regulation 30 of the SEBI (LODR)

Regglationsz 2015

Dear Sir,

With reference to the above subject, we wish to inform you that CARE Ratings Ltd. (CARE) has

reviewed and given the ratings as under:

Facilities Amount (Rs. Crore) Rating Rating Action

Long-term Fund Based Bank_

_ Withdrawn*Faculties (Term loan)

Revised and

reclassified from76.00 CARE A:StablelCARE A1

Eggfii'gzgm/Shm‘te’mBank

(Reduced from 79.00 (Single A; CARE)A2+

crore) Outlook.Stable/A One)CARE A; Stable]

CARE A1

76.00

Total Facilities (Rupees Seventy Six

crore only)

*the Long Term ratings assigned to Term Loan facilities have been withdrawn, as the loans are

repaid in full and nO—due was submitted by the Company.

We are enclosing herewith a copy of the Formal Rating Letter issued by CARE which was

communicated tO the Company yesterday via email.

We request you to kindly take the above documents on record.

Thanking You.

Yours faithfully,For BHAGERIA INDUSTRIES LIMITED

c w

Ketan G ur

Company Secretary

Encl: As above.

Certified Company: ISO 9001 :2015 I ISO 14001 :2015 I OHSAS 45001 :2018

VAPI FACTORY : PLOT NO. 6310, IV PHASE, G.|.D.Ct VAPI-396195. GUJARAT, INDIA TELPHONE : 0260—2452366/ 7490019484TARAPUR FACTORY : PLOT D—17, M.I.D.C. TARAPUR BOISAR INDUSTRIAL AREA, BOISAR, PALGHAR — 401 506, MAHARASHTRA, INDIA TEL.: (02525) 661190

A GOVT. OF INDIA RECOGNISED * at STAR EXPORT HOUSE

@E Ratingsrmcessmnal Risk opuuou

No. cARE/Ho/m/st-Zu/zawMr. suresn x ahasenaEhalrmin

anasena Industries lelted

mz, Tomwa‘a Cenue, ous, v. mu,

Guresaon Weu

Mumbaw 7400052

Augusx 22, ms

Confldenlli‘

Dear su,

Cveflll mum m hank cesmues

on me bays cf ressm dwe‘wpmams mdudmg anemmna\ and financia‘ Deflurmznce cf Bhiserla rndunnes

u u (m) «er my (audlted) and ammo (prou-smnan, ow Rilmg Cummings nas rewewed m: muewmg

naungs

Facllmes Amounl

‘ ’ ' ’

neunu‘ neunneuon

(Rs. {rare}

Longmm Bank Ficmues , - mnmwn-

Longsmvm/Shorlslerm nznk 75m cm A: Slime/CARE A1 Revised and

raeumes (neuueeu (mm as 79 aa (slnue x um‘uak: reclasslfledlmm

smut sums/A one) CM: A7»

to

cm A; sxusxe /

an: A1

ma: 76.00

(Rs. seuenn, Six cvov: only)

rne Lang mm rum-gs assrgneu r47 Term Loan [usumes have been wrrhdmwn, as the loans are rtpard rn full and Nas

Dun was suummeu by BIL to mrmbamt: thzmme,

2 RelerAnnexure 1 In! new“; a! med lamhnes

3 The annua‘e lay me raung mu be commumcamd w you sevariuly A wme-up [press re‘eau) an we above

mung ‘5 pmpnsed m be mm m xne pres: showy, a man at wmfln us enclosed in. yam uerusa‘ as

Anuuuvbl. we request you m peruse me annexed document enu uner ymAr commems :1 any. We am

doing ms is a manen a! suunesy m our chum and wun a View m Ensure mat nu Vanua‘ matcumcxex nave

madvenemlyzmpl In men veven as any is puss-Me m anycase, NW: an my! hearfium yau by August

23, 2019, we wIH pmeeea on me has: Ihalyou have no any anmems to offer,

a. uni vesewes xne "gm m undenake a suNewHancL-lrewew oi me ra‘mg From me \a time, usseu an

mumssanees wznzmms susn revmw, sumea m at lean une susn VEwew/xurvefllante euery year,

s can: nesuwes we mm m rzvlsllveaffirm/ draw the ral‘ng assxgned as am) sense the aunuuk. as a

resu‘l of periodx: revxew/surveHlante, heseu on any even or mlmmanan wnun m the ammo" cl cnnz

wavrams such an amnn. m me even 0! lamue an we pm a! me enmy m «mush such infannmmn.

amp/em de/mmom o/ the mung; asxrgned m ammo/e at www samufinus (cm and in other an: pubhmlmnj

CARE RulngsLmIKed memelFovmev‘y known u sneuenu x& mm unwed}

a“ sum, asenepcsuseunsenuy. Hmpwm Road on em." [we naguusu, sunm, Mun-Km «no on,

m ¢9V-21-67543056 . he «1.127 szsuesv . mewsunguesn . (KN-LNwoMmivxPLtmwM

@E Ratingshave, Inna! Risk ownian

mamma‘ as :linfizauans as may be reaunea by can: sa as to znnh‘e n m carry auuannnuaus mnmmrmg

nf me ralmg av me hank (acllmex, can: snau carry am one rewew an we ham 0! be“ ayauame mlarmauon

[hmughum (he We ume of ma hank fumes. 1n sum (axes ma cvedn ralmg symbol snau be accompanied

hv "\ssusa NOT coowzmmwc", cm xhaH also be enuuea m paav-zixe/dnssamnnua an (he alums

memmned raung amans m any manner cansmered apprnpvmte by m, wnhwx reverenca m you

s. can ra‘mgs flu In“ an m: amount ma soyeaeran Mk, \I any, anarhed m KhE «arengn cuvrency ham, and

me vannxi are apnhcable only m we supee Equivalent allhese mans

7 Our raking: d0 not «mm m any Ialmg aaraaea mixer c‘auses as per xne (arm: 0! me lamh‘y/msflumem.

wmch may mvolua ame‘evanan 3! payments Yn case a! safing duwngvade: Haweyev, If any such :‘auses are

"mounted and ”wagered, me ralings may see volahmy and Shiv): dawngvades

3 Users ohms sauna may kmd‘v rye! nur websue wwwaarerazmgs eam lar lawn upda|e an we oumanmng

sauna

9 CARE mmgs are no! :ecammendanans m sanmon, renew, mahurse av vecan ane :nncemed bank Iaenmes

w yau need any clanfimhon, you are we‘wme m awpraach us m m: vesavd

Yhanklng you,

Yaurs meluHM

..

MA» AM“)? 1k”;Man-aha: Annappanavar Kunal a Shah

Semor Manage: Assamam uneemr

m naahvanna anavar c remm scum xunauasnahgcareranngseam

En: Asabave

msdaimcr

was ramxs ave ov‘mons on me Mkehhoad uf umz‘y Divmem a! me aahaanans unaen me rated mnmment ana are nut

:ecommenuanom m sancmn. renew. msaurse or man we cancemed aann hmhhes or m auy. sen av naxa any secunzy 0am

saunas an not convey suaahnmyar pnce «or me Invesmr mm m‘mss do nel wusmme an am an we rated enmy cans nas

based as raunsxloufiaoks an mlnrmahon chimed «ram murcex behaved by n \a be azcurale ana veHable can: don nun

huwevev, guavanlee me acnwacv. adwuacv or cummexenesx ar any \nlnrmauun and as am Itspons‘bve Var any Ennis m

nrwssmns av can one rexuks mama «am the use a« suen Wnrmahon Mus‘ entmex whose bank Vaches/mslwmenu ale=

men by m: naya paw a mean vannx lee, baxed on lhe amuunt and {we on bank ViflHues/‘nxuumems we av as

)uhxndmnex/ismmi‘es may a‘su naye amen mmmucva‘ \ranxamuns mm me enmy \n we Hf oannrrshlp/nmpnetaw

aanaams, \ne yams Immaak ass‘sned by cm a, muraflay aaxea an we ffiwm aemayea m we panneyx/araanamr am: the

hnarmz‘ sxrenzth af me firm at pnesena. me nung/amkmk may undevga than! .n ease of wwmdrawa‘ hf (aan‘ or me

unseeunea Iaans brougm m aysne pannm/amananaa m addmnn [omzflnanclal peflavminca and mhzr naxeyanmnans can:

a non aasponama «a: anvenmsand smes Um n has nahnanma‘ naanmy wnauaayar tome users of mm ruins

Bur nanngs dn nu! hum m any mung neuanea ulggzr causes as penne Ilvm: afmz hUMIy/mxuument, wmm may mvu‘vz

acceleralmn of payments an can a« yam downgrades Huwevver, w any such causes are \mruduted and mexeved, me mungs

may we vmatrhwand snarp dawnanaaes

Vase 2 co 9

CARE Ralmgs Lumned

(Furmevly knawnucmduAnanyhhRunvthLvmurd)

4 nsansaansy zansaum, semany.><asa..amaaa. uncasnenn snaressnnanway,snan(a, Mumhavwfl n21

re: >vvzzra7suiss . iu'v?‘721757563‘57 . wwweanenanngmm . (NMwwmwamonan

A5}? Ratingsrroiessimi Risk Opinion

Annexure 1

Details of Rated Facilities

lung (shun mm Faclllfles

Him: anank Vidlllles : Amu’umu , mime:

as am

PM 50.00

PSFC [5000)

Cash Cred“ (30,00) Revolving

Walking Capiial Demand lain [50 DD) Repayable an atmand

Lener L79 Credll -Slghi [50,00]

Lenfl of credit 7 mm [so an) Usance 120 D1 3

BankGualaniee»'

anriai [50007

A

Bank Guiriniee 7 Feminism (30 an) 124 Munths

lmpuu Invoice Financing (50 so) i

mm man i

Kmak Bank l

Cash Cledl| 25 an on demand and Evolving

working cipiiai Demand Loan [25 Du) lx_u Days and revolving[PC / PCFC [25 001 110 DIVS' and levulvlng

raw/rams“: izsm) 1513 Days' and meltingFBN [253m 130 Days and revolving

Forwzld Cayman! l2 DO) 180 Days and levolvlrigTatal 25.00

Propoied 1 00

Grand Ymal 75.00

m: Export Fading Cred“, PCF azkmg cmm m Foreign CullEncy, Psrc: P051 Shipment iii raisigii ciiiiency,nap: Foreign Elli Purchase, rs ayeign Bills Dlicnunllng Psch: vim Shipmenl mm in Falelgn Cuirency, pa~=

Fnlelgn Bills Negaiianan undei LC;

‘Cnmbined tenor no! In exceed also daysthis «guies InSldE me Darenlhesls Ve'er m :ubl'imfl at mam mm

Total short-tarm/lnng-term facilities Rs.76.uo crnre

1%

P332 3 of 9

CARE Rnlrigs limiled

(Furmerly trim a (mu Analymk “with iimmi

o" rim, sum cuiix..m.,s.,miya unwini Km, uii am." [mm away, sum in Mamba: 7400012

Vel «1172275754365 . s" «797227679367 . mummiigmm . cm unvawmmcmiw

AEE Ratingslszesrlonal Risk cpl n

Annexure 1

Press Release

Bhageria lndusIries Limited

Facllllles Amour“ (Rs. cram) xarlng’ .‘ Rifing Anlnn

Lung (91m Bank Faclllties ,.

l thdrawn'

‘ Raleed Ind rulasifled

m «em/same m m’6 °° “Rusm'elmw “1'31.

mines’

(Redured (mm is 79.0w (slngle A; Outlook:m l

crorel sable/A clue) \Em A. m“ /

r

,

I care a;‘

ma: 76.00

‘(Rszswenw s“ emre only)The Long term ranngs uswned m rerm luarr Incl/life; nave benl wlmdmwrl, as vhf/oar; are regard ln lull and N57

But: was suhmlm‘d by Bhagarla Industries Limited (E/LI m earronarm the same.

Detailed uauanale a. Key nallng Drivers

The revls‘lan ln ma rannxs assigned m hank laer .es g: Bhigeiia lnduslrres lelled (all) lacrgrs lrl me vnlume

backed grewm lrl its ehemreal dlvlslun (51 ms mupled wlxh exvanslan ln PBILDT margln lar me same pellud. BIL

rapuned 23% revenue xmwm (an YaY baxls) ln Chemlcal dlvls‘lnn. whrle PBIT margm exoanded m 24% (In mg) as

alensl ms lrl prevmus year The ri|lng rnvlslml also laners m me lmpmvement m leverage lndicimvs (as on Mar.

3),2D191ind gem coverage Indlcamrs lar ms and cums Expanslml m uperaurg prefix marglrr, :nuplefl mu

unmoved working eagrral managemem led all m repun subslamlal expamren in lt: cm Flaw lrurrr Dpfliuans

(troy Th: Incrememal :3le llow Kameled dullng me year was uulrzed (a lmncale rr: axlemzl bulrawlng which

resulleu m srrergrhemrrg gem coverage maleamrs lor me penal: Cash Flow lram uperauarrs (cm), whlch has

lnclezxed lmrrr was emrelrrr FY18)“; mam ms.

cm gelreves, galng lorward. Ell would be able to gamer gyuwfll me at 11-137. m rr: (hemlca! dlvlslan on bark a!

lmploved gradual mlx and wlth some maderman m sales leahlellm or “3 key products. Gwen me capaclty

expanslen prmect r: belng largelymrruedmreugn lmemal accruals, me uebt merege and levelage lndlzamvs are

expeclefl m lemaln eamlenable ln medlum rerm.

The raurrgs mmlrrue m derive mmlm lmrr lhe expenence ul managemem and long srarrdmg lrack lawn! a! all

m chemlcal busmesx, it: lang lalm relamnshlp wum some nflhe reamed cllemele arm dlversmeu revenua prgnle

m rerms a! prudun, geogrlp’w and chem mlxv llanngs also aerlves camlark «rem long (arm vewer Purchase

Agreemem signed (or us solar pnwer sale erh srrong :mmlelparty

The rallngs howavel, curmnues ll: be Iempeled by mgn degree el mmpemmn lrom me damesn: dye

rmermedme minufacmmrs, suscepuhHlly al in opelallng gram marglns lo volzllhty assezlared wllh as key raw

mamnals as they are derw e of crude oll, lerelgn exchange flucmallon nsk on hath impmts a! raw malerlals and

‘

‘complere de/mrrrons a] me mung; asxlgned are amllaale at wwwmrgmtlrlg; tom and ln amer CARE

9pub/lcatlarls

£0 pageaara

CARE Ramngs limned

[Farmu‘y Imuwn a; crealulralrsa a Xuezlnh llmlledl

4“ mar. Game] Cal-(cum. Sammy: Hmplul Raid. on 2mm Exwu) nghway, Slnn m, Mumbal , um um

r.l.m.zz.arsuasa . Faxm917227575‘3557 . wwearerarmgaeam . ClNeUflWDMHWVEPLEOTMW

@E RatingsMusical] Ibk Opinion

exporl ol llnlrned prpdum. rlre min; also laelols ln lne risk pl lrnplernenrarron and slapllirarlon pl on‘olnl

violet! and "SR assoclncd wllh adaplarrpn alum-[em enurrenrnenral ranlrol norm horn [minimum

suemslul eonrplellun pl rniernal aruual lunded pnlprrr. rapaerry expanslpn pulled urnnrn rne enursaud urne and

epsl parameters wuuld be key villnl, rnpnlrpraple.

llalrn. would he reviewed ln age rl all annaunczx nralar deb| Iunded :xpinslon prayer: or lnprurrle lrnwlh plan

wnldl has sulmarulal lrearina prr la rurrerrrly epnrlanaale dear (avenge and leuerage lndrearors. Ram's may also

he reylewed ln rare ll lallm malgln lor any auaner lallr below ms.

lley nun. smnnlrsmrnours euperlenee ln rlrernleal lndunry and llrelr Innlln-ndlnl ulnlnnshlp wllln repuud ell-nip

Promored by Mr Suresn Bhigevla and Mr, Vlnud Bahifllli have puer rnree deradee lrr dyes Ir ayes lnlerrnedlares

lndusllvl lulrnerrnore, all has a qualmed manaflemem learn cnmprlslng pl rndusrry personntl wlln over decades

pl relevanr experience in me rlrernisal lndusirylne ellenrele lneluaes same ol me repuled domesrle and non-l wrnpanles namely lyerlrallr Ehmlul lndusrrlal

carppranpn, llunrsnran lnrernalronal (lndial m uc ele conslslenl adherence Iv ddlvlrv smedule pl lls lreyellenrele lrad lrelped all game! repeal prder lrpnr key rurlprnprs.

The snare pl upprre as a pereern pl rplal revenue has rernalned on me lnereaszn‘ uevld mice mm lnerelly,

redudnl lls deoenderree nn dprnesrre rnarlrel. cpnreauerrl up aadrrran pl new large exparls cannula: ln ma ha;

resulred ln Sllnlfitinl redueup eunprrrer rpmuallpn mk as ililnn previous year

improved revenue and mm emilrusorr lrdrn in so MW mlar plant; urnely recapr nrf piymunt from SECI

all nad enlerea ln ra solar power .enerallpn in ms by cummlsslonini alroul A MW pl solar power mosr olwhidl

are al thermal and llas m lor 25 years ar Rs 5.5: per mwl Funhu. all had also commissioned zumwlacl solar

power planl ln luly zon alAhmednaxil, Maharaxmn navln. 15 year we wlm Solar Enemy corporallan pl lndla

(SECl) rl a llred will al MAM/mill. :pnredrrenr la suthnllan el lrs solar power planu rnere nal aeen a

slylmcanl lmproyernenl rn oolll revenue as well as operalln. prpnl rpnlrrauupn lrprrr solar dlylslpn lrl ma. Alxuyall ronrlnue rp rerelye paymeru wllhln 757m aayslrdrn rne dale ol bllllng ay szcl

Voluml nem mu remed lrrclrernleel men rrrlm eraanslpn ln prom rnareln

all repurled YoY llowlh pl 245‘ loral aperalln. lneprne, pdln arernlsal and solar drulslorr reppried rpausl

prpunn dutin‘ rne year. lne Imam: glomh ln enemlral drvlsion was en arepunl pl rrnpmed snles volume

minessed ln all me malnr ploflua alegpries poupled wllh eleraled sales realizalipn lpr some or me lrey omdvn

ealqarrer. Income lrorn solar diuisidn also reponed roausr livvllh or all on VoV basis, we mn was on

aeepunl ol loner pare yearas ma wasfim lull year olpperarldnr lpr eolardrmsron.

all reporled expansion ol 402 laps in ns PBILDY rnarprn lpr “19.0w mararn expanslm eanrlnued rn mmo nre

erpanrlpn ln PBILDY mirlln was on imam“ ol lrnprpued eepnonrler 0! sale all pack ol lrrpner saler volume and

lrnprrryed sales realraalrpn. solar drvrslpn operared ar nlan PBIV marlin pl 37% lur may llpweuer, lrs epnrrraurlpn

lrr oyerall sall war only mu

:lpyaled earlr “cm-ls lpr ms led lp lmprpvernenl in deln pauprazelndlealpre

Explmlun ln prdlll milxlns epupled wrlll elllelenl warlrln. rapllal management resullad ln slunlflclm eleyaliun ln

Cash Flaw lrrrrn cperallrrns llre larae parl pl lnrrernenlal cm aeneraled dullnx llre year was used ln repaymenl pl

erlernal narrowing, whim led lo lmpmvemen! ln porn leverage and delrl cuvelige indltamlsl nelrl eoverale

lndlealorr eonrlnue lo rernaln wrnlurralale durlnl 0mm.

CARI hellrves, rlre delul eayeraae rndrrarprs are expelled lp rernaln wrnlprlaale in medium lelm as rnosl ol lire

enyra ed deal wpuld lrelunderi IhVOUKh rnlernal arrruals

emaem urprlrln. aplnl rnanaeenrern

Canseauenl lp elnerenl urprlrma avnal manageml lne walking eapilal ryrle of line mmpanv uni-lined lo

rernarrr snarl It abuul all-so days. nunna mg, average wprlrIru n9iu| qde rrnprvued m 42 days (ma. 47 days)

&\PI]: 5 el 5

cu: llarlrrgr llmlud

(rarmerly lawnalcraarrlnalyrun .uenlurlredl

o" Huwl spdre. telrseurrr, samarya Mmplul am a" Enulm [Iplru nghway, slen lrl, Mumual .eno 022.

hum—11.575: use . mam—mum . wwurerrnrgrram . ClNeLmeMMIWJPICDYWV‘

(453% RatingsYrol'essional Risk Opiuiuu

wiih an averageeoueeuon period oi 54 days (FYJEVSS days), Invenmry oi 27 days(FVlE 35 days) and eredir periodoi t9 daysims 5. Days) oveiied by rhe campiny

Key Rating Weaknesses

Modesc Sula oiOperouonswhh hlgh dependence on end userindusrry he. lexllles

Wirh rorei operoiing income pi R5 ass as crore during my and rapgrpie riei wimh oi Rs 342 w erore as on Maren

31, 2019, aius opereuons eonrinued ro remain modesi.

eiis' mlal reuenue horn operaiions is derived irom us lwn busintss seemenis W1, chemicei and solar wnh

:nntrlhuliun oi chemirai business houeriog amund 93% (mar 93%) in ms. mus produer porrioiio in chemicoi

segmenr is eoneenirared {a three producis W1, Hcacld, wnyi Suiohone and Gamma acid however, comiorr can he

derived horn the ioci ihai aius chemieei poriipho is an inkegrfled one as some bvspmducxs generated in

manuiaciuring oi Vihyi suiphone are used ui manuiociurihe oi hocid end wee vevsa Besmes, since Nsicld. Vinyi

Suiphone and Gamma aeiu are used as iniermediaies in manulacmrlng oi raadwe dyes which are used in rexuies

and ieaiher indus‘w BIL'S revenue is suseeprioie ro Inheven! cyclltahly associaied wnh rhe end user indusiry

Vuieiue row mareriai end ihiisheo goods prices ieedinu m vulalllky In revenues and violilabi'lily

The principie raw meierieis required are cans c soda flakes, nophiheiene (erude dew/alive) xabias acid

(denvzuve oi naphthalene), oieum 65% [hiehiy mncemialed suiiurie ae ), oeia naoihoi and znihne which

iorm around 53% cl row mareriai eosi The company purchases the raw mererieis irorri me open markei The key

izw morerieis are priee sensiiive and hiehiy voidiiie Thus, eii's profitability is suscepiibie ro voieiihw in oriees oi

raw marenais Aiso, lag perween change in raw moieriai price and resei oi iimshed goods prize impacis the

prohuhihry oi rhe company The same is rriiuguicd io mm: exieru wirh lung rerrri / rorrriuio bdsud mvchxmxm wuh

cmlumcrs

cperarioris aHhe eon-parry suscep I ie io ehonres in environmenipi regulations

since companies menuioeruricig dyes and dye ermedmes generaie z ior ol horerdous suosranees one wesre

mereriais, may are supiecr kc cenirai, sme, Iocai and ioreixn laws and reguierions iemmg io poiiuiion. proieciion

oi rhe enoironmeni, greenhouse gas emissions, and rhe generarion, smrage, handhng, rronsponerion, ireormeni,

disposei and remedierion oi ihese hznrduns subsiarices and wesxe mereriois Cast; and eapirai expenoirures

relating m envimnmEMiL heahh or soiery meriers are supieer ro evnhfing regumow requiremenis orid depend on

ihe iirrune oi Hie promuioeiion end enioreeniem oi speciiic siandards which impose rhe reouiremenis. Moreover,

changes in envxmnmental iegulzhons couid inhihir or inierruor ihese mmuany': operoiions, or reouire

mooiiieouons ro iheir ioriiiiies pccordiogiy. onuironmeniei, heeirh or salety reguiaiory mouers couid resuh in

Significant unaniiripaieo cosis or hahihuos Nevenheiess, an is a member oi cm (Cerium Effluent ireairricrii

vieni, iaioiei, YEP: irarapur shrironmenrai Plalewon Sociery) and MWML (Mumhai wast: Managemem urniied.

mom, iohows besi in class process ronrrois and sysiems one has been making euons m achieve zero liquid

diszhnrge ior iis eiiiuenis

impiemenieiioo end naemrarion risk essoeiaied wkh ihe ungoinzcapzx

Over nut “nee years BIL plans in incur a rorei eepex oi is 114 16 erore as against earlier proiecied moi

invesrrnenr oi R: me so erore ior msm period considered ai me one oi iesi reiriew. A5 indreared pu rhe

managemenk eh has incurred a mm cepex oi Rs 51.15 erore in rm and mu (up In August is, 2019). Thus,

remaining cooex oi R5. 100 erpres (being iess than 1/3" a! as neiwonh (- e R: 359,42 wire) as on iune 30,2019,

xhe pm'eci implemenmion risk is considered io he luwei owing ro sueeessiui xiack (ecaid oi rhe monapemeni :o

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Mrzdul Mwshra

Comm no .9172275537 4424

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Mr Kunal a snan

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Mr. Kunal snan

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