In this paper, development of an elaborate software package for quantitative maximum credible accident analysis (MAXCRED-II) for simulating accidents such as explosion, fire, toxic release and or a combination of these, has been described. MAXCRED-II has been used in generating accident scenarios and estimating damage potential for a chemical industry producing Sulfolane. A number of different scenarios have been generated for explosions, fires, as well as toxic releases in different process units and the damage they would cause have been estimated. The studies indicate that a confined vapour cloud explosion followed by fire in hydrogen storage vessel would be the worst disastrous scenario and would also have the highest probability of leading to cascading or domino effects. The keying of all the required input information and getting directly usable output for the case study required approximately 2 h. This indicates the appropriateness of MAXCRED-II as a tool useful in conducting rapid quantitative risk assessment.