MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	EASTCOAST AGRO OIL INDUSTRIES PRIVATE LIMITED
Formerly Known As :	SIGMA STRIPS PRIVATE LIMITED
Registered Office :	46/1-B, Diamond Harbour Road, Kolkata – 700 027, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.1984
Com. Reg. No.:	21-037496
Capital Investment / Paid-up Capital :	Rs.9.420 millions
CIN No.: [Company Identification No.]	U27209WB1984PTC037496
TAN No.: [Tax Deduction & Collection Account No.]	CALS09224F
PAN No.: [Permanent Account No.]	AAHCS1989C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of wide assortment of agro oils such as Refined Oil, Sesame Oil, Rice Bran Oil, etc.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Bhabani Sankar Mishra
Designation :	Key Executive
Contact No.:	91-9830263098
Date :	13.06.2011

LOCATIONS

Registered Office :	46/1-B, Diamond Harbour Road, Kolkata – 700 027, West Bengal, India
Tel. No.:	91-33-24493712/ 24497383/ 24494962/ 24497686/ 24493718
Mobile No.:	91-9830263098 (Mr. Bhabani Sankar Mishra)
Fax No.:	91-33-24493718/ 24493783
E-Mail :	berhampur@vsnl.net
Area :	2000 sq ft
Location :	Rented
Factory :	Village and PO Argori NS6, District Hawrah – 711 302, West Bengal, India
Area :	1000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Dravinder Jujhar Singh
Designation :	Director
Address :	385A, Block-G, New Alipore, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	27.11.1973
Qualification :	CA
Date of Appointment :	20.07.2000
DIN No.:	00254463
Name :	Mr. Jujhar Gian Singh
Designation :	Managing Director
Address :	385A, Block-G, New Alipore, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	23.03.1951
Qualification :	Graduate
Date of Appointment :	20.07.2000
DIN No.:	00254420
Name :	Mr. Harbans Gian Singh
Designation :	Director
Address :	385A, Block-G, New Alipore, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	28.10.1956
Qualification :	Graduate
Date of Appointment :	22.06.2006
DIN No.:	00254490
Name :	Mr. Ajaib Jujhar Singh
Designation :	Director
Address :	385A, Block-G, New Alipore, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	20.06.1982
Date of Appointment :	23.05.2006
DIN No.:	00254509

KEY EXECUTIVES

Name :	Mr. Bhabani Sankar Mishra
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Jujhar Singh	2200
Dravinder Singh	3775
Concast Tie-Up Private Limited, India	10625
Rebati Agencies Private Limited, India	3125
Varsha Merchants Private Limited, India	17500
Rangila Vanijya Private Limited, India	4375
Ospak Marcantile Private Limited, India	1250
Radix Vanijya Private Limited, India	1875
Venkatesh Tie-Up Private Limited, India	1250
Castor Merchants Private Limited, India	5625
Derris Tie-Up Private Limited, India	2875
Anticlock Vyapaar Private Limited, India	17500
Forte Tie-Up Private Limited, India	1875
Baizi Mercantile Private Limited, India	7250
Harbans Singh	300
Ajaib Singh	300
Castor Merchants Private Limited, India	4000
Varsha Merchants Private Limited, India	5000
Baiji Mercantile Private Limited, India	3500
Total	94200

As on 03.03.2011

Names of Allottees	No. of Shares
East Coast Tradefin Limited, India	22900
Tatpar Resources Private Limited, India	5400
Total	28300

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	93.02
Directors or relatives of directors	6.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of wide assortment of agro oils such as Refined Oil, Sesame Oil, Rice Bran Oil, etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
a) Refined Edible Oil	MT	50.000 per day	50.000 per day	1457.750
b) Fatty Acid (By Products)	MT	--	--	66.960

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

25 (Approximately)

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra, India

v Indian Overseas Bank, Jawaharlal Nehru Road Branch, 35/1, Jawaharlal Nehru Road, Kolkata – 700 071, West Bengal, India

v Allahabad Bank

v UCO Bank, Burrobazar Branch, 1, SA 1, Sambhu Mullick Lane, Kolkata – 700 023, West Bengal, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
a) Term Loan from Allahabad Bank, Barisha Branch (Secured against Land, Building and Plant and Machinery)	25.923	31.753
b) Cash Credit Loan from Allahabad Bank (Secured against hypothecation of stocks and debtors)	18.796	10.670
Total	44.719	42.423

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Body Corporates	21.650	21.798
From Directors	0.490	0.490
Accrued Interest and Due	4.590	2.848
Total	26.730	25.136

Banking Relations :	--
Auditors :
Name :	A. Pradhan and Associates Chartered Accountants
Address :	2D, Pandita Road, Kolkata – 700 029, West Bengal, India

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122500	Equity Shares	Rs.100/- each	Rs.12.250 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94200	Equity Shares	Rs.100/- each	Rs.9.420 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.420	9.420	7.720
2] Share Application Money		2.830	0.000	0.150
3] Reserves & Surplus		4.580	4.580	4.580
4] (Accumulated Losses)		(14.159)	(10.144)	(1.054)
NETWORTH		2.671	3.856	11.396
LOAN FUNDS
1] Secured Loans		44.719	42.423	23.478
2] Unsecured Loans		26.730	25.136	8.667
TOTAL BORROWING		71.449	67.559	32.145
DEFERRED TAX LIABILITIES		0.000	0.399	0.021
TOTAL		74.120	71.814	43.562
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.636	53.926	1.780
Capital work-in-progress		0.000	0.000	30.630
INVESTMENT		0.520	0.520	0.520
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.761	8.374	0.000
	Sundry Debtors	14.789	3.568	0.000
	Cash & Bank Balances	6.421	4.837	3.881
	Other Current Assets	0.026	0.000	0.065
	Loans & Advances	5.989	4.641	6.675
Total Current Assets		47.986	21.420	10.621
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.073	4.075	1.495
	Other Current Liabilities	0.000	0.000	0.476
	Provisions	0.015	0.029	0.030
Total Current Liabilities		26.088	4.104	2.001
Net Current Assets		21.898	17.316	8.620
MISCELLANEOUS EXPENSES		0.066	0.052	2.012
TOTAL		74.120	71.814	43.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	99.260	35.749	0.000
		Hire Charges of Garage		0.714	0.912
		Interest Received		0.000	0.014
		Interest Received on Fixed Deposit		0.367	0.065
		Inventory Change		2.995	0.000
		TOTAL (A)	99.260	39.825	0.991
Less	EXPENSES
		Administrative Expenses			0.226
		Personnel Expenses			0.031
		Preliminary Expenses Written Off			0.026
		TOTAL (B)	103.673 (including financial expenses and depreciation)	48.536 (including financial expenses and depreciation)	0.283
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				0.708
Less	FINANCIAL EXPENSES (D)				0.661
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				0.047
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.007
	PROFIT BEFORE TAX (E-F) (G)		(4.413)	(8.711)	0.040
Less	TAX (H)		(0.399)	0.379	0.018
	PROFIT AFTER TAX (G-H) (I)		(4.014)	(9.090)	0.022
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(10.144)	(1.054)	(1.076)
	BALANCE CARRIED TO THE B/S		(14.158)	(10.144)	(1.054)
	Earnings Per Share (Rs.)		(42.62)	(96.50)	0.29

Particulars	31.03.2011 (Approximately)
Sales Turnover	150.000

The above information has been parted by Mr. Bhabani Sankar Mishra (Key Executive).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.04)	(22.82)	2.22
Net Profit Margin (PBT/Sales)	(%)	NA	(24.37)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(4.43)	(11.56)	0.32
Return on Investment (ROI) (PBT/Networth)		(1.65)	(2.26)	0.00
Debt Equity Ratio (Total Liability/Networth)		36.52	18.58	3.00
Current Ratio (Current Asset/Current Liability)		1.84	5.22	5.31

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U27209WB1984PTC037496
Name of the company	EASTCOAST AGRO OIL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	46/1-B, Diamond Harbour Road, Kolkata – 700 027, West Bengal, India E-Mail: berhampur@vsnl.net
This form is for	Modification of charge
Charge identification number of the modified	10162386
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Jawaharlal Nehru Road Branch, 35/1, Jawaharlal Nehru Road, Kolkata – 700 071, West Bengal, India E-Mail: jnbr@calnsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	F 379C (Letter of Confirmation for creation of Supplemental Mortgage).
Date of instrument Creating the charge	11.12.2010
Amount secured by the charge	Rs.13.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit: BR + 2.75% i.e. 11.25% p.a. presently, at monthly rests. Term Loans: BR + 2.75% i.e. 11.25% p.a. presently, at monthly rests. Terms of Repayment: Cash Credit: On demand. The Term Loans to run off with existing terms and conditions. Margin: Cash Credit: 25% on paid up Stocks and 40% on Book Debts. Term Loan I: 49.12%. Term Loan II: 58.66%. Extent and Operation of the charge: The Charge extends over the specified immovable property of the company and operates till the limits mentioned herein are satisfied in full. Others: The company is providing collateral security against the overall limit sanctioned to Longia Motors Private Limited and the terms and conditions mentioned herein relates to that sanction only.
Short particulars of the property charged	Equitable Mortgage of project land and building/construction of service station at 83/57, Budge Budge Trunk Road, 24 Parganas (S), West Bengal is hereby continued to be provided as collateral security against the overall limit sanctioned to Longia Motors Private Limited.
Date of latest modification prior to the present modification	19.08.2009
Particulars of the present modification	By this modification the overall limit of Longia Motors Private Limited stands modified and enhanced from Rs.12.300 millions to Rs.13.500 millions with details as herein below :- Cash Credit: Rs.5.500 millions (enhanced from Rs.4.300 millions). Term Loan I: Rs.5.500 millions (remains same at Rs.5.500 millions). Term Loan II: Rs.2.500 millions (remains same at Rs.2.500 millions). Overall Limit: Rs.13.500 millions (enhanced from Rs.12.300 millions).

FIXED ASSETS:

v Land (Rampur)

v Factory Land

v Factory Shed and Building

v Plant and Machinery

v Furniture and Fixture

v Computer

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.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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
TOTAL		26

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.