MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	EASTERN POLY CRAFT INDUSTRIES LIMITED
Registered Office :	1/1, Vansittarat Row S hare Street, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.07.1997
Com. Reg. No.:	21-084808
Capital Investment / Paid-up Capital :	Rs. 26.750 Millions
CIN No.: [Company Identification No.]	U20219WB1997PLC084808
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Plastic Containers for Packing Lubricant for Oil Companies and PLB Pipes for Lying Optic Fiber Cable.

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 168000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 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 – 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

LOCATIONS

Registered Office :	1/1, Vansittarat Row S hare Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22487191 / 22484410
Fax No.:	91-33-22483691
E-Mail :	sales@easternploycraft.com accounts@easternploycraft.com info@easternpolycraft.com
Website :	http://www.easternploycraft.com
Factory and Works :	Village Dobapukur, P.O. Bighati, P.S. Bhadreshwar, Hoogly, West Bengal, India
Tel. No.:	91-33-30943317 / 26331046

DIRECTORS

AS ON 28.08.2010

Name :

Mr. Keshar Chand Padia

Designation :

Director

Address :

87, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

29.10.1950

Date of Appointment :

29.06.1999

Din No.:

00014337

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909WB1991PTC053296	PADIA STEEL (INDIA) PRIVATE LIMITED	Director	17-09-93	17-09-93	-	Active	NO
U74899DL1990PTC040681	JARAI KELA LUMBERMAN (INDIA ) PRIVATE LIMITED	Director	01-04-96	01-04-96	-	Active	NO
U20219WB1997PLC084808	EASTERN POLY CRAFT INDUSTRIES LIMITED	Director	26-06-99	26-06-99	-	Active	NO
U20959MH1983PLC029113	BEMCO SLEEPERS LIMITED	Director	18-01-06	18-01-06	-	Active	NO
U51909WB1993PTC057371	LUMBERMAN WOOD PRIVATE LIMITED	Director	15-02-06	15-02-06	30-04-09	Active	NO
U65910WB1985PTC039838	RAJDHANI TRADE AND FINANCE PRIVATE LIMITED	Director	08-04-10	08-04-10	-	Active	NO

Name :

Mr. Bijay Padia

Designation :

Director

Address :

87, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

05.06.1973

Date of Appointment :

29.06.1999

Din No.:

00014347

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909WB1993PTC057371	LUMBERMAN WOOD PRIVATE LIMITED	Director	05-01-93	05-01-93	27-05-09	Active	NO
U51909WB1991PTC053355	POSITIVE HOLDINGS PRIVATE LIMITED	Director	20-09-93	20-09-93	25-02-08	Active	NO
U65910WB1985PTC039838	RAJDHANI TRADE AND FINANCE PRIVATE LIMITED	Director	27-09-93	27-09-93	-	Active	NO
U74899DL1990PTC040681	JARAI KELA LUMBERMAN (INDIA ) PRIVATE LIMITED	Director	01-04-96	01-04-96	-	Active	NO
U02001WB1987PTC042555	PADIA TIMBER GLOBAL (P) LIMITED	Director	10-08-96	10-08-96	12-03-08	Active	NO
U20219WB1997PLC084808	EASTERN POLY CRAFT INDUSTRIES LIMITED	Director	26-06-99	26-06-99	-	Active	NO

Name :

Mr. Ajay Padia

Designation :

Director

Address :

87, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

09.04.1976

Date of Appointment :

29.06.1999

Din No.:

00445373

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909WB1991PTC053297	DYNASTY TRADERS PRIVATE LIMITED	Director	10-04-97	10-04-97	25-06-08	Active	NO
U20219WB1997PLC084808	EASTERN POLY CRAFT INDUSTRIES LIMITED	Director	26-06-99	26-06-99	-	Active	NO
U20959MH1983PLC029113	BEMCO SLEEPERS LIMITED	Director	15-03-05	15-03-05	-	Active	NO
U51909WB1993PTC057371	LUMBERMAN WOOD PRIVATE LIMITED	Director	15-02-06	15-02-06	28-04-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2010

Names of Shareholders	No. of Shares
Damodar Padia HUF	72600
Keshar Chand Padia HUF	72600
Gopal Chand Padia HUF	72600
Sanwar Mal Padia HUF	72600
Sanjay Agarwal HUF	72600
Bijay Padia	380100
Keshar Chand Padia	385000
Arco Business Private Limited	210000
Suresh Kumar Sah	132000
Sanch Lata Garg	2900
Sheela Bose	9000
Bharat Bose	4000
Krishna Bose	4000
Koylee Bose	4000
Tapas Palit	4000
Arjun Kumar Sinha	4000
Bijay Padia HUF	390000
Minu Agarwal	7000

LIST OF ALLOTTEES (AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Bijay Padia	32000
Damodar Padia	500
Urmila Devi Agarwal	650
S.K. Agarwal	400
Anuja Agarwal	350
Pradip Kumar Beriwal	250
Raunak Agarwal	350
Jagdhatri Deel Communication Private Limited	5000
Hallmark Vyappar Private Limited	10000
Quicker Merchanise Private Limited	10000
Kapricom Vinimay Private Limited	10000
Kanupria Agency Private Limited	10000
Shraddha Pratisthan Private Limited	10000
Castle Vanijya Private Limited	30000
Total	119500

AS ON 28.08.2010

Category	Percentage
Bodies corporate	19.50
Other top fifty shareholders	80.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Plastic Containers for Packing Lubricant for Oil Companies and PLB Pipes for Lying Optic Fiber Cable

GENERAL INFORMATION

Bankers :

· Bank of Baroda, SME Kasba Branch, 837, Rajdanga Main Road, Kolkata – 700107, West Bengal, India

· Axis Bank

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bank of Baroda, SSI-Kasba Branch
Term Loan	33.707	34.392
Cash Credit Accounts	33.458	33.830
Axis Bank	0.372	0.683
ICICI Bank	0.427	0.387
Total	67.965	69.293
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Companies	18.358	1.228
From Others	4.569	9.099
Total	22.927	10.326

Banking Relations :	--
Auditors :
Name :	Pawan Kumar Khaitan Chartered Accountant
Address :	1/1A, Vansittart Row, 1^st Floor, Kolkata – 700001, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2675000	Equity Shares	Rs.10/- each	Rs. 26.750 Millions

AFTER 28.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2794500	Equity Shares	Rs.10/- each	Rs. 27.945 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		26.750	24.050	24.050
2] Share Application Money		3.250	1.500	0.100
3] Reserves & Surplus		12.049	10.200	8.870
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.049	35.750	33.020
LOAN FUNDS
1] Secured Loans		67.965	69.293	60.305
2] Unsecured Loans		22.928	10.326	4.287
TOTAL BORROWING		90.893	79.619	64.592
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		132.942	115.369	97.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.736	73.948	57.279
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.731	20.090	20.846
	Sundry Debtors	34.489	27.330	27.289
	Cash & Bank Balances	3.491	0.854	3.846
	Other Current Assets	4.499	2.637	0.000
	Loans & Advances	8.052	7.756	8.469
Total Current Assets		70.262	58.667	60.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.212	10.473
	Other Current Liabilities	8.844	6.773	20.170
	Provisions	0.000	0.000	0.000
Total Current Liabilities		23.056	17.246	20.170
Net Current Assets		47.206	41.421	40.280
MISCELLANEOUS EXPENSES		0.000	0.000	0.053
TOTAL		132.942	115.369	97.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Including Excise Duty and Education Cess)	211.989	176.316	164.998
		Other Income	7.123	5.996	6.070
		Closing Stock – Finished Goods and Stores	2.397	1.809	4.467
		TOTAL (A)	221.510	184.121	175.535
Less	EXPENSES
		Opening Stock – Finished Goods and Stores	1.809	4.467	2.561
		Raw Material Consumed	131.354	102.946	98.807
		Stores and Spares Consumed	9.460	8.839	7.411
		Excise Duty and Education cess paid	18.692	19.209	24.079
		Manufacturing Expenses	24.980	18.647	20.057
		Administrative and Finance Expenses	9.543	7.828	5.592
		TOTAL (B)	195.838	161.936	158.507
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.670	22.185	17.028
Less	FINANCIAL EXPENSES (D)		11.649	11.139	7.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.021	11.046	9.339
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.372	9.116	7.476
	PROFIT BEFORE TAX (E-F) (G)		2.649	1.930	1.863
Less	TAX (I)		0.800	0.600	0.685
	PROFIT AFTER TAX (G-I) (J)		1.849	1.330	1.178
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.348	9.018	7.839
	BALANCE CARRIED TO THE B/S		12.197	10.348	9.018
	Earnings Per Share (Rs.)		Nil	0.55	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.84	0.72	0.68
Net Profit Margin (PBT/Sales)	(%)	1.24	1.09	1.12
Return on Total Assets (PBT/Total Assets}	(%)	1.69	1.45	1.58
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		2.70	2.70	2.56
Current Ratio (Current Asset/Current Liability)		3.04	3.40	2.99

LOCAL AGENCY FURTHER INFORMATION

FORM : 8

Corporate identity number of the company	U20219WB1997PLC084808
Name of the company	EASTERN POLY CRAFT INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	1/1 Vansittarat Rowp S Hare Street, Kolkata - 700001, West Bengal, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, SME Kasba Branch, 837, Rajdanga Main Road, Kolkata – 700107, West Bengal, India
Nature of instrument creating charge	1) Supplemental agreement of hypothecation of goods. 2) Supplemental agreement of hypothecation of book-debts. 3) Supplemental Agreement of Hypothecation Of Machinery. 4) Supplemental Memorandum of Deposit of Title Deeds - 3 Sets
Date of instrument Creating the charge	23/05/2011
Amount secured by the charge	Rs. 294.812 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1) In case of T/L 6.25% over base rate i.e 16.25% p.a. with monthly rest. 2) In case of CC 5.50% over base rate i.e.15.50% p.a. with monthly rest. Terms of repayment 1) In case of CC 12 months subject to annual review. 2) Term Loan XII / (FCNR -B) (Fresh) to be repaid in one bullet installment after 60 month.3) Specific Letter of Credit to be retired by disbursement of Term Loan. Margin 25% T/L and CC. Extent and operation of the charge 1) Term Loan VI Rs. 2.971 millions. 2) Term Loan VII Rs. 2.615 millions. 3) Term Loan VIII Rs. 5.189 millions. 4) Term Loan IX Rs. 14.316 millions 5) Term Loan X Rs. 25.117 millions 6) Term Loan XI Rs. 75.657 millions. 7) Term Loan XII Rs. 16.947 millions. 8) Cash Credit Rs. 76.000 millions 9) L/C Rs. 50.000 millions. 10) B/ G Rs. 26.000 millions. Total Rs. 294.812 millions. Other Commission: as per FEDAI Rules/ Bank Guide lines from time to time.
Short particulars of the property charged (Including location of the property)	1) All present and future stocks and goods of the company including polypropylene, copolymer, master batch, pigments, Disel, spouts handles, WIP and finished goods of plastic containers etc. 2)both present and future Book-Debts Of The Company. 3)All The Borrower's Existing and Future Movable Plant and Machinery, Accessories, Stocks, Stores and Spare Situated Lying, Erected At Borrower's Factory Premises At Bighati, Hoogly & At Uluberia Growth Centre,Uluberia Howrah and Elsewhere. 4) All Those Piece and Parcels Of Sali Land Situated In R.S. Plot No.5555,5522,5557,5521,5523,5544,L. R. Plot No. 4378,4351,4377,4350 and 4379,4349 lying in and situated in Mouza Bighati, Dist. Hoogl, Together With All Buildings ,factory sheds and structures thereon and all plant and machinery 5) All That Piece and Parcels Of Land Measuring About 0.6353 Acres, Situated In Mouza Chandipur, J.L.NO.9,P. S. Uluberia ,P.O.Birshbpur, District Howrah And Industrial Flats Of Standard Design Factory Building Nos.B9,A15,B16,C17,C18,A19,A20,C27,C28,C29,C30,C31,C32,A33,A40, AND B41,ON THE GROUND AND FIRST FLOOR OF THE INDUSTRIAL GROWTH CENTRE Uluberia, Being A Pucca Structure,Under Maheshpur Gram Panchayat . 6) 3 Flats At Ground Floor and 3 Flats AT 1st Floor Bearing A5, A6,A10 Admeasuring 3153 SQ Ft. Situated At Mouza Chandipur, Ps Uluberia, PO: Birshibpur, Dist: Howrah. and All That Piece and Parcel Of Land Admeasuring 80.72 Sataks, Situated At Mouza Bighati, Jl No.14 Bearing LR Dag No.4352 and 4376, Rs Dag No.5524 &5553 Ps Bhadreshwar Dist Hooghly
Date of instrument modifying the charge	13/12/2010
Particulars of the present modification	By this modification the overall limit stands enhanced to Rs.2948.12 lacs comprising of: (refer point no.13(d))

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. 49.24
UK Pound	1	Rs. 76.80
Euro	1	Rs. 67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.