MIRA INFORM REPORT

Report Date :

28.11.2012

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) :	31.03.2012
Date of Incorporation :	02.07.1997
Com. Reg. No.:	21-084808
Capital Investment / Paid-up Capital :	Rs.28.330 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.
No. of Employees :	Not Available

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 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
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 but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office / Head Office :	1/1, Vansittarat Row S hare Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22487191 / 22484410 / 22483475 / 40069782
Fax No.:	91-33-22483691
E-Mail :	sales@easternploycraft.com accounts@easternploycraft.com info@easternpolycraft.com pawan4321@yahoo.com
Website :	http://www.easternploycraft.com
Factory 1 and Works :	Village Dobapukur, P.O. Bighati, P.S. Bhadreshwar, Hoogly, West Bengal, India
Tel. No.:	91-33-30943317 / 26331046
Factory 2 :	Uluberia Industrial Growth Centre, NH-6, Birshibpur, Uluberia, Howrah – 711315, West Bengal, India
Tel. No.:	91-33-26210836
Factory 3 :	A-49, Industrial Area, Kaharani (Bhiwadi Extension), District Alwar – 301019, Rajasthan, India

DIRECTORS

As on 29.09.2012

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 :

26.06.1999

DIN No.:

00445373

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1991PTC053297	DYNASTY TRADERS PRIVATE LIMITED	Director	10-04-97	10-04-97	25-06-08	Active	NO
2	U20219WB1997PLC084808	EASTERN POLY CRAFT INDUSTRIES LIMITED	Director	26-06-99	26-06-99	-	Active	NO
3	U20959MH1983PLC029113	BEMCO SLEEPERS LIMITED	Director	15-03-05	15-03-05	-	Active	NO
4	U51909WB1993PTC057371	LUMBERMAN WOOD PRIVATE LIMITED	Director	15-02-06	15-02-06	28-04-09	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 :

26.06.1999

DIN No.:

00014347

Other Directorship

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

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

Other Directorship

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Shareholding Details File Attached

As on 29.03.2012

Names of Allottees	No. of Shares Allotment
Shraddha Pratisthan Private Limited, India	1000
Inox Advisory Private Limited, India	1000
Jagarnath Consultants Private Limited, India	3000
Federal Agency Private Limited, India	1000
Growfast Realtors Private Limited, India	6000
Tirupati Stock Management Private Limited, India	2000
Shivdarbar Vinimay Private Limited, India	4000
Khusi Dealer Private Limited, India	2000
Subhdhristi Advisory Private Limited, India	1000
Neelanchal Distributor Private Limited, India	1000
Khusboo Complex Private Limited, India	4000
Khusboo Complex Private Limited, India	3000
Mangalmayee Hirise Private Limited, India	4000
Pioneer Prodev Private Limited, India	3000
Windson Vinimay Private Limited, India	2000
Giri Raj Prasad Arya	400
Suresh Kumar Sha	100
Total	38500

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	33.99
Other top fifty shareholders	60.01
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

Customers :	· Indian Oil Corporation · Tide Water Oil Company Limited · Hindustan Petroleum · Indian Railways · Bharat Petroleum · Ordinance Factory · Balmer Lawrie and Company Limited · Shalimar Paints · Servo Brand, Indian Oil
No. of Employees :	Not Available
Bankers :	Bank of Baroda, Sme Kasba Branch, 837, Rajdanga Main Road, Kolkata - 700107, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Sawaria Khaitan and Associates Chartered Accountants
Address :	1/1A, Vansittart Row, 1^st Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22303426 / 22439312
E-Mail :	pawan4321@yahoo.com
PAN.:	AAIFS8727N

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4100000	Equity Shares	Rs.10/- each	Rs.41.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2833000	Equity Shares	Rs.10/- each	Rs.28.330 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		28.330	27.945	26.750
2] Share Application Money		0.000	0.000	3.250
3] Reserves & Surplus		46.538	24.897	12.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.868	52.842	42.049
LOAN FUNDS
1] Secured Loans		201.288	130.395	67.965
2] Unsecured Loans				22.928
TOTAL BORROWING		201.288	130.395	90.893
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		276.156	183.237	132.942
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.376	115.505	85.736
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.140	10.568	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.712	46.298	19.731
	Sundry Debtors	56.292	37.075	34.489
	Cash & Bank Balances	42.013	21.932	3.491
	Other Current Assets	0.000	0.000	4.499
	Other Non-Current Assets	5.517	0.904	0.000
	Loans & Advances	12.086	7.832	8.052
Total Current Assets		161.620	114.041	70.262
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.389	47.464	14.212
	Other Current Liabilities	7.791	5.988	8.844
	Provisions	0.800	3.425	0.000
Total Current Liabilities		100.980	56.877	23.056
Net Current Assets		60.640	57.164	47.206
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		276.156	183.237	132.942

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	325.869	243.066	211.989
		Other Income	4.953	5.014	7.123
		Closing Stock – Finished Goods and Stores	0.000	0.000	2.397
		TOTAL (A)	330.822	248.080	221.509
Less	EXPENSES
		Cost of Materials Consumed	207.824	178.824
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	1.810	(26.567)	195.838
		Employee benefit expense	9.100	5.650
		Other Expense	73.767	61.318
		TOTAL (B)	292.501	219.225	195.838
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.321	28.855	25.670
Less	FINANCIAL EXPENSES (D)		21.800	13.747	11.649
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.521	15.108	14.021
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.475	12.065	11.372
	PROFIT BEFORE TAX (E-F) (G)		4.046	3.043	2.649
Less	TAX (H)		1.270	0.950	0.800
	PROFIT AFTER TAX (G-H) (I)		2.776	2.093	1.849
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.142	12.049	10.200
	BALANCE CARRIED TO THE B/S		16.918	14.142	12.049
	Earnings Per Share (Rs.)		0.98	0.75	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.84	0.84	0.83
Net Profit Margin (PBT/Sales)	(%)	1.24	1.25	1.25
Return on Total Assets (PBT/Total Assets}	(%)	1.11	1.33	1.70
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.06
Debt Equity Ratio (Total Liability/Networth)		4.04	3.54	2.71
Current Ratio (Current Asset/Current Liability)		1.60	2.01	3.05

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

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 pawan4321@yahoo.com
This form is for	Creation of charge
Type of charge	Others (Corporate Guarantee)
Particular of charge holder	Bank of Baroda, SME Kasba Branch, 837, Rajdanga Main Road, Kolkata – 700107, West Bengal, India ssikas@bankofbaroda.com
Nature of instrument creating charge	Corporate Guarantee
Date of instrument Creating the charge	19.09.2012
Amount secured by the charge	Rs.87.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest i) In case of CC: 3.50% above Base rate ie 14.00% pa (present Base rate 10.50%) ii) In case of TL I: 4.00% above Base rate ie 14.50% pa iii) In case of TL II: 3.50% above Base rate ie 14.00% pa Terms of Repayment 12 months subject to annual review Margin i) In case of CC: 25 % on stock and book debts ii) In case of TL II: 36.21% of the project cost iii) In case of LC ( sub limit to TL II): 36.21% of the project cost iv) In case of Import/ Inland LC and BG: 10.00% cash margin Extent and Operation of the charge The said Company stands as a Corporate Guarantor to the Bank for credit facilities granted to Jaraikela Lumberman (India) Private Limited to the extent of Rs. 87.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All fixed and floating assets, both present and future, standing in the name of the said Company.

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	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NTH

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.