MIRA INFORM REPORT

Report No. :	308497
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	EOC POLYMERS INDIA PRIVATE LIMITED
Registered Office :	A-220, Defence Colony, New Delhi - 110024
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.02.2006
Com. Reg. No.:	55-145680
Capital Investment / Paid-up Capital :	Rs. 297.426 Millions
CIN No.: [Company Identification No.]	U25199DL2006FTC145680
IEC No.:	0506035727
TAN No.: [Tax Deduction & Collection Account No.]	DELE04280D
PAN No.: [Permanent Account No.]	AABCE5525C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of rubber crumb compound, polymer compound, natural latex compound.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 810000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operation during 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Dalvinder Pal Singh
Designation :	Accounts Manager
Contact No.:	91-130-2474731
Date :	17.02.2015

LOCATIONS

Registered Office :	A-220, Defence Colony, New Delhi – 110024, India
Tel. No. :	91-130-2474731
Mobile No.:	91-9946635353 (Mr. Sudhi)
Fax No. :	91-130-2474732
E-Mail :	contact@mazars.co.in dalvinder.singh@eocgroup.com
Website :	www.eocgroup.com
Factory :	474 A and 474-B, HSIDC Industrial Estate, Barhi, Phase-1, Sonipat – 131101, Haryana, India
Tel. No. :	91-130-2474731
Fax No. :	91-130-2474732

DIRECTORS

AS ON 30.09.2014

Name :

Marc Weyme

Designation :

Director

Address :

Pruimelstraat, 16-B-9700, Oudenaarde, 9700, Belgium

Date of Birth/Age :

10.05.1950

Date of Appointment :

16.06.2006

DIN No. :

00200652

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	U24110MH1973PTC017080	EOC TAILOR MADE POLYMERS INDIA PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
2	U25199DL2006FTC145680	EOC Polymers India Private Limited	Director	16/06/2006	16/06/2006	-	Active	NO

Name :

Gerard Robert Marsman

Designation :

Director

Address :

Steinweg 3-CH-6343, Buonas, 6343, Switzerland

Date of Birth/Age :

24.02.1969

Date of Appointment :

16.06.2006

DIN No. :

00223928

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	U24110MH1973PTC017080	EOC TAILOR MADE POLYMERS INDIA PVT LTD	Director	24/09/2002	24/09/2002	-	Active	NO
2	U25199DL2006FTC145680	EOC Polymers India Private Limited	Director	16/06/2006	16/06/2006	-	Active	NO

Name :

Gerard Jacobus Marsman

Designation :

Managing Director

Address :

Rigistrasse, 9, CH – 6045, Meggen, 6045, Switzerland

Date of Birth/Age :

04.09.1943

Date of Appointment :

22.08.2008

DIN No. :

00651125

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	U24110MH1973PTC017080	EOC TAILOR MADE POLYMERS INDIA PVT LTD	Director	24/09/2002	24/09/2002	-	Active	NO
2	U25199DL2006FTC145680	EOC Polymers India Private Limited	Managing director	22/08/2008	16/06/2006	-	Active	NO

Name :

Mr. David Haywood

Designation :

Director

Address :

Block 211, Bedok South Avenue, 1, 02-05, Casafina, Singapore, 469336

Date of Birth/Age :

26.04.1967

Date of Appointment :

16.09.2008

DIN No. :

01977160

Name :

Mr. Dharmendra Digamber Gangurde

Designation :

Director

Address :

Flat-C/87, Woodland Apartments, Gandhi Nagar, Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

26.05.1966

Date of Appointment :

16.09.2008

PAN No. :

ANDPG5373J

DIN No. :

02011335

KEY EXECUTIVES

Name :	Mr. Dalvinder Pal Singh
Designation :	Accounts Manager
Name :	Mr. Lalan Kumar Singh
Designation :	Secretary
Address :	R-114A, Street No.3, Ramesh Nagar, Delhi – 110092, India
Date of Birth/Age :	03.02.1979
Date of Appointment :	02.06.2012
PAN No.:	BSYPS7711R

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Manoj Kumar	01
EOC Management NV, Belgium	4625744
EOC P&E Invest Asia Limited, Hong Kong	31119881
EOC Belgium NV	7315700
Total	43061326

As on 07.01.2015

Names of Allottees	No. of Shares
EOC P&E Invest Asia Limited, Hong Kong	3058500
Total	3058500

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of rubber crumb compound, polymer compound, natural latex compound.

Products :

Item Code No. (ITC Code)	Product Description
40052090	Manufacture of Latex Compound

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Latex Compound

Countries :

Thailand

Imports :

Products :

Raw Material

Countries :

• Netherland
• Belgium
• Germany

Terms :

Selling :

Cash and Credit (30/60 and 90 Days)

Purchasing :

Cash and Credit (30/60 and 90 Days)

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEMs

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Sonipet Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	12.681	2.471
Total	12.681	2.471

Auditors :
Name :	S. N. Dhawan and Company Chartered Accountants
Address :	C - 37, Connaught Place, New Delhi - 110001, India
PAN No.:	AAQFS0580H
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Eoc P&E Invest Asia Limited
Associates :	Eoc Belgium NV Eoc Polymers (Thailand) Company Limited Eoc Management Asia pacific Pte limited Eoc Tailormade Polymers India Private Limited

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46119826	Equity Shares	Rs.10/- each	Rs.461.198 Millions

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43061326	Equity Shares	Rs.10/- each	Rs.430.613 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29742626	Equity Shares	Rs.10/- each	Rs.297.426 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	297.426	203.286	147.636
(b) Reserves & Surplus	(115.342)	(89.553)	(56.064)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	103.362	0.000	0.000
Total Shareholders’ Funds (1) + (2)	285.446	113.733	91.572
(3) Non-Current Liabilities
(a) long-term borrowings	390.649	353.530	76.735
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.663	2.693	1.729
Total Non-current Liabilities (3)	394.312	356.223	78.464
(4) Current Liabilities
(a) Short term borrowings	12.681	2.471	6.156
(b) Trade payables	11.088	77.928	82.650
(c) Other current liabilities	28.343	25.402	8.087
(d) Short-term provisions	0.187	0.113	0.051
Total Current Liabilities (4)	52.299	105.914	96.944
TOTAL	732.057	575.870	266.980
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	512.280	91.895	95.684
(ii) Intangible Assets	0.598	0.093	0.140
(iii) Capital work-in-progress	6.477	193.397	12.782
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	20.987
(d) Long-term Loan and Advances	66.239	10.723	10.432
(e) Other Non-current assets	2.130	1.422	0.090
Total Non-Current Assets	587.724	297.530	140.116
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.463	33.840	52.635
(c) Trade receivables	19.106	22.510	20.296
(d) Cash and cash equivalents	35.795	215.763	49.669
(e) Short-term loans and advances	5.595	5.928	4.214
(f) Other current assets	0.374	0.299	0.051
Total Current Assets	144.333	278.341	126.865
TOTAL	732.057	575.870	266.980

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES (APPROXIMATELY)	340.000	260.000	NA
Less	TOTAL EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	(25.788)	(12.501)	(22.759)
Less	TAX	0.000	20.987	(6.487)
	PROFIT/ (LOSS) AFTER TAX	(25.788)	(33.488)	(16.272)
	Balance Carried to the B/S	(25.788)	(33.488)	(16.272)
	IMPORTS
	Raw Materials	160.679	74.874	56.683
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	7.008	0.532	0.000
	TOTAL IMPORTS	167.687	75.406	56.683
	Earnings / (Loss) Per Share (Rs.)	(0.60)	(0.78)	(0.38)

Expected Sales (2014-2015): Rs. 400.000 Millions

The above information has been parted by Mr. Dalvinder Pal Singh

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(3.55)	(3.27)	(9.76)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.11)	(0.25)
Debt Equity Ratio (Total Debt /Networth)		1.41	3.13	0.91
Current Ratio (Current Asset/Current Liability)		2.76	2.63	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	147.636	203.286	297.426
Reserves & Surplus	(56.064)	(89.553)	(115.342)
Share Application money pending allotment	0.000	0.000	103.362
Net worth	91.572	113.733	285.446
long-term borrowings	76.735	353.530	390.649
Short term borrowings	6.156	2.471	12.681
Total borrowings	82.891	356.001	403.330
Debt/Equity ratio	0.905	3.130	1.413

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

VIEW INDEX OF CHARGES; No Charges Exist for Company

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from others	390.649	353.530
Total	390.649	353.530

FIXED ASSETS

• Land
• Factory building
• Factory equipments
• Furniture and fixtures
• Motor vehicles
• Computer equipments

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 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. 62.26
UK Pound	1	Rs. 96.01
Euro	1	Rs. 70.72

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.