An environmental friendly poly(ether-fattyamide) coating composition for mild steel plates or the like comprises and/or consists of a condensation polymerization product of a fatty diol and an aromatic/cyclic diol and wherein the fattyamide diol is synthesized using rapeseed oil and further cured with an aminoplast resin and a catalyst. The rapeseed oil is combined with a crosslinker such as hexa methoxy melamine formaldehyde, butylated melamine formaldehyde, urea formaldehyde of hydroxyl values of 220-240 mg KOH/gm of resin and curing catalysts. The curing catalyst may be para toluene sulphonic acids, dodecyl sulphonic acids, orthro phosphoric acid in a solvent such as xylene, ethyl methyl ketone, ethylene glycol mono methyl ether and aromatic hydrocarbons. Additional agents such as surfactants, stabilizers, wetting agents, flow modifiers, dispersing agents, adhesion promoters and UV absorbers may be added.