MIRA INFORM REPORT

Report Date :

21.05.2008

IDENTIFICATION DETAILS

Name :	SAMPARK INDUSTRIES LIMITED
Registered Office :	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi - 110070
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	07.08.2001
Com. Reg. No.:	111946
CIN No.: [Company Identification No.]	U25207DL2001PLC111946
TAN No.: [Tax Deduction & Collection Account No.]	DELS15899C
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Metallized Plastic Film and Paper, holographic Films, Lacquered Film etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 317708
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established Company having Satisfactory track. Financial Position is Satisfactory. Trade relations are fair. Payments are usually Correct and as per Commitments. The Company can be considered normal for business dealings at usual trade terms and conditions. The Company can be regarded as a Promising Business Partner in a medium to long-run.

LOCATIONS

Registered Office :	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India.
Tel. No.:	91-11-26941405
Fax No.:	91-11-26974383
E-Mail :	sampakindustries@yahoo.co.uk chaggarwal@yahoo.com chaggarwal@sampakindustries.com ghazia@jkbmail.com
Factory :	Site – 5, UPSIDC Industrial Area, Noida – 201 306 Uttar Pradesh, India.
Tel. No.:	91-120-2341527 / 2341576
Mobile No :	91- 9810080820 / 93108820
Fax No.:	91-120-2341030 / 2341575

DIRECTORS

Name :	Mr. Rajinder Agarwal
Designation :	Director
Address :	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India.
Date of Birth/Age :	07.11.1944
Date of Appointment :	07.08.2001
Name :	Mr. Vikas Agarwal
Designation :	Director
Address :	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India.
Date of Birth/Age :	19.02.1973
Date of Appointment :	07.08.2001
Name :	Mr. Chirag Agarwal
Designation :	Director
Address :	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India.
Date of Birth/Age :	17.02.1973
Date of Appointment :	07.08.2001
Name:	Mr. Rohaji Agarwal
Designation :	Director
Date of Appointment :	07.08.2001

KEY EXECUTIVES

Name :	Mrs. Ashima Dua
Designation :	Company Secretary
Address :	26, Priya Enclave, Near Karkardooma Court, Delhi – 110092, India.
Date of Appointment :	27.09.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2004

Names of Shareholders	No. of Shares
Mrs. Reema Agarwal	3000
Sampak Associates	160000
R K Agarwal HUF	240000
Mr. Vikas Agarwal	37000
Mr. Rohaji Agarwal	40000
Mrs. Sneha Agarwal	10500
Mr. Rajinder Agarwal	275000
Mrs. Lalita Agarwal	825000
Mr. Chirag Agarwal	99500
Total	1690000

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of Metallized Plastic Film and Paper, holographic Films, Lacquered Film etc.
Products :	v CPP Films v Holographic Films v Lacquered Film v Metallized CPP v BOPP v Polyster and Pet Films v Window Metallized CPP

GENERAL INFORMATION

No. of Employees :	About 250
Bankers :	The Jammu and Kashmir Bank Limited P-2, J O P Plaza, Sector – 18, Noida – 201301, Uttar Pradesh ,India.

Banking Relations :	Satisfactory
Auditors :
Name :	PVSP and Company, Chartered Accountants
Address :	B-4, 148C, Safdar Jang Enclave, New Delhi – 110029, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
60,00,000	Equity Shares	Rs. 10/- Each	Rs. 60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56,20,000	Equity Shares	Rs. 10/- Each	Rs. 56.200 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		56.200	56.200
2] Share Application Money		0.150	0.150
3] Reserves & Surplus		23.077	9.257
4] (Accumulated Losses)		0.000	0.000
NETWORTH		79.427	65.607
LOAN FUNDS
1] Secured Loans		123.910	133.328
2] Unsecured Loans		22.565	20.122
TOTAL BORROWING		146.475	153.450
DEFERRED TAX LIABILITIES		8.502	6.177
TOTAL		234.404	225.234
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.748	147.167
Capital work-in-progress		0.976	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.100	38.314
	Sundry Debtors	47.853	67.685
	Cash & Bank Balances	22.192	15.441
	Other Current Assets	0.000	0.000
	Loans & Advances	19.114	14.233
Total Current Assets		127.259	135.673
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	39.938	56.588
	Provisions	1.949	1.378
Total Current Liabilities		41.887	57.966
Net Current Assets		85.372	77.707
MISCELLANEOUS EXPENSES		0.309	0.360
TOTAL		234.404	225.234

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		367.370	324.738
Other Income		2.351	1.847
Total Income		369.722	326.586
Profit/(Loss) Before Tax		17.832	7.679
Provision for Taxation		4.013	3.464
Profit/(Loss) After Tax		13.819	4.215
Expenditures :
	Increase/(Decrease) in Finished Goods	2.263	(2.214)
	Salaries, Wages, Bonus, etc.	3.001	2.484
	Managerial Remuneration	1.890	1.320
	Payment to Auditors	0.038	0.038
	Interest	17.528	16.830
	Insurance Expenses	0.829	1.004
	Power & Fuel	27.498	15.517
	Depreciation & Amortization	7.579	6.608
	Other Expenditure	291.264	277.320
Total Expenditure		351.890	318.907

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	3.74	1.29
Net Profit Margin (PBT/Sales)	(%)	4.85	2.36
Return on Total Assets (PBT/Total Assets}	(%)	4.82	2.35
Return on Investment (ROI) (PBT/Networth)		0.22	0.12
Debt Equity Ratio (Total Liability/Networth)		0.53	0.88
Current Ratio (Current Asset/Current Liability)		3.04	2.34

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the has been shifted from A-18, Block B-1, Mohan Co Op. Industrial Estate, Mathura Road, Badarpur, New Delhi – 110044, India to Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India with effect from 01.04.2007

Form 8

This form is for	Modification of charge
Corporation identity number (CIN) or foreign company registrations number of the company	U25207DL2001PLC111946
Name of the company	SAMPAK INDUSTRIES LIMITED
Address	Panchvati, Ram Mandir Road, Opp. Pocket D -4, Vasant Kunj, New Delhi – 110070, India
Type of Charges	v Hypothecation v Equitable Mortgage or Mortgage of property by depositing the title deeds.
Whether consortium finance is involved	No
Number of charge holder(s)	1
Particular of the charge holder	Name: The Jammu and Kashmir Bank Limited Address: P-2, J O P Road, Sector – 18 City: Noida State : Uttar Pradesh ISO country code: IN Pin code: 201301 e-mail ID: ghazia@jkbmail.com
Amount Secure by the charge	Rs. 151.970 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Principal alongwith Interest @PLR alongwith charges till final adjustments.
Description of the property charged indicating whether it is a charge on	v Plant and Machinery v Furniture and Fixtures v Immovable Properties v Stock in trade v Book Debts v Vehicles
Particulars of the property charged (including location of the property)	Land and Building and all the assets of the Company situated at P- 2/5, site – IV, UPSIDC Industrial Area, Greater Noida, (Uttar Pradesh).
Charge Identification number of the charge to be modified	90049291
Brief description of the instrument modifying the charge under section 135	Deed of Hypothecation and Extension of charge
Date of latest modification prior to the present modification	14.07.2006
Particulars of the present modification	Various Facilities have been enhanced to Rs. 151.970 millions detailed as per Deed of Hypothecation.

Form 8

Name of the company	SAMPAK INDUSTRIES LIMITED
Presented By	Mr. Chirag Agarwal
1) Date and description of instrument creating the change	Hypothecation Deed dated 06.09.2002 REC No. 93837 dated 19.09.2002
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 150.854 millions Term Loan - Rs. 97.376 millions FLC – Rs. 5.000 millions CC – Rs. 23.000 millions Book Debts – Rs. 20.478 millions ILC – Rs. 5.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all Plant and machinery suitable mortgage of Land and building at P- 2/5, site – IV, UPSIDC Industrial Area, Greater Noida, (Uttar Pradesh) Hypothecation of other movable assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Rs. 150.854 millions plus charges and interest @12.5% p.a.
5) Name and Address and description of the person entitled to the charge.	The Jammu and Kashmir Bank Limited P-2, JOP Plaza, Sector – 18, Noida, Uttar Pradesh
6) Date and brief description of instrument modifying the charge	Hypothecation Deed dated 31.01.2003and charge of Extension.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Additional Facility 7 PCL Rs. 2.500 millions 2 PCL Rs. 10.000 millions secured by hypothecation of all Plant and Machinery WIP, Finished Goods and Hypothecation of all other available assets.

Profile

CPP Films

The collaboration with a technically advanced European firm, specialist in CPP film extrusion enables us to manufacture CPP films that are in the line with international quality standards.

Metallized CPP, BOPP, Polyster and Pet Films

We manufacture CPP, BOPP, Polyster and PET Metallized Films with immaculate maintainability that ensures higher productivity and consistent weight uniform coating.

Holo Graphic Film

The company offers holographic paper and embossed film (holographic film) in numerous designs with fascinating visual effects in lamination , grillwrap and decorative segment.

Lacquered Film

The range of lacquered film has received wide industrial acclaim and is used for the production of metallic yarns & decorative items.

Window Metallized CPP, BOPP, Polyster and Pet Films

They are one of the recognized manufacturers & exporters of CPP, BOPP, Polyster and PET Window Metalized films that feature functional durability & reliability. These films are extensively used across packaging industry for their flexibility.

Recently they have bought a new technologically advanced european CPP Film (Cast Polypropylene Film) line to cater mainly to flexible packaging industry.

The plastic films are mainly used in flexible laminates, metallic yarn, stamping foils, cosmetic items and decorative items.

The continuous R&D backward & forward integration and owner's direct involvement in the company have contributed to the Sampark's success.

Quality

For Sampark Industries, the quality is of supreme importance. Thorough inspection of products and stage-wise quality tests ascertain that only high quality products hit the market.

Plant & Machinery

Sampark has gone for technological advanced European machinery be it:

v Metallizer

v Coating Machines

v Wide Width embossing Machines

v Multiplier Cast Polypropylene co-extruded Film Line

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 :

The 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.

The 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. 42.72
UK Pound	1	Rs. 83.96
Euro	1	Rs. 66.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, they have no basis upon which to recommend credit dealings	No Rating

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