1. Summary Information
|
|
|
Country |
|
|
Company Name |
THE PAPER
PRODUCTS LIMITED |
Principal Name 1 |
Mr.
Suresh Gupta |
|
Status |
Good |
Principal Name 2 |
Mr. Arunkumar R. Gandhi |
|
|
|
Registration # |
11-145537 |
|
Street Address |
Regent Chambers,
13th Floor, Nariman Point, Mumbai-400021, |
||
|
Established Date |
12.06.1950 |
SIC Code |
-- |
|
Telephone# |
91-22-22820969 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22832860 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Flexible Packaging |
|
|
# of employees |
1500
(Approximately) |
Product Name 2 |
Labeling Technologies |
|
Paid up capital |
Rs. 125,383,000/- |
Product Name 3 |
Specialized Cartons |
|
Shareholders |
-- |
Banking |
Standard Chartered Bank |
|
Public Limited Corp. |
NO |
Business Period |
63 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
Netherlands |
Huhtavefa B.V., |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,839,493,000 |
Current Liabilities |
1,365,722,000 |
|
Inventories |
831,717,000 |
Long-term Liabilities |
206,147,000
|
|
Fixed Assets |
1,712,373,000 |
Other Liabilities |
298,669,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,870,538,000 |
|
Invest& other Assets |
1,036,082,000 |
Retained Earnings |
3,423,744,000 |
|
|
0 |
Net Worth |
3,549,127,000 |
|
Total Assets |
5,419,665,000 |
Total Liab. & Equity |
5,419,665,000 |
|
Total Assets (Previous Year) |
5,222,877,000 |
|
|
|
P/L Statement as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
8,904,023,000 |
Net Profit |
450,277,000 |
|
Sales(Previous yr) |
7,973,007,000 |
Net Profit(Prev.yr) |
525,989,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE PAPER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Regent Chambers, 13th Floor, Nariman Point, Mumbai-400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
12.06.1950 |
|
|
|
|
Com. Reg. No.: |
11-145537 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 125.383 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21011MH1950FLC145537 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09909E NGPT00356G NGPT01042G PNET03852C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT0086E |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Laminates
and Converted, Coated / Uncoated Paper and Films, Cartons, Moralised Films
and Polyethylene Films. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an well established company having a good track record.
There appears slight dip in the profitability during 2012. However, general financial position of the company is strong. Liquidity
position is good. Trade relations are reported to be fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Regent Chambers, 13th Floor, Nariman Point, Mumbai-400021, |
|
Tel. No.: |
91-22-22820969 |
|
Fax No.: |
91-22-22832860 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory 1 : |
LBS Marg, Majiwada, Thane - 400601, |
|
Tel. No.: |
91-22-21735591/ 22735592/21735593/21735551/21735552/21735553 |
|
Fax No.: |
91-22-25340599/ 25427050 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No. 139 and 148, Sri Venkateshwara, Co-operative
Industrial Estate, Bollarum, Medak District, |
|
Tel. No.: |
91-8458-279628/279616 |
|
Fax No.: |
91-8458-279464 |
|
|
|
|
Factory 3 : |
Survey No. 34, Hisa 1/3, At Post Umerkoi, Via Silvassa –
396230, Dadra and Nagar Haveli, |
|
Fax No.: |
91-260-2681005/2681009 |
|
|
|
|
Factory 4 : |
Plot No. 70-73, Sector – 4,
IIEPantnagar, |
|
Tel. No.: |
91-5944-250183 / 250184 / 250185 |
|
Fax No.: |
91-5944-250186 |
|
|
|
|
Sales Office : |
91, Tel No.: 91-80-23568979/23568980/23342873 Fax No.: 91-80-22296522 Chennai: No.19, 1st Floor, (Off Tel No.: 91-44-2834520 Fax No.: 91-44-28345421 Kolkata: Laha Paint House, 5th
Floor, 7, Tel No.: 91-33-22372812/22348281 Fax No.: 91-33-22255654 508-510, Ansal Chambers – II, 6,
Tel No.: 91-11-26194795/26195641/26174297 Fax No.: 91-11-26194389 |
DIRECTORS
As on : 04.05.2012
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Managing Director and Chairman |
|
Qualification : |
B. A. (Hons), MBA |
|
Experience : |
39 Years |
|
Date of Appointment : |
10.03.2010 |
|
|
|
|
Name : |
Mr. Arunkumar R. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. V. Narayanan |
|
Designation : |
Director |
|
Date of Birth/ Age : |
10.03.1941 |
|
Qualification : |
Post graduate in chemistry and diploma in Marketing Management |
|
Experience : |
46 Years |
|
Date of Appointment : |
30.03.2002 |
|
|
|
|
Name : |
Mr. Jukka Moisio |
|
Designation : |
Director |
|
Qualification : |
MBA |
|
Date of Appointment : |
23.04.2008 |
|
|
|
|
Name : |
Mr. Johann Sippel |
|
Designation : |
Director |
|
Experience : |
27
Years |
|
|
|
|
Name : |
Mr. Timo Salonen |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Mr. Ramesh Kumar. Dhir |
|
Designation : |
Director |
|
Date of Appointment : |
March
2002 |
|
|
|
|
Name : |
Mr. S. K. Palekar |
|
Designation : |
Director |
|
Qualification : |
B.Sc,
M.Sc |
|
Experience : |
36 Years |
|
Date of Appointment : |
16.03.2011 |
|
|
|
|
Name : |
Mr. Nripjit Singh Chawla |
|
Designation : |
Independent Director |
|
Qualification : |
MBA |
|
Experience : |
43 Years |
|
Date of Appointment : |
12.03.2013 |
|
|
|
|
Name : |
Mr. A. Venkatrangan |
|
Designation : |
Executive Director |
|
Qualification : |
MBA |
|
Experience : |
32 Years |
|
Date of Appointment : |
01.07.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Daga |
|
Designation : |
Company Secretary and Head Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
|
|
As
a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1833987 |
2.93 |
|
|
1833987 |
2.93 |
|
|
|
|
|
|
38095166 |
60.77 |
|
|
38095166 |
60.77 |
|
Total shareholding of Promoter and Promoter Group (A) |
39929153 |
63.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3735315 |
5.96 |
|
|
31669 |
0.05 |
|
|
227745 |
0.36 |
|
|
66250 |
0.11 |
|
|
4060979 |
6.48 |
|
|
|
|
|
|
3533045 |
5.64 |
|
|
|
|
|
|
12186416 |
19.44 |
|
|
2494970 |
3.98 |
|
|
482627 |
0.77 |
|
|
468483 |
0.75 |
|
|
13507 |
0.02 |
|
|
637 |
0.00 |
|
|
18697058 |
29.83 |
|
Total Public shareholding (B) |
22758037 |
36.30 |
|
Total (A)+(B) |
62687190 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
62687190 |
0.00 |
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 1 lakhBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of
Laminates and Converted Coated / Uncoated Paper and Films Cartons Moralised
Films and Polyethylene Films. |
||||||||||
|
|
|
||||||||||
|
Products : |
·
Flexible Packaging ·
Labeling Technologies ·
Specialized Cartons ·
Packaging Machines ·
Soaps and Detergents ·
Shampoos ·
Noodles ·
Biscuits |
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Products : |
Finished Goods |
||||||||||
|
Countries : |
·
·
·
·
|
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
Cash and Credit |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Laminates and Converted Coated/Uncoated Paper and Films |
Tones |
40990.000 |
29095.726 |
|
Cartons |
Tones |
5000.000 |
3607.768 |
|
Metalised Films $ |
Tones |
1000.000 |
750.984 |
|
Polyethylene Films # |
Tones |
5400.000 |
3394.384 |
* * Installed capacities are as certified by the management and have not been verified by the auditors, as this is a technical matter
$ Utilised for captive consumption
# Utilised for captive consumption. Production does not include job work production.
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
1500 (Approximately) |
|
|
|
|
Bankers : |
· Standard Chartered Bank ·
The Hongkong and · Banking Corporation Limited · BNP Paribas ·
·
Union Bank of |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R Batliboi and Company Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiaries
Company : |
Webtech Labels Private Limited, |
|
|
|
|
Holding Company : |
·
Huhtavefa B.V., |
|
|
|
|
Ultimate Parent Company : |
·
|
|
|
|
|
Fellow Subsidiaries : |
·
Huhtamaki New Zealand Limited, ·
Huhtamaki Vietnam Limited, ·
Huhtamaki Australia Limited, ·
Huhtamaki Deutschland Gmbh and Company KG., ·
Huhtamaki South Africa Limited, ·
Huhtamaki ( |
CAPITAL STRUCTURE
As on : 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs. 300.000 Millions |
|
700000 |
12% Redeemable Cumulative Preference Shares |
Rs.100/-
each |
Rs. 70.000
Millions |
|
300000 |
Unclassified Shares |
Rs.100/-
each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62687190 |
Equity Shares |
Rs.2/- each |
Rs. 125.375
Millions |
|
Add |
Forfeited Shares |
|
Rs. 0.009
Millions |
|
|
Total |
|
Rs. 125.383 Millions |
A. Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period31 December 2012
|
Equity Shares |
31.12.2012 |
|
|
No.
of Shares |
Amount
|
|
|
At the beginning of the period |
62687190 |
125.374 |
|
Outstanding
at the end of the period |
62687190 |
125.374 |
B. Terms /rights attached to equity shares.
The company has only one class of equity
shares having a par value of a Rs. 2/- per share. Each holder of equity share is
entitled to one vote per share. The company declares and pays dividend in
Indian Rupees.The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. During the
year ended 31st December 2012,the amount of per share dividend recognised as
distributions to equity shareholders was a Rs. 2.60 (31 December 2011 : a Rs.
2.40) In the event of liquidation of the Company ,the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of all Preferential amounts. The distribution will be in proportion to the
number of equity shares held by the share holders
C. Shares held by holding company :
Out of equity shares issued by the company,
shares held by its holding company are as follows :
|
Particulars |
31.12.2012 |
|
|
Nos
of Shares |
Amt |
|
|
Huhtavefa B.V., |
38095166 |
76.190 |
D. Details of Shareholders holding more than 5% shares in the company
For the year ended 31st December 2012
|
Particulars |
31.12.2012 |
|
|
Nos
of Shares |
%
of Holding Shares |
|
|
Equity
Shares of Rs. 2/- each fully paid up. |
|
|
|
Huhtavefa B.V., |
38095166 |
60.77 |
|
HDFC Trustee Company Limited |
3330525 |
5.31 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
125.383 |
125.383 |
125.383 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3423.744 |
3162.895 |
2811.229 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3549.127 |
3288.278 |
2936.612 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
206.147 |
221.451 |
225.309 |
|
|
TOTAL BORROWING |
206.147 |
221.451 |
225.309 |
|
|
DEFERRED TAX LIABILITIES |
4.034 |
25.212 |
52.639 |
|
|
|
|
|
|
|
|
TOTAL |
3759.308 |
3534.941 |
3214.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1712.373 |
1739.264 |
1752.959 |
|
|
Capital work-in-progress |
44.381 |
158.363 |
33.920 |
|
|
Intangible Assets under Development |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
991.701 |
633.767 |
394.481 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
831.717
|
843.734 |
892.068 |
|
|
Sundry Debtors |
1380.919
|
1295.927 |
1188.299 |
|
|
Cash & Bank Balances |
146.794
|
222.785 |
108.447 |
|
|
Other Current Assets |
131.371
|
146.589 |
123.166 |
|
|
Loans & Advances |
180.409
|
182.448 |
197.555 |
|
Total
Current Assets |
2671.210
|
2691.483 |
2509.535 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1171.189
|
1053.929 |
941.034 |
|
|
Other Current Liabilities |
194.533
|
393.502 |
308.078 |
|
|
Provisions |
294.635
|
240.505 |
227.223 |
|
Total
Current Liabilities |
1660.357
|
1687.936 |
1476.335 |
|
|
Net Current Assets |
1010.853
|
1003.547 |
1033.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3759.308 |
3534.941 |
3214.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8904.023 |
7973.007 |
7040.100 |
|
|
|
Other Income |
82.568 |
136.775 |
83.218 |
|
|
|
TOTAL |
8986.591 |
8109.782 |
7123.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
6153.848 |
5636.768 |
4965.529 |
|
|
|
Changes in Inventories |
43.905 |
0.000 |
0.000 |
|
|
|
Manufacturing and operating Expenses |
0.000 |
507.910 |
447.841 |
|
|
|
Administrative Expenses |
0.000 |
376.859 |
0.000 |
|
|
|
Employees Benefits Expenses |
700.529 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
0.000 |
642.993 |
591.007 |
|
|
|
Other Expenses |
1128.679 |
0.000 |
354.345 |
|
|
|
Foreign Exchange |
0.000 |
(5.797) |
(28.039) |
|
|
|
TOTAL |
8026.961 |
7158.733 |
6330.683 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
959.630 |
951.049 |
792.635 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.547 |
5.947 |
5.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
959.083 |
945.102 |
786.665 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
345.185 |
320.456 |
323.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
613.898 |
624.646 |
585.507 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
163.621 |
128.074 |
134.794 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
INCOME / EXPENSES |
0.000 |
29.417 |
30.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
450.277 |
525.989 |
481.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1538.300 |
1239.300 |
966.246 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
45.000 |
52.600 |
48.124 |
|
|
|
Dividend |
0.000 |
150.449 |
137.912 |
|
|
|
Proposed Dividend |
189.400 |
23.874 |
22.179 |
|
|
|
Proposed special one time dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Provision for Dividend Tax |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1754.200 |
1238.338 |
1239.271 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
1511.080 |
1379.566 |
1088.748 |
|
|
|
Others |
48.958 |
31.360 |
21.148 |
|
|
TOTAL EARNINGS |
1560.038 |
1410.926 |
1109.896 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1252..416 |
879.177 |
984.591 |
|
|
|
Stores & Spares |
28.091 |
26.886 |
21.187 |
|
|
|
Capital Goods |
127.230 |
154.977 |
27.003 |
|
|
TOTAL IMPORTS |
1407.737 |
1061.040 |
1032.781 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.18 |
8.39 |
7.68 |
|
|
|
Diluted |
7.18 |
8.39 |
7.68 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2013 1th
Quarter |
|
Net Sales |
2372.300 |
|
Total Expenditure |
2101.100 |
|
PBIDT (Excl OI) |
271.200 |
|
Other Income |
15.800 |
|
Operating Profit |
287.000 |
|
Interest |
0.400 |
|
Exceptional Items |
0.000 |
|
PBDT |
286.600 |
|
Depreciation |
85.000 |
|
Profit Before Tax |
201.600 |
|
Tax |
50.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
150.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
150.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
5.01
|
6.49
|
6.76
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.89
|
7.83
|
8.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.00
|
14.10
|
13.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.19
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.58
|
0.60
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.59
|
1.70
|
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
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
UNSECURED LOAN :
Rs.
in Millions
|
Particulars |
31.12.2012 |
31.12.2011 |
|
Sales Tax Deferment Loan |
206.147 |
221.451 |
|
Total |
206.147 |
221.451 |
Note :
The Company has availed of unsecured interest free Sales tax deferred
loan from the Government of Andhra Pradesh for its
PERFORMANCE :
During the year the net sales grew by 10.7%. PBT margin dropped
marginally to 7.0% from 7.8% primarily due to steep increase in input and
energy costs.
After transferring an amount of Rs. 45.000 Millions to General Reserve,
the balance available for appropriation was Rs. 1943.600 Millions including
amount brought forward of Rs. 1538.300 Millions of previous year. The Earning
per Equity Share (EPS) including/excluding extraordinary items was Rs. 7.18.
During the year the Company acquired 51% Equity stake in Webtech Labels
Private Limited, at a cost of Rs. 387.900 Millions. Webtech Label Private
Limited. had a total outstanding debit of Rs. 261.700 Millions as on the date
of acquisition. Webtech Lables Private Limited. is a leader in the Specialized
Indian Pressure Sensitive Lables Sector.
OPERATIONS :
Improved machine health through preventive maintenance and ‘supplier’
quality improvements were made key focus areas. Employee training, including
training of new recruits, is now more intensive. All existing quality
certifications like ISO, BRC – IoP and HACCP continue to be in place.
AWARDS
During 2012, the Company continues to maintain its strong record of
winning awards for packaging excellence. 2012 was no exception. The Company won,
in total 12 India Star and World Star awards
INDUSTRIAL
RELATIONS :
The industrial relations during the year continued to be cordial. The
Directors place on record their sincere appreciation of the services rendered
by employees at all levels.
BOARD OF DIRECTORS
:
MR. SURESH GUPTA -
CHAIRMAN & MANAGING DIRECTOR
Mr. Suresh Gupta did his Masters in Management (MMS) from Jamnalal Bajaj
Institute of Management Studies, Mumbai. He has diverse management experience
of over 39 years, including 25 years in the Company. He was appointed as
Managing Director since May 1994, and designated as Chairman & Managing
Director of the Company w.e.f. 10thMarch 2010. He also holds position of
Executive Vice President, Flexible Packaging Global and a member of the Group
Executive Team of Huhtamaki Oyj., the ultimate holding Company.
MR. ARUNKUMAR
GANDHI - DIRECTOR
Mr. Arunkumar Gandhi is a Fellow Member of the
MR. P. V.
NARAYANAN - DIRECTOR
Mr. P. V. Narayanan is a Post-Graduate in Chemistry and holds Diploma in
Marketing Management. He has 46 years of experience in the field of packaging
covering various positions of eminence. He has also been conferred with the
Honorary Membership by the Asian Packaging Federation. He has been awarded the
Fellow membership of
MR. RAMESH KUMAR
DHIR - DIRECTOR
Mr. Ramesh Kumar Dhir is a Fellow Member of the
MR. S. K. PALEKAR
- DIRECTOR
Mr. S. K. Palekar is B.Sc., M.Sc. (physics) from Mumbai University &
MMS (Marketing) from Jamnalal Bajaj Institute of Management Studies. He secured
1strank both in M.Sc (Physics) & MMS (Marketing). He is currently the
Chairperson of Executive Education Centre of S. P. Jain Institute of Management
& Research at Mumbai. He brings with him 36 years of experience in all
aspects of marketing – like sales, advertising, market research, brand
management – and also of general management. He has hands on experience in
FMCG, durables & service Industries. He retired as Senior Vice President of
Marketing & Knowledge Management from Eureka Forbes Limited; after serving
there for over a decade. He has joined as an Independent Director of the
Company on 16th March 2011.
MR. NRIPJIT SINGH
CHAWLA - DIRECTOR
Mr. Nripjit Singh Chawla did his MBA from Indian Institute of
Management,
MR. JUKKA MOISIO -
DIRECTOR
Mr. Jukka Moisio holds Masters degree in Science and (Econ) and MBA. He
has worked with Ahlstrom Corp (1991-2008) before joining Huhtamaki Oyj in the
year 2008. He is holding the position of CEO and Chairman of Group Executive
Team of Huhtamaki Oyj. He has been nominated as Director by Huhtavefa B.V. on the
Board of Directors of the Company w.e.f. 23rdApril 2008.
MR. JOHANN SIPPEL
- DIRECTOR
Mr. Johann Sippel holds post graduate degree of Certified Accounting
Specialist (CCI) from
MR. TIMO SALONEN -
ALTERNATE DIRECTOR TO MR. JUKKA MOISIO
Mr. Timo Salonen holds Masters degree in Science (Econ) and Masters
degee in Law. His career at Huhtamaki Oyj started in the year 1991. He is
currently the Chief Financial Officer of Huhtamaki Oyj. Prior to joining
Huhtamaki Oyj he worked with Partek Corporation (1983-1991), wherein, the last
position held by him was of Division Controller, Partek Concrete International,
MR. A.
VENKATRANGAN - EXECUTIVE DIRECTOR
Mr. A. Venkatrangan is Graduate in Commerce and MBA in Finance and
Marketing and having a total experience of 32 years, wherein he has worked in
Corporate Planning, Costing, MIS, Budget Control, Operations, Internal Audit
and Commercial functions at various levels with Murugappa Group and Essar
Group. He joined the Company in January, 1999. He was appointed as an Additonal
Director of the Company on 4thJune 2012 and designated as the Executive
Director of the Company w.e.f. 1st July 2012.
CONTINGENT
LIABILITIES :
Rs
in Millions
|
Particulars |
31.12.2012 |
|
A. Excise Duty |
|
|
Matters in Appeal – Duty |
509.957 |
|
-- Penalties |
12.558 |
|
Show cause notices - Duty |
322.153 |
|
--Penalties |
-- |
|
B. Service tax Show cause notices--Service Tax |
3.447 |
|
Matters in Appeal -- Service Tax |
7.481 |
|
-- Penalties |
5.587 |
|
C. Sales Tax demands in appeal |
11.724 |
|
D. Income Tax demands in appeal |
-- |
|
E. Claims against the company not acknowledged as debts Note for (a) to (e): Future cash outfl ows / uncertainties, if any, inrespect of the above are determinable only on receipt of judgements / decisions pending with various forums / authorities |
12.083 |
|
F. Bank guarantees issued by bankers on behalf of the Company |
22.801 |
|
G. Contracts remaining to be executed on capital account and not provided for (net of advances) |
32.304 |
|
H. Letters of Credit issued by banks on behalf of the company for import of goods |
98.272 |
|
I. The company has
obtained EPCG Licences issued under and subject to conditions in Chapter 5 of
the foreign trade Policy 2004-2009.These Licences entitle the company to
import Capital goods at concessional rates of Customs duty and accordingly
duty concession obtained is Rs 41.854 Millions ( Previous year Rs 38.315
Millions).In accordance with the terms of the EPCG Licence the company has an
export obligation of Rs 334.834 Millions (Previous year Rs 3,8.832 Millions)
to be discharged over a period of 8 years.As at the year end the company has
discharged export obligation of approximate value of Rs 137.603 Millions
(Previous year Rs 86.224 Millions |
|
PRESS RELEASE :
·
Sales for Twelve
Months-2011 up by 13.3%
·
PBT grows by 6.7%
& PAT grows by 9.3%
Mumbai, January
31, 2012: The Paper Products Limited (HUHTAMAKI-PPL),
Net profit after tax and extra ordinary income is Rs. 525.900 Millions
compared to Rs. 481.200 Millions of
2010.
The basic and diluted earnings per share isRs.7.92 compared to Rs. 5.60
in 2010 excluding the extra ordinary and exceptional items. EPS including extra
ordinary and exceptional items is Rs.8.39 compared to Rs.7.68 in 2010.
In comparison between quarters, the company
has achieved sales of Rs.20.730 Millions in Q4-2011 representing a increase of
9.2%, over sales of Rs. 1898.700 Millions in Q4-2010.The profit before tax and
extra ordinary income is Rs. 122.100 Millions in Q4-2011 as compared to Rs.
157.500 Millions in Q4-2010.
The basic and diluted earnings per share is
Rs.1.58 in Q4-2011 compared to Rs. 1.88 in Q4-2010 excluding the extra ordinary
and exceptional items. EPS including extra ordinary and exceptional items is
Rs.1.58 compared to Rs.2.19 in Q4-2010.
Current year extra ordinary income represents
Insurance claim Rs.29.400 Millions (net of Tax of Rs.14.100 Millions) received
in Q3-2011. The Board of Directors have recommended a dividend of Rs.2.40 per
equity share of the face value of Rs. 2 each fully paid up subject to approval
from shareholders at the forthcoming AGM.
Expansion at Rudrapur is progressing asper
schedule, new gravure printer and laminator have gone into commercial
production in Q4-2011.
About The Paper Products Limited
(HUHTAMAKI-PPL): PPL is India’s leading manufacturer ofprimary consumer
packaging with 2011 gross sales of about Rs.8620.000 Millions, and net capital
employed of about Rs. 3530.000 Milions. Since 1999, PPL is a joint venture with
the global packaging major,
PPL is a pioneer and the technology and market
leader in flexible packaging in
It meets the packaging needs of almost the
entire range of FMCG segments including personal products, personal wash,
laundry, foods, sauces, beverages, bakery products, spices, chocolates and
confectionery, dairy and also for seeds, specialized chemicals, electronics,
healthcare and many other specific specialized uses including anti-spurious
packaging.
The Package Protection and Decoration products
range includes latest leading edge technologies — shrink sleeves, wrap-arounds,
heat transfers, pressure sensitives and metallised paper labels.
Company also manufactures tube webs which go
into manufacture of laminated tubes required by oral care and personal care
products industry.
Manufacturing of specialized cartons and
cartoning systems, manufacture of poly films, specialized barrier metallising
and high-end application extrusion coating are also part of PPL’s product
offerings.
The company’s packaging machines division
offers complete packaging solutions to customers.
PPL mainly caters to the premium segment of
packaging and its clients include Britannia, Cadbury, Castrol, Coca Cola,
Dabur, Emami, Eveready, GSK, Godrej, Hindustan Unilever, ITC, Marico, Nestle,
Pepsi, Perfetti, P andG, Tata Tea, TTK-LIG, Wipro and many more
Statement of Audited financial
results for the Quarter and
Nine Months Ended on 31st March 2013
Rs.
in Millions
|
Sr. No |
Particulars |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Year to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.12.2012 |
|
1 |
Income
from operations |
|
|
|
|
|
(a)
Gross Sales |
2519.600 |
2323.600 |
9431.100 |
|
|
(b)
Less : Excise Duty |
168.000 |
150.000 |
601.200 |
|
|
(c) Net
Sales |
2351.600 |
2173.600 |
8829.900 |
|
|
(d)
Other Operating Income |
20.700 |
18.400 |
74.100 |
|
|
Total income
from operations (net) (a) + (b) |
2372.300 |
2192.000 |
8904.000 |
|
2 |
Expenses (a)
Cost of materials consumed |
1668.000 |
1576.500 |
6153.800 |
|
|
(b)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(29.100) |
31.700 |
43.900 |
|
|
(c)
Employee benefits expense |
184.100 |
178.700 |
700.500 |
|
|
(d)
Depreciation and amortisation expense |
85.000 |
86.900 |
345.200 |
|
|
(e)
Other expenditure |
278.100 |
284.600 |
1114.800 |
|
|
(f) Foreign
Exchange Loss / Gain |
(1.700) |
2.400 |
14.000 |
|
|
Total
expenses |
2184.400 |
2060.800 |
8372.200 |
|
3 |
Profit / (Loss) from
operations before other income, finance costs and exceptional items(1-2) |
187.900 |
131.200 |
531.800 |
|
4 |
Other Income |
14.100 |
17.200 |
82.600 |
|
5 |
Profit
/ (Loss) from ordinary activities before finance costs and exceptional
items(3 + 4) |
202.000 |
148.400 |
614.4000 |
|
6 |
Finance
costs |
0.400 |
0.300 |
0.500 |
|
7 |
Profit /
(Loss) from ordinary activities after finance costs but before exceptional
items(S - 6) |
201.600 |
148.100 |
613.900 |
|
8. |
Tax
Expense |
|
|
|
|
|
Provision
– Current Tax |
55.900 |
56.400 |
184.800 |
|
|
-- Deferred Taxes |
(5.100) |
(8.100) |
(21.200) |
|
9. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
150.800 |
99.800 |
450.300 |
|
10. |
Net
Profit / (Loss) for the period (11 -12) |
150.800 |
99.800 |
450.300 |
|
11. |
Paid-up
equity share capital (Nominal value Rs. 10 per share) |
125.400 |
125.400 |
125.400 |
|
12. |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
33.962 |
|
13. |
Earnings
per share (before extraordinary items) (of Rs. 10/- each) (not annualised): |
|
|
|
|
|
(a) Basic and
Diluted |
2.40 |
1.59 |
7.18 |
|
13. ii |
Earnings
per share (before extraordinary items) (of Rs. 10/- each) (not annualised): |
|
|
|
|
|
(a) Basic and
Diluted |
2.40 |
1.59 |
7.18 |
|
Sr. No |
Particulars |
Quarter Ended |
Year to date ended |
|
|
|
|
|
|
|
|
A 1 |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
-
Number of shares |
22758037 |
22758037 |
22758037 |
|
|
- Percentage of
shareholding |
36.30 |
36.30 |
36.30 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered - Number of
shares |
39929153 |
39929153 |
39929153 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage
of shares (as a % of the total share capital of the company) |
63.70 |
63.70 |
63.70 |
|
Particulars |
Quarter ended 31.03.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
1 |
|
Disposed
of during the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
NIL |
Note :
- The company’s sole business segment is consumer packaging and all
the company are incidental to this business segment.
- The above results were reviewed by the audite committee and taken on
record by the board at it’s meeting held on 7th May 2013.
- Statutory auditors have carried out limited review of the above
results.
FIXED ASSETS:
- Land
- Building
- Computer
- Motor Vehicles
- Furniture
Fixture Office
- Equipment and
Technical Library
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 56.87 |
|
|
1 |
Rs. 87.65 |
|
Euro |
1 |
Rs. 74.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.