MIRA
INFORM REPORT
|
Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE PAPER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
12A-06, B Wing, 13th Parinee Crescenzo, C-38/39, G Block, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
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|
Country : |
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|
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 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACT0086E |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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|
|
Line of Business
: |
Manufacturer of Flexible and
Packaging Paper. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a well established company having a good track record. There appears slight dip in profit of the company during the year
2012. However, the rating reflect “Paper Products” strong financial risk profile,
marked by a healthy capital structure and comfortable debt protection
metrics. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
15.05.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
15.05.2013 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Anand Daga |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-21735591 |
|
Date : |
14.01.2014 |
LOCATIONS
|
Registered Office : |
Regent Chambers, 13th Floor, Nariman Point, Mumbai-400021, |
|
Tel. No.: |
91-22-22820969 |
|
Fax No.: |
91-22-22832860 |
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E-Mail : |
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|
Website : |
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|
|
|
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 : |
|
|
|
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|
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 |
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|
|
|
Factory 3 : |
Survey No. 34, Hissa 1/3, At Post Umerkoi, Via Silvassa –
396230, Dadra and Nagar Haveli, Union Territory, India |
|
Fax No.: |
91-260-2681005/2681009 |
|
|
|
|
Factory 4 : |
Plot No. 70-73, Sector – 4, IIE
Pantnagar, Rudrapur, U.S. Nagar – 263153, Uttaranchal, India |
|
Tel. No.: |
91-5944-250183 / 250184 / 250185 |
|
Fax No.: |
91-5944-250186 |
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|
|
|
Sales Office : |
91, Tel No.:
91-80-23568979/23568980/23342873 Fax No.: 91-80-22296522 Chennai: No.19, 1st Floor,
Balamuthukrishnan Street, T.N Nagar, Chennai-600017, Tamilnadu, India (Off
Habibllah Road, Opposite to HDFC Bank) Tel No.: 91-44-2834520 Fax No.: 91-44-28345421 Kolkata: Laha Paint House, 5th
Floor, 7, Chitaranjan Avenue, Kolkata – 700072, West Bengal, India Tel No.: 91-33-22372812/22348281 Fax No.: 91-33-22255654 508-510, Ansal Chambers – II, 6,
Bhikaji Cama Place, New Delhi-110066, India Tel No.:
91-11-26194795/26195641/26174297 Fax No.: 91-11-26194389 |
DIRECTORS
AS ON: 31.12.2012
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Managing Director and Chairman |
|
Qualification : |
B. A. (Hons), MBA |
|
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 |
|
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 |
|
|
|
|
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 |
|
Date of Appointment : |
16.03.2011 |
|
|
|
|
Name : |
Mr. Nripjit Singh Chawla |
|
Designation : |
Independent Director |
|
Qualification : |
MBA |
|
Date of Appointment : |
12.03.2013 |
|
|
|
|
Name : |
Mr. A. Venkatrangan |
|
Designation : |
Executive Director |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.07.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Daga |
|
Designation : |
Company Secretary and Head Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.09.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1884087 |
3.01 |
|
|
1884087 |
3.01 |
|
|
|
|
|
|
38095166 |
60.77 |
|
|
38095166 |
60.77 |
|
Total shareholding
of Promoter and Promoter Group (A) |
39979253 |
63.78 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3724466 |
5.94 |
|
|
21833 |
0.03 |
|
|
227745 |
0.36 |
|
|
75494 |
0.12 |
|
|
4049538 |
6.46 |
|
|
|
|
|
|
3191024 |
5.09 |
|
|
|
|
|
|
11857660 |
18.92 |
|
|
2583345 |
4.12 |
|
|
1026370 |
1.64 |
|
|
1006726 |
1.61 |
|
|
19007 |
0.03 |
|
|
637 |
0.00 |
|
|
18658399 |
29.76 |
|
Total Public
shareholding (B) |
22707937 |
36.22 |
|
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 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
No. |
Name of the
Shareholder |
Details of Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Kumkum Gupta |
2,50,405 |
0.40 |
0.40 |
|
2 |
Ratna Gupta |
1,50,965 |
0.24 |
0.24 |
|
3 |
Shivani Gupta |
1,49,405 |
0.24 |
0.24 |
|
4 |
Shivani Gupta |
50,000 |
0.08 |
0.08 |
|
5 |
Ratna Gupta |
50,000 |
0.08 |
0.08 |
|
6 |
Shivani Suresh Gupta |
1,010 |
0.00 |
0.00 |
|
7 |
Kumkum Gupta |
625 |
0.00 |
0.00 |
|
8 |
Ratna Gupta |
385 |
0.00 |
0.00 |
|
9 |
Suresh Gupta |
9,79,445 |
1.56 |
1.56 |
|
10 |
Suresh Gupta |
2,51,847 |
0.40 |
0.40 |
|
11 |
Huhtavefa B V |
3,80,95,166 |
60.77 |
60.77 |
|
|
Total |
3,99,79,253 |
63.78 |
63.78 |
Shareholding belonging
to the category "Public" and holding more than 1% of the Total No. of
Shares
|
l. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
HDFC Trustee Compnay Limited A/c HDFC MID |
3330525 |
5.31 |
5.31 |
|
2 |
Shree Capital Services Limited |
896147 |
1.43 |
1.43 |
|
3 |
Dolly Khanna |
918137 |
1.46 |
1.46 |
|
|
Total |
5144809 |
8.21 |
8.21 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
HDFC Trustee Company Limited A/c HDFC MID |
3330525 |
5.31 |
5.31 |
|
|
Total |
3330525 |
5.31 |
5.31 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible and
Packaging Paper. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
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 Hong Kong and Shanghai · Banking Corporation Limited · BNP Paribas ·
·
Union Bank of |
|
|
|
|
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. 125.374
Millions |
|
Add |
Forfeited Shares |
|
Rs. 0.009
Millions |
|
|
Total |
|
Rs. 125.383 Millions |
NOTES
A.
Reconciliation of the shares outstanding at the beginning
and at the end of the reporting period 31ST 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 recognized
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 (Rs. In Millions) |
|
|
Huhtavefa B.V., Netherlands, The Holding
Company |
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., Netherlands, The Holding
Company. |
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
125.383 |
125.383 |
|
(b) Reserves & Surplus |
|
3423.744 |
3162.894 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3549.127 |
3288.277 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
206.147 |
215.924 |
|
(b) Deferred tax liabilities (Net) |
|
4.034 |
25.213 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
11.308 |
7.917 |
|
Total Non-current Liabilities (3) |
|
221.489 |
249.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
1171.189 |
1144.210 |
|
(c) Other current liabilities |
|
194.533 |
209.039 |
|
(d) Short-term provisions |
|
283.327 |
291.934 |
|
Total Current Liabilities (4) |
|
1649.049 |
1645.183 |
|
|
|
|
|
|
TOTAL |
|
5419.665 |
5182.514 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1666.198 |
1675.127 |
|
(ii) Intangible Assets |
|
46.175 |
64.136 |
|
(iii) Capital
work-in-progress |
|
44.381 |
81.435 |
|
(iv) Intangible
assets under development |
|
0.000 |
2.369 |
|
(b) Non-current Investments |
|
387.913 |
0.050 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
102.640 |
157.624 |
|
(e) Other Non-current assets |
|
29.127 |
29.091 |
|
Total Non-Current Assets |
|
2276.434 |
2009.832 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
603.788 |
633.717 |
|
(b) Inventories |
|
831.717 |
843.734 |
|
(c) Trade receivables |
|
1380.919 |
1248.486 |
|
(d) Cash and cash
equivalents |
|
146.794 |
222.749 |
|
(e) Short-term loans
and advances |
|
77.769 |
106.461 |
|
(f) Other current
assets |
|
102.244 |
117.535 |
|
Total Current Assets |
|
3143.231 |
3172.682 |
|
|
|
|
|
|
TOTAL |
|
5419.665 |
5182.514 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
125.383 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2811.229 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2936.612 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
225.309 |
|
|
TOTAL BORROWING |
|
|
225.309 |
|
|
DEFERRED TAX LIABILITIES |
|
|
52.639 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3214.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1752.959 |
|
|
Capital work-in-progress |
|
|
33.920 |
|
|
Intangible Assets under Development |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
394.481 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
892.068 |
|
|
Sundry Debtors |
|
|
1188.299 |
|
|
Cash & Bank Balances |
|
|
108.447 |
|
|
Other Current Assets |
|
|
123.166 |
|
|
Loans & Advances |
|
|
197.555 |
|
Total
Current Assets |
|
|
2509.535 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
941.034 |
|
|
Other Current Liabilities |
|
|
308.078 |
|
|
Provisions |
|
|
227.223 |
|
Total
Current Liabilities |
|
|
1476.335 |
|
|
Net Current Assets |
|
|
1033.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3214.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8904.023 |
8031.651 |
7040.100 |
|
|
|
Other Income |
82.568 |
83.927 |
83.218 |
|
|
|
TOTAL |
8986.591 |
8115.578 |
7123.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials and Components Consumed |
6153.848 |
5565.167 |
|
|
|
|
Changes in Inventories of Finished Goods and Work-in-Process |
43.905 |
9.170 |
|
|
|
|
Employee Benefit Expenses |
700.529 |
639.297 |
|
|
|
|
Other Expenses |
1128.679 |
956.438 |
|
|
|
|
Extraordinary Income |
0.000 |
(29.417) |
|
|
|
|
TOTAL |
8026.961 |
7140.655 |
6207.874 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
959.630 |
974.923 |
915.444 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.547 |
0.404 |
5.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
959.083 |
974.519 |
909.474 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
345.185 |
320.456 |
323.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
613.898 |
654.063 |
585.507 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
163.621 |
128.074 |
134.794 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
INCOME / EXPENSES |
0.000 |
0.000 |
30.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
450.277 |
525.989 |
481.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1538.338 |
1239.271 |
966.246 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
45.028 |
52.599 |
48.124 |
|
|
|
Dividend |
26.440 |
23.874 |
137.912 |
|
|
|
Proposed Dividend |
162.987 |
150.449 |
22.179 |
|
|
BALANCE CARRIED
TO THE B/S |
1754.160 |
1538.338 |
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 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
|
6.48
|
6.76
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.89
|
8.14
|
8.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.31
|
12.83
|
13.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.20
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.07
|
0.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
1.93
|
1.70
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM BORROWING
(Rs.
In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
Current maturity of long term borrowings |
9.777 |
5.526 |
NA |
|
TOTAL |
9.777 |
5.526 |
NA |
|
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
UNSECURED LOAN
Rs.
in Millions
|
Particulars |
31.12.2012 |
31.12.2011 |
|
Sales Tax Deferment Loan |
206.147 |
215.924 |
|
|
|
|
|
TOTAL |
206.147 |
215.924 |
|
NOTE LONG TERM
BORROWINGS The Company has availed of unsecured interest free Sales tax deferred
loan from the Government of Andhra Pradesh for its |
||
|
CASE DETAILS Bench:-Bombay Presentation Date:-13.03.2013
|
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.
MANAGEMENT DISCUSSION AND ANALYSIS
MARKET
The overall
consumer Flexible Packaging market has been growing at a reasonable rate. This
trend is expected to continue in the medium term.
Major drivers for growth in flexible packaging for India include:
·
Favourable shift in demographics
·
Growing demands for consumer goods. Indian Consumer’s
increased expectations and demand for ever increasing choice and variety.
·
Thrust on food processing and food safety
·
Retail push
·
Growth in rural demand
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.
CAPEX
The Capex spend at
end 2011 and early 2012 along with line balancing undertaken helped in
increasing throughputs resulting in better servicing of customers. Peak season
loads were handled with comfort. Both formal and informal interactions with
other Huhtamaki units serve as an important learning resource.
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
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 outflows / uncertainties, if any, in respect 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 |
|
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 30th SEPTEMBER 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
|
|
30.09.2013 (Unaudited) |
03.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Gross Sales |
2627.400 |
2726.700 |
7873.700 |
|
|
Less: Excise Duty |
158.300 |
171.600 |
497.900 |
|
|
Net Sales |
2469.100 |
2555.100 |
7375.800 |
|
|
Other Operating Income |
41.200 |
20.400 |
82.300 |
|
|
Net Sales/Income
from Operations |
2510.300 |
2575.500 |
7458.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Consumption of Raw Materials |
1746.400 |
1824.200 |
5238.600 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
28.100 |
(27.200) |
(28.200) |
|
|
Employee Benefits Expenses |
209.600 |
201.500 |
595.200 |
|
|
Depreciation and Amortization Expenses |
85.900 |
84.900 |
255.800 |
|
|
Other Expenses |
297.400 |
294.100 |
869.600 |
|
|
Foreign Exchange Loss / Gain |
11.600 |
7.800 |
17.700 |
|
|
f) Total |
2379.000 |
2385.300 |
6948.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
131.300 |
190.200 |
509.400 |
|
4. |
Other Income |
6.600 |
19.700 |
40.400 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
137.900 |
209.900 |
549.800 |
|
6. |
Interest |
0.100 |
-- |
0.500 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
137.800 |
209.900 |
549.300 |
|
8. |
Tax Expense |
|
|
|
|
|
Provision for - Current taxes |
51.900 |
73.600 |
181.400 |
|
|
- Deferred taxe |
(4.900) |
(8.200) |
(18.200) |
|
9. |
Net
Profit from Ordinary Activities after Tax (7-8) |
90.800 |
144.500 |
386.100 |
|
11. |
Net
Profit for the period |
90.800 |
144.500 |
386.100 |
|
12. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
125.400 |
125.400 |
125.400 |
|
|
Reserves Excluding Revaluation Reserve |
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
1.45 |
2.31 |
6.16 |
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
22707937 |
22707937 |
22707937 |
|
|
- Percentage of Shareholding |
36.23% |
36.23% |
36.23% |
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- 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 |
39979253 |
39929153 |
39979253 |
|
|
- 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) |
63.77% |
63.70% |
63.77% |
|
Particulars
|
Quarter ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE
The company's business segment is primarily
consumer packaging and all other activities of the company are incidental to
this business segment.
The above results were reviewed by the audit committee
and taken on record by the board at it's meeting held on 13th November 2013
There was a fire accident at Silvassa plant
during the quarter. The company is adequately insured and is in the process of
finalisation of claim with the insurance company.
Statutory auditors have carried out limited
review of the above results.
Figures for the previous periods have been
regrouped/reclassified wherever necessary.
FIXED ASSETS:
- Land
- Building
- Computer
- Motor
Vehicles
- Furniture
Fixture Office
- Equipment and
Technical Library
- Computer
WEBSITE DETAILS
NEWS
PRESS RELEASE
SALES FOR TWELVE
MONTHS-2011 UP BY 13.3%
PBT
GROWS BY 6.7% AND PAT GROWS BY 9.3%
Mumbai, January
31, 2012: The Paper Products Limited (HUHTAMAKI-PPL),
India’s leading flexible packaging company, today announced its audited
Financial Results for the year ended December 31, 2011. The company achieved
net sales of Rs.7973.000 Millions during the year 2011, representing an
increase of 13.3% from net sales of Rs. 7040.100 Millions in 2010. The profit
from ordinary activities before exceptional items and tax is Rs.624.600
Millions compared to Rs.462.700 Millions in 2010 showing a growth of 35%.
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 is Rs.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.2073.000 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 as per 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 of primary consumer packaging with 2011 gross sales of
about Rs.8620.000 Millions, and net capital employed of about Rs. 3530.000
Millions.
Since 1999, PPL is
a joint venture with the global packaging major, Huhtamaki Oyj, Finland who
holds 60.77% of the equity capital. Huhtamaki is one of the world’s top ten
consumer packaging multinationals.
PPL is a pioneer
and the technology and market leader in flexible packaging in India with
manufacturing facilities at Thane, Silvassa, Hyderabad and Rudrapur.
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 and G, Tata Tea, TTK-LIG, Wipro and
many more.
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. 61.52 |
|
|
1 |
Rs. 101.48 |
|
Euro |
1 |
Rs. 84.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.