MIRA
INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
HUHTAMAKI PPL LIMITED |
|
|
|
|
Formerly Known
As : |
THE PAPER PRODUCTS LIMITED |
|
|
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Registered
Office : |
12A-06, B Wing, 13th Parinee Crescenzo, C-38/39, G Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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|
|
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Date of
Incorporation : |
12.06.1950 |
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|
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Com. Reg. No.: |
11-145537 |
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Capital
Investment / Paid-up Capital : |
Rs.125.374 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21011MH1950FLC145537 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09909E NGPT00356G NGPT01042G PNET03852C |
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|
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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 Exchanges. |
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|
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|
Line of Business
: |
Manufacturer and Seller of
Laminates and Converted, Coated / Uncoated Paper and Films, Cartons,
Moralised Films and Polyethylene Films. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having a good track record. The rating takes into consideration 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. Payment
terms are reported to be regular 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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA - |
|
Rating Explanation |
Have high degree of safety & Carry very low credit risk |
|
Date |
11.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 + |
|
Rating Explanation |
Have very strong degree of safety & Carry lowest credit risk |
|
Date |
11.07.2014 |
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 DENIED BY
Management is non-cooperative. (Tel No.
91-22-22820969)
LOCATIONS
|
Registered Office : |
12A-06, B Wing, 13th Parinee Crescenzo, C-38/39, G Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26531320 |
|
Fax No.: |
91-22-26531310 |
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E-Mail : |
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Website : |
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Corporate Office / Factory 1 : |
LBS Marg, Majiwada, Thane - 400601, |
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Tel. No.: |
91-22-21735591 / 5592 / 5593 / 5551 / 5552
/ 5553 |
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Fax No.: |
91-22-25340599 / 25427050 |
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|
Factory 2 : |
Survey No. 34, Hissa 1/3, At Post Umerkoi, Via Silvassa –
396230, Dadra and Nagar Haveli, Union Territory, India |
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Tel. No.: |
91- 260-2681005 / 2681009 |
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Fax No.: |
91-260-2681003 |
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|
Factory 3 : |
Plot No. 139 and 148, Sri Venkateshwara, Co-operative
Industrial Estate, Bollarum, Medak District, |
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Tel. No.: |
91-8458-279628 / 279616 |
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Fax No.: |
91-8458-279464 |
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|
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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 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: 31.12.2013
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Chairman and
Managing Director |
|
Qualification : |
Master in Management (MMS) |
|
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 : |
MSc. and MBA |
|
Date of Appointment : |
23.04.2008 |
|
|
|
|
Name : |
Mr. Johann Sippel |
|
Designation : |
Director |
|
Experience : |
24 Years |
|
|
|
|
Name : |
Mr. Timo Salonen |
|
Designation : |
Alternate Director |
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|
|
|
Name : |
Mr. Ramesh Kumar Dhir |
|
Designation : |
Director |
|
Date of Appointment : |
March
2002 |
|
|
|
|
Name : |
Mr. S. K. Palekar |
|
Designation : |
Director |
|
Qualification : |
BSc
and MSc |
|
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: 30.06.2014
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
39979253 |
63.78 |
|
|
39979253 |
63.78 |
|
Total shareholding
of Promoter and Promoter Group (A) |
39979253 |
63.78 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3830565 |
6.11 |
|
|
50339 |
0.08 |
|
|
38537 |
0.06 |
|
|
3919441 |
6.25 |
|
|
|
|
|
|
3254282 |
5.19 |
|
|
|
|
|
|
11409468 |
18.20 |
|
|
3153493 |
5.03 |
|
|
971253 |
1.55 |
|
|
967116 |
1.54 |
|
|
3500 |
0.01 |
|
|
637 |
0.00 |
|
|
18788496 |
29.97 |
|
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 |
|
Total (A)+(B)+(C) |
62687190 |
0.00 |
Shareholding belonging
to the category "Promoter and Promoter Group"
|
Sr. 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 |
Huhtavefa B V |
3,99,79,253 |
63.78 |
63.78 |
|
|
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
|
Sl. 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 Company Ltd A/c HDFC MID |
3330525 |
5.31 |
5.31 |
|
|
2 |
Shree Capital Services Ltd |
896147 |
1.43 |
1.43 |
|
|
3 |
Dolly Khanna |
949887 |
1.52 |
1.52 |
|
|
|
Total |
5176559 |
8.26 |
8.26 |
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 Ltd A/c HDFC MID |
3330525 |
5.31 |
5.31 |
|
|
|
Total |
3330525 |
5.31 |
5.31 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Laminates
and Converted, Coated / Uncoated Paper and Films, Cartons, Moralised Films
and Polyethylene Films. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Subsidiary
Company : |
Webtech Labels Private Limited, |
|
|
|
|
Holding Company : |
Huhtavefa B.V., Netherlands |
|
|
|
|
Ultimate Parent Company : |
Huhtamaki Oyj., Finland |
|
|
|
|
Fellow Subsidiaries : |
·
Huhtamaki New Zealand Limited, ·
Huhtamaki Australia Limited, Australia ·
Huhtamaki Deutschland Gmbh and Company KG., ·
Huhtamaki South Africa Limited, ·
Huhtamaki ( |
CAPITAL STRUCTURE
As on: 31.12.2013
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 |
31.12.2013 |
|
|
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 Issued,
Subscribed and Paid up Equity Capital having a par value of 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 2013, the
amount of per share dividend recognized as distributions to equity shareholders
was Rs.2.80 (31 December 2012: Rs.2.60).
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 |
31.12.2013 |
|
|
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 |
31.12.2013 |
|
|
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 |
As per the of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
125.383 |
125.383 |
125.383 |
|
(b) Reserves & Surplus |
3765.445 |
3423.744 |
3162.894 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
3890.828 |
3549.127 |
3288.277 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
192.106 |
206.147 |
215.924 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
4.034 |
25.213 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
8.697 |
11.308 |
7.917 |
|
Total Non-current
Liabilities (3) |
200.803 |
221.489 |
249.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1334.493 |
1171.189 |
1144.210 |
|
(c)
Other current liabilities |
240.094 |
194.533 |
209.039 |
|
(d) Short-term provisions |
301.579 |
283.327 |
291.934 |
|
Total Current
Liabilities (4) |
1876.166 |
1649.049 |
1645.183 |
|
|
|
|
|
|
TOTAL |
5967.797 |
5419.665 |
5182.514 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1548.452 |
1666.198 |
1675.127 |
|
(ii)
Intangible Assets |
27.949 |
46.175 |
64.136 |
|
(iii)
Capital work-in-progress |
109.647 |
44.381 |
81.435 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
2.369 |
|
(b) Non-current
Investments |
387.913 |
387.913 |
0.050 |
|
(c) Deferred tax
assets (net) |
0.331 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
148.548 |
102.640 |
157.624 |
|
(e) Other
Non-current assets |
42.526 |
37.137 |
29.091 |
|
Total Non-Current
Assets |
2265.366 |
2284.444 |
2009.832 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
547.938 |
603.788 |
633.717 |
|
(b)
Inventories |
891.387 |
831.717 |
843.734 |
|
(c)
Trade receivables |
1855.585 |
1380.919 |
1248.486 |
|
(d) Cash
and cash equivalents |
156.803 |
146.794 |
222.749 |
|
(e)
Short-term loans and advances |
112.337 |
77.769 |
106.461 |
|
(f)
Other current assets |
138.381 |
94.234 |
117.535 |
|
Total
Current Assets |
3702.431 |
3135.221 |
3172.682 |
|
|
|
|
|
|
TOTAL |
5967.797 |
5419.665 |
5182.514 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10064.693 |
8904.023 |
8031.651 |
|
|
|
Other Income |
48.427 |
82.568 |
83.927 |
|
|
|
TOTAL |
10113.120 |
8986.591 |
8115.578 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
7080.380 |
6153.848 |
5565.167 |
|
|
|
Changes in Inventories |
24.034 |
43.905 |
9.170 |
|
|
|
Employees Benefits Expenses |
766.919 |
700.529 |
639.297 |
|
|
|
Other Expenses |
1202.852 |
1128.679 |
956.438 |
|
|
|
TOTAL |
9074.185 |
8026.961 |
7170.072 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1038.935 |
959.630 |
945.506 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.793 |
0.547 |
0.404 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1038.142 |
959.083 |
945.102 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
342.999 |
345.185 |
320.456 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEM |
70.466 |
0.000 |
29.417 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
765.609 |
613.898 |
654.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
220.295 |
163.621 |
128.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
545.314 |
450.277 |
525.989 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1754.200 |
1538.300 |
1239.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
54.531 |
45.000 |
52.600 |
|
|
|
Dividend |
29.830 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
175.524 |
189.400 |
174.300 |
|
|
|
Differential Tax on dividend for previous
year |
1.259 |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2038.370 |
1754.200 |
1538.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
1941.968 |
1511.080 |
1379.566 |
|
|
|
Others |
45.098 |
48.958 |
31.360 |
|
|
TOTAL EARNINGS |
1987.066 |
1560.038 |
1410.926 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1516.981 |
1252..416 |
879.177 |
|
|
|
Stores & Spares |
37.825 |
28.091 |
26.886 |
|
|
|
Capital Goods |
86.737 |
127.230 |
154.977 |
|
|
TOTAL IMPORTS |
1641.543 |
1407.737 |
1061.040 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.70 |
7.18 |
8.39 |
|
|
|
Diluted |
8.70 |
7.18 |
8.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
6.87 |
5.01
|
6.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.91 |
6.89
|
8.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.71 |
14.00
|
12.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.17
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.06
|
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.61
|
1.93 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
125.383 |
125.383 |
125.383 |
|
Reserves & Surplus |
3162.894 |
3423.744 |
3765.445 |
|
Net worth |
3288.277 |
3549.127 |
3890.828 |
|
|
|
|
|
|
long-term borrowings |
215.924 |
206.147 |
192.106 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
215.924 |
206.147 |
192.106 |
|
Debt/Equity ratio |
0.066 |
0.058 |
0.049 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8031.651 |
8904.023 |
10064.690 |
|
|
|
10.862 |
13.035 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8031.651 |
8904.023 |
10064.690 |
|
Profit |
525.989 |
450.277 |
545.314 |
|
|
6.55% |
5.06% |
5.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long – term debt |
14.041 |
9.777 |
5.526 |
|
|
|
|
|
|
Total |
14.041 |
9.777 |
5.526 |
|
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 |
Yes |
|
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 LOANS:
|
Particulars |
As on 31.12.2013 |
As on 31.12.2012 |
|
Deferred Sales tax loan (The Company has availed of unsecured interest free Sales tax deferred loan from the Government of Andhra Pradesh for its Hyderabad (Bollarum) factory, in accordance with their sales tax deferral scheme. The above amount is repayable after 14 years from the date of availment of the loan. The loan is repayable annually on 1st April with 1st instalment was due on 1st April 2011 and last one being due on 1st April 2021) |
192.106 |
206.147 |
|
|
|
|
|
Total |
192.106 |
206.147 |
LITIGATION DETAILS
|
Case Details Bench:- Bombay |
|
|
Stamp No.:-
WPST/062/2013 Filling Date:- 13.03.2013 Reg. No.:- WP/4900/2013 Reg.
Date:- 06.06.2013 |
|
|
|
|
|
Petitioner:-PAPER PRODUCT KAMGAR
SANGHATANA |
Respondent:-THE PAPER
PRODUCTS LIMITED |
|
Petn. Adv.:- MAYURESH MODGI (0) |
Resp. Adv.:- AVINASH K.
JALSATGI (0) |
|
District:- THANE |
|
|
|
|
|
Bench:- Division |
|
|
Status:- Pre-Admission |
|
|
Next Date:- 01.07.2014 |
Stage:- FOR ADMISSION – FRESH (CIVIL
SIDE MATERS) |
|
Carom:- ACCORDING TO SITTING LIST |
|
|
ACCORDING TO SITTING LIST |
|
|
|
|
|
Last Date:- 25.03.2014 |
Stage:- FOR ADMISSION – FRESH (CIVIL
SIDE MATERS) |
|
|
|
|
Last Carom:- HON’BLE SHRI JUSTICE ANOOP V. MOHTA HON’BLE
SHRI JUSTICE M.S. SONAK |
|
|
|
|
|
Act:- M.R.T.U & P.U.L.P Act |
|
PERFORMANCE
During the year then, the net sales grew by 12.8%. PBT margin improved from 6.95% to 6.98% despite increase in input and energy cost. PBT margin (including exceptional item) is 7.68%. Exceptional Income comprises gain on sale of office property at Nariman Point, Mumbai of E 705 lac (provision for tax includes E 239 lac towards tax on this gain).
After providing for Income Tax of Rs.220.300 Millions, Net Profit after Tax & Exceptional Items was Rs.545.300 Millions. After transferring an amount of Rs.54.500 Millions to General Reserve, the amount available for appropriation was Rs.2245.000 Millions including amount brought forward of Rs.1754.200 Millions of previous year. The Earning per Equity Share (EPS) including Exceptional Items was Rs.8.70 & excluding exceptional items was Rs.7.96.
MANAGEMENT DISCUSSION
AND ANALYSIS
CHANGE IN THE NAME OF
THE COMPANY
At the request of Huhtavefa B.V., the Board of Directors have recommended the change in the name of the Company from “The Paper Products Limited” to “Huhtamaki PPL Limited”. The Registrar of Companies, Maharashtra, Mumbai, has made the aforesaid name, viz., “Huhtamaki PPL Limited” available to the Company for adoption.
SUBSIDIARY COMPANY
In terms of General Exemption, under Section 212(8) of the Companies Act, 1956, granted by the Ministry of Corporate Affairs vide its circular no. 02/2011 dated 8th February, 2011 and in compliance with the conditions enlisted therein, the Audited Statement of Accounts, Auditors’ Report thereon and the Reports of the Board of Directors of Webtech Labels Pvt. Ltd., the Company’s subsidiary for the year ended 31st December, 2013 have not been annexed. A statement pursuant to Section 212 of the Companies Act, 1956 relating to the subsidiary is attached to the Accounts.
Further, The Annual Accounts and related documents of the Subsidiary company shall be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any Member of the Company interested in obtaining the same. Further, pursuant to Accounting Standard AS-21 issued by the Institute of Chartered Accountant of India, Consolidated Financial Statements presented by the Company in this Annual Report includes the financial information of its subsidiary.
INDUSTRIAL RELATIONS
The industrial relations during the year then continued to be cordial. The Directors place on record their sincere appreciation of the services rendered by employees at all levels.
INDUSTRY OVERVIEW
Packaging is an essential and integral component of every supply chain. From protection of the contents to informing the customer, packaging – in particular, flexible packaging - plays a vital role in the economy. Showing a product helps to sell it. Attractive packaging is a powerful marketing tool. Food and beverages consume the bulk of flexible packaging. The gap in per capita consumption between developed and developing countries are continuously narrowing. The Indian flexible packaging industry has grown rapidly in the last decade. However, the industry is highly fragmented with unorganized players far outnumbering the organized players, putting a pressure on margins and devaluating quality.
FINANCIAL OVERVIEW
Sales Revenue grew to Rs.10064.693 Millions from Rs.8904.023 Millions in 2012 – a growth of 13%. All key business segments grew well especially Exports business. Their wide product portfolio along with NASP and commitment to high quality helped them achieve this growth despite adverse market conditions.
NASP – the cornerstone of PPL strategy to protect the ever declining margins in the industry and also through offering superior value added solutions to their customers continued to pay rich dividends in 2013. The NASP initiatives have contributed to over 30% of their turnover. They added over 50 customers across all businesses as well.
CONTINGENT
LIABILITIES
Rs
in Millions
|
Particulars |
31.12.2013 |
|
A. Excise Duty |
|
|
Matters in Appeal – Duty |
520.250 |
|
-- Penalties |
14.701 |
|
Show cause notices – Duty |
370.392 |
|
B. Service tax |
|
|
Show cause notices--Service Tax |
4.9747 |
|
Matters in Appeal -- Service Tax |
8.426 |
|
-- Penalties |
5.812 |
|
C. Sales Tax demands in appeal |
7.691 |
|
D. Claims against the company not acknowledged as debts |
6.518 |
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
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80060051 |
06/02/2001 * |
80,000,000.00 |
PUNJAB & SIND BANK |
FORT BRANCH, , MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
2 |
80060052 |
06/02/2001 * |
279,000,000.00 |
PUNJAB & SIND BANK |
FORT BRANCH, , MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
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 judgment 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:
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.60.00 |
|
|
1 |
Rs.102.72 |
|
Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JAY |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
68 |
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.