1. Summary Information

		Country	INDIA
Company Name	HUHTAMAKI PPL LIMITED	Principal Name 1	Mr. Suresh Gupta
Status	Good	Principal Name 2	Mr. Arunkumar R. Gandhi
		Registration #	11-145537
Street Address	12A-06, B Wing, 13^th Parinee Crescenzo, C-38/39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Established Date	12.06.1950	SIC Code	--
Telephone#	91-22-26531320	Business Style 1	Manufacturer
Fax #	91-22-26531310	Business Style 2	Seller
Homepage	www.pplpack.com	Product Name 1	Flexible Packaging
# of employees	1500 (Approximately)	Product Name 2	Labeling Technologies
Paid up capital	Rs.125,374,000/-	Product Name 3	Specialized Cartons
Shareholders	Promoter and Promoter Group 63.78% Public Shareholding 36.22%	Banking	Standard Chartered Bank
Public Limited Corp.	YES	Business Period	64 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	A (68)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Netherlands	Huhtavefa B.V., Netherlands	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,454,180,000	Current Liabilities	1,574,587,000
Inventories	891,387,000	Long-term Liabilities	192,106,000
Fixed Assets	1,576,401,000	Other Liabilities	310,276,000
Deferred Assets	331,000	Total Liabilities	2,076,969,000
Invest& other Assets	1,045,498,000	Retained Earnings	3,765,445,000
		Net Worth	3,890,828,000
Total Assets	5,967,797,000	Total Liab. & Equity	5,967,797,000
Total Assets (Previous Year)	5,419,665,000
P/L Statement as of	31.12.2013		(Unit: Indian Rs.)
Sales	10,064,693,000	Net Profit	545,314,000
Sales(Previous yr)	8,904,023,000	Net Profit(Prev.yr)	450,277,000

MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	HUHTAMAKI PPL LIMITED
Formerly Known As :	THE PAPER PRODUCTS LIMITED
Registered Office :	12A-06, B Wing, 13^th Parinee Crescenzo, C-38/39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	12.06.1950
Com. Reg. No.:	11-145537
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
PAN No.: [Permanent Account No.]	AAACT0086E
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
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 unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “AA-”
Rating Explanation	Have moderate degree of safety and carry very low credit risk
Date	May 13, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A1+”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	May 13, 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 PARTED BY

Management is non-cooperative. (Tel No. 91-22-22820969)

LOCATIONS

Registered Office :	12A-06, B Wing, 13^th 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
E-Mail :	sushil.agarwal@pplpack.com pplngp@dataone.in parag.vyavahare@pplpack.com anand.daga@pplpack.com
Website :	http://www.pplpack.com
Corporate Office / Factory 1 :	LBS Marg, Majiwada, Thane - 400601, Maharashtra, India
Tel. No.:	91-22-21735591 / 5592 / 5593 / 5551 / 5552 / 5553
Fax No.:	91-22-25340599 / 25427050
Factory 2 :	Survey No. 34, Hissa 1/3, At Post Umerkoi, Via Silvassa – 396230, Dadra and Nagar Haveli, Union Territory, India
Tel. No.:	91- 260-2681005 / 2681009
Fax No.:	91-260-2681003
Factory 3 :	Plot No. 139 and 148, Sri Venkateshwara, Co-operative Industrial Estate, Bollarum, Medak District, Hyderabad - 502325, Andhra Pradesh, India
Tel. No.:	91-8458-279628 / 279616
Fax No.:	91-8458-279464
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
Sales Office :	Bangalore: 91, West Park Road, 17^th Cross, Malleswaram, Bangalore – 560055, Karnataka, India Tel No.: 91-80-23568979 / 23568980 / 23342873 Fax No.: 91-80-22296522 Kolkata: Laha Paint House, 5^th Floor, 7, Chitaranjan Avenue, Kolkata – 700072, West Bengal, India Tel No.: 91-33-22372812 / 22348281 Fax No.: 91-33-22255654 New Delhi: 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
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: 31.03.2014

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
(1) Indian
(2) Foreign
Bodies Corporate	39979253	63.78
Sub Total	39979253	63.78
Total shareholding of Promoter and Promoter Group (A)	39979253	63.78
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3703565	5.91
Financial Institutions / Banks	19824	0.03
Foreign Institutional Investors	58250	0.09
Sub Total	3781639	6.03
(2) Non-Institutions
Bodies Corporate	3513360	5.60
Individuals
Individual shareholders holding nominal share capital up to Rs.0.001 Million	11797995	18.82
Individual shareholders holding nominal share capital in excess of Rs.0.001 Million	2633609	4.20
Any Others (Specify)	981334	1.57
Non Resident Indians	978197	1.56
Trusts	2500	0.00
Foreign Nationals	637	0.00
Sub Total	18926298	30.19
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	62687190	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Laminates and Converted, Coated / Uncoated Paper and Films, Cartons, Moralised Films and Polyethylene Films.

Products :

Product Description	ITC Code
Printed Polyester/Polyethylene Laminates	3921 90 96
Shrink Sleeves	3921 90 29
Printed and unprinted/ foil/ poly laminates	3920 99 92
Printed Polyester/ Foil / Polyester / Paper Laminates	3920 69 12

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, India
Holding Company :	Huhtavefa B.V., Netherlands
Ultimate Parent Company :	Huhtamaki Oyj., Finland
Fellow Subsidiaries :	Huhtamaki New Zealand Limited, New Zealand. Huhtamaki Australia Limited, Australia Huhtamaki Deutschland Gmbh and Company KG., Germany Huhtamaki South Africa Limited, South Africa Huhtamaki (Thailand) Limited, Thailand

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

1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period 31^ST 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

2. 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

3. 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

4. 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
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	125.383
(b) Reserves & Surplus	3765.445
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3890.828
(3) Non-Current Liabilities
(a) long-term borrowings	192.106
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	8.697
Total Non-current Liabilities (3)	200.803
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1334.493
(c) Other current liabilities	240.094
(d) Short-term provisions	301.579
Total Current Liabilities (4)	1876.166
TOTAL	5967.797
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1548.452
(ii) Intangible Assets	27.949
(iii) Capital work-in-progress	109.647
(iv) Intangible assets under development	0.000
(b) Non-current Investments	387.913
(c) Deferred tax assets (net)	0.331
(d) Long-term Loan and Advances	148.548
(e) Other Non-current assets	42.526
Total Non-Current Assets	2265.366
(2) Current assets
(a) Current investments	547.938
(b) Inventories	891.387
(c) Trade receivables	1855.585
(d) Cash and cash equivalents	156.803
(e) Short-term loans and advances	112.337
(f) Other current assets	138.381
Total Current Assets	3702.431
TOTAL	5967.797

SOURCES OF FUNDS		31.12.2012	31.12.2011
SHAREHOLDERS FUNDS
1] Share Capital		125.383	125.383
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3423.744	3162.895
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3549.127	3288.278
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		206.147	221.451
TOTAL BORROWING		206.147	221.451
DEFERRED TAX LIABILITIES		4.034	25.212
TOTAL		3759.308	3534.941
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1712.373	1739.264
Capital work-in-progress		44.381	158.363
Intangible Assets under Development		0.000	0.000
INVESTMENT		991.701	633.767
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	831.717	843.734
	Sundry Debtors	1380.919	1295.927
	Cash & Bank Balances	146.794	222.785
	Other Current Assets	131.371	146.589
	Loans & Advances	180.409	182.448
Total Current Assets		2671.210	2691.483
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1171.189	1053.929
	Other Current Liabilities	194.533	393.502
	Provisions	294.635	240.505
Total Current Liabilities		1660.357	1687.936
Net Current Assets		1010.853	1003.547
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3759.308	3534.941

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	10064.693	8904.023	7973.007
		Other Income	48.427	82.568	136.775
		TOTAL	10113.120	8986.591	8109.782
Less	EXPENSES
		Raw Materials Consumed	7080.380	6153.848	5636.768
		Changes in Inventories	24.034	43.905	0.000
		Manufacturing and operating Expenses	0.000	0.000	507.910
		Administrative Expenses	0.000	0.000	376.859
		Employees Benefits Expenses	766.919	700.529	0.000
		Personnel Expenses	0.000	0.000	642.993
		Other Expenses	1202.852	1128.679	0.000
		Foreign Exchange	0.000	0.000	(5.797)
		TOTAL	9074.185	8026.961	7158.733
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1038.935	959.630	951.049
Less	FINANCIAL EXPENSES		0.793	0.547	5.947
	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	0.000
	PROFIT BEFORE TAX		765.609	613.898	624.646
Less	TAX		220.295	163.621	128.074
Add	EXTRAORDINARY INCOME / EXPENSES		0.000	0.000	29.417
	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	150.449
	Proposed Dividend		175.524	189.400	23.874
	Differential Tax on dividend for previous year		1.259	0.000	0.000
	BALANCE CARRIED TO THE B/S		2038.370	1754.200	1238.338
	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	6.49
Net Profit Margin (PBT/Sales)	(%)	6.91	6.89	7.83
Return on Total Assets (PBT/Total Assets}	(%)	12.71	14.00	14.10
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.19
Debt Equity Ratio (Total Debt/Networth)		0.05	0.06	0.58
Current Ratio (Current Asset/Current Liability)		1.97	1.61	1.59

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

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	7973.007	8904.023	10064.693
		11.677	13.035

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7973.007	8904.023	10064.693
Profit	525.989	450.277	545.314
	6.60%	5.06%	5.42%

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	No
10]	Designation of contact person	No
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	No
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)

	As on 31.12.2013	As on 31.12.2012
Sales Tax Deferment Loan	0.000	206.147
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	0.000
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	-

* Date of charge modification

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, India Prisons Service, Interpol, etc.

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 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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	VNK

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.