MIRA INFORM REPORT

Report No. :	508319
Report Date :	12.05.2018

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
Tel. No.:	91-22-26531320
Country :	India
Financials (as on) :	31.12.2017
Date of Incorporation :	12.06.1950
Com. Reg. No.:	11-145537
Capital Investment / Paid-up Capital :	INR 151.053 Million
CIN No.: [Company Identification No.]	L21011MH1950FLC145537
IEC No.: [Import-Export Code No.]	0588055816
TIN No.:	27940000110V
GSTN : [Goods & Service Tax Registration No.]	27AAACT0086E1ZL
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT0086E
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Flexible Packaging Material. [Registered Activity and Confirmed by Management]
No. of Employees :	3263 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of ‘Huhtamaki Oyj., Finland’. It was incorporated in 1950. The company is engaged in the business of manufacturing and selling of packaging material. For the financial year ended December 2017, the company has reported a decline in its revenue as compared to the previous year along with average net profit margin of 2.85%. Financial position of the company is sound and healthy characterized by its decent profitability, healthy capital structure, good liquidity position and strong debt protection metrics. Further, rating also takes into account of company’s long track record of the company, its group’s established marked position in the premium flexible packaging industry and strong support received from its holding company. The company has its share price trading at around INR 340 on BSE as on May 9, 2018 as against the Face Value (FV) of INR 2. However, these rating strengths are partially offset by susceptibility to volatility in raw material prices and limited pricing flexibility. Trade relations are fair. Business is active. Payment seem to be regular and as per commitments. In view of strong financial base, strong parental support and experienced promoters, the company can be considered for normal business dealings at usual trade terms and conditions. NOTE: Pursuant to the Scheme of Arrangement under section 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956, Section 52 of the Companies Act, 2013 and any amendments thereto or re-enactments for amalgamation of erstwhile Positive Packaging Industries Limited (‘Positive’) and erstwhile Webtech Labels Private Limited (‘Webtech’) with the Company as sanctioned by the National Company Law Tribunal on 22 February 2017 all assets, liabilities and reserves of Positive and Webtech were transferred to and vested in the Company with effect from appointed date being 30 January 2015 in case of Positive and 1st April 2015 in case Webtech. The Schemes became effective on 1st April 2017 on filing the National Company Law Tribunal Order with the Registrar of Companies. Positive was engaged in the business of Consumer Packaging and Webtech was engaged in business of manufacturing of Pressure Sensitive Labels.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Loans = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	29.03.2018

Rating Agency Name	CRISIL
Rating	Short Term Loans = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	29.03.2018

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 12.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Yogendra
Designation :	Admin Officer
Contact No.:	91-22-26531320
Date :	08.05.2018

LOCATIONS

Registered Office / Corporate 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 / 61740400
Fax No.:	91-22-26531310 / 61740401
E-Mail :	sushil.agarwal@pplpack.com pplngp@dataone.in parag.vyavahare@pplpack.com anand.daga@pplpack.com rohan.naik@pplpack.com
Website :	http://www.pplpack.com
Central Headquarter/ 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
Customer Support Offices :	Bengaluru #91, West Park Road, 17th Cross, Malleswaram, Bangalore – 560055 Karnataka, India Tel : 91-80-23568979/8980 Fax: 91-80-2296522 New Delhi 504/506, Ansal Chamber II, 6 Bhikaji Cama Palace, New Delhi – 110066, India Tel: 91-11-26194795/5641 Fax : 91-11-26194389 Kolkata 5th Floor, Laha Paint House, 7 Chittaranjan Avenue, Kolkata - 700072, West Bengal, India Tel: 91-33-22372812/2234 8281 Fax : 91-33-22255654 Thane L.B.S. Marg Majiwade, Thane (West) – 400601, Maharashtra, India Tel : 91-22-21735551/21735591 Fax: 91-22-21735599/ 21735650 R & D Centre – Thane L.B.S. Marg Majiwade, Thane (West) 400601, Maharashtra, India Tel : + 91 22 21735551/21735591 Fax: + 91 22 21735599/ 21735650
Manufacturing Locations :	Parwanoo Khasra No. 90/1, Village Amboli, Old Kasauli Road, Sec-4, Parwanoo 173220. Dist - Solan, Himachal Pradesh, India Tel: 91- 0179-2234038 / 039 Rudrapur Plot No. 70-73, Sector – 4, IIE Pantnagar, Rudrapur, Dist. U.S. Nagar, Rudrapur - 263 153, Uttarakhand, India Tel : 91-05944-250183/84/85 Fax: 91-05944-250186 Gangtok Parcha Khaitan No.298, Plot No. 2276, West Pandam Block, Gangtok Sub-Division, Majhitar, Rangpo, East Sikkim, Gangtok - 737136, Sikkim. Tel: 91-9816064164 Guwahati Village Abhaypur, Mouza Sila Sindurighopa, North Guwahati, Distt Kamrup (R) Assam – 781031, India Tel: 91-05944250183 Fax: 91-05944250186 Silvassa Survey No 34, Hissa 1/3, At Post Umarkoi, via Silvassa, Dadra & Nagar Haveli (U.T.) 396 230 Silvassa, India Tel: 91-260- 2681005 , 2681009, Fax: 91-260-2681003 Ambernath Unit I : 21/1, Chikhloli MIDC, Kalyan - Badlapur Road, Ambernath (West), Dist. Thane - 421 505, Maharashtra, India Tel : 91-251-2685300 Fax: 91-251-2683300 Unit II : B-84, Additional Ambernath MIDC, Anandnagar, Ambernath (East), Dist Thane - 421 506, Maharashtra, India Tel: 91-251-3081200 / 2621246 Fax: 91-251-2621978 Thane L.B.S. Marg Majiwade, Thane (West) 400601, Maharashtra, India Tel : 91-22-21735551/21735591 Fax: 91-22-21735599/ 21735650 Taloja P.O. Box No. 55, Plot No. V_26, MIDC, Taloja Industrial Area, Taluka Panvel, Dist. Raigad - 410208, Maharashtra. Tel.: 91-22-39211600 Fax: 91-22-39211610 Mahape A-68 TTC Industrial Estate, Processing Zone, Mahape, Navi Mumbai – 400709, Maharashtra, India Tel: 91-22-2778 0303 Fax: 91-22-2778 0301 Khopoli Village Ransai, KM. 16 Survey no 51, 52 & 53, Pen Road, Khopoli - 410 203, Maharashtra, India Tel: 91-2192391300 Fax: 91-2192391310 Hyderabad Unit I : 139 & 148, Sri Venkateshwara, Co-op. Indl. Estate, Bollarum - 502325, Medak District, Telangana, India Tel : 91-8458279628/616 Fax: 91-8458279464 Unit II : Plot No 172, Survey No 172, Bollarum, Village - 502325, Jinnaram Mandal, Medak District, Telangana, India Tel: +91-738200222 Bengaluru Plot Nos. 21, 22,23,152 & 153, Bommasandra - Jigani Link Road, Industrial Area, Taluka Anekal, Bengaluru - 562106, Karnataka, India. Tel.: 91-80-3056 5000 Fax: 91-80-3056 5100

DIRECTORS

AS ON: 31.03.2018

Name :	Mr. Suresh Gupta
Designation :	Chairman and Managing Director
Address :	701, Samshiba, Saad Ali, Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India
Qualification :	Master in Management (MMS)
Date of Appointment :	20.03.1992
DIN No.:	00235354
Name :	Mr. Arunkumar Ramanlal Gandhi
Designation :	Director
Address :	Akruti Ashtha Building, 9^th Floor, 23 Dongerst Road, Mumbai – 400006, Maharashtra, India
Date of Appointment :	30.02.2002
DIN No.:	00007597
Name :	Mr. Sarvadaman Krishnarao Palekar
Designation :	Director
Address :	Balakrishna 1^st Floor, 16/64 Yeshwant Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India
Date of Appointment :	27.04.2011
DIN No.:	01723670
Name :	Mr. Nripjit Singh Chawla
Designation :	Director
Address :	C-2/13, Vasant Vihar, New Delhi – 110057, India
Date of Appointment :	12.03.2013
DIN No.:	00105481
Name :	Arup Basu
Designation :	Managing Director
Address :	Flat No 602, B Wing Lloyds Garden, A M Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	01.11.2017
DIN No.:	02325890
Name :	Mr. Sukanya Anand Kripalu
Designation :	Director
Address :	1703 / 17th Floor, Vivarea Tower B-1, Sane Guruji Marg, Hindustan Spinning And Wire Compdr Mahalaxmi, Mumbai – 400011, Maharashtra, India
Date of Appointment :	17.03.2015
DIN No.:	06994202
Name :	Mr. Jukka Matias Moisio
Designation :	Director
Address :	Ankkurisaaremtie 15 A, 02160 Espoo 000000, Finland
Date of Appointment :	23.04.2008
DIN No.:	02181396
Name :	Mr. Olli Pertti Koponen
Designation :	Director
Address :	Myllymaenkatu 19 13130 Hameeni, Inna Finland
Date of Appointment :	17.12.2015
DIN No.:	07370927

KEY EXECUTIVES

Name :	Mr. Dakshinamurthy Vishwanathan Iyer
Designation :	Company Secretary
Address :	C-901, Radha Govind, Radha Residency CHS Limited, Siddharth Nagar, Off Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Appointment :	06.08.2015
PAN No.:	AAAPI5586M
Name :	Mr. Yogendra
Designation :	Admin Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2018

Category of Shareholders	No. of Shares	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %
(A) Promoter & Promoter Group	50003997	66.21
(B) Public	25517937	33.79
Total	75521934	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian	--	0.00
A2) Foreign	--	0.00
Any Other (specify)	50003997	66.21
HUHTAVEFA B V	50003997	66.21
Sub Total A2	50003997	66.21
A=A1+A2	50003997	66.21

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	569865	0.75
Foreign Portfolio Investors	4271012	5.66
NTASAIN DISCOVERY MASTER FUND	3454300	4.57
Financial Institutions/ Banks	26646	0.04
Insurance Companies	175000	0.23
Sub Total B1	5042523	6.68
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	10941420	14.49
Individual share capital in excess of INR 0.200 Million	4917620	6.51
AMAR BANSILAL CHHAJED	1662958	2.20
DEEPAK BHAGNANI	968148	1.28
NBFCs registered with RBI	5246	0.01
Any Other (specify)	4611128	6.11
SHREE CAPITAL SERVICES LIMITED	925900	1.23
Sub Total B3	20475414	27.11
B=B1+B2+B3	25517937	33.79

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Packaging Material. [Registered Activity and Confirmed by Management]
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

3263 [Approximately]

Bankers :

· Standard Chartered Bank

· The Hongkong and Shanghai

· Banking Corporation Limited

· State Bank of India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.12.2017 (INR In Million)	31.12.2016 (INR In Million)
LONG-TERM BORROWINGS
External Commercial Borrowings
External commercial borrowings from Standard Chartered Bank	0.000	89.264
Term Loans - Indian Rupee Loans from Bank	0.000	15.059
SHORT TERM BORROWINGS
Cash Credit from Banks	0.000	1.754
Total	0.000	106.077

Auditors :
Name :	SRBC and Co. LLP Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Parent Company:	Huhtamaki Oyj., Finland
Holding Company:	Huhtavefa B.V., Netherlands
Other Related Parties with whom transactions have taken place during the year : [Fellow Subsidiaries]	· Huhtamaki Australia Limited, Australia · Huhtamaki Flexible Packaging Germany GmbH & Co. KG., Germany · Huhtamaki (Thailand) Limited, Thailand · Huhtamaki Finance B V, Netherlands · Positive Packaging Industries South Africa Pty Limited · Huhtamaki S.a.r.l. · Positive Packaging United (M.E.) Fzco · Primetech M.E.FZE · Huhtamaki Flexible Packaging Middle East LLC. · Huhtamaki Flexible Packaging Kenya Limited · Huhtamaki (Vietnam) Limited

CAPITAL STRUCTURE

AFTER 12.06.2017

Authorised Capital : INR 1128.000 Million

Issued, Subscribed & Paid-up Capital : INR 151.044 Million

AS ON: 31.12.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
404000000	Equity Shares	INR 2/- each	INR 808.000 Million
2900000	Preference Shares	INR 100/- each	INR 290.000 Million
300000	Unclassiied Shares	INR 100/- each	INR 30.000 Million
	Total		INR 1128.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75521934	Equity Shares	INR 2/- each	INR 151.053 Million

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 INR 2 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends 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.

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 shareholders.

Shares held by holding company:

Out of equity shares issued by the company, shares held by its holding company are as follows :

Particular	31.12.2017
50,003,997 shares (31 December 2016: 50,003,997 and 1st January 2016: 50,003,997) held by Huhtavefa B.V., Netherlands, The Holding Company	100.008

Details of shareholders holding more than 5% shares in the company

Particular	31.12.2017
	No. of Shares	% holding
Huhtavefa B.V., Netherlands, The Holding Company	50003997	66.21%
HDFC Trustee Company Limited (A/c HDFC Midcap Opportunities Fund)	--	0.00%

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 INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2017	31.12.2016	31.12.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	151.053	145.433	145.433
(b) Reserves & Surplus	5339.607	4946.641	5723.155
(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)	5490.660	5092.074	5868.588
(3) Non-Current Liabilities
(a) Long-term borrowings	3942.365	4076.261	3998.023
(b) Deferred tax liabilities (Net)	0.000	0.000	23.664
(c) Other long term liabilities	125.714	118.626	354.005
(d) long-term provisions	32.434	39.820	7.397
Total Non-current Liabilities (3)	4100.513	4234.707	4383.089
(4) Current Liabilities
(a) Short term borrowings	0.000	1.754	0.000
(b) Trade payables	3653.959	3257.908	1526.526
(c) Other current liabilities	919.543	1702.716	718.727
(d) Short-term provisions	183.935	167.975	379.082
Total Current Liabilities (4)	4757.437	5130.353	2624.335
TOTAL	14348.610	14457.134	12876.012
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4264.102	4505.218	1814.092
(ii) Intangible Assets	108.644	140.977	48.288
(iii) Capital work-in-progress	20.683	19.947	33.571
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	5480.650
(c) Deferred tax assets (net)	101.909	187.063	0.000
(d) Long-term Loan and Advances	147.572	121.455	156.563
(e) Other Non-current assets	278.950	259.024	0.073
Total Non-Current Assets	4921.863	5233.687	7533.237
(2) Current assets
(a) Current investments	1374.979	1950.166	2066.262
(b) Inventories	1918.732	1825.005	833.834
(c) Trade receivables	5265.182	4627.909	2174.844
(d) Cash and cash equivalents	446.926	310.972	110.305
(e) Short-term loans and advances	24.257	36.762	66.004
(f) Other current assets	396.671	472.633	91.526
Total Current Assets	9426.747	9223.447	5342.775
TOTAL	14348.610	14457.134	12876.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2017	31.12.2016	31.12.2015
	SALES
		Revenue from Operations	22296.860	23602.952	11509.699
		Other Income	135.799	175.649	127.264
		TOTAL	22432.659	23778.601	11636.963
Less	EXPENSES
		Cost of Materials Consumed	14250.000	14728.475	8009.441
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	32.957	(57.445)	(10.378)
		Employees benefits expense	2091.207	1942.540	975.483
		Excise duty	987.438	1791.373	0.000
		Exceptional items	0.000	25.500	0.000
		Other expenses	2751.223	214.870	1332.408
		TOTAL	20112.825	18645.313	10306.954
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2319.834	5133.288	1330.009
Less	FINANCIAL EXPENSES		317.667	372.371	251.740
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2002.167	4760.917	1078.269
Less/ Add	DEPRECIATION/ AMORTISATION		852.459	927.578	393.475
	PROFIT BEFORE TAX		1149.708	3833.339	684.794
Less	TAX		513.548	3017.928	193.700
	PROFIT AFTER TAX		636.160	815.411	491.094
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	5212.699	2082.908
	IMPORTS
		Raw Materials		4418.597	1860.241
		Stores & Spares		68.810	18.199
		Capital Goods		52.405	66.201
	TOTAL IMPORTS		NA	4539.812	1944.641
	Earnings Per Share (INR)		8.42	11.27	6.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.12.2017	31.12.2016	31.12.2015
Current Maturities of Long term Borrowings	115.016	276.839	24.929
Cash generated from operations	NA	NA	1547.709
Net Cash from Operating Activities	NA	NA	1357.370
Cash Generated from Operations before working capital changes	2257.915	2559.910	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.12.2017	31.12.2016	31.12.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	86.19	71.57	68.97
Account Receivables Turnover (Income / Sundry Debtors)	4.23	5.10	5.29
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	93.59	80.74	69.57
Inventory Turnover (Operating Income / Inventories)	1.21	2.81	1.60
Asset Turnover (Operating Income / Net Fixed Assets)	0.53	1.10	0.70

LEVERAGE RATIOS

PARTICULARS	31.12.2017	31.12.2016	31.12.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.66	0.52
Debt Equity Ratio (Total Liability / Networth)	0.74	0.86	0.69
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.87	1.01	0.45
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.80	0.92	0.32
Interest Coverage Ratio (PBIT / Financial Charges)	7.30	13.79	5.28

PROFITABILITY RATIOS

PARTICULARS		31.12.2017	31.12.2016	31.12.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.85	3.45	4.27
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.43	5.64	3.81
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.59	16.01	8.37

SOLVENCY RATIOS

PARTICULARS	31.12.2017	31.12.2016	31.12.2015
Current Ratio (Current Assets / Current Liabilities)	1.98	1.80	2.04
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.58	1.44	1.72
G-Score Ratio Financial (Networth / Total Assets)	0.38	0.35	0.46
G-Score Ratio Debt (Debts / Equity Capital)	26.86	29.94	27.66
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.98	1.80	2.04

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2/-
Market Value	INR 340/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.12.2015	31.12.2016	31.12.2017
	INR In Million	INR In Million	INR In Million
Share Capital	145.433	145.433	151.053
Reserves & Surplus	5723.155	4946.641	5339.607
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5868.588	5092.074	5490.660
long-term borrowings	3998.023	4076.261	3942.365
Short term borrowings	0.000	1.754	0.000
Current Maturities of Long term debt	24.929	276.839	115.016
Total borrowings	4022.952	4354.854	4057.381
Debt/Equity ratio	0.686	0.855	0.739

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2015	31.12.2016	31.12.2017
	INR In Million	INR In Million	INR In Million
Sales	11509.699	23602.952	22296.860
		105.070	(5.534)

NET PROFIT MARGIN

Net Profit Margin	31.12.2015	31.12.2016	31.12.2017
	INR In Million	INR In Million	INR In Million
Sales	11509.699	23602.952	22296.860
Profit	491.094	815.411	636.160
	4.27%	3.45%	2.85%

LEGAL CASE

City Civil Court, Mumbai

Case Details

Case Type: COUNTER CLAIM

Filing Number: 104310/2017Filing Date: 13-04-2017

Registration Number: 100013/2017Registration Date: 13-04-2017

CNR Number: MHCC01-004056-2017

Case Status

First Hearing Date: 07th June 2017

Next Hearing Date: 01st August 2017

Stage of Case: RECORDING EVIDENCE

Court Number and Judge: 20-COURT 20 ADDL SESSIONS JUDGE

Petitioner and Advocate

Ms. Morish Trade India Pvt Ltd 2.Model Sales Agency Ltd - High Court Counter Claim No.11 of 2008

Address - 276 Surya Mahal J.S.S. Road Thakurdwar Corner Girgaum Mumbai - 400 004

Advocate- Tushar Goradia And Hrushikesh Nikumb

Respondent and Advocate

Huhtamaki PPL Ltd

Address - Riza- 06 B wing 13th floor Parinee Crescenz C- 38-39 G Block Bandra Kurla Complex Bandra East

Mumbai - 400 051

Acts

Under Act(s)	Under Section(s)
C.P.C.- Non-Interlocutory Order	9

History of Case Hearing

Registration Number	Judge	Business On Date	Hearing Date	Purpose of hearing
100013/2017	COURT 20 ADDL SESSIONS JUDGE	07-06-2017	30-06-2017	RECORDING EVIDENCE
100013/2017	COURT 20 ADDL SESSIONS JUDGE	30-06-2017	01-08-2017	RECORDING EVIDENCE

Case Transfer Details Between The Courts

Regn. Number	Transfer Date	From Court Number and Judge	To Court Number  and Judge
100013/2017	07-06-2017	33 - COURT 33	20 - COURT 20 ADDL SESSIONS JUDGE

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C29053998	10525318	SBICAP TRUSTEE COMPANY LIMITED	04/10/2014	-	-	3251200000.0	APEEJAY HOUSE, 6TH FLOOR,3, DINSHAW WACHHA ROAD, CHURCHGATE, MUMBAIMUMBAIMH400020IN
2	C39580840	80060052	PUNJAB & SIND BANK	18/02/1989	06/02/2001	08/01/2015	279000000.0	FORT BRANCHMUMBAIMH400023IN
3	C39416854	80060051	PUNJAB & SIND BANK	22/09/1995	06/02/2001	08/01/2015	80000000.0	FORT BRANCHMUMBAIMH400023IN

UNSECURED LOANS

PARTICULARS	31.12.2017 (INR In Million)	31.12.2016 (INR In Million)
LONG-TERM BORROWINGS
Non-Convertible Debentures 3,850 (Previous Year: 3,850) 7% Unsecured Non-Convertible Debentures of INR 1.000 million each	3847.038	3845.616
Deferred Sales Tax Loan - Telangana	91.138	119.202
Deferred Sales Tax Loan - Maharashtra	4.189	7.120
Total	3942.365	3971.938

MANAGEMENT DISCUSSION AND ANALYSIS

MACROECONOMIC ENVIRONMENT

Over the last year, the Government made efforts to revive the Indian economy and to push business to participate in the formal economy. Some of these actions have unfortunately contributed further to the slowdown in growth.

OPERATIONS REVIEW

SALES REVENUES

There was a degrowth in Net sales by 2.6 % to INR 21000.000 million in 2017 from INR 2154.000 million the previous year.

Other Income In 2017, Other Income was INR 136.000 million against INR 1760.000 million for 2016.

Dividend income reduced from INR 101.000 million in 2016 to INR 80.000 million in 2017, due to reduction in investments.

Interest income amounted to INR 16.000 million in 2017 against INR 19.000 million in 2016 and other miscellaneous income reduced to INR 40.000 million from ` 56.000 million for 2017.

DEMONETISATON

The vast majority of Indians buy their items of daily consumption in cash. Demonetisation created chaos in the spending patterns of the common man, partly due to unavailability of cash and partly due to the hardship endured during the period. It also impacted distribution channels. Their customers were significantly hit in the Jan to March quarter; consequently their order inflows had a direct down trending effect. The negative consequences of demonetization took until early Q2 to normalize. On the positive side, demonetisation led to a significant push towards digital financial transactions. Steps have been taken to further digitise and streamline the economy, with initiatives such as Aadhar linked subsidy schemes, UPI and Startup India, which have improved transparency and reduced red tape. There has been an addition (over and above trend growth) of about 1.8 million in individual income tax filers since November 2016.

MERGER

Pursuant to the approval of the National Company Law Tribunal (NCLT) the erstwhile subsidiaries of the Company viz., Positive Packaging Industries Limited and Webtech Labels Private Limited have been merged into the Company, effective 1st April, 2017 and all key functions like Marketing, NASP, Procurement and Supply Chain Management have been fully integrated.

AMALGAMATION

Pursuant to the Scheme of Arrangement under section 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956, Section 52 of the Companies Act, 2013 and any amendments thereto or re-enactments for amalgamation of erstwhile Positive Packaging Industries Limited (‘Positive’) and erstwhile Webtech Labels Private Limited (‘Webtech’) with the Company as sanctioned by the National Company Law Tribunal on 22 February 2017 all assets, liabilities and reserves of Positive and Webtech were transferred to and vested in the Company with effect from appointed date being 30 January 2015 in case of Positive and 1st April 2015 in case Webtech. The Schemes became effective on 1st April 2017 on filing the National Company Law Tribunal Order with the Registrar of Companies. Positive was engaged in the business of Consumer Packaging and Webtech was engaged in business of manufacturing of Pressure Sensitive Labels.

The Schemes have accordingly been given effect to as on 1 January 2016. The amalgamations have been accounted for under the “Pooling of Interest Method”. Accordingly and giving effect in compliance of the Scheme of Arrangement all the assets, liabilities and reserves of Positive and Webtech, now considered as part of the Company, were recorded in the books of the Company at their carrying amounts as on January 1, 2016. The difference of net assets value of transferor companies after adjusting reserves and Investment already made in Transferor Companies amounting to INR 1703.307 million is adjusted to other equity.

On 6 April 2017, in terms of the Scheme of Arrangement 2810000 Equity shares of INR 2 each of the Company have been allotted to the shareholders of Webtech for 10,000 shares held by them in the share capital of Webtech in the ratio of 281:1, after cancellation of 10,408 shares of Webtech held by the Company. These shares has been recorded as share suspense account in financial statements till the time it is actually issued. These shares have been considered for the purpose of calculation of earnings per share. Positive being a wholly owned subsidiary of the Company neither any shares were required to be issued nor any consideration was required to be paid.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 31^ST DECEMBER 2018

(INR In Million)

Sr. No.	Particulars	Quarter Ended
		31.03.2018
		Unaudited
1.	Revenue from Operations
	a) Sale of products and services	5451.900
	b) Other Operating Income	78.200
	Total Revenue from Operations (net)	5530.100
2.	Other Income	42.700
3.	Total Income	5572.800
4.	Expenditure
	a) Cost of materials consumed	3816.700
	b) Purchase of stock-in-trade	0.000
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(103.100)
	d) Excise Duty	0.000
	d) Employee benefits expense	565.800
	f) Finance Cost	72.000
	g) Depreciation and amortisation expense	200.200
	h) Other expenses	705.100
	i) Foreign Exchange Loss/ (Gain)	(11.200)
	Total Expenses	5245.500
5.	Profit/ (Loss) from Operations before Tax	327.300
6.	Tax Expenses
	Provision for – Current tax	142.800
	Deferred tax	6.500
	Adjustment of Tax relating to earlier periods	0.000
7.	Profit for the Period	178.000
8.	Other Comprehensive Income
	Other Comprehensive Income / (Expenses) not to be reclassified to Profit and Loss
	Re-measurement gains/(losses) on defined benefit plans	3.100
	income tax effect	(1.100)
	OCI (Net of Tax)	2.000
9.	Total Comprehensive Income (9-10)	180.000
10.	Paid Up Share Capital	151.000
11.	Earnings per share of INR 2 each
	Basic and Diluted EPS	2.36

CONTINGENT LIABILITIES:

Particulars	31.12.2017 (INR In Million)	31.12.2016 (INR In Million)
Claims against the Company not acknowledged as Debts
Excise Duty
Matters in Appeal - Duty	53.584	61.503
Matters in Appeal - Penalties	44.357	44.157
Show cause Notices – Duty	2.598	2.598
Service Tax
Matters in Appeal - Tax	8.707	8.132
Matters in Appeal - Penalties	5.613	5.305
Show cause Notices - Duty	1.378	1.801
Custom Duty
Matters in Appeal - Duty	3.859	2.123
Income Tax Demands in Appeal	135.994	129.377
Sales Tax Demands in Appeal	10.628	10.673
Others	6.616	6.518

FIXED ASSETS:

· Land

· Building

· Machinery

· Computer

· Vehicles

· Furniture and fixture

· Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

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	INR
US Dollar	1	INR 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SRY
Analysis Done by :	NYT
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.