The Paper Products Ltd
Regd. Office: Regent Chambers, 13th floor, Nariman Point, Mumbai 400 021
Corporate Office: L.B.Shastri Marg, Majiwade, Thane 400 601.
Unaudited Financial Results for the Quarter Ended 31.03.2006
         
(Rs in Lacs)
     
Quarter
Ended
31.03.2006
(Unaudited)
Quarter
Ended
31.03.2005
(Unaudited)
Year
Ended
31.12.2005
(Audited)
Gross Sales     13,449 11,592 49,841
Less: Excise & Sales Tax     1,842 1,484 6,555
Net Sales / Income from Operations     11,607 10,108 43,286
Other Income     356 328 949
Total Expenditure     10,263 8,971 37,818
  (Increase)/ Decrease In Stock In Trade     (81) (108) (306)
  Consumption of Raw & Packing Materials
 
 
 8,035 7,285 30,055
  Staff Costs
 
 
 857 730 3,214
  Other Expenditure
 
 
 1,452 1,064 4,855
Interest (Net)
 
 
 14 11 54
Gross Profit
 
 
 1,686 1,454 6,363
Depreciation & Amortisation
 
 
 581 625 2,494
Profit Before Tax & Extraordinary Items
 
 
 1,105 829 3,869
Extraordinary Items
 
 
 - - 80
Profit Before Tax & After Extraordinary Items
 
 
 1,105 829 3,789
Provision For  - Current Taxes     404 236 1,285
                      - Fringe Benefits Tax     13 - 34
                      - Deferred Taxes     (97) (37) (297)
Profit After Tax     785 630 2,767
Dividend recommended per Equity Share (Rs.)
 
 
     7.00
Paid Up Share Capital - Equity Face Value Rs.10
 
 
 1,254 1,254 1,254
Reserves (Excl. Revaluation Reserve)
 
 
     18,130
Basic & Diluted EPS including Extraordinary Items (Not Annualised) (Rs.)
6.26 5.03 22.07
Basic & Diluted EPS excluding Extraordinary Items (Not Annualised) (Rs.)
 
 
 6.26 5.03 22.71
Aggregate of Non-Promoter Shareholding
 
 
      
- Number of Shares
 
 
 4,546,916 4,546,916 4,546,916
- Percentage of Shareholding
 
 
 36.27% 36.27% 36.27%
Notes:        
(Rs. in Lacs)
A. Inter Unit Sales (Incl. in Net Sales above)
 
 
854 
878
3,457
 
The auditors have carried out a limited review of the financial results for the quarter ended 31st March 2006 as per clause 41 of the Listing Agreement with the Stock Exchange. Auditors have qualified their opinion on the results for the quarter ended 31st March 2006 (as in the prior periods) for inclusion of inter unit sales in net sales & raw materials consumed. The management has continued with this practice as in its view this treatment helps in correctly evaluating the operating profit ratio and the asset turnover ratio. Further this treatment has no impact on profits for the quarter or reserves.
B.
There were no investor complaints pending at the beginning of the quarter. Two investor complaints were received & resolved during the quarter. No complaints were pending at the end of the quarter.
C. 

The Company's sole business segment is consumer packaging & all activities of the company are incidental to this business segment.
D. 
The commissioner has passed an order on 22nd September 2004 raising an excise duty demand of Rs. 320 Lacs CESTAT vide it's order dated 15th July 2005, received by the company in August 2005, has upheld the order passed by the commissioner, however, an appeal against CESTAT's order has been preferred before the Supreme Court & stay obtained. An appeal against a demand of Rs.53 Lacs on similar matter is pending before the Supreme Court. Consistent with the previous stand & based on the opinion of legal counsel, no provision is made in the financial statements.
E. Work on North India greenfield project is progressing as per schedule.
F.
Detailed claim assessment process is going on in respect of impact to Thane plant due to floods caused by incessant heavy rains at Thane & Mumbai on 26th July 2005. Required provision has been made.
G. The above results were reviewed by the audit committee & taken on record by the board in it's meeting held on 28th April 2006.
Mumbai
  For The Paper Products Ltd.
28th April, 2006
(Visit us at our website: www.pplpack.com)              Suresh Gupta - Managing Director