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 31.03.2007
         
(Rs in Lacs)
     
Quarter
Ended
31.03.2007
(Unaudited)
Quarter
Ended
31.03.2006
(Unaudited)
Year
Ended
31.12.2006
(Audited)
Gross Sales     14,947 13,449 57,957
Less: Excise & Sales Tax     1,922 1,842 7,836
Net Sales / Income from Operations     13,025 11,607 50,121
Other Income     238 356 1,116
Total Expenditure     11,635 10,263 44,619
  (Increase)/ Decrease In Stock In Trade     (236) (81) 11
  Consumption of Raw & Packing Materials
 
 
 9,403 8,035 34,934
  Staff Costs
 
 
 958 857 3,779
  Other Expenditure
 
 
 1,510 1,452 5,895
Interest (Net)
 
 
 25 14 30
Gross Profit
 
 
 1,603 1,686 6,588
Depreciation & Amortisation
 
 
 668 581 2,306
Profit Before Tax & Extraordinary Items
 
 
 935 1,105 4,282
Extraordinary Items (+ Income\ (-) Loss)
 
 
 - - 1,208
Profit Before Tax & After Extraordinary Items
 
 
 935 1,105 5,490
Provision For  - Current Taxes     86 404 1,208
                      - Fringe Benefits Tax     13 13 51
                      - Deferred Taxes     62 (97) 237
Profit After Tax     774 785 3,994
Dividend recommended per Equity Share (Rs.)
 
 
     9.00
Paid Up Share Capital - Equity Face Value Rs.10
 
 
 1,254 1,254 1,254
Reserves (Excl. Revaluation Reserve)
 
 
     20,837
Basic & Diluted EPS including Extraordinary Items (Non Annualised) (Rs.)
6.17 6.26 31.85
Basic & Diluted EPS excluding Extraordinary Items (Non Annualised) (Rs.)
 
 
 6.17 6.26 26.73
Aggregate of Public Shareholding
 
 
      
- Number of Shares
 
 
 4,546,961 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 & Raw Materials Consumed above)
 
 
921
854 
3,653
 
Auditors have qualified their opinion on the results for the quarter ended 31st March 2007 (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.
B.
There were no investor complaints pending at the beginning of the quarter. No investor complaints were received 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 of excise vide his order dated 22nd September 2004 has raised 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. Consequent to AS 15 (Revised) Employee Benefits issued by Institute of Chartered Accountants of India becoming effective the Company has adjusted the impact on the adoption of this standard of Rs. 41.24 Lacs against opening reserves as at 1st January 2007.
F.
The first phase of the North India Greenfield project in the State of Uttarakhand was commissioned & commercial production commenced in January 2007. The remaining facilities are being commissioned in a phased manner & the project is expected to be completed by end Q2-2007.
G. The above results were reviewed by the audit committee & taken on record by the board in it's meeting held on 27th April 2007.
Mumbai
  For The Paper Products Ltd.
27th April, 2007
(Visit us at our website: www.pplpack.com)              Suresh Gupta - Managing Director