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UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30.06.2005
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Rs
In Lacs |
| |
Quarter
Ended
30.06.2005
(Unaudited) |
Quarter
Ended
30.06.2004
(Unaudited) |
Half
Year
Ended
30.06.2005
(Unaudited) |
Half
Year
Ended
30.06.2004
(Unaudited) |
Year
Ended
31.12.2004
(Audited) |
| Gross
Sales |
12,938 |
11,916 |
24,530 |
23,141 |
45,391 |
| Less:
Excise & Sales Tax |
1,685 |
1,609 |
3,169 |
3,150 |
5,989 |
| Net
Sales / Income from Operations |
11,253 |
10,307 |
21,361 |
19,991 |
39,402 |
| Other
Income |
114 |
109 |
442 |
256 |
551 |
| Total
Expenditure |
9,832 |
8,780 |
18,803 |
17,154 |
34,317 |
| (Increase)/
Decrease In Stock In Trade |
62 |
(15) |
(46) |
49 |
91 |
| Consumption
of Raw & Packing Materials |
7,788 |
6,906 |
15,073 |
13,545 |
26,851 |
| Staff
Costs |
820 |
777 |
1,550 |
1,452 |
2,970 |
| Other
Expenditure |
1,162 |
1,112 |
2,226 |
2,108 |
4,405 |
| Interest
(Net) |
14 |
17 |
25 |
43 |
62 |
| Gross
Profit |
1,521 |
1,619 |
2,975 |
3,050 |
5,574 |
| Depreciation
& Amortisation |
634 |
564 |
1,259 |
1,061 |
2,209 |
| Profit
Before Tax |
887 |
1,055 |
1,716 |
1,989 |
3,365 |
| Provision
For - Current Taxes |
346 |
330 |
582 |
592 |
1,017 |
|
- Fringe Benefits Tax |
10 |
- |
10 |
_ |
_ |
|
-
Deferred Taxes |
(97) |
9 |
(134) |
8 |
(63) |
| Profit
After Tax |
628 |
716 |
1,258 |
1,389 |
2,411 |
Dividend
recommended per Equity Share (Rs.) |
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6.00 |
| Paid
Up Share Capital - Equity Face Value Rs. 10 |
1,254 |
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves
(Excl. Revaluation Reserve) |
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16,370 |
| Basic
& Diluted EPS (Not Annualised) (Rs.) |
5.00 |
5.71 |
10.03 |
11.08 |
19.23 |
| Aggregate
of Non-Promoter Shareholding |
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| - Number
of Shares |
4,546,916 |
4,539,361 |
4,546,916 |
4,539,361 |
4,546,916 |
| - Percentage
of Shareholding |
36.27% |
36.21% |
36.27% |
36.21% |
36.27% |
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| Notes: |
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(Rs.
In Lacs) |
| A. |
Inter
Unit Sales (Incl. In Net Sales
above) |
849 |
799 |
1,727 |
1,601 |
3,224 |
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The
auditors have carried out a limited review of the financial
results for the quarter ended 30th June 2005 as per clause
41 of the Listing Agreement with Stock Exchange. Auditors
have qualified the opinion on the results for the quarter
ended 30th June 2005 (as in the prior periods) for inclusion
of inter unit sales in net sales & raw materials consumed.
The same however has no impact on profits 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
historically unprecendented increase in raw material prices
mid previous year driven by the surge in petrochemicals prices
continues to put pressure on margins. However specific strategies
are being deployed to arrest deterioration & bring positive
reversal. |
E. |
The
commissioner has passed an order on 22nd September 2004 raising
an excise duty demand of Rs.320 Lacs. The Company has filed
an appeal against same before CESTAT. A demand of Rs.53 Lacs
on similar matter is being contested in an appeal before the
supreme court.
Consistent with the previous stand & based on the opinion
of legal counsel, no provision is made in the financial statements. |
F. |
Other
Income for the half year ended 30th June 2005 includes Rs.
180 Lacs compensation received on settlement of a claim accounted
in Q1 2005. |
G. |
Previous
year figures are appropriately reclassified to conform with
current year's classification. |
| H. |
Due
to incessant rains at Thane & Mumbai on 26th July 2005,
the operations of Thane plant have been affected. Whilst the
situation is being assessed, all steps are being taken to return
to normalcy. The plants at Silvassa, Hyderabad & Nagpur
are unaffected & fully operational. |
| I. |
The
above results were reviewed by the audit committee & taken
on record by the board in it's meeting held on 29th July 2005. |
| Mumbai |
For The Paper Products Ltd. |
| 29th
July, 2005 |
Suresh
Gupta - Managing Director |
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