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 Half Year Ended 30.06.2006 |
| (Rs
in Lacs) |
|||||
| Quarter Ended 30.06.2006 (Unaudited) |
Quarter Ended 30.06.2005 (Unaudited) |
Half
Year Ended 30.06.2006 (Unaudited) |
Half
Year Ended 30.06.2005 (Unaudited) |
Year
Ended 31.12.2005 (Audited) |
|
| Gross Sales | 14,665 |
12,938 |
28,114 |
24,530 |
49,841 |
| Less: Excise & Sales Tax | 2,107 |
1,685 |
3,949 |
3,169 |
6,555 |
| Net Sales / Income from Operations | 12,558 |
11,253 |
24,165 |
21,361 |
43,286 |
| Other Income | 273 |
114 |
629 |
442 |
949 |
| Total Expenditure | 11,109 |
9,832 |
21,372 |
18,803 |
37,818 |
| (Increase)/ Decrease In Stock In Trade | (208) |
62 |
(289) |
(46) |
(306) |
| Consumption of Raw & Packing Materials | 8,857 |
7,788 |
16,892 |
15,073 |
30,055 |
| Staff Costs | 989 |
820 |
1,846 |
1,550 |
3,214 |
| Other Expenditure | 1,471 |
1,162 |
2,923 |
2,226 |
4,855 |
| Interest (Net) | 9 |
14 |
23 |
25 |
54 |
| Gross Profit | 1,713 |
1,521 |
3,399 |
2,975 |
6,363 |
| Export Incentive accrued in previous quarter written off (Refer Note F) | 63 |
- |
63 |
- |
- |
| Depreciation & Amortisation | 561 |
634 |
1,142 |
1,259 |
2,494 |
| Profit Before Tax & Extraordinary Items | 1,089 |
887 |
2,194 |
1,716 |
3,869 |
| Extraordinary Items | - |
- |
- |
- |
80 |
| Profit Before Tax & After Extraordinary Items | 1,089 |
887 |
2,194 |
1,716 |
3,789 |
| Provision For - Current Taxes | 340 |
346 |
744 |
582 |
1,285 |
| - Fringe Benefits Tax | 14 |
10 |
27 |
10 |
34 |
| - Deferred Taxes | (81) |
(97) |
(178) |
(134) |
(297) |
| Profit After Tax | 816 |
628 |
1,601 |
1,258 |
2,767 |
| Dividend paid per Equity Share (Rs.) |
7.00 |
||||
| Paid Up Share Capital - Equity Face Value Rs.10 | 1,254 |
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves (Excl. Revaluation Reserve) |
18,130 |
||||
| Basic & Diluted EPS including Extraordinary Items (Not Annualised) (Rs.) | 6.51 |
5.00 |
12.77 |
10.03 |
22.07 |
| Basic & Diluted EPS excluding Extraordinary Items (Not Annualised) (Rs.) | 6.51 |
5.00 |
12.77 |
10.03 |
22.71 |
| Aggregate of Public Shareholding | |||||
| - Number of Shares | 4,546,916 |
4,546,916 |
4,546,916 |
4,546,916 |
4,546,916 |
| - Percentage of Shareholding | 36.27% |
36.27 |
36.27% |
36.27% |
36.27% |
| |
|
|
|
|
|
| Notes: |
| A. | Inter Unit Sales (Incl. in Net Sales above) | 937 |
849 |
1,791 |
1,727 |
3,457 |
| The
auditors have carried out a limited review of the financial results for
the half year ended 30th June 2006 as per clause 41 of the Listing Agreemet
with the Stock Exchange. Auditors have qualified their opinion on the
results for the half year ended 30th June 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 treatement
helps in correctly evaluating the operating profit ratio and the asset
turnover ratio. Further this treatment has no impact on profits or reserves. |
|
| B. | There
were no investor complaints pending at the beginning of the quarter. One
investor complaint was 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 had 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 satisfactorily. |
| F. | Current
quarter profit has been affected by the reversal of Rs.63 Lacs of Target
Plus Export Incentive accrued in previous quarter due to reduction of
rate from 10% to 5% as per notification issued in June 2006 by the Government
of India with retrospective effect. |
| G. | The above results were reviewed by the audit committee & taken on record by the board in it's meeting held on 31st July 2006. |
| Mumbai | |
| 31st July, 2006 |
For The Paper Products Ltd. |
| (Visit
us at our website: www.pplpack.com) |
Suresh
Gupta - Managing Director |