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 30.06.2008 |
| (Rs
in Lacs) |
|||||
| Quarter Ended 30.06.2008 (Unaudited) |
Quarter Ended 30.06.2007 (Unaudited) |
Half
Year Ended 30.06.2008 (Unaudited) |
Half
Year Ended 30.06.2007 (Unaudited) |
Year Ended 31.12.2007 (Audited) |
|
| Gross Sales |
18,853 |
16,057 |
36,442 |
31,004 |
64,327 |
| Less: Excise & Sales Tax |
1,613 |
1,928 |
3,378 |
3,849 |
7,268 |
| Net Sales / Income from Operations |
17,240 |
14,129 |
33,064 |
27,155 |
57,059 |
| Other Income (Refer Note D) |
358 |
234 |
574 |
465 |
1,062 |
| Total Income |
17,598 |
14,363 |
33,638 |
27,620 |
58,121 |
| Expenditure | |||||
| (Increase)/ Decrease In Stock In Trade |
(1) |
(181) |
(139) |
(417) |
(752) |
| Consumption of Raw & Packing Materials |
12,304 |
10,249 |
23,719 |
19,652 |
41,333 |
| Staff Costs (Refer Note E) |
1,437 |
1,113 |
2,483 |
2,072 |
4,394 |
| Depreciation
& Amortisation |
718 |
721 |
1,448 |
1,389 |
2,886 |
| Other Expenditure |
1,944 |
1,622 |
3,651 |
3,131 |
6,499 |
| Total Expenditure |
16,402 |
13,524 |
31,162 |
25,827 |
54,360 |
| Interest (Net) (Refer Note F) |
32 |
34 |
(10) |
59 |
173 |
| Exchange (-)Loss/+Gain (Refer Note G) |
(592) |
68 |
(736) |
74 |
108 |
| Exceptional Item( (+) Income/ (-) Loss) (Refer Note H) |
- |
(318) |
- |
(318) |
(318) |
| Profit
from Ordinary Activities Before Tax |
572 |
555 |
1,750 |
1,490 |
3,378 |
| Provision for - Current Taxes (Refer Note I) |
214 |
141 |
476 |
227 |
482 |
| - Deferred Taxes |
(56) |
2 |
(95) |
64 |
12 |
| - Fringe Benefits Tax |
16 |
12 |
28 |
25 |
47 |
| Profit from Ordinary Activities After Tax |
398 |
400 |
1,341 |
1,174 |
2,837 |
| Dividend paid per Equity Share (Rs.) |
1.80 |
||||
| Paid Up Share Capital - Equity Face Value Rs.2 |
1,254 |
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves (Excl. Revaluation Reserve) |
22,279 |
||||
| Basic & Diluted EPS (Not Annualised) (Rs.) |
0.64 |
0.64 |
2.14 |
1.87 |
4.53 |
| Aggregate of Public Shareholding | |||||
| - Number of Shares |
22,734,830 |
22,734,830 |
22,734,830 |
22,734,830 |
22,734,830 |
| - Percentage of Shareholding |
36.27% |
36.27% |
36.27% |
36.27% |
36.27% |
| |
|
|
|
|
|
| Notes: |
| A. | Inter Unit Sales (Incl. in Net Sales & Raw Materials Consumed above) | 1,362 |
798 |
2,587 |
1,719 |
3,853 |
| Auditors
have carried out limited review & qualified their opinion on the results
for the quarter ended 30th June 2008(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 & 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 & at the end
of the quarter. No investor complaint was received during the quarter. |
| C. | The company's sole business segment is consumer packaging & all activities of the company are incidental to this business segment. |
D. |
Other Income for Q2-2008 includes profit of Rs.137 Lacs realised on the sale of right to receive transferrable development rights to which Company is entitled on transfer of a portion of Thane Plant vacant land which was compulsorily acquired by Thane Municipal Corporation. |
| E. | Personnel Expenses include a onetime charge of Rs.130 Lacs towards settlement compensation paid to employees of Nagpur Unit which ceased manufacturing operations with effect from 27th April 2008. |
| F. | Interest Expense is net of Interest Income of Rs. 28 Lacs & Rs.145 Lacs received during Q2-2008 & H1-2008 respectively on Income Tax Refunds. |
| G. | A book loss of Rs.406 Lacs & Rs.522 Lacs has been taken in Q2-2008 & H1-2008 respectively, for marked to market valuation of forex contracts which have been entered into to hedge the forecast transactions, consequent to the ICAI announcement of 29th March 2008 on Accounting for Derivatives. |
| H. | The Exceptional Item of Rs. 318 Lacs in Q2-2007 had arisen out of the Supreme Court judgement received by the company on a contested matter on excise duty which was shown as contingent liability in the past years' financial statements. Provision had been done based on the legal advice obtained. |
| I. | Provision for current taxes is net of write back in Q1-2008 of excess provision for earlier periods of Rs. 62 Lacs. |
| J. | Reconstruction of Thane Plant is on going & relocation of operations in a phased manner has commenced as scheduled from June 2008. |
K. |
The
above results were reviewed by the audit committee & taken on record
by the board in it's meeting held on 25th July 2008. |
| Mumbai |
For The Paper Products Ltd. |
| 25th July, 2008 | (Visit
us at our website: www.pplpack.com) Suresh
Gupta - Managing Director |