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|
|
Unaudited
Financial Results For The Quarter & Nine Months Ended 30.09.2005
| |
|
|
|
|
(Rs
In Lacs) |
| |
Quarter
Ended
30.09.2005
(Unaudited) |
Quarter
Ended
30.09.2004
(Unaudited) |
9
Months
Ended
30.09.2005
(Unaudited) |
9
Months
Ended
30.09.2004
(Unaudited) |
Year
Ended
31.12.2004
(Audited) |
| Gross
Sales |
12,055 |
10,450 |
36,585 |
33,591 |
45,391 |
| Less:
Excise & Sales Tax |
1,636 |
1,353 |
4,805 |
4,503 |
5,989 |
| Net
Sales / Income from Operations |
10,419 |
9,097 |
31,780 |
29,088 |
39,402 |
| Other
Income |
175 |
123 |
617 |
379 |
551 |
| Total
Expenditure |
8,978 |
7,907 |
27,781 |
25,075 |
34,317 |
| (Increase)/
Decrease In Stock In Trade |
(267) |
(91) |
(313) |
(42) |
91 |
| Consumption
of Raw & Packing Materials |
7,252 |
6,216 |
22,325 |
19,761 |
26,851 |
| Staff
Costs |
795 |
772 |
2,344 |
2,224 |
2,970 |
| Other
Expenditure |
1,198 |
1,010 |
3,425 |
3,132 |
4,405 |
| Interest
(Net) |
14 |
15 |
39 |
58 |
62 |
| Gross
Profit |
1,602 |
1,298 |
4,577 |
4,334 |
5,574 |
| Depreciation
& Amortisation |
617 |
572 |
1,876 |
1,619 |
2,209 |
| Profit
Before Tax & Exceptional Items |
985 |
726 |
2,701 |
2,715 |
3,365 |
| Exceptional
Items (Refer Note G) |
84 |
- |
84 |
- |
- |
| Profit
Before Tax |
901 |
726 |
2,617 |
2715 |
3,365 |
| Provision
For - Current Taxes |
330 |
269 |
912 |
861 |
1,017 |
|
-
Fringe Benefits Tax |
11 |
- |
21 |
- |
- |
|
-
Deferred Taxes |
(98) |
(54) |
(232) |
(46) |
(63) |
| Profit
After Tax |
658 |
511 |
1,916 |
1,900 |
2,411 |
| Dividend
recommended per Equity Share (Rs.) |
|
|
|
|
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) |
|
|
|
|
16,370 |
| Basic
& Diluted EPS (Not Annualised) (Rs.) |
5.25 |
4.08 |
15.28 |
15.15 |
19.23 |
| Aggregate
of Non-Promoter 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% |
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| Notes: |
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| A. |
Inter
Unit Sales (Incl. In Net Sales
above) |
819 |
768 |
2,546 |
2,369 |
3,224 |
| |
The
auditors have carried out a limited reveiw of the financial
results for the quarter ended 30th September 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 September 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. Three 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 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. An appeal
against CESTAT's order has been preferred before the Supreme
Court. An appeal against a demand of Rs.53 Lacs on similar
matter is pending before the Supreme Court. Auditors have
qualified the opinion on the results for the quarter ended
30th September 2005 for non provisioning for excise duty demands
of Rs.320 Lacs & Rs.53 Lacs. Consistent with the previous
stand & based on the opinion of legal counsel, no provision
is made in the financial statements. |
| E. |
Other
Income for the nine months ended 30th September 2005 includes
Rs.180 Lacs compensation received on settlement of a claim
accounted in Q1 2005. |
| F. |
The
company has taken a decision to invest Rs.65 Crores over a
2 Year period in setting up a production facility in North
India. Land has been acquired. Detailed work on project designing
is on & construction of buildings, procurement of equipments
are expected ot begin by November 2005. |
| G. |
Exceptional
items for the Q3 2005 & nine months ended 30th September
2005 of Rs.84 Lacs represent management estimate of loss of
stocks & fixed assets damaged (net of estimated insurance
claim) due to incessant heavy rains in Thane & Mumbai
on 26th July 2005 which affected the operations of Thane plant.
Detailed claim assessment & settlement process is going
on. The operations of Thane plant are recovering due to focused
efforts. |
| H. |
Previous
year figures are appropriately reclassified to conform with
current year's classification. |
| I. |
The
above results were reviewed by the audit commitee and taken
on record by the board in it's meeting held on 25 th October
2005. |
| Mumbai |
For The Paper Products Ltd. |
| 25th
October, 2005 |
Suresh
Gupta - Managing Director |
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