|
|
|
Unaudited
Financial Results for the Quarter & Nine Months Ended 30.09.2006
| |
|
|
|
|
(Rs
in Lacs) |
| |
Quarter
Ended
30.09.2006
(Unaudited) |
Quarter
Ended
30.09.2005
(Unaudited) |
9
Months
Ended
30.09.2006
(Unaudited) |
9
Months
Ended
30.09.2005
(Unaudited) |
Year
Ended
31.12.2005
(Audited) |
| Gross
Sales |
15,260 |
12,055 |
43,374 |
36,585 |
49,841 |
| Less:
Excise & Sales Tax |
2,026 |
1,636 |
5,975 |
4,805 |
6,555 |
| Net
Sales / Income from Operations |
13,234 |
10,419 |
37,399 |
31,780 |
43,286 |
| Other
Income (Refer Note F) |
301 |
175 |
929 |
617 |
949 |
| Total
Expenditure |
11,785 |
8,978 |
33,157 |
27,781 |
37,818 |
| (Increase)/
Decrease In Stock In Trade |
31 |
(267) |
(259) |
(313) |
(306) |
| Consumption
of Raw & Packing Materials |
9,209 |
7,252 |
26,101 |
22,325 |
30,055 |
| Staff
Costs |
1,034 |
795 |
2,880 |
2,344 |
3,214 |
| Other
Expenditure |
1,511 |
1,198 |
4,435 |
3,425 |
4,855 |
| Interest
(Net) |
14 |
14 |
37 |
39 |
54 |
| Gross
Profit |
1,736 |
1,602 |
5,134 |
4,577 |
6,363 |
| Export
Incentive accrued in previous quarter written off |
- |
-
|
63 |
- |
- |
| Depreciation
& Amortisation |
573 |
617 |
1,715 |
1,876 |
2,494 |
| Profit
Before Tax & Extraordinary Items |
1,163 |
985 |
3,356 |
2,701 |
3,869 |
| Extraordinary
Items(+Income/(-)Loss)(Refer Note G) |
1,208 |
(84) |
1,208 |
(84) |
(80) |
| Profit
Before Tax & After Extraordinary Items |
2,371 |
901 |
4,564 |
2,617 |
3,789 |
| Provision
For - Current Taxes |
278 |
330 |
1,022 |
912 |
1,285 |
|
- Fringe Benefits Tax |
7 |
11 |
34 |
21 |
34 |
|
-
Deferred Taxes |
450 |
(98) |
271 |
(232) |
(297) |
| Profit
After Tax |
1,636 |
658 |
3,237 |
1,916 |
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.) |
13.05 |
5.25 |
25.82 |
15.28 |
22.07 |
| Basic
& Diluted EPS excluding Extraordinary Items (Not Annualised)
(Rs.) |
7.93 |
5.92 |
20.70 |
15.95 |
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% |
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| Notes: |
|
|
|
|
|
| A. |
Inter
Unit Sales (Incl. in Net Sales
above) |
967 |
819 |
2,758 |
2,546 |
3,457 |
| |
The
auditors have carried out a limited review of the financial
results for the quarter ended 30th September 2006 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 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 & 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 of excise vide his order dated 22nd September
2004 has raised an excise duty demand of Rs.320 Lacs. CESTAT's
vide its order dated 15th July 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 Supreme Court. Consistent with previous
stand & based on the opinion of legal counsel, no provision
is made in the financial statements. |
| E. |
Work
on the North India Greenfield project is progressing satisfactorily
& production is expected to commence in November 2006
in a phased manner. |
| F. |
Other
Income for Q3-2006 included profit of Rs.139 Lacs realised
on the disposal of leasehold land. |
| G. |
(1)
Consequent to floods on 26th July 2005 at Thane plant an insurance
claim was made for damaged assets. Claim has been settled
during the quarter. The Extraordinary item represents the
difference between the settlement amount, the expenditure
already incurred upto 30 September 2006 and provision of Rs.561
lacs estimated to be further incurred on repairs to give a
true and fair view of the surplus. |
(2)
The surplus is being utilised for replacing the damaged discarded
equipment. In accordance with accounting standard 10 the cost
of new equipment will be capitalised. |
(3)
The auditors have qualified their opinion, as in their opinion
the provision for repairs is not in accordance with accounting
standard 29. |
| H. |
The
above results were reviewed by the audit committee & taken
on record by the board in it's meeting held on 27th October
2006. |
| Mumbai |
|
| 27th
October, 2006 |
For The Paper Products Ltd. |
| (Visit
us at our website: www.pplpack.com) |
Suresh
Gupta - Managing Director |
|
