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 & 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% |
| |
|
|
|
|
|
| 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 |