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 30.09.2007 |
| (Rs
in Lacs) |
|||||
| Quarter Ended 30.09.2007 (Unaudited) |
Quarter Ended 30.09.2006 (Unaudited) |
9
Months Ended 30.09.2007 (Unaudited) |
9
Months Ended 30.09.2006 (Unaudited) |
Year
Ended 31.12.2006 (Audited) |
|
| Gross Sales | 16,296 |
15,260 |
47,300 |
43,374 |
57,957 |
| Less: Excise & Sales Tax | 1,719 |
2,026 |
5,568 |
5,975 |
7,836 |
| Net Sales / Income from Operations | 14,577 |
13,234 |
41,732 |
37,399 |
50,121 |
| Other Income (Refer Note D & E) | 296 |
301 |
835 |
866 |
1,116 |
| Total Income | 14,873 |
13,535 |
42,567 |
38,265 |
51,237 |
| Expenditure | |||||
| (Increase)/ Decrease In Stock In Trade | (298) |
31 |
(715) |
(259) |
11 |
| Consumption of Raw & Packing Materials | 10,759 |
9,209 |
30,411 |
26,101 |
34,934 |
| Staff Costs | 1,141 |
1,034 |
3,213 |
2,880 |
3,779 |
| Depreciation
& Amortisation |
745 |
573 |
2,134 |
1,715 |
2,306 |
| Other Expenditure | 1,705 |
1,511 |
4,837 |
4,435 |
5,895 |
| Total Expenditure | 14,052 |
12,358 |
39,880 |
34,872 |
46,925 |
| Interest (Net) | 48 |
14 |
106 |
37 |
30 |
| Profit Before Exceptional Items | 773 |
1,163 |
2,581 |
3,356 |
4,282 |
| Exceptional
Items(+Income/ (-) Loss) (Refer Note F) |
- |
- |
(318) |
- |
- |
| Profit
from Ordinary Activities Before Tax |
773 |
1,163 |
2,263 |
3,356 |
4,282 |
| Extraordinary Items (+Income/ (-) Loss) (Refer Note G) | - |
1,208 |
- |
1,208 |
1,208 |
| Profit After Extraordinary & Exceptional Items & Before Tax | 773 |
2,371 |
2,263 |
4,564 |
5,490 |
| Provision for - Current Taxes (Refer Note H) | 60 |
278 |
287 |
1,022 |
1,208 |
| - Fringe Benefits Tax | 11 |
7 |
36 |
34 |
51 |
| - Deferred Taxes | (45) |
450 |
19 |
271 |
237 |
| Profit After Extraordinary & Exceptional Items & Tax | 747 |
1,636 |
1,921 |
3,237 |
3,994 |
| 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) | 20,837 |
||||
| Basic & Diluted EPS including Extraordinary & Exceptional Items (Not Annualised) (Rs.) | 1.19 |
2.61 |
3.06 |
5.16 |
6.37 |
| Basic & Diluted EPS excluding Extraordinary Items (Not Annualised) (Rs.) | 1.19 |
1.59 |
3.06 |
4.14 |
5.35 |
| Basic & Diluted EPS excluding Extraordinary & Exceptional Items (Not Annualised) (Rs.) | 1.19 |
1.59 |
3.43 |
4.14 |
5.35 |
| Aggregate of Public Shareholding | |||||
| - Number of Shares | 22,734,830 |
22,734,580 |
22,734,830 |
22,734,580 |
22,734,580 |
| - 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) | 1,036 |
967 |
2,755 |
2,758 |
3,653 |
| Auditors
have qualified their opinion on the results for the quarter ended 30th
September 2007 (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 Q3-2007 includes profit of Rs. 95 Lacs realised on sale of
a residential property. Other Income for Q3-2006 included profit of Rs.139
Lacs realised on the disposal of leasehold land. |
| E. | Consequent
to the applicability of Accounting Standard AS 11 (Revised 2003), exchange
fluctuation on revaluation of liabilities \ loans incurred for acquiring
fixed assets from countries outside India has been recognised in the profit
and loss account, as against the earlier policy of adjusting the same
in the carrying cost of the related fixed assets. Accordingly, Other income
for the Q3-2007 and nine months ended 30th September 2007 includes an
exchange loss of Rs.21 Lacs & exchange gain of Rs. 17 Lacs on this
account respectively and consequently, profit is lower by Rs.21 Lacs &
higher by Rs.17 Lacs in the respective periods. Net effect of the same
on the previous year is not expected to be material & has not been
quantified. |
| F. | The
exceptional item of Rs. 318 Lacs has 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 has been done in Q2-2007 based on the legal advice obtained.
The Company's review petition is pending before the Supreme Court. |
G. |
Extra
Ordinary Item during Q3-2006 of Rs.1208 Lacs represents the difference
between the insurance claim settlement amount, the expenditure already
incurred & further provision made towards repairs to be incurred in
connection with damages to fixed asets at Thane Plant consequent to floods
on 26th July 2005. |
| H. | Provision
for current taxes is net of write back in Q3-2007 of excess provision
for earlier periods of Rs.150 Lacs. |
I. |
Specialised
Pouching facility as Silvassa Plant & Specialised Printing Line at
Hyderabad have commenced production during the current quarter. |
J. |
The
above results were reviewed by the audit committee & taken on record
by the board in it's meeting held on 26th October 2007. |
| Mumbai |
For The Paper Products Ltd. |
| 26th October, 2007 | (Visit
us at our website: www.pplpack.com) Suresh
Gupta - Managing Director |