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 |
| Audited Financial Results For The Year Ended 31.12.2005 |
| (Rs
In Lacs) |
|||||
| |
Quarter Ended 31.12.2005 (Unaudited) |
Quarter Ended 31.12.2004 (Unaudited) |
Year
Ended 31.12.2005 (Audited) |
Year Ended 31.12.2004 (Audited) |
|
| Gross Sales | 13,256 | 11,800 | 49,841 | 45,391 | |
| Less: Excise & Sales Tax | 1,749 | 1,486 | 6,555 | 5,989 | |
| Net Sales / Income from Operations | 11,507 | 10,314 | 43,286 | 39,402 | |
| Other Income | 332 | 172 | 949 | 551 | |
| Total Expenditure | 10,037 | 9,242 | 37,818 | 34,317 | |
| (Increase)/ Decrease In Stock In Trade | 7 | 133 | (306) | 91 | |
| Consumption of Raw & Packing Materials | |
7,730 | 7,090 | 30,055 | 26,851 |
| Staff Costs | |
869 | 746 | 3,214 | 2,970 |
| Other Expenditure | |
1,431 | 1,273 | 4,855 | 4,405 |
| Interest (Net) | |
16 | 4 | 54 | 62 |
| Gross Profit | |
1,786 | 1,240 | 6,363 | 5,574 |
| Depreciation & Amortisation | |
618 | 590 | 2,494 | 2,209 |
| Profit Before Tax & Extraordinary Items | |
1,168 | 650 | 3,869 | 3,365 |
| Extraordinary Items (Refer Note G) | (4) | - | 80 | - | |
| Profit Before Tax & After Extraordinary Items | 1,172 | 650 | 3,789 | 3,365 | |
| Provision For - Current Taxes | |
373 | 156 | 1,285 | 1,017 |
| - Fringe Benefits Tax | 13 | - | 34 | - | |
| - Deferred Taxes | |
(65) | (17) | (297) | (63) |
| Profit After Tax | |
851 | 511 | 2,767 | 2,411 |
| Dividend recommended per Equity Share (Rs.) | |
7.00 | 6.00 | ||
| Paid Up Share Capital - Equity Face Value Rs.10 | |
1,254 | 1,254 | 1,254 | 1,254 |
| Reserves (Excl. Revaluation Reserve) | 18,130 | 16,370 | |||
| Basic & Diluted EPS including Extraordinary Items (Not Annualised) (Rs.) | |
6.79 | 4.08 | 22.07 | 19.23 |
| Basic & Diluted EPS excluding Extraordinary Items (Not Annualised) (Rs.) | 6.76 | 4.08 | 22.71 | 19.23 | |
| Aggregate of Non-Promoter Shareholding | |
||||
| - Number of Shares | |
4,546,916 | 4,546,916 | 4,546,916 | 4,546,916 |
| - Percentage of Shareholding | |
36.27% | 36.27% | 36.27% | 36.27% |
| |
|||||
| Notes: | (Rs.
In Lacs) |
||||
| A. | Inter
Unit Sales (Incl. in Net Sales
above) |
1,088 |
855 |
3,457 |
3,224 |
| Auditors
have qualified their opinion on the results for the year ended 31st December
2005 (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 and the asset turnover ratio. Further this
treatment has no impact on profits for the year or reserves. |
|
| B. | There
were no investor complaints pending at the beginning of the quarter. Two
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 has 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, 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 the Supreme Court. 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 year ended 31st December 2005 includes Rs.180 Lacs compensation
received on settlement of a claim accounted in Q1 2005 & Profit of
Rs.183 Lacs on sale of Transferable Development Rights recieved as compensation
for compulsory acquisition of a portion of vacant land at Thane plant
by Thane Municipal Corporation accounted in Q4 2005. |
| F. |
Work
of construction of buildings & procurement of equipments for greenfield
project in North India has commenced. |
G. |
Extraordinary
Items for Q4 2005 of Rs.(-)4 Lacs & year ended 31st December 2005
of Rs.80 Lacs represent management estimate of loss of 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 committee & taken on record by the board in it's meeting held on 31st January 2006. |
| Mumbai |
For The Paper Products Ltd. |
| 31st January, 2006 | (Visit
us at our website: www.pplpack.com) Suresh
Gupta - Managing Director |