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Audited
Financial Results for the Year Ended 31.12.2006
| |
|
|
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|
(Rs
in Lacs) |
| |
|
Quarter
Ended
31.12.2006
(Unaudited) |
Quarter
Ended
31.12.2005
(Unaudited) |
Year
Ended
31.12.2006
(Audited) |
Year
Ended
31.12.2005
(Audited) |
| Gross
Sales |
|
14,583 |
13,256 |
57,957 |
49,841 |
| Less:
Excise & Sales Tax |
|
1,861 |
1,749 |
7,836 |
6,555 |
| Net
Sales / Income from Operations |
|
12,722 |
11,507 |
50,121 |
43,286 |
| Other
Income (Refer Note F) |
|
250 |
332 |
1,116 |
949 |
| Total
Expenditure |
|
11,462 |
10,037 |
44,619 |
37,818 |
| (Increase)/
Decrease In Stock In Trade |
|
270 |
7 |
11 |
(306) |
| Consumption
of Raw & Packing Materials |
|
8,833 |
7,730 |
34,934 |
30,055 |
| Staff
Costs |
|
899 |
869 |
3,779 |
3,214 |
| Other
Expenditure |
|
1,460 |
1,431 |
5,895 |
4,855 |
| Interest
(Net) |
|
(7) |
16 |
30 |
54 |
| Gross
Profit |
|
1,517 |
1,786 |
6,588 |
6,363 |
| Depreciation
& Amortisation |
|
591 |
618 |
2,306 |
2,494 |
| Profit
Before Tax & Extraordinary Items |
|
926 |
1,168 |
4,282 |
3,869 |
| Extraordinary
Items(+Income/(-)Loss)(Refer Note G) |
|
|
4 |
1,208 |
(80) |
| Profit
Before Tax & After Extraordinary Items |
|
926 |
1,172 |
5,490 |
3,789 |
| Provision
For - Current Taxes (Refer Note H) |
|
186 |
373 |
1,208 |
1,285 |
|
- Fringe Benefits Tax |
|
17 |
13 |
51 |
34 |
|
-
Deferred Taxes |
|
(34) |
(65) |
237 |
(297) |
| Profit
After Tax |
|
757 |
851 |
3,994 |
2,767 |
| Dividend
recommended per Equity Share (Rs.) |
|
|
|
9.00 |
7.00 |
| Paid
Up Share Capital - Equity Face Value Rs.10 |
|
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves
(Excl. Revaluation Reserve) |
|
|
|
20,837 |
18,130 |
| Basic
& Diluted EPS including Extraordinary Items (Non Annualised)
(Rs.) |
|
6.03 |
6.79 |
31.85 |
22.07 |
| Basic
& Diluted EPS excluding Extraordinary Items (Non Annualised)
(Rs.) |
|
6.03 |
6.76 |
26.73 |
22.71 |
| 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% |
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| Notes: |
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| A. |
Inter
Unit Sales (Incl. in Net Sales
above) |
|
895 |
911 |
3,653 |
3,457 |
| |
Auditors
have qualified their opinion on the results for the year ended
31st December 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 treatment helps in correctly evaluating the operating
profit ratio & 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. 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
vide it's order dated 15th July 2005, recieved 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
Supreme Court. Consistent with the previous stand and based
on the opinion of the legal counsel, no provision is made
in the financial statements. |
| E. |
Work
on the North India Greenfield project in state of Uttaranchal
is progressing satisfactorily & commercial production
has commenced in January 2007 in a phased manner. |
| F. |
Other
Income includes profit of Rs.139 Lacs realised on the disposal
of leasehold land accounted in Q3- 2006. |
| G. |
During
Q3-2006, the outstanding insurance claim pertaining to damage
to assets at Thane plant due to water inundation was settled.
In terms of the settlement agreement and based on legal opinion
obtained by the management, Rs. 1208 Lacs (net of constituents
of loss as estimated by management) has been disclosed as
extra-ordinary item. This surplus is being utilised for replaceing
the damaged equipments. (Previous year extra-ordinary item
of Rs.80 Lacs constituted net loss to assets/inventories damaged
(net of estimated/settled insurance claim) as estimated by
the management pursuant to damage caused by water inundation
at Thane plant due to heavy rains in Thane & Mumbai on
26th July, 2005.) |
| H. |
Provision
for current taxes is net of write back in Q4-2006 of excess
provision for earlier year of Rs. 135 Lacs. |
| I. |
The
directors have recommended dividing one equity share of the
face value of Rs.10 each fully paid-up into five equity shares
of the face value of Rs.2 each fully paid-up. |
| J. |
The
above results were reviewed by the audit committee & taken
on record by the board in it's meeting held on 31st January
2007. |
| Mumbai |
|
| 31st
January 2007 |
For The Paper Products Ltd. |
| (Visit
us at our website: www.pplpack.com) |
Suresh
Gupta - Managing Director |
|
