|
|
|
Audited
Financial Results For The Year Ended 31.12.2008
| |
|
|
|
|
(Rs
in Lacs) |
| |
|
Quarter
Ended
31.12.2008
(Unaudited) |
Quarter
Ended
31.12.2007
(Unaudited) |
Year
Ended
31.12.2008
(Audited) |
Year
Ended
31.12.2007
(Audited) |
| Gross
Sales |
|
15,591 |
15,869 |
67,475 |
60,279 |
| Less:
Excise & Sales Tax |
|
1,312 |
1,640 |
6,266 |
7,073 |
| Net
Sales / Income from Operations |
|
14,279 |
14,229 |
61,209 |
53,206 |
| Other
Operating Income (Refer Note D) |
|
204 |
278 |
868 |
969 |
| Total
Income |
|
14,483 |
14,507 |
62,077 |
54,175 |
| Expenditure |
|
|
|
|
|
| (Increase)/
Decrease In Stock In Trade |
|
481 |
(37) |
194 |
(752) |
| Consumption
of Raw & Packing Materials |
|
9,409 |
9,825 |
42,436 |
37,480 |
| Staff
Costs (Refer Note E) |
|
1,300 |
1181 |
5,093 |
4,394 |
Depreciation
& Amortisation |
|
708 |
752 |
2,862 |
2,886 |
| Other
Expenditure |
|
1,690 |
1,662 |
7,249 |
6,499 |
| Total
Expenditure |
|
13,588 |
13,383 |
57,834 |
50,507 |
| Foreign
Exchange (-)Loss/ (+) Gain ( Refer Note F ) |
|
(266) |
37 |
(1320) |
108 |
| Profit
from Operations before Other Income, Interest & Exceptional
Items |
|
629 |
1,161 |
2,923 |
3,776 |
| Other
Income |
|
27 |
20 |
152 |
93 |
| Profit
before Interest & Exceptional Items |
|
656 |
1,181 |
3,075 |
3,869 |
| Interest
(Net ) (Refer Note G) |
|
41 |
66 |
98 |
173 |
| Profit
after Interest but before Exceptional Items |
|
615 |
1,115 |
2,977 |
3,696 |
Exceptional
Items(+Income/ (-) Loss) (Refer Note H) |
|
- |
- |
- |
(318) |
Profit
from Ordinary Activities Before Tax |
|
615 |
1,115 |
2,977 |
3,378 |
| Provision
for - Current Taxes (Refer Note I) |
|
290 |
195 |
960 |
482 |
|
- Deferred
Taxes |
|
(65) |
(7) |
(162) |
12 |
|
-
Fringe Benefits Tax |
|
9 |
11 |
50 |
47 |
| Profit
from Ordinary Activities After Tax |
|
381 |
916 |
2,129 |
2,837 |
| Dividend
recommended/ paid per Equity Share (Rs.) |
|
|
|
1.80 |
1.80 |
| Paid
Up Share Capital - Equity Face Value Rs.2 |
|
1,254 |
1,254 |
1,254 |
1,254 |
| Reserves
(Excl. Revaluation Reserve) |
|
|
|
23,087 |
22,279 |
| Basic
& Diluted EPS (Not Annualised) (Rs.) |
|
0.61 |
1.47 |
3.40 |
4.53 |
| Aggregate
of Public Shareholding |
|
|
|
|
|
| -
Number of Shares |
|
22,734,830 |
22,734,830 |
22,734,830 |
22,734,830 |
| -
Percentage of Shareholding |
|
36.27% |
36.27% |
36.27% |
36.27% |
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
| A. |
Inter
Unit Sales (not included in Net Sales & Raw Materials Consumed
above) |
|
1,326 |
1,098 |
5,210 |
3,853 |
|
From
the current year inter unit sales have not been included in
net sales & raw material consumed, and consequently the
audit qualification has been dropped. This treatment has no
impact on profits for the year or reserves. |
| 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
Operating Income for 2008 includes Profits of Rs. 137 Lacs
on sale of Transferable Development Rights received as compensation
for compulsory acquisition of a portion of vacant land at
Thane plant by Thane Municipal Corporation accounted in Q2
2008. Other Operating income for Y 2007 incluides an amount
of Rs. 69 Lacs received on account of settlement of claims
accounted in Q4-2007 & profit of Rs. 95 Lacs realised
on sale of residential property accounted in Q3-2007. |
| E. |
Personnel
Expenses for 2008 include a one time charge of Rs.130 Lacs
accounted in Q2-2008 towards settlement compensation paid
to employees of Nagpur Unit which ceased manufacturing operations
on 27th April 2008. |
| F. |
Foreign
Exchange (Loss) / Gain includes realised & unrerealised
exchange gain / losses. A book loss reversal & a book loss
of Rs. 173 Lacs & Rs. 402 Lacs has been taken in Q4-2008
& Y 2008 respectively, for mark to market valuation of forex
contracts which have been entered into to hedge the forecast
transactions, consequent to the ICAI Announcement of 29th March
2008 on accounting for Derivatives. |
| G. |
Interest
Expense for 2008 is net of Interest Income of Rs. 145 Lacs
received on Income Tax Refunds.(accounted in Q1-2008 of Rs.117
Lacs & Q2-2008 of Rs.28 Lacs respectively) |
| H. |
Exceptional
item of Rs. 318 Lacs in 2007 had 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. |
I. |
Provision
for current taxes for 2008 is net of write back of excess
provision for earlier periods of Rs.62 Lacs accounted in Q1-2008.
Provision for current taxes for 2007 is net of write back
in Q3-2007 of excess provision for earlier periods of Rs.150
Lacs. |
| J. |
Reconstruction
of Thane Plant is ongoing & relocation of operations in
a phased manner is in progress. |
| K. |
Previous
year/period figures have ben appropriately reclassified to conform
with current year's classification |
L. |
The
above results were reviewed by the audit committee & taken
on record by the board in it's meeting held on 28th January
2009. |
| Mumbai |
|
| 28th
January, 2009 |
For The Paper Products Ltd. |
| (Visit
us at our website: www.pplpack.com) |
Suresh
Gupta - Managing Director |
|
