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 31.12.2008 |
| (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 Profit 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 |
For The Paper Products Ltd. |
| 28th January, 2009 | (Visit
us at our website: www.pplpack.com) Suresh
Gupta - Managing Director |