Bisleri Gujarat

The Directors present the TWENTY-SECOND ANNUAL REPORT together with the
 Audited Statement of Account for the Financial Year 2007-08 ended 31st
 March, 2008.
 
 1.  FINANCIAL RESULTS :
 
                                                       (Rs.in Lacs)
                                         For the year    Previous Year
                                              2007-08         2006-07
 
 Operating Profit                               62.79        63.98
 
 (Before Interest & Depreciation)
 
 Less : Interest                                10.57        13.98
 
 Profit before Depreciation                     52.22        50.00
 
 Less : Depreciation                            30.30        33.58
 
 Net Profit before Tax                          21.92        16.42
 
 Less : Provision for Taxation                   2.50         2.50
 
 Less : Provision for Fringe Benefit Tax         0.25         0.25
 
 Profit after Tax                               19.17        13.67
 
 Balance brought forward from Previous year   (206.96)     (220.62)
 
 Net (Loss) carried to Balance Sheet          (187.79)     (206.95)
 
 In view of unabsorbed depreciation and carried forward losses and also
 in view of absence of virtual certainty of sufficient future taxable
 income, deferred tax assets/liabilities have not been recognised.
 
 2.  DIVIDEND:
 
 Your Directors are unable to recommend Dividend for the year 2007-08 in
 view of the accumulated losses as on 31st March, 2008.
 
 3.  PRODUCTION, SALES AND WORKING RESULTS:
 
 The financial performance of the Company has remained static during the
 year under review as compared to the year 2006-07.
 
 The production of Mineral Water Bottles during the year under review
 was 48.92 lacs pes. compared to 28.03 lacs pes. during 2006-07. The
 Sales and other income increased to Rs. 405.67 lacs during the year
 under review as compared to Rs. 374.02 lacs for the year 2006-07.
 
 However, the Operating Profit (before Interest and Depreciation) has
 remained static to Rs. 62.79 lacs during the year as compared to Rs.
 63.98 lacs for the year 2006-07 due to increase in the cost of raw
 materials as well as employees cost. After providing for Interest, the
 Profit before Depreciation stood at Rs. 52.22 lacs during the year
 under review as compared to Rs. 50.00 lacs for the year 2006-07. The
 Profit of the Company after tax stood at Rs.  19.17 lacs as compared to
 Rs. 13.67 lacs for the year 2006-07.
 
 The management is of the opinion that the results will be improved
 further in the year 2008-09.
 
 4.  FINANCE:
 
 4.1 During the year, the Company continued to repay interest and
 principal amount to Banks as per rescheduled payment period.
 
 4.2 The Companys Income-tax Assessment has been completed upto the
 Assessment Year 2006-07 and Sales-tax Assessment has been completed
 upto the Year 2006-07.
 
 5.  DIRECTORS:
 
 Two of your Directors viz. Shrl Sanjay V. Karkare and Shri Ravindra
 Kumar Jain retire by rotation in terms of Articles 153 and 154 of the
 Articles of Association of the Company, They, however, being eligible,
 offer themselves for reappointment.
 
 6.  CHANGE OF NAME OF THE COMPANY:
 
 The name of the Company has been changed from Bisleri Gujarat Limited
 to Bisil Plast Limited pursuant to the directions issued by the
 Regional Director, Western Region. The same has been approved by the
 members in their meeting held on 20* March, 2008.
 
 7.  DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
 1956, with respect to Directors Responsibility Statement, it is hereby
 confirmed:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (ii) that the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent, so as to give a true and fair view of the state
 of affairs of the Company at 31st March, 2008 being end of the
 financial year 2007-08 and of the Profits of the Company for the year;
 
 (iii) that the Directors had taken proper and sufficient care for
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) that the Directors had prepared the annual accounts on a going
 concern basis.
 
 8.  DEMATERIALISATION OF EQUITY SHARES:
 
 To facilitate holding of securities in dematerialised/electronic form,
 the Company has entered into agreements with both National Securities
 Depository Limited (NSDL) and Central Depository Services (India)
 Limited (CD3L). Thus, shareholders have an option to dematerialise
 their shares with either of the depositories. The ISIN No. allotted is
 INE214D01021.
 
 9.  PERSONNEL AND H.R.D.:
 
 Your Directors are glad to report that the-industrial relations
 continued to remain cordial and peaceful and your Company continued to
 give ever increasing importance to training at all levels and other
 aspects of H.R.D.
 
 10.  CORPORATE GOVERNANCE:
 
 The report on Corporate Governance as per Clause 49 of the Listing
 Agreement is annexed.
 
 11.  LISTING:
 
 The Equity Shares of the Company are listed on Ahmedabad, Mumbai and
 Delhi Stock Exchanges and the Company has paid Annual Listing Fees upto
 the year 2008-09.
 
 12.  GENERAL:
 
 12.1 INSURANCE:
 
 The Companys properties including building, plant and machinery,
 stocks, stores etc. continue to be adequately insured against risks
 such as fire, riot, strike, civil commotion, malicious damages,
 machinery breakdown eta.
 
 12.2 AUDITORS:
 
 The present Auditors of the Company M/s. Shah & Dalai, Chartered
 Accountants, Ahmedabad will retire at the ensuing Annual General
 Meeting. They have submitted certificate for their eligibility for
 re-appointment under Section 224(1 -B) of the Companies Act, 1956. The
 remarks of Auditors and Notes to Accounts are self explanatory.
 
 12.3 PARTICULARS OF EMPLOYEES:
 
 None of the employees of the Company is drawing remuneration requiring
 disclosure under Section 217(2-A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975.
 
 12.4 DEPOSITS:
 
 The Company has not accepted any deposit as defined under the Companies
 (Acceptance of Deposits) Rules, .1975.
 
 13.  PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
 IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
 
 A.  Conservation of Energy:
 
 Measures taken for Conservation of Energy, additional proposals and its
 impacts:
 
 The Company has installed individual capacitors to various machineries
 in the process. This has resulted in the saving of power to large
 extent.
 
 Total energy consumption and energy consumption per unit of production
 as per Form-A prescribed in the Rules is at Annexure - I to this
 report.
 
 B.  Technology absorption:
 
 Efforts made in technology absorption as per Form B prescribed in the
 Rules is at Annexure - II to this report.
 
 C.  Foreign Exchange Earnings and Outgo:
 
 The Company has not earned or spent any Foreign Exchange during the
 year under review.
 
 14.  ACKNOWLEDGMENT:
 
 Your Directors express their sincere gratitude for the assistance and
 co-operation extended by Banks, Government authorities, Shareholders,
 Suppliers and Customers.
 
 Your Directors also wish to place on record their appreciation of the
 contribution made by the employees at their levels towards achievements
 of the Companys goals.
 
                                        For and on behalf of the Board,
 
 Place : Ahmedabad                                   Surendra T.  Shah
 Date  : 30th June, 2008                                      Chairman