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Biopac India Corporation Ltd.

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Mar 27, 16:00
2.87 0.00 (0.00%)
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Annual Report

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Director’s Report

The Directors have pleasure in presenting their 19th Annual Report and Audited Accounts for the year ended 31st March 2007. Financial Results [Rs. In Lacs] Particulars Year ended Year ended 31.03.2007 31.03.2006 Gross Revenues 2225.21 1543.25 Profit / (Loss) before Interest, Depreciation and Tax 556.64 130.04 Financial Expenses 220.13 220.47 Depreciation & Ammortisation 337.33 246.62 (Loss)/Profit Before Tax (0.81) (337.05) W/Off / Extra Ordinary Items 53.04 575.92 Taxation for the year 10,46 10.06 (Loss)/Profit After Tax (64.32) 228.81 Deferred Tax Adjustment (2.50) 28.97 Net (Loss)/Profit after Deferred Tax Adjustment (68.82) 257.77 Profit/(Loss) brought forward from previous year 7.20 (250.57) Balance carried forward 59.62 7.20 Dividend In view of the loss during the year, your Directors do not recommend any dividend for the year under review. Operations Revenues and Cashflow The total revenues of the Company during the year 2006-07 was Rs. 2225.21 Lacs as compared to Rs. 1543.25 Lacs of previous fiscal year, an increase of 44 % over previous fiscal year. The Company has also improved its performance during the year and almost reached the Break-even level during the year under review. The Cash Profit during the year was Rs. 336.52 Lacs as compared to Cash Loss of Rs. 90.43 Lacs during the previous year without considering the extra ordinary Income of Rs. 575.92 Lacs. Products and Business The Companys main business consists of Food service Disposables. This business is divided into divisions; , 1. Food service Catering market 2. Food service Packaging market The Food service catering business serves customers such as Food caterers, restaurants, Individual homes, food courts, functions, parties, corporate offices.etp. The products used for servicing these markets are Plates, bowls, serving trays and take-away containers. The Food service Packaging business serves customers such as Supermarkets, Hypermarkets, frozen food producers, fresh vegetables and fruits processors, poultry farms, meat processors, sea food processors and exporters, mushroom farms and packaging for ready to eat exotic vegetables such as Broccoli, etc. The Company has developed products for food packaging during the year. These products are various sizes and colors of Supermarket trays that are used by Organized Retail to serve fresh processed food such as cut-fruits and vegetables, poultry, meat, dry fruits, dates and various fresh snacks and other food products. The Organized Retail is considered to be sunrise industry in India and the Company expects to improve its top-line & bottom-line by serving the expanding Supermarket Industry. Most of the organized modern retail formats are using Companys products. Big Players in the Organized Retail Segment including Reliance Freshplus, Food Bazar & Big Bazar, Aditya Birla More, Shoprite among others are already using our products for packaging fresh produce. The Company is also in business of manufacturing Polystyrene Foam Boards used for shock insulation, heat insulation and sound insulation. These materials are used as construction materials These products are also used as Advertising materials for Point of Purchase displays, exhibition display boards, Architecture models. These boards are also used as Decorative and craft materials. This industry is at nascent stage and we expect major growth of these products to come in next 2 -3 years. Exports During the year the Company achieved an Export Turnover of Rs. 841.44 Lacs as compared to Rs. 463.42 Lacs in the previous year, registering an increase of 82%. In the previous year the Companys major exports were to United Kingdom, U.A.E., Germany, U.S.A. Israel, Oman, Australia, New Zealand, Qatar, During the current, year the company plans to export to Pakistan, Iran, S.Arabia , East European Countries and some of the East African countries. Future Plans The Company plans to double the capacity during the current year considering the huge growth in demand for Packaging as well as Catering markets. The Company also plans to start manufacturing EPS Cups and containers by the end of the current year. The EPS cups compliment our existing product range perfectly for the Catering segment as Cups and plates go hand in hand. The Company can sell this product to the Companys existing distributors without incurring any additional costs or efforts. Vision Your Companys vision is to be the largest player in India in the Food service Disposable Industry by providing the best products .and service at competitive price for the Food packaging segment for Retail and supermarket industry and in the food service catering markets. Allotment of Warrants Pursuant to the Special Resolution passed by the Shareholders in their Extra-ordinary General Meeting held on 18th June, 2007, 23,00,000 warrants will be allotted to the Individual Investors [Non-Promoters] & Independent Directors of the Company on a Preferential Basis at a price of Rs. 10.42 per Warrant. Directors Responsibility [Section 217 (2AA)] In terms of Sec. 217 (2AA) of the Companies Act, 1956, your Directors confirm that: 1. In preparation of the Annual Accounts, applicable accounting standards have been followed. 2. They have selected such accounting policies and applied them consistently. The accounting policies have been consistently applied and reasonable, prudent judgment and estimates are made so as to give a true and fair view of the staterof-affairs of the Company at the end of the Financial Year and of the Loss of the Company for the year under review; , 3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting record in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; 4. They have prepared the Annual Accounts on a going concern basis. Fixed Deposits The Company has not accepted any Deposits from the Public during the year. Auditors M/s Haribhakti & Co. whose terms of office as the Auditors of the Company will expire at the conclusion of the ensuing Annual General Meeting of the Company, and being eligible offer themselves for re- appointment as Auditors of the Company. Employees Particulars of Employees required under SectiQCV 217 (2A) of the Companies Act.1956 read with Companies (Particulars of Employees) Rules, 1975 as amended, are not given as there were no employees drawing remuneration in excess of the prescribed limits. Corporate Governance In terms of Clause 49 of the Listing Agreement entered into with the Stock Exchanges at Mumbai and Ahmedabad, a Report on Corporate Governance and Certificate from the Auditors of the Company is given in the annexure B which form part of the Directors Report. Directors Mr. Harshad C. Valia, the Director of the Company retires by rotation and being eligible offer himself for re-appointment. Mr. Nikhil Vora was appointed as an Additional Director of the Company with effect from 29.06.2007 and he holds the office till the conclusion of ensuing Annual General Meeting and the Company has received notice from one of its Members proposing his candidature as the Director. Management Discussions and Analysis A brief note on Management Discussions and Analysis of the results for the year under review is given in Annexure C which forms part of the Directors Report. Acknowledgement Your Directors take this opportunity to thank all Employees of the Company for their hard work, dedication and commitment and appreciate the co-operation received from the Bankers and other Government authorities during the year under review. For and on behalf of the Board Place : Mumbai Harish B. Doshi Date : 29th June, 2007 Chairman

Director’s Report