You are here » Home » Companies » Company Overview » Kore Foods Ltd

Kore Foods Ltd.

BSE: 500458 Sector: Agri and agri inputs
NSE: PHILCORP ISIN Code: INE601A01017
BSE 00:00 | 10 Dec 5.23 0
(0.00%)
OPEN

5.23

HIGH

5.23

LOW

5.23

NSE 05:30 | 01 Jan Kore Foods Ltd
OPEN 5.23
PREVIOUS CLOSE 5.23
VOLUME 25
52-Week high 5.25
52-Week low 3.04
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.23
CLOSE 5.23
VOLUME 25
52-Week high 5.25
52-Week low 3.04
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kore Foods Ltd. (PHILCORP) - Chairman Speech

Company chairman speech

PHIL CORPORATION LIMITED ANNUAL REPORT 2007-2008 CHAIRMAN'S REPORT Whilst we have not fully completed the restructuring of the company with final solutions to all our outstanding issues and liabilities, I am pleased to report that we can now commence looking at new options and opportunities in terms of the future of our Company. Our main asset is the Country Club food factory and during the current year we will start developing this project. At the current time we are looking at enhancing the product line, doing some test marketing and considering the options for the future. We are also open to finding partners and working with major retailers to develop the business further. For the most part, the previous year was spent in completing the restructuring activities, sale of certain surplus assets and handling the administrative and pending legal matters. The BIFR has discharged us on the ground that we have a positive net worth. This is one way of looking at it - but our contention has been that after merging the loss making subsidiary, the consolidated balance sheet would show a negative net worth. We will proceed with merging the subsidiary company with Phil Corporation so that we have a cleaner structure on which to build upon. We are fortunate that India is a growing market for snack foods and particularly with the rapid development of the modern retail environment, we have a product line and facility that could be the basis of a new business. We imagine that it would take a couple of years to see some results as we will still need to spend some resources on completing our restructuring and then carefully invest for the new business. I would like to thank our shareholders for their understanding through the difficult restructuring phase which resulted in the closure of our traditional photographic business. We can now look ahead to a phase of developing new business. A.Y. Fazalbhoy Chairman