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Micro Plantae Ltd.

BSE: 500276 Sector: Others
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Micro Plantae Ltd. (MICROPLANT) - Director Report

Company director report

1996 MICRO PLANATE LIMITED DIRECTORS REPORT The Directors have pleasure in presenting the Seventh Annual Report of the Company together with the Profit and Loss Account for the year ended 31 st march 1996 and Balance Sheet as on that date. DIVIDEND : Considering the encouraging results for the financial year 1995-96, the Directors recommend an enhance dividend of 15% (previous year 12%) i.e. Rs. 1.50 per Equity Share (subject to tax) amounting to Rs. 7.500 million representing 21.28% of the amount available for appropriation. OPERATIONS : During the Financial Year 1995-96, the company continued to show impressive growth in income and profits. The total income of the company has gone up by 80% where as the profit before and after taxation has increased by 61% over the previous year. The domestic sales in the Financial Year 1995-96 were Rs. 69.391 million as against the previous year Rs. 26.015 million which indicates the potential for our products in the domestic market. The company implemented the Projects of True Potato Seeds and Strawberry. The Floriculture and Black Marroo Seedless Grapes are under implementation. True Potato Seeds Project during the year under report gives produce of 250 kgs. of seeds and 35 Tonnes of Potato tubers. The increased installed capacity of tissue culture from 5.7 million to 10 million plantlets contributed to the growth in the production figure and thereby the sales of the company. The results of the Projects under implementation of Floriculture and Black Marroo Seedless Grapes will accrue in 1996-97 and 1997-98. FUTURE PROSPECTS : MPL is currently comprised of four divisions 1) Planting material 2) Hybnd True Potato seeds 3) Floriculture 4) Horticulture With the globalisation of Indian Economy, the prospects of the company's business are bright, as biotechnology along with information and communication technologies has enormous potential in this country. The progress in these areas will gradually improve general quality of life. Your company has been selected as a co-promoter by the Government of Madhya Pradesh for a state farm which is being privatised. The farm will be set up under a new company namely Babai Agro Plantae Ltd. The farm will be one of the largest single fully integrated farm in the country. It has nearly 3400 acres with necessary infrastructure consisting of housing, agricultural sheds, tube wells, machinery. It is located nearer to Itarsi junction which will facilitate in marketing of the produce all over India since it is a railway junction for North-South-East-West Trains. Your company alongwith its associates has taken a controlling stake in M/s. Temptation Foods Ltd. near Pune, an export oriented unit producing IQF (Frozen) fruits and vegetables. This acquisition will give synergy of contract farming and supplying of raw materials from Babai's land base. The company has obtained permission from Securities and Exchange Board of India (SEBI) for the acquisition of shares of Temptation Foods Ltd. and accordingly has given the minimum offer of 930,000 Equity Shares being 20% of the total paid up capital of the company to the existing shareholders of Temptation Foods Limited at Rs. 8.50 per Equity Share. Your company along with its associates will also acquire 1,315,252 Equity Shares of the existing promoters of Temptation Foods Limited being 28.28% of the total paid up capital of the company. RESEARCH AND DEVELOPMENT : The R & D department of the company plays a pivotal role in developing reproducible protocols for micropropagation of species of interest to the organisation. The protocois thus developed are scaled up to convert the techniques into technology for adoption in the production department. Research in plant biotechnology is interdisciplinary by nature and the human resources in the R & D are drawn from different disciplines of Molecular biology, Botony and Microbiology. The company has strengthened R & D to ensure continued success through innovation & development of new appropriate technologies. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The information required u/s 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 in respect of these matters is appended hereto and forms a part of this report. PARTICULARS OF EMPLOYEES : A statement giving the particulars of employees u/s 217 (2A) of the Companies Act, 1956 read with companies (particulars of employees rules 1975) is appended hereto and forms part of this report. DIRECTORS : Shri. B. R. Taneja and Shri. Vinit Kumar retire by rotation and being eligible other themselves for re-election. AUDITORS : M/s. K. Manek and Co., Chartered Accountants, the retiring Auditors have U/s 224 (1) of the Companies Act, 1956 furnished the certificate of eligibility for re-appointment. ACKNOWLEDGEMENTS : Your Directors thank Central and State Government, Financial Institutions, Banks, Investors, Business Associates and all Customers who continue to place trust in the Company. Your Directors take this opportunity of placing on record the appreciation of the valuable contribution and spirit of dedication of the Employees of the Company during year under review. ANNEXURE TO THE DIRECTORS' REPORT Particulars as per Companies (Disclosure in the report of the Board of Directors) Rules 1988 forming part of the Director's Report for the year ended 31st March, 1996. A. CONSERVATION OF ENERGY ; a. Energy Conservation measures taken : Not applicable to our industry since our Company has not covered under the Companies Act Rules, 1988. b. Additional Investment and proposals, if any being implemented for reduction of consumption of energy. In the plant tissue culture industry maximum energy is used for air conditionining for controlling temperature for growth of the plants in the growth rooms. The company is already using electronic ballast in their growth rooms which reduces the consumption of electricity. The company has also installed light controllers for growth rooms at each level for the conservation of energy. B. PARTICULARS OF TECHNOLOGY ABSORPTION : 1. Specific areas in which R & D is carried out by the Company : Continuous improvements in the technologies for micropropatation of floriculture and horticulture species is a major funtion of R & D . Efforts during the year has led to the development of complete technology for micorpropagation of neem. R & D demonstrated the reliability of the technology by scaling up the process and true to type progeny generated from explants taken from mature trees were taken to the field with near cent percent survival. 2. R & D of the Company has been successful in identifying substitutes for agar, a costly input in the medium which will reduce the cost of production of various production of various products in the portfolio of the Company. 3. A major objective of the company is to offer to the customers quality products. Therefore, the Company has set up facilities and recruited appropriate manpower in the R & D to apply the techniques of modern biology at cellular, tissue and organ levels which will ensure production of products of highest quality. Customers in developed countries were fully satisfied with the products exported. the processes for which were developed by R & D. 4. The Company is at an advanced stage of computerisation of production planning, scheduling as well as in other areas such as inventory control and accounting. For the year For the year 31/03/96 31/03/95 a. CIF Value of Imports 1. Raw Materials 4,646,164 8,966,682 2. Capital items 1,916,156 17,373,076 b Expenditure in Foreign Currency 3. Foreign Tours 1,316,255 1,133,660 Books and periodicals 29,021 541 865 Sales Promotion Expenses 1,726,125 1,597,770 Advertisement Expenses 15,231 80,016 Telephone Expenses 52,087 18,782 Training Expenses 36,350 111,433 Technical Knowhow Fees 173,130 2,124,226 Membership & Subscription 14,455 -- Clearing & forwarding 57,500 -- Royalty 9,245 -- 3,429,399 5,607,752 c. Earnings in Foreign currency F.O.B. Value of exports 3,3083,419 31,809,886 For and on behalf of Board of Directors B. R. Taneja CHAIRMAN Place : Mumbai, Dated : 9th April, 1996.