CONSO. FIN. & HOLD. Share price

The Company was incorporated on May 1 1986 under the nameof Konica Photo Films (P) Ltd. The Company''s name waschanged to Bhimtal Photo Films (P) Ltd. with effect fromJuly 17 1986. The Company thereafter acquired aphotographic unit located at Bhimtal District Nainital(UP) in July 1987. The Company was subsequently convertedto a Public Limited Company on December 5 1988. The Nameof the Company was further changed to Jindal Photo FilmsLimited with effect from November 27 1990.The Company commenced commercial production of Photographiccolor Paper in 1987 and later diversified into theconversion of Color Roll Films in 1988 under the brand name"SUPER PLUS". From then onwards the Company''s productionof films and paper as well as its turnover have increasedmanifold. The manufacturing facilities in respect of the photographicproducts of the Company are located at Bhimtal in DistrictNaintal (U.P) and at Dadra in the Union Territory of Dadraand Nagar Haveli. JPFL is one of the few private sectorcompanies in India having a range of sophisticatedmachineries for the manufacture/conversion of variousphotographic products (Photographic Color Paper Color RollFilms X-RAy Films and Graphic Art Films Cine Colorpositive Films Black & White paper) imported from Japanand Europe. The products are being made under technicalassistance and raw material supply from one of the World''slargest Photographic Company Fuji Photo Film Co. Ltd.Japan. The Company has also launched the widely acclaimed ''FUJIFILM'' & "FUJI COLOR" brands in the country from February1992 and with the assistance of an established marketingset-up and merchandising Fuji is already in just a shortspan a well known brand nationwide. The Company has alsolaunched color paper under the ''FUJI BRAND'' from April1994. After the recent liberalisation of licensing Policy theCompany also started conversion of other specialisedphotographic products such as Graphic Art Films X-RayFilms (Medical) Medical Imaging Films Industry X-RayFilms. In 1990 the Company established production facilities fortexturing of Polypropylene Partially Oriented Yarn (PPFY)at Gulaothi District Bulandshahr in U.P. The raw materialfor this unit is largely procured from Jindal Polyester andSteel Limited.The Company has not faced faced any labour problems strikesor lockouts at any of its manufacturing units.Phototech Limited a on going profitable concern of theJindal Group which was engaged in teh similar line ofbusiness as that of Jindal Photo Films Ltd. has been mergedwith effect from Jan 1 1992 as approved by the HonorableHigh Court at Delhi vide its order dated July 28 1992. Atthe time merger both Phototech Limited and Jindal PhotoFims Ltd. were closely held companies of the Jindal Groupand neither of the Company was listed. This merger had beeninitiated in order to achive greater rationalization of themanagement structure and economies of scale further growthand stability 97266 Equity shares of Rs.10/- each fullypaid-up of Jindal Photo Films Ltd. were issued asconsideration for the merger.The impact of the merger of Phototech Limited with JindalPhoto Films Ltd. on the Financial results of Jindal PhotoFilms Ltd. for the year ended march 31 1992 is as under:Increased by:Sales Rs.1826 lacs PAT Rs.79 lacsOther Income Rs.17 lacs Shares Capital Rs.9.72 lacsPBT Rs.79 lacs Reserve & Surplus Rs.49.83 lacsThe experience and the success of the operations at Bhimtalhave prompted the Company to establish another unit atDadra in the Union Territory of Dadra and Nagar Haveliwith adequate installed capacity for the manufacture ofX-Ray Films Cine Color Positives Graphic Art Films ColorRoll Films and and Photographic Color Paper.To part finance the Project the Company had floated870000 Equity Shares of Rs.10/- each at a premium ofRs. 140/- per share by way of Public Issue in the beginningof Jan 1993. The Issue was over subscribed.The said Unit commenced commercial production in October1993 as scheduled. This unit will be entitled to 100%Income Tax Holiday benefit for the first five years beingan Industrial undertaking set-up in specified location inan Industrial backwa rd area as per Income Tax Act 1961.The benefit would also be available @ 30% for another fiveyears thereafter.This unit will also be entitled for Sales Tax exemption fora period of fifteen years from the date of first sale ofthe goods manufactured processed or assembled effected onor after the date of validity of the registrationcertificate under the Dadra and Nagar Haveli Sales TaxRegulation 1978.