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Kore Foods Ltd. Company History and Annual Growth Details

The Company was Incorporated on 20th January,1983 under the name of Goa Optics Pvt. Ltd., as a private limited company. It was promoted by Photophones Ltd., together with Moorad Fazalbhoy, Abdullah Fazalbhoy, Indovest Holdings Pvt. Ltd., Alliance Consultancy Services Pvt. Ltd., and Gulmohr Trading Co. Pvt. Ltd.

The Company's objects is to manufacture photographic cameras, photographic and cinematographic film laboratory and photo-finishing machinery, accessories and spares, audio-visual sound equipment and photo-sensitive material and chemicals.

1984 - All shares held by promoters, directors, etc. Equity shares of
Rs.100 each subdivided into shares of Rs.10 each from 8-2-1985.

1985 - The name of the company was changed to Photophone Industries
India Pvt. Ltd., on 8th February, and it became a public limited
company on 27th March.

- The Company established the following manufacturing lines at its
plant located in Goa :-

- (i) Photographic cameras with product base from Minolta Camera
Co. Ltd., Japan and Goko Industrial Co. Ltd., Japan.

- (ii) Photographic and cinematographic film laboratory and
photo-finishing machinery, accessories and spares with product
base from Gretag San Marco Spa of Italy, a subsidiary of Ciba
Geigy Group, Switzerland and

- (iii) audio-visual and sound equipment with product base from
Hanimex, Ireland and through indigenous research and development

- The Company manufactures a complete range of 110 mm and 35 mm
format cameras and they are marketed under the brand name of
"HOT SHOT". A range of world class flash units are also
offered. The company's product range also includes
photo-sensitive materials such as PICCOLO film, paper and
chemicals starting with 120 mm and 135 mm format black and white
film, in addition to fine-grain and high-resolution 110 mm and
135 mm format colour films. The product range was widened with
the introduction of a sophisticated camera viz., MINOLTA
Photophone AF-E.

- 15,50,000 No. of equity shares issued at par of which the
following shares were reserved for allotment:

- (i) 3,50,000 shares to promoters, etc.,

- (ii) 95,000 shares to employees of the company and

- (iii) 24,000 shares to business associates of the company. All
but 9,900 shares of the employees quota were not taken up. The
balance 10,81,000 shares along with 9,900 shares not taken up by
the employees were offered to the public in October.

1987 - The Company launched the mini hot shot cameras. The Company
entered the instant photographic business with the introduction
of the "In a snap" system.

- Three new models of cameras of contemporary design were
introduced and the company developed the country's smallest size
110 mm format camera for low end of the market. Konica brand of
photographic colour paper offered in different finishes such as
glossy, lustre and silk were received in the market.

- In co-operation with Konica Corporation, the company introduced a
new generation of processing chemicals called "Washless
chemistry" that obviated the need for water in processing films
and paper. Two new products viz., a portable overhead projector
for education and training and a new model of an inexpensive
35mm camera were introduced.

- The Company installed instant photographic systems designed to
use Polaroid films, in 89 towns.

- The Company started new system of `franchised labs' using
photophone's mini lab equipment with the facility to the
franchisees to pay franchise fees over a period of time. 23 such
franchised labs were established under the said system.

- In association with Konica Corporation, the company introduced
`Konica Square' a fully computerised franchised photofinishing
lab. The Company proposed to establish around 100 such labs all
over the country.

- The Company proposed to enter into the opthalmic industry by
investing in the equity capital of Sola Photophone Optical Pvt.
Ltd., a new company established in July, for the manufacture of
hard resin optical lenses. In this connection, the Company
proposed to collaborate with Sola Organization, a part of the
Pilkington Group, U.K.

- During April-May, the company offered 5,00,000 - 13.5% fully
convertible debentures of Rs.120 each for cash at par on rights
basis in the prop. 1 debenture : 4 equity shares held (all were
taken up).

- Another 62,225 debentures were allotted to retain over
subscription. In addition, the company offered 25,000 - 13.5%
convertible debentures of Rs.120 each for cash at par to the
employees (including Indian working directors) of the company and
associate company (only 7,775 debentures were taken up). The
unsubscribed portion was allowed to lapse.

1988 - Rs.60 of the face value of each debenture was converted into 2
equity shares of Rs.10 each at a prem. of Rs.20 per share on
the expiry of 6 months from the date of allotment ie., on 1st

- The remaining Rs.60 of the face value of each debenture was also
converted into 2 equity shares of Rs.10 each at a prem. of Rs.20
per share on 31st December.

- 22,80,000 shares allotted (prem. Rs.20 per share) in conversion
of 13.5% debs.

1989 - The Company commenced export of "In-a-snap" system to Polaroid
Corporation for distribution in overseas markets.

- Photophone's `Konica Square' grew to 30 labs.

- The Company received a COB licence for conversion of colour film
at its Goa plant.

1990 - The Company launched "Polaroid Studio Express", a new concept in
documentary photography.

- A Memorandum of Understanding was signed with Konica Corporation,
Japan for the implementation of conversion of colour film

1991 - A new product "Hot Shot Macro" was launched and in the area of
instant photography, a unique glass coated plastic scratch
resistant lens was developed by Polaroid Corporation to help
achieve extremely good resolution without any increase in cost.

- The Company decided to defer the project in view of the
restriction on foreign exchange that made in different to finance
the import of equipment for the Konica Film project.

- The Company made an application to the Govt. for setting up a EOU
to respond better to the needs of the international market.

1992 - The Company offer 42,80,000 No. of equity shares of Rs.10 each at
a prem. not exceeding Rs.5 per share on Rights basis in the
prop. 1:1.

- Another 2,14,000 shares of Rs.10 each at a prem. not exceeding
Rs.5 per share were to be offered to the employees of the company
on an equitable basis.

1993 - 52,10,500 No. of equity shares allotted (Rights basis & to
Polaroid Corporation U.S.A).

1995 - Konica VX series of photographic films were successfully

1996 - During the last quarter of the year, the company launched
"Country Club" nuts in select markets which was well accepted in
the market.

- Several new products including the Galaxy series of overhead
projectors and LCD panels under the brand name `Phil Systems'
were introduced.

- The Company undertook to expand its activities by the
establishment of additional manufacturing lines. The main
projects in hand are (i) establishment of backward integration of
conversion facilities for photographic paper, paper board, cloth
and film with product-base from Mitsubishi Corporation of Japan,
(ii) manufacture of large screen video projectors with
product-base from Borco Electronic, Belgium and (iii) manufacture
of photographic chemicals and printing and packing material
through indigenous technology. It was also proposed to expand
the production capacity of cameras to 2,50,000 nos. per annum.

2003 - Shri Ramapati Singhania has resigned as a Director of the Company. Shri J F Alapatt has been nominated by IDBI as a "Nominee Director" on the Board with effect from September 03, 2003. At the said meeting Shri A. V. Gaikwad has been appointed as the Executive Director of the Company subject to the approval of the Central Government/Shareholders at the General Meeting as may be applicable. Shri A. V. Gaikwad will also continue to be the "Company Secretary" and "Compliance Officer" of the Company.


-PHIL Corporation Ltd has designated E-mail ID for Investors Complaints -agaikwadphil@gmail.com


-Mr. B. S. Sridhara has been appointed as the Managing Director of the Company

- Company has changed its name from 'Phil Corporation Ltd.' to 'Kore Foods Ltd.'