Inditalia Refcon Ltd Management Discussions.

The Company has entered into new Biotechnology business of import / manufacture and distribution of diagnostic kits for Medical Research and supply and distribution of Pharmaceutical Research materials such as Peptides, Antibodies, Antigens, Toxins, Enzymes, Unusual Amino Acids etc. In the first phase the Company has tied up with 4 Foreign Companies to distribute their products in India. Negotiations with few more Companies in the US and Europe are under way and expected to be finalized soon.

The Company is in the process of taking up the activity of Leasing of Refrigerated Containers. The Directors had good exposure to the industry and hence the Company is well placed to take advantage of the market. The Company shall separately approach the members to approve the changes to object clause of the Memorandum of the Company through postal ballot in near future.

With booming pharma and healthcare sector, the country offers very good opportunity for growth of Biotech business. Likewise, with increasing emphasis on export led growth leasing of Reefer containers is expected to pick up in near future. Your Board, therefore, feels it is a good opportunity to get into this line of business. The Company will need to create a few funding option to meet working capital requirement of the new business. It proposes to approach shareholders for necessary authorization under sec.180(1)I

Till recent past the Company has been in losses due to closure of its project to manufacture Reefer Containers. It expects to turn a new leaf by entering high growth Biotech sector. The Board is in the process of forming a market team of highly skilled medical and pharma industry professionals.