Prag Bosimi Synthetics Ltd-march-2008

8/8/2019 Prag Bosimi Synthetics Ltd-march-2008

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BOSIMITHE PRAG BOSIMI SYNTHETICS LIMITED

18th Annual Report2006 - 2008

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SANSCO SERVICES - Annual Reports Library Services - www.sansco.netTHE P RAG BOSIMI SYNTHETICS LIMITED

BOARD OF DIRECTORSShr i Niraj Verma, IA SChairman(upto 16.07.2007)Shr i H.K.Sharma, IA SChairman(w.e.f. 16.07.2007)Shri Hemant B.VyasManaging DirectorShri Devang H.VyasExecutive Director(upto 31.01.2008)Director(w.e.f. 01.02.2008)Shri Samir Kumar SanaDirector, FinanceShr i B.H.BachkaniwalaShri Pritipal SinghNominee, IDBI(Upto 15-09-2008)Shri B.P.MuktiehNominee, IDBI(w.e.f. 15.09.2008)Shri M.K.DattaNominee, LIC(upto 02.09.2008)Shr i Deepak GhoshNominee, IFCI(upto 09.07.2007)Shri A.K.ChoudharyNominee,IFCI(w.e.f. 09.07.2007}Dr. M.K.SinhaShri M.K.DasShri Girindra Mohan Das

BANKERSState Bank of IndiaAllahabad BankBank of BarodaCentral Bank of IndiaUC O BankIndusind Bank

AUDITORSH.Khaund & Co.Chartered AccountantsGuwahati.

REGISTERED OFFICEHouse No.4,Nilgiri Path,R.G.Barua Road,Near Doordarshan,Guwahati 781 005 Assam.

PLANTBijulibari Village,P.O.Khandajan,Via Sipajhar,Dist. Darrang 784 145Assam

HEAD OFFICER-79/83, Laxmi Insurance Building,5th Floor, Sir P.M.Road,Mumbai 400001.REGISTRARS & SHARETRANSFER AGENTSSharex Dynamic (India) Private Limited17/B Dena Bank Building,2nd Floor, Horniman Circle,Fort, Mumbai 400001.

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ANNUAL REPORT 2006 - 2008

NOTICENotice is hereby given that the 18th Annual General Meeting of The Prag Bosimi Synthetics Limited will be heldat 5.00 p.m. on Tuesday the 15th day of September 2009 at Hotel Landmark, Dr.R.B.Barooah Road, Ulubari,Guwahati 781007 to transact the fol lowing business:ORDINARY BUSINESS:(1) To receive, consider and adopt the Audited Profit & Loss Accou nt for the eighteen months period ended 31 st

March 2008 and Balance Sheet as at that date and the Report of Directors and Auditors thereon.(2) To appoint a Director in place of Shri Devang H. Vyas who retires by rotation and being eligible offershimself for re-appointment.(3) To appoint a Director in place of Shri Girindra M. Das who retires by rotation and being eligible offers himself

fo r re-appointment.(4 ) To consider and if thought fit, to pass with or without modification, the following resolution as a Special

Resolut ion:"RESOLVED THAT pursuant to the provisions of section 224A of the Comp anies Act, 1956 M/s. H. Khaund& Comp any, Ch artered Acc ou ntan ts, the retiring au ditors of the Compan y, b e and they are hereby reappointedas Auditors of the Company, to hold office from the conclusion of this Annual General Meeting upto theconclusio n ot the next Annu al Gen eral M eeting on a remun eration as may b e mutually agreed upon betweenthe Board of Directors of the Company and the Auditors, plus traveling, living and out ot pocket expensesactually incurred by the Auditors in connection with the audit work."

By Order of the Board,

Place : Guwahati Hemant B.VyasDate: 19.08.2009 Managing Director

Notes:1. The Register of Members an d share transfer books of the Company wil l remain closed from 5th September2009 to 15th September 2009 (both days inclusive)2. A MEM BER ENTITLED TO ATTE ND AND VOT E AT THE ME ETING IS ENTITLED TO APPOINT A P R OXY

TO ATTEND AND VOTE (ON A POLL) INSTEAD OF HIMSELF/HERSELF AND THE P RO XY NEED NOT BEA MEMBER OF THE CO MP ANY. A PROXY IN ORDER TO BE EFFECTIVE MUST BE RECEIVED BY THECOMPANY NOT LESS THAN 48 HOURS BEFORE THE TIME APPOINTED FOR MEE TING.

3. Exp lanatory statement pursuant to Section 173{2) of the Companies Act, 1956 relating to Item No. 4 of thenotice is annexed hereto

4. Details under clause 49 of the Listing Agreemen t with Stock E xchan ges in respect of Directors, seekingappointment/ re-appointment at the Annual General Meeting are separately annexed hereto.

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THE PR A G BOSIMI SYNTHETICS LIMITED

ANNEXURE TO THE NOTICEEXPLANATORY STATEMENT UNDER SECTION 173 (2) OF THE COMPANIES ACT, 1956 FORMING PAROF THE NOTICE DATED 19th AUGU ST 2009.Item No. 4:Section 224 A of the Companies Act 1956, provides for the appointment or reappointment at each Annual GenerMeeting of an auditor or auditors of a Company by a Special Resolution, if the Company is one in which not lesthan 25% of its sub scrib ed share capital is held singly or in any combination thereof, by the Public FinanciInstitutions, Government Companies etc. The holdings of thes aforesaid companies an d institutions in the Companexceed 25 % of its subscribed share capital an d hence the re-appointment of Messrs H.Khaund & Co. retirinauditors of the Company is required to be made by a Special Resolution. As required under Section 224 of thAct, certificate has been received from them to the effect that their appointment, if made, will be in accordancwith the limits sp ecified in Section 2 24 (1 B) of the Act. The Shareholders' app roval is also b eing sou ght to authoristhe Board of Directors to determine the remuneration payable to the Auditors in consultation with them.Details of the Direc tors seeking appo intment/reapp ointment at the Annu al General M eeting to be held o15th September 2009.

Name of the Director Shri Devang H.Vyas Shri Girindra Mohan DasDate of BirthDate of AppointmentExpertise in specificfunctional area

QualificationExp erience in No. of YearsList of outside directorshipheld

Chairman/ Member of thecommittee of the Board ofDirectors of the CompanyChairman/Member of theCommittee of Directors ofother Companies.

12.05.196903.07.2000Management,Administration and FinanceChemical Engineer,MBA Finance1 7LRhea Utilities & FacilitiesManagement Pvt. Ltd.2.Akhil lesh Mercantile Pvt. Ltd.S.Devsai Investment &

Finance Pvt. Ltd.4.Dev Amrit Investment &Finance Pvt. Ltd.S.Bosimi Export (India) Ltd.Nil

Nil

01.01.194720.11.2004Engineering

B.E. Electrical41Nil

Nil

Nil

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DIRECTOR'S REPORT 2006-08Your Directors hereby present their Eighteenth Annual Reporttogether with Audited Statement of Accounts of your Companyfo r the 18-months period ended on 31st March 2008. Theperformance of the Company is summarized below:

(Rupees in Crores)1 8 months ended 1 8 m o n t h s e n d e d3 1 s t March 2 0 0 8 3 0 t h S e p t e m b e r 2 0 0 6

Gross Turnover 0.06Turnover net ofExcise duty 0.04Profit (Loss) beforeDepreciation,Interestand Taxation (16.84)(Add)/Less: Interest (8.80)(Add)/Less: Depreciation (5.47)Profit/(Loss) afterDepreciation, Interestand Taxation (31.11)Add/(Less) Expensesof prior years (1.25)(Loss) for the period (32.36)Add (Less) Loss Broughtforward from thePrevious year (78.83)Total Loss carriedforward to next year (111.19)

74.44

65.46

(23.85)(7.99)(5.49)

(37.33)(0.88)

(38.21)

(40.62)(78.83)

Y o u r Directors regrettably report that since September 2006when we presented the report for the year 2005-2006, theCompany has been unable to restart the production as yourCompany has unpaid liability both principal and interest. Asper RBI Guidelines our account has been treated as Nonper fo rm ing asset by the Financial Institutions/Banks. Thepetroleum prices continue to remain high during the yearunder review, which has adversely affected the viability ofth e Company. Non-availability of adequate working capital,reduction in Excise duty as announced in the Union Budget2005-2006, 2006-2007 has aggravated the Company'sproblems.The Company has in order to arrest the losses convinced theSen io r Of f i cers of the Company to take pay cut and alsopermitted the employees to function from home. Employeeswho wanted to resign from the services of the Company ontheir own have been allowed to resign from the services ofthe Company. However, the resigning employees havecommitted to rejoin the Company as and when the companyrestarts the production. The Company at present is runningwith skeleton sta f f strength. The Managing Director andFinance Director have also voluntarily consented to reducetheir salaries in order to reduce the financial burden on theCompany. They have not been paid even the reduced salaries.The Company has accepted the resignation of the ExecutiveDirector. However, the Executive Director continues to be aMember of the Board. This will entail saving to the extent of

salary payment to the Executive Director.Members are aware that the Company has CDR approval frestructur ing its Debts. The details of the restructuring havalready been reported in the last Balance sheet. Threstructur ing package approved earlier could not be adhereto due to reduction in the Excise duty announced in the UnioBudget as mentioned earlier. The Company's prof i tab i l i trepayment capacity to the Financial Institutions and Bankwas adversely affected as a result of such reduction in Excisduty. After a series of meeting, the Lenders have agreed thathe Company should consent to a One Time Settlement (OTSAccordingly the Company has submitted OTS proposal, whicis given below:25% of principal amountoutstanding to be paid upfrontfo r all financial institutions20% of the amount outstandingas on 31.12.05 to be paidupfront for all working capitalbankers

Balance 75% principaand total accrued interesto be waived fullyBalance 80% to bwaived

The Company simultaneously was looking for a StrategInvestor/Lender who could finance the required amount foOTS. Accordingly the company signed a MOU with WL RosInc., one of the biggest investor from USA for financing thOTS amount and also substantial expansion of the Companso that the Company can become viable without any fiscincentive.Based on the MOU, WL Ross had undertaken due diligencof our plant and they had incurred a cost of Rs. 1.45 Croref rom their own resources. Unfortunately when the deal wato be finalized, sub prime crisis in U.S.A. came to surfacand unfortunately the deal failed. However, the Managemedid not lose heart and continuously pursued its efforts anwas able to locate Standard Chartered Bank to come forwato revive the Company. Now Standard Chartered BanAlternate Investment Group has committed to provide thneed based funds for payment of OTS and also for expensefor restarting the plant. Standard Chartered Bank at the initistage does not want to take large exposure in the CompanAccordingly they have suggested modification of the OTproposal already submitted to the Banks/Institutions. Both thOTS proposals submitted earlier and modified one are givebelow.Earlier Proposal25% of principal outstanding to be paid upfront for all financiinstitutions.Balance 75% principal and total accrued interest to be waivefully.Modified Proposal25% of the earlier settled amount i.e. 6.25% immediate upfropayment.Balance 18.75% of earlier settled amount to be paid by waof optionally convertible debentures payable after 24 monthBalance 75% principal and total accrued interest to bewaivefully.Earlier Proposal20% of principal amount outstanding as on 31.12.05 to b

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THE P R A G BOSIMI SYNTHETICS LIMITEDpaid upf ront for all work ing capi tal b ankers.Balance 80% principal and total accrued interest to be waivedfu l ly.Modif ied Proposal25% of the earlier settled amount i.e. 5% immediate upf rontpayment .Balance 15% of earlier settlement amount to be paid by wayof optionally convert ible deben tures payable after 24 mon ths.Balance 80 % principal an d total accrued interest to be waivedfu l l y .After the matter was approved in principle by the lenders, thesame was taken to CDR and CDR Forum also approved thep r o p o sa l an d gave d i rect ion to a l l l enders to ex p ed i t eimplementat ion of the modif ied proposal. We are pleased toinform the latest status of approval of our modif ied proposalwith various Financial inst i tut ions/Banks as under:Name of Lender Status of Modi f ied Sanct ion LetterIDBI Received on 25.11.2008IFCI Received on 17.02.2009SCB Received on 23.04.2009LIC Received on 28.07.2009UIIC Received on 15.07.2009QIC Received on 22.05.2009NIC Received on 20.03.2009Allahabad Bank Received on 08.01.2009UC O Bank Received on 31.03.2009NEDFI Received on 30.09.2008S B I Under sanct ionCB I Under sanctionBOB Under sanctionNAIC Under sanc t ionUTI Under sanct ionQ IC Under sanct ionOnce the total sanction is received, we will have to take upwith Standard Chartered Bank who wi l l be making the paym entdirectly to exist ing lenders, get the f i rst charge released,create f irst charge in their favour and restart the plant. TheCompany has already initiated discussions with few bankersan d some have conf i rmed that once the OTS payment iscompleted, they will provide th e necessary w ork ing capi tal tothe Compan y. Now we have rece ived sanct ions of more than80% lenders and we do not see any difficulty in getting balancesanct ions. The management hopes that it will be in a positionto restar t the plant within a reasonab le time p eriod.In the meantime, management is also pursu ing with variou sother lenders who are looking into Company's requirementof fun ds vis-a-vis security avai lable. Company has completedvaluation of its assets through M/s. R. B. Shah Associates,who are approved valuer with major Indian/Foreign Banks,Financial Inst i tut ions an d other Government Agencies. TheCompany also engaged M/s. Text i le Intelligence'to undertakethe market viability report. Both these reports are encouraging.On complet ion of OTS process and recommissioning of theplant, the Company ca n start generat ing reasonable profi tswithin a short span of t ime. The Comp any in the mean time is also requ esting extend edco-operat ion an d help f rom Gov ernment of Assam fo r allowingre-connection of 132 KV pow er supp ly to the plant. Company

h as a l so ap p r o ach e d Go v e r n me n t o f Assa m, H o n 'Industr ies Minister fo r grant of var ious concessions suchSales Tax, CST, Entry Tax, VAT etc., as this is one of tpre-conditions of the new proposed investor. We are hopethat Government of Assam wi l l cont inue to suppo r t us in tmatter in order to enable the C ompany to resta rt the plwith fresh infusion of funds.W e ar e glad to inform the shareholders that in general Polyester industry in the Country is doing very well. The rmaterial prices have come down to almost 2004 levels afinished produ ct prices have gone up since the Gov ernmha s imposed anti dumping duty on imported goods. Dueanti dumping measures ini t iated by Government of Indiawill not be viable to import polyester yarn into the Counthereby pushing up demand fo r indigenous goods. All exist ing units have either expanded their capacit ies or in tprocess of expansion. Now wi th SAFTA in place, Compahas one more benefi t whi le sel l ing goods to ne ighbourco u n t r i es . Co mp an y a l so i n t en d s to install ad d i t i omachineries for value added goods, which wi l l enhancefinancial viability of the Company. Company's product POneeds to be textur ised an d there are no texturising unitsNorth East, Bihar, Bengal an d Orissa and at the moment POis sold in western par t of the Country .which results in hut ransportat ion costs. Hence Company has decided to put t e x t u r i s i n g mach ines to conv er t the i n -house PO Y i ntexturised yarn and sel l i t , which wi l l help Company realhigher value an d also enable the Comp any to sel l the produas tex tu r i se d yarn to nearby consuming markets entai lh u g e t r a n s p o r t a t i o n s a v i n g s to the C o m p a n y s i n c e tCompany wil l not have to go to western part of the countrysell its p rodu cts . Th i s w i l l improve the pro f i tab i l i t y of tCompany. We only hope the OTS p ro posa l of the Compagets cleared as soon as possible.We are happy to report that the Company ha s decided to haTexti le Park at the Company 's s i te an d therefore app roachA s s a m I n du s t r i a l D ev e l o p men t Co r p o r a t i o n ( A IDC )necessary approval . The Company ha s received approvalsett ing up a Tex t i le Park. In order to take this forwa rd a Sp ecPu r p o se V eh i c l e f SPV ) has to be f loated jo int ly by tCompany and othei s iake holders as per the Integrated TextPark Scheme. The funds required for the purpose of TextPark to the extent of 90% will be provided by the CentG o v e r n m e n t as g ran t under i t s I n tegra ted Tex t i le PaScheme. Y o u r Company's cont r ibut ion of balance 10% wbe provided in the fo rm of land. This Textile Park will contribto th e prof i tabi l i ty of the Company.AUDITORS' REPORTYou r directors give ful l explan ations for variou s quali f icat ioset out in Au ditors' Report in Ann ex ure A, Which fol low s said Report.CAPITALIZATION OF PROJECT COSTAuditors of the Comp any in their Audit R eport on the accoufo r the per iod ended 31s t March 2008 have i n ter acommented upon continued non provision of depreciat ion certain plant an d mach inery and on non-capi ta l izat ioninterest on loans an d related preoperative expenses.In this connection, the Company has been advised that sucontinued non p rovision of depreciation and norrcapital izatof in terest on loans an d related pre-operat ive expenseswel l w i th in the legal po si t ion in th is beha l f , inc luding t

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ANNU AL REPORT 2006 - 20provisions,sf section 205 of the Companies Act, 1956 sincethe Company has not proposed declaration or payment ofan y dividend to its shareholders.The Board ha s been advised that in view of Company's effortst o re n e g o t i a t e w i t h va r i o u s Financial Term LendingInsti tut ions, the rate of interest an d reschedulement of itsouts tanding loans including waiver, re l ie fs , defermen t ofrepayment installments, including O ne Time Settlement of allits dues, the quantum of such interest and resultant final loanliability continues to be unascertainable justi fying i ts nonprovision in these accounts.Similarly, the Compan y is also advised that capitaliz ation ofpre-operat ive Capital Work-in-Progress amount should alsowait ti ll full stabilization of its plants and amicable resolutionso f it s n e g o t i a t i o n s w i t h th e lending i n s t i t u t i o n s an dcrystal l izat ion of final amoun t of interest and principal p ayableto them. Sub jec t to above , o therwise the o ther Audi tqualifications are self explanatory.As stated in the earlier part of this report, the Company ha salmost succeeded in obtaining substantial relief, contingentupon Company's compliance of certain conditions, in respectof part waiver of principal as well as reduction in rate of interestf rom var ious agencies consequent upon the del iberat ionsbefore CDR Forum for One Time Sett lement, fu l l effect ofwhich the Company is advised to give in its accounts for thesubsequent period beginning with 1st April 2008.O n the same consideration the Company has not carried outany exerc is e to ascerta in whether there has been anyimpairment of assets as required by accounting statndard AS(28).DIRECTORSLI C has wi thd rawn the no minat ion of S hr i M.K.Datta asNominee Director of the Company. The Board has placed onrecord the appreciation of invaluable services rendered to theCompany by Shri M.K.Datta during his tenure.In accordance wi th the Ar t i c les o f Assoc ia t ion o f you rCompany, Shr i .Devang Vya s & Shri. Girindra Mohan Dasret ire b y rotat ion b u t being eligible of fer t he ms e l ve s fo rreappointment.DIRECTORS' RESPONSIBILTY STATEMENTYour Directors hereby confirm that:(a ) In the p re p a ra t i o n o f s t a t e me n t o f a c c o u n t s , th eapplicable accounting standards have been fol lowed,unless otherwise stated.(b ) The Directors have selected such accounting policiesand applied them consistently an d made judgm ents an d

estimates that are reasonable and prudent so as to givea true an d fair view of the state of affairs of the Companyat the end of the financial year an d profi t or loss of theCompany for the period.(c) The Directors have taken proper an d suff icient care fo rthe maintenan ce of adequ ate accou nting reco rds inaccordance with provisions of the Companies Act, 1956fo r safeguarding th e assets of the Company and forpreventing and detecting frauds and other irregularities.(d) The Directors have prepared the accounts on a goingconcern basis.

C O R P O R A TE G O V E R N A N C EThe Company has taken steps to comply with the mandaprov is ions of c lause 4 9 of the Lis t ing A gre eme nt anseparate report on Corporate Governance is enclosed.MANAGEMENT D ISCUSSION AND ANALYSISManagement Discussion an d Analysis forming part ofreport is given separately.FIXED DEPOSITSThe Company has not accepted/ invited any deposits fpublic.PERSONNELNone of the emp loyees of the Company was in receipremuneration exceeding the l imits prescribed under sec217(2A) of the Companies Act, 1956 read with Compan(Part iculars of Employees) Rules 1975.C O N S E R V A T I O N O F E N E R G Y , T E C H N O L OA B S O R P T I O N , F O R E I G N E X C H A N G E E A R NI NG AO UTG OThe information required under section 217 (1) (e) of Companies Ac t 1956 read with the Companies (Disclosurparticulars in the Report of Board of Directors} Rules, 1relating to conservation of energy, technology absorption, foreign exchang e earnings and outgo is given in An nexforming part of this report.A U D I TO R SM/s. H.Khaund & Company, Chartered Accountants, Aud iof the Company wil l retire at the forthcoming Annual GenMeeting, and being eligible, offer th em for re-appointmThe Company has received a cert i f icate from Aud itors toe f f e c t that thei r re-appoin tment, i f made, would beaccordance with Section 224(1 B) of the Companies Act, 19The Board recommends their re-appointment.APPRECIATIONY o u r Directors take th is opportun i ty to of fer their sincthanks to the Government of India, Governmen t of AssAIDC, IDBI, ICICI Bank Ltd, Standard Chartered Bank,Ltd, LIC, UTI, Q IC and its subsidiaries, SBI , NEDFi, AllahaBank, Bank of Baroda, Central Bank of India, Uco BaIndusind Bank, North East Frontier Railways and our valinvestors for their unstinted support and assistance and lfo rward to their continuing support and encouragemenenabling Company to realise it's vision of brighter tomoran d aushering in of rapid economic development of Assand the Northeast region.Your Directors also wish to place on record deep appreciaof the dedicated and sincere efforts put in by the employof the Company at all levels.

O n behalf of the Bo

Guwahat iDate : 19th Augu st 2009

Hemant B. VyManaging Direc

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SANSCO SERVICES - Annual Reports Library Services - www.sansco.netTHE PRAG BOSIMI SYNTHETICS LIMITED

A N N E X U R E TO THE DIRECTORS' REPORTA NNEXUR E- 'A 'CONSERVAT ION O F ENERGY, TECHNOLOGY ABSORPTION,FOREIGN EXCHANGE EARNINGS / OUT GO:

(A )FORMA

P O W E R A N D FUEL C O N S U M P T I O NParticulars1 . E l e c t r i c i t y :

P u r c h a s e d :( a ) N o o f U n i t s( b ) T o t a l A m o u n t ( R s . ){ c ) R a t e / U n i t ( R s . )

C U R R E N TP E R I O D

N . A .N . A .N . A .

O w n G e n e r a t i o n : T h r o u g h D i e s e l g e n e r a t o r s( a ) N o . O f U n i t s : N.A.(b ) U n i t p e r l i t r e o ! D i e s e l N.A.( c ) Cos!/Uni! ( R s . ) N.A.T h r o u g h s te a m t u r b i n e g e n e r a t io nN o . o f U n i t s : N.A.U n i t p e r l i t r e o f F u e l o i l / G a s N.A.C o s t / U n i t N.A.

2 . C o a l ( s p e c i f y q u a l i ty a n d w h e r e u s e d ) N.A.Q u a n t i t y : N.A.T o t a l c o s t N.A.A v e r a g e R a te N.A.

3 . F u r n a c e Oil:Q u a n t i t y ( K L ) N.A.T o t a l A m o u n t ( R s . ) N.A.A v e r a g e R a t e (R s ) N.A.

4 . S t e a m :Q u a n t it y i n T o n s : N.A.T o t a l C o s t : ( R s . ) N.A.R a t e per Ton ( R s . ) N.A.C o n s u m p t i o n p e r u n i t o f p r o d u c t i o nE l e c t r i c i t y p e r k g . Y a r n i n N o . o f Units N.A.F u r n a c e Oil ( L i t r e ) N.A.C o a l N.A.S t e a m in K . G . p e r K . G o f Y a r n N.A.

F O R E I G N E A R N I N G S / O U T G O :Particulars CurrentPeriod(Rupees)F o r e i g n E x c h a n g e E a r n i n g s NilF o r e i g n e x c h a n g e O u t g oC a p i t a l G o o d s NilS t o r e s , s p a r e s and c o n s u m a b l e NilO t h e r s 71201

P R E V I O U SP E R I O D

1 1 0 5 5 1 9 74 4 7 9 1 3 0 3

4 . 0 51 1 7 9 6 2

2.637 . 1 3N . A .N . A .N . A .N . A .N . A .N . A .N . A .

2021.3494 0 1 3 9 3 6 2

1 9 8 5 7 . 7 12 0 2 1 3 . 4 9

4 0 1 3 9 3 4 21 9 8 5 . 7 7

1 . 6 00 . 2 9N .A

2.89P r e v i o u s

P e r i o d( R u p e e s )

N i!N il

4 5 8 8 2 8 81 9 7 9 7 7

Guwahat iDate :19th August 2009

For and on behalf of the Board

Hemant B. V y a sManaging Director

AN N E X U RE "B" TO DIRECTORS' REPORTEXPLANATIONS AND INFORMATION ONQUALIFICATIONS IN AU DITORS' REPORTPara No. Explanations4 (i) Please refer to Directors' Report para

"capitalization of project cost."4 (ii) The Company is in constant touch with financiainstitutions, and is in settlement negotiation.4 (iv) Reconciliation of accounts is an on goingprocess with the suppliers and customers.Annexure : The Company was not in operation, it couldnot pay statutory dues in time. The Companyhas however; cleared some amount of statutorydues and the balance will be cleared at theearliest opportunity.

For and on behalf of the Board

GuwahatiDate :19th August 2009Hemant B. V y a sManaging Director

MA NA GEMENT DISCUSSIONS A ND ANAYSISY o u r Company is operating in an Industry, which has beenexperiencing a massive growth for the last many years.W e are hopeful that in the years to come the same trendwill be maintained. The Polyester is now being used invar ious fields such as Automobiles, Engineering and otherIndustries. The location of your Company which was amatter of concern earlier has now turned out to be positivedue to SAFTA being in place where a big market likeBangladesh, Burma, Nepal etc. will be opened up for theCompany when it goes into production with value addedproducts.With th e Textile Park your Company will be in a position tosell substantial product at plant site, which will obviouslyimprove the profitability by way of reducing selling cost.T he revenue generated from th e Textile Park will enhanceth e profitability of the Company.RE PO RT ON CORPORATE GOVERNANCEManagement Philosophy:Your Company's vision is far reaching befitting its statusas a joint sector undertaking promoted for rapid industriadevelopment of the state by the Government of Assamthrough Assam Industrial Development Corporation. PBSLis a pioneering unit of its type in the North East andcorporate vision is to act as a nucleus fo r development oftexti le related industries in this region. PBSL is committedto catalyzing industrial growth in Assam by providingimpetus and foundation for downstream, ancillary andrelated industries, which will boost employrnent andentrepreneurship. Corporate actions will optimize theinterest of a l l stakeholders - shareholders, customers,

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9/32

SANSCO SERVICES - Annual Reports Library Services - www.sansco.netANNUAL REPORT 2006 - 20

employees, suppliers and society at large. The Company has complied with stipulations laid down in clause 49 of Listing Agreement as stated below,Board of Directors:Composition of the BoardThe Company's Board of Directors is broad based, and meets the composition criteria. As on 31.03.2008, the PBBoard consists of eleven Directors, two of whom, including Managing Director are Whole-time Directors. The remainnine Directo rs are Non- E xecutive Directors, out of nine Non Executive Directors seven are nominee Directors and twothem are independent Directors. The composition of the Board of Directors during the year ended 31st March 2008 was under: -

Sr.N o .

123456789101112131 4

N a m e of Director

S h r i H . K . S h a r m a , IAS,S h r i N i ra j V e r m a , IAS, ( a )S h r i . H e m a n t B . V y a s . *S h r i D e v a n g H . V y a s , *S h r i S a m i r K u m a r S a h aS h r i B . H . B a c h k a n i w a l aS h r i P r i t i p a l S i n g hS h r i D e e p a k G h o s hS h r i A . K . C h o u d h a r yS h r i B . P . M u k t ie hS h r i . M . K . D a sD r. M . K . S in h aS h r i . M . K . D a t t aS h r i G i r i n d r a M o h a n D a s

Category

C h a i rm a n , N o m in e e o f A ID C - t h e P r o m o t e r ,N o n E x e c u t i v e & I n d e pe n d e n t D i r e c to rC h a i r m a n , N o m in e e o f A I D C - t h e P r o m o t e r,N o n E x e c u t i v e & I n d e p e n d e n t D i r e c t o rM a n a g i n g D i r e c t o r & w h o l e t im e D i r e c t o r -P r o m o t e r o f t h e C o m p a n yN o n E x e c u t i v e D i r e c to rW h o l e t im e D i r e c t o rN o n E x e c u t i v e D i r e c t o r &I n d e p e n d e n t D i r e c t o rI D B I N o m i n e e N o n E x e c u t i v e D i r e c t o r& In d e p e n d e n t D i r e c t o rI F C I N o m in e e N o n E x e c u t iv e D i re c t o r& I n d e p e n d e n t D i r e c t o rI F C I N o m i n e e , N o n E x e c u t i v e D i r e c t o ra n d i n d e p e n d e n t D i r e c t o rID B I B a n k N o m in e e . N o n E x e c u t i v e D i r e c t o ra n d I n d e p e n d e n t D i r e c t o rN o m i n e e - A I D C - p r o m o t e r o f t h e C o m p a n y .N o n E x e c u t i v e D i r e c t o r & I n d e p e n d e n t D i re c t o rL IC N o m in e e . N o n E x e c u t iv e D i r e c to ra n d In d e p e n d e n t D i r e c t o rN o m i n e e - A s s a m S t a t e E l e c t r i c i t y B o a r d -N o n E x e c u t i v e & I n d e p e n d e n t D i r e c t o r

Boardmeetingsattendedduring theperiod0

0666030002310

Whetherattendedlast A G M

N o

N oN oN oY e sN oN oN oN oN oY e sN oN oN o

Directorshipsheld in otherPublic companincorporated inIndia.12

1616525-

24-22-

-During the year, 6 meetings of directors were held.Independent Director means a Director who, apart from receiving a Director's remuneration, does not have an y omaterial pecuniary relationship or transactions with the Company, its promoters, its management, or its subsidiariwhich in the judgment of the Board may affect the independence of the judgment of the Director.None of the Directors is a member of more than 10 Board-level committees, or a Chairman of more than five sucommittees, as required under Clause 49 of the listing agreement.* Shri. Hemant B. Vyas and Shri. Devang H .Vyas are related to each other as father and son respectively.a. Shri H.K.Sharma IAS was appoin ted as a Director on 16lh Ju ly 2007 in place of Shri. Niraj Verma, IASb. Shri A.K.Choudhary was appointed as a Director on 9th July 2007 in place of Shri. Deepak Ghosh .c. Shri. B.P.Muktieh was appointed as a Director on 15th September 2008 in place of Shri. Pritipal Singh

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10/32

SANSCO SERVICES - Annual Reports Library Services - www.sansco.netT H E P R A G B O S I M I S Y N T H E T I C S L I M I T E DDirectors who ceased during the year

N a m e of Director

S h r i N i ra j V e r m a ( a )S h r i M . K . D a t t a ( b )S h r i D e e p a k G h o s h (c )S h r i P r i t i p a l S i n g h ( d )

Category

A I D C N o m in e e . N o n E x e c u t iv e D i re c t o r &I n d e p e n d e n t D i r e c t o rL IC N o m in e e N o n E x e c u t iv e D i r e c to r &I n d e p e n d e n t D i r e c t o rIFCI N o m in e e N o n E x e c u t iv e D i r e c to r &I n d e p e n d e n t D i r e c t o rID B I N o m in e e N o n E x e c u t i v e D i r e c t o r &I n d e p e n d e n t D i r e c t o r

B o a r dmeetingsattendedduring theperiod

6666

Boardmeetingsattendedduring theperiod

0103

Whetherattendedlast A G M

N oN oN oN o

Directorshipsheld in otherPublic companieincorporated inIndia.

1 6-

2-

(a) AIDC withdrew the nomination w.e.f. 16.07.2007(b) LIC withdrew the nomination w.e.f. 02.09.2008(c) IFCI withdrew the nomination w.e.f.09.07.20 07(d) IDBI withdrew the nomination w.e.f. 15.09.2008Board Meetings and AttendanceThe Corporate Governance policy requires the Board tomeet at least 4 times in a year with a maximum gap of 120days between any two meetings. The details of BoardMeetings held during the year are as under -

Sr.N o .123456

D a t e of Board Meeting29th December 20062 7 t h F e b r u a r y 2 0 0 72 7 t h A p r i l 2 0 0 73 0 t h J u l y 2 0 0 73 0 th O c to b e r 2 0 0 72 9 t h J a n u a r y 2 0 0 8

BoardStrength1 11 11 11 11 11 1

No. of Directorspresent474543

Board's ProcessIt has always been the Company's policy and practice thatapart from matters requiring the Board's approval by statute,al l major decisions including qua rter ly results of theCompany as a whole an d debt restructur ing, capi talexpenditure, collaborations, m aterial investmen t proposals,sale and acquisition of assets of material nature, mortgages,guarantees, donations, information on recruitment andremunerat ion of senior of f icers of the level of DeputyGeneral M anagers and above are placed before the Board,This is in addition to information with regard to actualoperations, major litigation feed back rep orts and minutesof Committee M eetings.T he Board of P B S L is regu lar ly presented wi th allinformation under the above heads, whenever applicable.These are submitted either as part of the agenda p apers in

advance of the Board meetings or are tabled in the coursof the Board meetings.Committees of the Board:The Board of Directors has constituted three permanencomm ittees of the B oard - the Audit Co mmittee, the ShareTransfer Commit tee and the Shareholders/InvestorsGr ievance Commit tee. T he Board also const i tu teRemuneration Committee on ad hoc b asis. The functionof var ious commi t tees thei r mode of operat ion anmembership details are given below.A. Audit CommitteeThe Company has an Audit Committee of the Boardcomprising following Directors1. Dr. M.K, Sinha Independent Director.2. Shri M.K. Das Nominee of AIDC/ Independent Director3. Shri M.K. Datta Nominee of LIC/ Independent Directoupto 02.09.2008.4. Shri Pritipal Singh, Nominee of IDBI / IndependenDirector upto 15.09.2008.Shri S.K. San a, Director, Finance is a permanen t invitee toAudit Committee meetings.The Audit Committee of the Company, inter alia, providesreassurance to the Board on the existence of an effectiveinternal control environment that ensures: -a)b)c)

Efficiency and effectiveness of operations.Safeguarding of Assets and adequacy of provisionfor all liabilities,Reliabil i ty of all f inancial an d other Managemeninformation and adequacy of disclosures

d) Compliance with all relevant statutes.The Committee has powers similar to those stated in thlisting agreements and exercises most of the functions il ine with th e requ i rements of the code of Corpora te

10w w w . r e p o r t j u n c t i o n
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11/32


Governance. The details of the Audit Committee meetingheld during the year 2006-2008 are as under: -Audit Committee Meetings

S r .N o1234

D a t e o f A u d i t C o m m i t t e eM e e t i n g2 7 t h F e b r u a r y 2 0 0 73 0 t h J u l y 2 0 0 73 0 t h O c t o b e r 2 0 0 72 9 t h J a n u a r y 2 0 0 8

C o m m i t t e eS t r e n g t h .4422

N o . o f M e m b e r sP r e s e n t422

Audit Committee AttendanceS r . N o12 .34

D i r e c t o r sS h r i M . K . D a sS h r i M . K . D a t t aD r. M . K . S i n h aS h r i P r i t i p a l S i n g h

N o . o f M e e t i n g s2132


Managing Director, Shri Devang H. Vyas, Director andShri B.H.Bachkaniwala, Director, No transfers were pendingon 31st March 2008.During the year 2006 - 2008, ShareTransfer Committee held 35 meetings, which were attendedby Shri Hemant B . Vyas , M an ag i n g Director andShri Devang H.Vyas, Director.C. Shareholders' Grievance Committee:The Board of Directors of the Company has constituted aShareholder/ Investors Grievance Committee, comprisingof the following Directors. The Committee met on 29thDecember, 2006, 27th February, 2007, 27th April, 2007,30th July, 2007, 30th October, 2007 an d 29th January,2008. Company Secretary acts as Secretary to theCommittee.

B. Share Transfer CommitteeThe Company has a Committee of Directors titled as "ShareTransfer Committee" to look into various matters pertainingto share transfer , issue of duplicate share certificates. Themembers of this committee are : Shri Hemant B. Vyas,

CompositionS h r i H e m a n t . B . V y a sS h r i D e v a n g H . V y a sD r. M . K . S i n h a

DesignationC h a i r m a nM e m b e rM e m b e r

N o . o f meetings666During the year under report, the Company received 103complaints and all of them were resolved. There were nopending or unresolved comp laints as on 31st March 2008.

Details of Remuneration paid/ accrued/credited to the Directors during the Financial Year Ended 31st March 2008( R s . in '0 0

S r . N o .1234567891 01 1121 31 4

N a m e o f t h e D i r e c t o rS h r i N i r a j V e r m a J A S ( a )H . K . S h a r m a , I A S , (b )S h r i . H e m a n t B . V y a s , *S h r i D e v a n g H . V y a s , * ( c )S h r i S a m ir K u m a r S a n aS h r i B.H. B a c h k a n i w a l aS h r i P r i l i p a l S i n g h ( d )S h r i D e e p a k G h o s h ( e )S h r i .A . K . C h o u d h a r y ( f )S h r i . B . P . M u k t i e h ( g )S h r i . M.K. D a sD r. M.K. S i n h aS h r i M . K . D a t ta ( h )S h r i G i r in d r a M o h a n D a s

S a l a r y--

56250016000001052100

---------

P e r q u i s i t e s& o t h e r b e n e f i t s--

548520.632510010.622500-

--------

PerformanceBonus/Commission--------------

Sitting Fee------

3000----

60002000-

Total

--1111020.634110010.621074600-

3000----

60002000-

a) Ceased to be a Director w .e. f 16th July 2007(b) Appointed as a Director w.e.f 16th July 2007(c) Ceased to be a Ex ecutive Director w.e.f 31st January 2008(d) Ceased to be a Director w.e.f 15th September 2008(e) Ceased !o be a Director w.e.f 9th July 2008(f) Appointed as a Director w.e.f. 9th July 2008(g) Appointed as a Director w.e.f. 1 5th September 2008(h) Ceased to be a Director w.e.f. 2nd S eptember 2008

Perquisites comprise of H.R.A, Reimbursement of medical expenses and Leave Travel Assistance.

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12/32


THE PRAG BOSIMI SYNTHETICS LIMITED

Service conditions of Whole time Directors1. At present there are two Who le time Directors employedon contract for th ree years f rom the date ofappointment. Shri. Devang Vyas, Executive Directorresigned w.e.f. 31st January 2008.2. Service of Managing D irector is terminable by 6 months'notice on either side or salary in lieu thereof.3. Service of Director, Finance is terminable by 3 months'notice on either side or salary in lieu thereof..Means of Communicat ionAnnua l Reports are sent to shareholders in the timeprescribed under the Companies Act 1956. The quarterlyresults of the Company are published in English/ RegionalNews Papers as per the listing agreements with the StockE x c h a n g e s . The i n te res ted members a re supp l i edrequested information promptly. The Unaudited quarterlyfinancial resu lts, shareholding pattern and Annual Rep ortare placed on the web site www.sebi.govn.in in pursuant tothe direction given by SEBI.Details of last three Annual General Meetings: -

Y e a r2 0 0 5 - 2 0 0 6

2 0 0 3 - 2 0 0 5

2 0 0 2 - 2 0 0 3

LocationH o t e l L a n d m a r k ,D r . R . B . B a r o o a h R o a d ,U lu b a r i , G u w a h a t i 7 8 1 0 0 7H o t e l B r a h m a p u t ra A s h o k a ,U z a n B a z a r .M . G R o a d ,G u w a h a t i 7 6 1 0 0 3H o t e l B r a h m a p u tr a A s h o k a ,U z a n B a r a r . M . G R o a d ,G u w a h a t i 7 8 1 0 0 3

D a t e3 0 t h M a r c h ,2 0 0 72 8 t h S e p t e m b e r ,2 0 0 52 9 l h M a r c h ,2 0 0 4

T i m e4 . 0 0 p . m .

4 , 0 0 p . m .

4 . 0 0 p . m .

Disclosures There has been no non-compliance pen alties/stricturesimposed on the Company by stock exchanye (s) orSEBI, on any matter related to capital markets, duringthe last three years, excep t fo r suspension of tradingof compan y's shares for a short period from the BombayStock Exchange due to delay in payment of AnnualListing fees for the year 2006-2007. There are no mater ial ly s ign i f icant related pa rtytransactions, which may have potential conflict withinterests of the Company at large. There are no pecuniary relationships or transactionswith the non - executive independent directors.Shareholders Information1. Annual General Meeting:

Date : 15th Septemb er 2009Time : 5.00 p.m.Venue : Hotel Landmark, Dr. B. Barooah Road,Ulubari, Guwahati 781 007.

2. Book Closure Date:From Saturday 5th September 2009 to Tuesday, 15thSeptember, 2009 (both days inclusive)

3. Share Transfer Agent:SH AREX INDIA PR IVATE LIMITED17/B.DENA BANK BUILDING, 2nd Fioor,HORNIMAN CIRCLE, FORT, MUMBAI 400023.

4. Investors Corresponde nceAll quer ies of investors regarding the Companyshares in Physical/ D'mat form may be sent to ShaTrans fer Agen t of the Company or at Companycorporate off ice at the following address or at thRegistered Office of the Company.Corporate Off ice:The P rag Bosimi Syn thetics Ltd.R-79/83, Lakshmi Insurance Bldg.,Fifth Floor, Sir P.M. Road, Mumbai 400001.Registered Office:The Prag Bosimi Synthetics Ltd.House No.4, Nilgiri Path, R.G.Barua Road,Near Doordarshan, G uwahati 781005, Assam

5. Listing on Stoc k Exchan ges: -.Name of the Stock E xchanges in which the sharesthe Companies are currently listed for trading with stocodes:S t o c k E x c h a n g e C o dT h e G u w a h a t i S t o c k E x c h a n g e Ltd. L / 7 2T h e S t o c k E x c h a n g e , M u m b a i 5 0 0 1 9The C a l c u t t a S t o c k Exchange Association Limited 1002615T h e Delhi S t o c k E x c h a n g e A s s o c i a t i o n Limited 1 6 0 2T h e S t o c k E x c h a n g e Ahmedabad. P R A G B O S MI S I N N o . I N E 9 6 2 8 0 1 Q 1

6. Shareholding Pattern of the Company as 31st March, 2 0 0 8Category

A P R O M O T E R ' S H O L D IN G :I n d i a n p r o m o t e r s , r e l a t i v e sa n d a s s o c i a t e s

B N O N - P R O M O T E R S H O L D IN Ga ) M u t u a l F u n d sb ) B a n k s , F i n a n c i a l Institutions,

i n s u r a n c e C o m p a n i e s , C e n t r a l /S t a t e G o v t . I n s t i t u t i o n s /N o n - g o v e r n m e n t I n s t i t u t i o n s (includingF o r e i g n F i n a n c i a l I n s t i t u t i o n s ]

C F I ISD O t h e r s : - C o r p o r a te s b o d i e sIndian P u b l i c

N R IC l e a r i n g M e m b e r sT O T A L

N o , O fShares held

1 9 3 9 3 6 8 8

1 0 1 7 0 0

8 3 7 9 4 6 0Nil

9 2 8 7 5 9 43 4 2 2 8 3 5 4 5

2 8 2 7 3 4 31 0 5 6 3 0

7 4 3 8 2 9 6 0

% a g e oS h a r

2 6 . 0

0 . 1

1 1 . 2N

1 2 . 44 6 . 0

3 . 80 . 1

1 0 0 . 0

12w w w . r e p o r t j u n c t i o n .
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13/32

SANSCO SERVICES - Annual Reports Library Services - www.sansco.netANNUAL REPORT 2006 - 200

7 Distribution of Share holding as on 31st March 2008.R a n g eN o . O f S h a r e sU p t o 1 0 01 0 1 - 2 0 02 0 1 - 5 0 05 0 1 - 1 0 0 01 0 0 1 - 5 0 0 05 0 0 1 - 1 0 0 0 010001-1000001 0 0 0 0 1 - a n d a b o v eTotal

S h a r e h o l d e r sN u m b e r

7 8 5 3 27 2 9 37 7 4 92 7 7 41 9 1 4

2 3 1263

6 39 8 8 1 9

% t o t o t a lh o l d e r s

7 9 . 4 77 . 3 87 . 8 42 . 8 11 . 9 40 . 2 30 . 2 70 . 0 6

100.00

S h a r e sN u m b e r s7 8 4 1 5 8 51 4 5 5 7 7 63 2 2 2 5 8 12 3 7 7 5 9 94 5 4 5 1 2 91 7 6 5 5 4 88 6 7 2 5 7 5

4 4 5 0 2 1 6 77 4 3 8 2 9 6 0

% t o t o t a lC a p i t a l

1 0 . 5 41 . 9 64 . 3 33 . 2 06 . 1 12 . 3 7

1 1 . 6 65 9 . 8 3

1 0 0 . 0 0Share Transfer SystemShare transfer in physical form are registered by theShare Trans fer Agent and returned to the respectivetransferee within a period ranging from fifteen days toone month, provided the documents lodged with theShare Trans fe r Agent / Company are clear in al lrespects.

9 Dematerialisation of sharesAs per noti f icat ion issued by the Secur i t ies andExchange Board o f India (SEBI), th e t rad ing inCompany's shares is permitted only in dematerializedform w.e.f September, 2000. In order to enable theshareholders to hold their shares in electronic form andto facilitate scripless trading, the company has enlistedits shares with National Securities Depository Limited(NSDL) an d Central Deposi tory Serv ices Limited(CDSL).N o . o f s h a r e s D e m a t e r i a l i s e r J . 2 6 9 9 6 0 9 9 36.29%N o . o f s h a r e h o l d e r s in D'mat f o r m 1 8 2 7 8 1 8 . 5 0 %10 . Market Price Data (Rs.)

Month

October-06November-06December-06January-07February-07March-07April-07May-07June-07July-07August-07September-07October-07November-07December-07January-08February-08March-08Apri l-08May-08

Bombay Stock ExchangeHigh

5 . 1 655 . 5 87.816.665.26.046.027.36.47.257.0776.210.7114.35

. 7.797.056.156.5

Low2.663.583.55.014.573.854.354.765.055.015.215.965.155.055.556.385.824.064.614.7

Volumeon BSE7534135846595261151002820496402404208650431816106

123658394432192136292528073443364714920308824029052675926612871548890444476

Month

June-08July-08August-08September-08October-08November-08December-08January-09February-09March-09April-09May-09June-09July-09

Bombay Stock ExchangeHigh4.964.143.895.574.13.12.92.753.413.753.873.434.523.64

Low3.523.213.153.112.112.22.22.182.252.272.842.373.082.7

Volumon BS563392795324166

112668277011014135435108873495419611180981674528643620011 . Plant Location of the Company

Bi ju l ibar i Vi l lage , P.O.Khanda jan , V ia SipajhaDist. Darrang784 14512 . Bank DetailsShareholders holding share s in physical for m arequested to notify/send th e following to the Compato facil itate better service:-a. any change in their address/bank details, andb. particulars of their bank account, in case the samhave not been sent earlier.

13. Depository ServicesFor guidance on depository services, S hareholders mwrite to the Company or to the respec tive DepositorieNational Securities Depository Ltd.Trade World, 4 th Floor, Kamla Mills Compound,Senapati Bapat Marg, Lower Parei, Mumbai 400013Telephone: 0091 -022-24972964 - 70Facsimile: 0091-022-24976351E-mail: info@ nsdl.co.inWebsite: www.nsdl.co.inCentral Depository Services (India) Ltd.Phiroze Jeejeebhoy Towers,28th Floor, Dalai Street, Mumbai 400023Telephone: 0091-022-2723333Facsimile :0091-022-22723199E-mail: infQ@centraldeposi tory.comWebsite: wwwjgentraldepository.com

14. Nom ination FacilityShareholders holding shares in physical form adesirous of making a nomination in respect of thshareholding in the Company, as permitted unSect ion 109 A of the Companies Act , 1956, arequested to submit to the Company the prescribForm 2B for this purpose.

For on behalf of the BoaGuwahatiDate 19th August 2009 Hemant B. V y aManaging Direct



14/32


A U D I T O R S ' CE R T I F I CA T E O N C O R P O R A T EG O V ER N A N C ETO,The Me mb e r s of The Prag Bosimi Syn the t i cs Limited We haveexamined the compliance of conditions of corporate governance byThe Prag Bosimi S ynthetics Ltd. for the period ended 3 1st March 2008as stipulated in clause 49 of the Listing Agreement of the said Companywith stock exchanges.The compl iance of condit ions of corporategovernance is the responsibil ity of the management. O ur exam inationwas limited to procedures and implementation thereof, adopted bythe Company for ensuring the comp liance o f the conditions of theCorporate G overnan ce. It is neither an audit nor an expression ofopinion on the financial statements of the Company. In our opinion

and to the best of our information and accordingly the explanatgiven to us, we cert i fy that the Company has comp l ied withcon d i t i on s of C o r p o r a t e G o v e r n a n c e as s t i p u l a te d in abovement ioned L is t ing Agreement . We state that no i n vegrievance is pending for per iod exceeding one month against Company as per the records maintained by the R & T AgeCompany. We fu r ther s ta te tha t such comp l iance is ne i theassurance as to future viabil i ty of the Comp any nor eff ic ienceffectiveness with which the management has conducted the afof the Company.H.Khaund & C

Chartered Accoun tanPlace: GuwahatiDate: 21st August, 2009

H.Khaund & CPropriet

AUDITORS' REPORT TO THE MEMBERSToThe Members of The Prag Bosimi Syn thetics Limited1 We have audited the attached Balance sheet of the Prag BosimiSynthetics Limited as at 31st March 2008, the Profit and Loss

Account for the 18 months ended on that date and also CashFlow Statement for the 18 months ended on that date annexedthereto . These f inancia l statements are responsib i l i ty of theCompany's m anagement. O ur responsib i l ity is to express anopinion on these financial statements based on our audit.2 We conducted our audit in accordance with the auditing standardsgenerally accepted in India. Those standards require that we plan

and perform the audit to obtain reasonable assurance aboutwhether the f inanc ia l s ta tements are f ree of material mis-statement. An audit includes examining on a test basis, evidencesu p p o r t i n g the amounts and disc losures in the f i n a n c ia lstatements . An audit also includes assessing the account ingprinciples used and significant estimates made by management,as well as evaluating the overall financial statement presentation.W e believe that our audit provides a reasonable basis for ouropinion.3 As required by the Companies (Auditor's Rep ort) Order, 2003,issued by the Central Government in terms of sub-sect ion (4AJof Section 227 of the Companies Act, 1956 (here inafter referred

to as the 'Act"), we annex hereto a statement on the mattersspecified in paragraphs 4 and 5 of the said order, to the extentapplicable.4 Further to our comments in the Annexure referred to in paragraph

3 above and subject to the fol lowing,i. Non-cap ital ization of interest on loans, related pre-operativ eexpenses on commencement of commercial production ofText i le Division and three Extruder Spinning Lines and theconseq uent non-p rovision of depreciat ion thereon, theamounts whereof are not ascertained an d non-charging ofinterest on loans and certain other exp enses to the Profit &

Loss Account in respect of the aforesaid machineries aftercommencement of commercial produ ction which are insteadcar r ied fo rward in capital work- in -p rogress, the impactwhereof is not ascertained Consequently the Company hasnot carried out any exercise to ascertain whether there hasbeen any impairment of assets as required by accountingstandard (AS) 28.i i. Non -conf irmat ion /non -reconci l iat ion of dues of FinancialInstitutions as referred to in Note No.8 of Schedule 18 ;iii. The Financial S tatements have been prepared inaccordancewi th the fundamen ta l accoun t ing assum pt ion tha t thecompany is a going concern,iv. Sundry debit /credit balances are sub ject to confirmat ion

pending reconci l iat ion as re fe r red to in Note No.1Schedule 18;we report that; -a. We have obtained all information and explanations, which tobest of our knowledge and belief were neces sary for the purpoof our Audit.b. In our opinion, proper books of account as required by law hbeen kept by the Comp any so far as appears from ou r examina

of those Books.c. The Balance Sheet, Prof i t and Loss 'Account and Cash FStatement dealt with by this report are in agreement withbooks of account.d. In our opinion, the Balance Sheet, Profit and Loss AccountCash Flow Statement dealt with by this report comply withaccounting S tandards referred to in sub section (3C) of Se c

211 of the Act, to the extent applicable,e. On the basis of written representations received from direcas on 31st March 2008, and taken on record by the Bo arDi rectors , wherever applicable, we report that non e ofd i rec tors is disqual i f ied as on 31st March 2008 f rom beappointed as a director of the Company in terms of clause (sub-section (1) of sect ion 274 of the Act .f. In our opinion and to the best of our information and accordin

the explanat ions g iven to us, the said accounts read togewith 'significant account ing pol ic ies and notes to accountschedu le 18 and o the r n o te s a p p e a r i n g e l se w he r e in accounts, give the information required by the Act in the manso required and give a true and fair view in con formity wilhaccounting principles generally accepted in India:i. In the case of the Balance Sh eet, of the state of affairthe Company as at 31s t March 2008;ii. In the case of the Profit and Loss Accoun t of the loss ofCompany for the period ended on that date; andiii. the case of the Cash Flow Statement, of the cash f lowsthe Period ended on that date.

H.Khaund & Chartered Accounta

Place : Guwahat iDate : 21st Augus t, 2009

H.KhauProprie

A N N E X U R E R E F E R R E D TO I N P A R A G R A P H 3 A U D I T O R S ' R E P O R T OF E V E N D A T E ON THE F I N A N CST AT E ME N T FOR THE PERIOD ENDED 31st M ARC H 2008 OF PR AG BO SIM I SY N T H E T IC S LIMITED.On the basis of such checks as we considered appropr iate according to the information and explanations given to us duringcourse of audit, we state that:

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ANNUAL REPORT 2006 - 20a )

b)

c)

b)

a )

b )

c )

The Company has maintained proper records showing ful lparticulars, including quantitative details an d situation off ixed assets.The assets have been physically ve rified by the managemen tin accordance with the phased programme of verificationadopted by the Company. In our opinion, the frequency ofthe verif ication is reasonable having regard to the size ofthe Company and nature of f ixed assets. No materialdiscrepancies have been noticed in respect of the assetsphysically verified during the year,No substantial part of the f ixed assets has been disposedoff during the year.Th e i nv en to ry h as been ph y s ic a l l y v e r i f i ed by th emanagement at reasonable in terva ls during th e year .Inventory lying with the third parties and in transit have beenv e r i f i e d by th e managemen t w i th re f e renc e to theconfirmation received from them and/or subsequent receiptof goods.The Company is maintaining proper records of inventory.The discrepancies noticed on verif ication between p hysicalstocks and book records were not material.The Company has not granted any loans, secured orunsecured to companies, f irms or part ies covered in theregister maintained under section 301 of the Act.The Company has taken interest free unsecured loan ofRs.3,07,63,538 from a relative of Managing Director duringthe period. The terms of repayment are not prejudicial tothe interest of the Company.The C o mpany has not taken any loans, s ec u red orunsecured, except as stated in 3b. above, from companies,f irms or other parties covered in the register maintainedunder section 301 of the Act.

In our opinion and according to the information and explanationsgiven to us , having regard to the explanations that some of theitems purchased are of special nature and suitable alternativesources do not exist for obtaining comparable quotation, thereare adequate internal control systems commensurate with thesize of the company and the nature of it 's business for thepurchase of inventory an d fixed assets and for the sale of goodsand services. During the cou rse of our audit, no major weakn esshas been noticed in the internal control system.a) According to the information and explanations given to us,we are of the opinion that the particulars of con tracts orarrangem ents referred to in section 301 of the Act have beenentered in the register required to be maintained under thatsection.

According to the information and explanation given to us,no transactions were made with parties whose names areentered in the register maintained under section 301 of theA c t .

No deposits within the meaning of Section 58A or any otherrelevant provision of the Act and Rules framed there under havebeen accepted by the Company.In our opinion, the Company has an internal audit systemcommensurate with the size of the Company an d nature of itsbusiness,We have broadly reviewed the cost records maintained by theCompany pursuant to the O rder of the Cen tral Government undersection 209(1 )(d) of the Act and are of the opinion, prima facie,the prescribed records have been made and maintained. We are,however not required to make detailed examination of the recordswith a view to determine w hether they are accurate or complete.Due to suspension of production from February, 2006 Companycould not make full payment of statutory dues. The Company

has following undisputed amoun ts outstanding towards statudues for more than 6 months as on 31st March 2008

b )

T h e Act applicableE m p lo y e e s P r o v id e n t F u n d sand M i s c e l l a n e o u s P r o v i s i o n sA c t 1 9 5 2T h e A s s a m S a l e s T a x A c t .T h e A s s a m P r o f e s s i o n s , T r a d e s ,C a l l i n g s and E m p l o y m e n t sT a x a t i o n A c t 1 9 4 7T h e I n co m e T a x A c t 1 9 6 1T h e I n c o m e T a x A c t 1 9 6 1

Details of outstandingAmountC o n t r i b u t i o n toP r o v i d e n t Fund

A s s a m S a l e s Tax

P r o f e s s io n a l T a x

T a x D e d u c t e d at S o u r c eF r in g e B e n e f i ts T a x

AmRupees in L

7

4

6

Of the above, the Company has paid contribution to ProfessionalRs.0.20 and Tax Deducted at source Rs . 15.72 Lacs as on the datthis report.10 The Company has accumulated losses of Rs.111.19 Croreagainst a Net worth of Rs. 157.20 as on 31st March 2008repo r ted las t year the Company 's Net Wor th as on 3September 2006 was eroded by more than 50% and hencerequired by the provisions of Sick Industrial Companies (SpeProvisions) Act, 1985, such erosion of 'Net worth was referrethe Board of Industrial and Financial Reconstruction (BIFR)11 The Company has been granted relief and concessions byfinancial institutions an d banks in the past an d company's cis still in CDR Cell. Hence there are no defaults to report atend of the period.12 During the period, the Company has not granted loansadvances on the basis of security by way of pledge of shadebentures or other securities.13 The Company is not a dealer or trader in shares, securitdebentures and other investments.14 In our opinion an d according to information an d explanatgiven to us, the Company has not given guarantee for loans taby others from Ban ks or financial institutions.15 According to the information and explanation given to us, in

opinion, the term loans were applied for the purpose for whthey were raised.16 According to the information and explanations g iven to us, inopinion, funds raised on short term basis have not been used

long term basis or vice versa.17 During the period the Company has not made any prefere

allotment of shares to the parties an d companies coveredrecorded in the Register maintained under Section 301 of Ac t

18 The Company has created securities in respect of debentissued in the past.19 The Company has not raised any money by way of public isduring the period.20 During the period no fraud on or by the Company has been notor reported during the course of our audit.

H.Khaund & Chartered Accountan

Place : GuwahatiDate: 21st August, 2009 H.KhauProprie

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BALANCE SHEET AS AT 31 ST MARCH,PARTICULARS

SOURCES OF FUNDSSHAREHOLDER'S FUNDS

Share CapitalReserve and Surplus

LOAN FUNDSSecured LoansUnsecured Loans

TOTALAPPLICATION OF FUNDSFIXED ASSETS

Gross BlockLess:DepreciationNet Block

CAPITAL W O RK-IN-PROGRESSTOTAL FIXEDASSETSINVESTMENTSCURRENT ASSETS.LOANS & ADVANCES

InventoriesSundry DebtorsCash & Bank BalancesOther Current AssetsLoans & Advances

LESS: CURRENT LIABILITIES AND PROVISIONSNE T CURRENT ASSETSMISCELLANEOUS EXPENDITURE(to the extent not written off or adjusted)Profit & Loss AccountTOTALAs per our Report of even dateFor H. KHAUND & CO.Chartered AccountantsH. KHAUNDProprietor

2008AS ATSCHEDULE 31st March 2008Rupees

1 1,555,328,3002 16,700,0003

7,704,844,90860,970,738

9,337,843,946

4809,930,719462,765,389347,165,330

5 7,681,927,3858,029,092,715

6 6007

55,325,9514,716,8211,563,0868,694,993

293,207,385363,508,236

8 166,688,927196,819,309

9

1,111,931,3239,337,843,946

AS AT30th September 2006Rupees

1,555,328,30016,700,000

7,466,353,675111,085,197

9,149,467,172

811,445,343374,718,301436,727,042

7,506,351,3397,943,078,381

600

81,603,86746,059,45815,015,83216,757,278

307,385,326466,821,761

82,874,753383,947,008

34,088,930

788,352,2549,149,467,172For & on behalf of the BoardH. K. SharmaHemant B. VyasS. K. SanaM. K. DasGirindra Mohan Das

ChairmanManaging DirectorFinance DirectorDirectors

GuwahatiDate : 21st August, 2009 GuwahatiDate : 19th August, 2009



17/32


ANNUAL REPO RT 2006 - 2008

PROFIT AND LOSS ACCOUNT FOR THE YEARPARTICULARS SCHEDULE

INCOMESalesOther Income 10ncrease/(Decrease) in stock 1 1TOTAL

EXPENDITURECost of Materials 12Manu facturing Expenses 13

Extraordinary non recurr ing ExpensesSalaries.Wages&Other Employee Benefits 14Selling & Distr ibution Expenses 15Other Expenses 16Excise DutyInterest 17TOTA L

PROFIT / (LOSS)Profit/(Loss) Before Depreciation & TaxDepreciationNet Profit/(Loss)Provision fo r TaxationProfit'(Loss) After Tax & DepreciationPrior Period Net ExpensesProfit/floss) After Tax & AdjustmentsBalance Brought from Earlier YearSurplus/(Deficit) Carried to Balance SheetBasic and Diluted Earning per Shareof the face value of Rs.10/- each (in rupees)Ref note no 25 on Schedule 18

NOTES TO ACCOUNTS &SIGNIFICANT ACCOUNTING POLICIES 18As per our Report of even dateFor H. KHAUND & CO.Chartered AccountantsH. KHAUNDProprietor

ENDED 31ST MARCHFor the eighteen months

period ended31st March 2008Rupees

564,88326,803,524(8,192,497)19,175,910

1,354,529-16,202,52639,048,465-

130,799,039174,547

87,961,105275,540,21 1

(256,364,301)54,683,017

(311,047,318)-(311,047,318)(12,531,751)

(323,579,069)(788,352,254)

(1,111,931,323)

,2008For the eighteen monthperiod ende30th September 200Rupee

744,422 ,53140,485 ,44

(198,296,756686,611,22

466,219,82108,855,20

75,294,30106,940 ,05

77,975 ,8489,853,6979 ,978 ,21

1,005,117,14

(318,505,92154,847 ,43

(373,353,358(373,353,358

(8,780,090(382,133,448(406,218,805(788,352,254

For & on behalf of the BoardH. K. Sharma ChairmanHemant B. Vyas Managing DirectorS. K. Saha Finance DirectorM. K. DasGirindra Mohan Das Directors

GuwahatiDate : 21st August, 2009 GuwahatiDate : 19th August, 2009

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18/32


THE PRAG BOSIMI SYNTHETICS LIMITED

SCHEDULES TO ACCOUNTS ATTACHED TO AND FORMING PART OF THE BALANCE SHEET

PARTICULARS AS AT3 1 s t March 2008RupeesAS AT

30th September 2006RupeesSCHEDULE -1SHARE CAPITALAUTHORISED CAPITAL12,00,00,000 Equity Shares of Rs.10/- each10,00,000 Cumulative Preference Shares of Rs.100/-each9,000,000 Redeemable Cumulative ConvertiblePreference Shares of Rs.100/- each3,000,000 Unclassified Shares of Rs.100/-eachISSUED, SUBSCRIBED & PAID UP74,382,960 (Previous Year 74,382,960) Equityshares of Rs. 10/- each, fully paid-upLess: Calls in Arrears - Others10,00,000 (Previous year 10,00,000)Cumulative Convertible Preference Sharesof Rs. 100/-each fully paid-up [Refer Note No.15] [Schedule 18]71,46,250 (Previous Year 71,46,250)Redeemable Cumulative convertible PreferenceShares of Rs.100/-each, fully paid-up(O f the above shares 4,276,250 shares (Previous year 4,276,250)are allotted as fully paid-up pursuant to a contract without paymentsbeing received in cash.) [Refer Notes to Accounts No.3] [Schedule 18]TOTAL [A + B + C]SCHEDULE - 2RESERVES AND SURPLUSCapital SubsidyTOTALSCHEDULE - 3LOAN FUNDSSECURED LOANNON CONVERTIBLE DEBENTURES[Refer note No.14] [Schedule 18]TERM LOANSRupee Loan from Financial institutions[Refer note No.7 and Note No.14] [Schedule 18]DEFFERED INTERESTFROM BANKS

Working Capital Term LoanFunded Interest Term LoanCash Credit BanksL\C Liability of Banks

FROM OTHERSHire Purchase Loan

TOTAL

1,200,000,000100,000,000900,000,000300,000,000

2,500,000,000743,829,600

3,126,300(A) 740,703,300(B) 100,000,000

(C) 714,625,000

1,555,328,300

16,700,00016,700,000

725,798,000

2,129,410,6213,970,937,247178,264,909171,157,526384,824,992144,322,055

129,5587,704,844,908

1 , 2 0 0 , 0 0 0 , 0 0 01 0 0 , 0 0 0 , 0 0 0

9 0 0 , 0 0 0 , 0 0 03 0 0 , 0 0 0 , 0 0 0

2 , 5 0 0 , 0 0 0 , 0 0 0

7 4 3 , 8 2 9 , 6 0 0

3 , 1 2 6 , 3 0 07 4 0 , 7 0 3 , 3 0 0

1 0 0 , 0 0 0 , 0 0 0

7 1 4 , 6 2 5 , 0 0 0

1 , 5 5 5 , 3 2 8 , 3 0 0

16,700,00016,700,000

725 ,798 ,000

2,129,410,6213,803,070,535

158,500 ,000171,157 ,526333,936,193144,322,055

158 ,7457,466,353,675



19/32

SANSCO SERVICES - Annual Reports Library Services - www.sansco.netANNUAL REPORT 2006 -

SCHEDULE - 3 Contd.PARTICULARS AS AT31st March 2008Rupees

A30th September RuUNSECURED LOAN

From AIDC Ltd,(Refer Note No.(15)[Schedule 18] 28,000,000 28,000FromlDBI 2,207,200 2,207From Others 30,763,538 80,877

TOTAL 60,970,738" 111,085NOTES:A. SECURED DEBENTURES: The debentures are secured by First legal mortgage in favour of the trustees of acompany's immovable and moveable properties present an d future, ranking pari-passu with the mortgagecharges crea ted and/or to be created in favo ur of Financial Institutions, and floating charge on all the assets company subject to prior charges created/to be created in favour of Company's Bankers on the Company's storaw material, semi-finished an d finished goods, consumable stores an d such other moveables as may be agrethe trustees for securing the borrowing for working capital requirement in the ordinary course of business an d

secured by a guarantee from the Bombay Silk Mills Limited.B . TERM LOANS: The Term Loans are secured by a first mortgage of all immoveable properties, both presenfuture, an d first charge by way of hypothecation of all movables (save and exc ept debts) including movable machspares, tools & accessories, present an d future, ranking pari-passu with the mortgages an d charges created ato be created in favou r of Financial Institutions/deben ture tru stees, subject to prior charges created and/or created in favour of Ban kers on stocks, stores and such other movables for working capital requirements andsecure d by a guarantee from The Bombay Silk Mills Limited.C. W O RKING CAP ITAL: Working Capital demand loans an d Cash Credit are secured by a mor tgage on second cbasis by deposit of title deeds in respect of Company's immovable properties, both pre sent and future, ahypothecation of whole present an d future, stock in process, finished goods, consumables, spares, book debt& other materials an d stores whether raw or in process of manufacture and all articles manufactured therwhether stored at or be in or about the Company's godowns or premises at sipajhar, District Darrang, Assawherever else or in transit an d Company's present an d future book debts, outstanding money receivables, cl

bills, contracts, engagements, securities, investments, an d assets, an d also personal guarantee of the ManDirector.D. OT HE RS: Hire purchase loans are secured by hypothecation of vehicles p urchased their against.SCHEDULE - 4 FIXED ASSETS

P A R T I C U L A R S

L A N D F R E E H O L DL A N D L E A S E H O L D 'B U I L D I N GP L A N T & M A C H I N E R YC O M P U T E RV E H I C L EF U R N I T U R 8 F I X T U R ET O T A LP R E V I O U S Y E A R

G R O S S B L O C KA S A T3 0 - S e p - 0 6

5 7 8 6 1 7599678

2737359575(3368332

35501744 4 2 8 8 8 2

151837038 1 1 4 4 5 3 4 3808299607

DURING T H E 1 8 M T HP E R I O D E N D E D31.03.2008A D D I T I O N

6 3 5 6 0 0

6 3 5 6 0 04 7 5 3 9 1 8

D E L E T I O N

2 2 9 5 2 77 0 9 4 0

1 6 6 4 1 2 41 8 5 6 3 3

2 1 5 0 2 2 4(608(82

A S A T3 1 - M a r - 0 8

5 7 8 , 6 1 75 9 9 , 6 7 8

2 7 3 , 7 3 5 , 9 5 75 1 3 , 1 3 8 , 8 0 5

3 , 4 7 9 , 2 3 43 , 4 0 0 , 3 5 8

1 4 , 9 9 8 , 0 7 08 0 9 9 3 0 7 1 9

8 1 1 , 4 4 5 , 3 4 3

D E P R E C I A T I O NU P J O3 0 - S e p - 0 6

1 2 0 0 0 09(2)6697

270427903289(026(8904528(72223

3747(8301320885709

F O R THE 18 MTHP E R I O D E N D E D31.03.2008P R O V I D E D

6 0 0 0 01 3 5 9 1 7 5 87 3 3 8 5 2 3 1

2 7 7 7 3 54 3 8 4 2 9

1 0 9 3 7 8 68 8 8 4 6 9 3 954907437

W R I T T E NB A C K

4 0 2 2 12 5 9 4 2

6 7 5 2 4 65 8 4 4 2

7 9 9 8 5 11 0 7 4 8 4 5

U P T O31-Mu-OS

1 8 0 , 0 0 01 0 4 8 0 8 4 5 53 4 3 7 7 2 9 1 3

3 1 4 2 8 1 91 6 5 3 6 3 59 2 0 7 5 6 7

4 6 2 7 6 5 3 8 93 7 4 7 1 8 3 0 1

C A P I T A L W O R K IN P R O G R E S ST O T A L F I X E D A S S E T S

N E T B L O CA S A T

3 1 - M a r - 0 8

5 7 8 6 1 74 1 9 , 6 7 8

1689275021 6 9 3 6 5 8 9 2

3 3 6 4 1 51 7 4 6 7 2 35 7 9 0 5 0 3

3 4 7 1 6 5 3 3 04 3 6 7 2 7 0 4 )

7 6 8 1 9 2 7 3 8 58 0 2 9 0 * 9 2 7 1 5

A S3 0 - S

54

(8252 4 2 9

6257

4 3 6 7

7506379430

* A m o r t is a t i o n ol l e a s e h o l d L a n d R s . 6 0 0 0 0 /-



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PARTICULARS INCURRED DURING THEEIGHTEEN MONTH PERIODRupeesA S A T30th S e p t e m b e r 2 0 0 6R u p e e s

AS AT31st March 2008Rupees

SCHEDULE-5CAPITAL WO RK- IN-PRO GRES SA) WO RK- IN-PRO GRES SLand & Site Development

Buildings & Civil work under ConstructionPlant & MachineryPayment to Collaborator fo r TechnicalEngineering Consultancy FeesLess: Cap italised during the yearTOTAL (A) ~

B) ADV ANCES/DEPOSITS FOR FIXED ASSETSC) PRE-OPERATIVE EXPENSES PENDING ALLOCATION

( i) PAY MENT TO EMPLOYEESSalary.Wages & BonusStaff Welfare ExpensesContribution to Provident Fund & Other FundsManagerialRemuneration

2,712,617

2,712,617192,243

li) ADM IN ISTRATIVE EXPENSESRentRates & TaxesPower & FuelLegal & Professional FeesRepairs & Maintenance :- Building- Plant & Machinery- OthersTravell ing & ConveyanceInsurancePostage, Telephone & TelexVehicle MaintenanceAuditor's Remunerat ionDirector's Sitting FeesMiscellaneous ExpensesDepreciationStores,Spare & ConsumablesRaw M aterial Consum ption :-Less:1) Transfer of Stock produced duringTrial R un to texti le division2) Sale of Wastages during trial run

4,804,471

4,804,4714,804,471

4,804,471

47,747,620327 ,842 ,131

1,849,608,715146 ,100 ,715

18,164,548(769 ,720 ,708)1,619,743,021

102 ,373 ,348

47,747,620327,842,131

1,852,321,332146,100,715

18,164,548(769,720,708)1,622,455,63'?

102,565,591

121,931,32028,305,371

8,329,6449,781,909

168 ,348 ,24423,003,632

728 ,31986,090,48039,080,099

8,828,82212,862,28922,227,99651,354,22762,586,73630,961,35531,705,093

1,055,543117 ,057

62,742,53718,115,31511,328,206462 ,787 ,706

261,180,975723 ,968 ,681

(239,690,886)(419 ,786)

121,931,32028,305,3718,329,6449,781,909

168,348,24423,003,632

728,31986,090,48039,080,0998,828,822

12,862,28922,227,99651,354,22762,586,73630,961,35531,705,0931,055,543

117,05767,547,00818,115,31511,328,206467,592,177

261,180,975728,773,152

(239,690,886)(419,786)

483 ,858 ,009 488,662,480

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ANNUAL REPORT 2006 - 2SCHEDULE - 5 Contd.

INCURRED DURING THE AS AT ASPARTICULARS EIGHTEEN MONTH PERIOD 30 th S ep tember 2006 31st March 2Rupees Rupees Rup(iii) FINANCE CHARGES

Commitment ChargesB

Prag Bosimi Synthetics Ltd-march-2008

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