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Directors Report of Indo Rama Synthetics (India) Ltd.

Mar 31, 2015

Dear Shareholders,

The Directors take pleasure in presenting the 29th Annual Report together with the audited accounts for the financial year ended 31 March 2015.

Financial Highlights

The financial performance of your Company for the year ended 31 March 2015 is summarized below:

(Rs. in Million)

Particulars Year Ended Year Ended

31 March 2015 31 March 2014

Net Sales, Operating and Other Income 27,711.90 28,731.30

Profit before Other Income, Financial Costs, 1,224.40 89.10

Depreciation, Exceptional items and Tax (Operational EBIDTA)

Other Income 98.10 2,356.80

Profit before Financial Cost, Depreciation, 1,322.50 2,445.90

Exceptional items and Tax (EBIDTA)

Finance Costs 433.80 352.30

Profit before Depreciation, Exceptional items 888.70 2,093.60

and Tax (EBDTA)

Depreciation 1,171.60 1,351.20

Profit/(Loss) before Exceptional items and Tax (282.90) 742.40

Exceptional Items:

- Foreign exchange fluctuations Income/(expenses) 150.20 (995.10)

- Loss on account of write down on inventories (207.50) -

(Loss)/Profit before Tax (340.20) (252.70)

Tax (Credit)/Charge (124.90) (170.90)

(Loss)/Profit after Tax (215.30) (81.80)

Profit brought forward from previous year 1,822.50 2,081.90

Profits available for Appropriation 1,607.20 2,000.10

Appropriations:

Proposed Dividend on Equity Shares 151.80 151.80

Corporate Tax on Proposed Dividend 30.90 25.80

Transfer to General Reserve - -

Surplus carried to Balance Sheet 1,424.50 1,822.50

Total Appropriation 182.70 177.60

Operational and Financial Review

During 2014-15, we achieved Rs. 2,708.90 crore turnover (Rs. 2,592.63 crore in 2013-14), on account of focused marketing efforts and better outreach to customers nationally and internationally. Our operational EBIDTA stood at Rs. 122.44 crore against Rs. 8.91 crore in 2013-14 and a net loss of Rs. 21.53 crore against Rs. 8.18 crore in 2013-14. Our earnings per share stood at Rs. (1.42) and book value per share at Rs. 36.48 as on 31 March 2015.

The year 2014-15, was one of the most challenging years in the recent past as the polyester industry saw several challenges. First, crude prices saw a sharp decline during the year, which triggered reduction in prices for Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) (key raw materials for polyester manufacturing) prices. This resulted in significant inventory losses. Second, the government levied Anti-Dumping Duty on PTA imports, which resulted in an increase in raw material cost. Third, demand for polyester was subdued in the global markets.

In the adverse environment your Company remained resilient. Your Company focused on widening product basket, expanding market reach, cost optimisation, growing portfolio of specialty products and elevating people potential. As a result, your company has creating a more robust business model.

The demand for man-made fibres is showing signs of improvement and we are hopeful that the demand for polyester will see revival. Polyester demand will be driven by its growing relevance in daily life across home textiles, apparel, automotive, furnishing fabrics, technical textile and non-woven segments.

Moving ahead, with rising demand in the domestic and international markets, we are hopeful that we will be able to enhance our production capacity and grow business volumes and value-added products.

Change in the Nature of Business

There was no change in the nature of the business of the Company and its subsidiaries during the year. There were no significant and material orders passed by regulators or courts or tribunals impacting the going concern status and Company's operations in future.

Material Changes and Commitments

There have not been any material changes and commitments affecting the financial position of the Company between the end of the financial year of the Company as on 31 March 2015 and the date of this report, i. e. 18 May 2015.

Dividend

Your Directors have recommended a dividend of Rs. 1 (i.e., 10%) per equity share (Last year Rs. 1 per equity share) of the face value of Rs. 10/- each for the financial year ended 31 March 2015, amounting to Rs. 18.27 crore (including Dividend Distribution Tax), and is as per the financial needs of the business. The dividend payout is subject to approval of the shareholders at the ensuing Annual General Meeting.

The dividend will be paid to the members, whose names appear in the Register of Members as on 23 July 2015 and in respect of shares held in dematerialised form, it will be paid to members, whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited, as beneficial owners as on that date

Number of Meetings of the Board

During the year four Board Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Directors

Pursuant to the provisions of Companies Act, 2013 and Articles of Association of the Company, the following changes took place in the office of Directors of the Company.

Mr. Vishal Lohia, Whole-time Director of the Company, retire by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for re-appointment.

The Board has appointed Ms. Ranjana Agarwal as Additional Director - being an Independent Women Director on the Board of the Company with effect from 18 May 2015.

The details of proposal of appointment/re-appointment of Mr. Vishal Lohia is mentioned in the Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 of the Notice of the 29th Annual General Meeting.

Particulars of Employees and Key Managerial Personnel

Mr. Sanjay Syal, President & Chief Financial Officer/KMP of the Company has resigned with effect from 7 November 2014 and the vacancy caused by his resignation is filled up by appointment of Mr. Sanjeev Aggarwal, President & Chief Financial Officer/KMP, with effect from 11 November 2014, in his place.

Presently, Mr. Anant Kishore, Chief Executive Officer, Mr. Sanjeev Aggarwal, President & Chief Financial Officer and Mr. Jayant K Sood, Head-Corporate & Company Secretary of the Company are the Key Managerial Personnel of the Company.

The Board hereby affirms that the remuneration paid to the Directors and Senior Management including Key Managerial Personnel is as per the Nomination and Remuneration Committee Policy adopted by the Company. Pursuant to Section 134(3) (q) read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Remuneration and other details of Key Managerial Personnel and other Employees for the year ended 31 March 2015 are annexed to this report.

Declaration by Independent Directors

Declaration given by Independent Directors meeting the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 is received and taken on record.

Policy on Directors' Appointment and Remuneration

The Company has a "Nomination and Remuneration Committee" of Directors in place. The Committee comprises of three Members, viz; Mr. Ashok Kumar Ladha as Chairman, Mr. Suman Jyoti Khaitan, Dr. Arvind Pandalai as Members. The Committee reviews and recommend to the Board for remuneration for Directors and Key Managerial Personnel. The detail of terms of reference of Nomination and Remuneration Committee, number and dates of meetings held, attendance of the directors and remunerations paid to them and the brief outline of the Remuneration policy of

the Company are given separately in the attached Corporate Governance Report.

The Company does not pay any remuneration to the Non- Executive/Independent Directors of the Company other than sitting fee for attending the meetings of the Board and Committees of the Board. Executive Director(s) do not take any sitting fee for attending such meetings. Remuneration to the Whole-time Director is governed under the relevant provisions of the Act and approvals. The Company has displayed the remuneration policy on its website in terms of Clause 49 (VIM)(C)(3).

Directors' Responsibility Statement

As stipulated in Section 134 (3) (c) read with Section 134(5) of the Companies Act, 2013, to the best of your Director's knowledge and belief and according to the information and explanations obtained, your Directors subscribe to the "Directors Responsibility Statement" and confirm that:

(a) in the preparation of Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year as on 31 March 2015 and the Profit and Loss of the Company for that year;

(c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the Directors have prepared the annual accounts on a going concern basis;

(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Audit Committee

The Audit Committee of the Board of Directors of the Company consisting of four members, Mr. Ashok Kumar Ladha as Chairman and Mr. Vishal Lohia, Mr. Suman Jyoti Khaitan and Dr. Arvind Pandalai as Members. The Company Secretary is the Secretary of the Committee. The Managing Director, Chief Financial Officer and Auditors are permanent invitees to the committee meetings. The detail of terms of reference of Audit Committee, number and dates of meetings held, attendance of the directors and remunerations paid to them are given separately in the attached Corporate Governance Report. During the year there were no instances where the board had not accepted the recommendations of the Audit Committee.

Vigil Mechanism / Whistle Blower Policy

Your Company established a Vigil Mechanism/Whistle Blower Policy, pursuant to the provisions of the Companies Act, 2013, for the Directors and Employees to report their genuine concerns or grievances. The Chairman of the Audit Committee, Mr. Ashok Kumar Ladha, will oversee the Vigil Mechanism and to ensure that adequate safeguards are provided to persons against victimization and protected disclosures can also be reported orally by leaving voice mail on toll free number, i.e., 18001035679. The details of the Vigil Mechanism Policy is explained in the Corporate Governance Report and also posted on the website of the Company.

Credit Rating

The Company's financial discipline and prudence is reflected in the strong credit ratings ascribed by CARE Ratings, CARE BBB- (Triple B Minus).

Subsidiaries

In accordance with the General Circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company.

As required under the Listing Agreements entered into with the Stock Exchanges, a consolidated financial statements presented by the Company in this Report include the financial results of the subsidiary company duly audited by the statutory auditors. The said statements have been prepared pursuant to Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014 in Form AOC-1 and in accordance with the relevant accounting standards as prescribed under the Companies Act, 2013.

The Company will provide a copy of separate financial statements in respect of each of its subsidiary to any shareholder of the Company, who asks for it and the said financial statements will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies.

Consolidated Financial Statement

The Consolidated Financial Statements have been prepared by your Company in accordance with the applicable Accounting Standards (AS-21) issued by the Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the Stock Exchanges. Together with the Auditors' Report, these forms part of the Annual Report.

Particulars of Employees and related disclosures

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are provided in the Annual Report.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report.

Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed as Annexure - 1 to this report.

Statutory Auditors

M/s B S R and Associates, Chartered Accountants (ICAI Firm Registration No. 128901W), were appointed as Statutory Auditors of the Company at the 28th Annual General Meeting of the Company held on 1 August 2014, who shall hold office till the conclusion of 31st Annual General Meeting of the Company in accordance with the provisions of the Companies Act, 2013. However, this appointment was subject to ratification by the members at every Annual General Meeting held after appointment during their tenure of office. The Auditors have confirmed their eligibility and qualification under Section 141 of Companies Act, 2013 and therefore, their ratification for appointment as Statutory Auditors for the year 2015-16 is being sought from the Members of the Company at the ensuing AGM. As regards

As stipulated under Schedule VII of the Companies Act, 2013, the Company has undertaken various activities under CSR compliance and during the year under report, the Company has spent a sum of ' 1.8 million towards CSR activities in line with the compliance with Section 135 of the Companies Act 2013.

As required under Section 135 of the Companies Act, 2013, the CSR Committee comprising of Mr. Om Prakash Lohia as the Chairman and Mr. Vishal Lohia and Dr. Arvind Pandalai as its Members. The CSR Committee of the Company has laid down the policy to meet the Corporate Social Responsibility. The CSR Policy includes any activity that may be prescribed as CSR activity as per the Rules of Companies Act, 2013. The main focus areas taken in the policy are Education, Health care and family welfare, Environmental Safety, contribution to any relief fund setup by the Government of India and any State Government.

The details of amount spent on CSR activities and projects undertaken during the year are given in the Annexure- 4 to the Directors Reports.

The detailed CSR policy of the Company is also available on the website of the Company, www.indoramaindia.com.

Contracts/Arrangements with Related Parties

The details of contracts/arrangement with the Related Parties are appearing under note no. 34 and forms part of this Report. The particulars of contracts or arrangements with related party prepared under Section 188(1) of

Companies Act, 2013 read with Rule 8 (2) of Companies (Accounts) Rule, 2014 is annexed with this Report in Form AOC- 2 as Annexure-5. All related party transactions that were entered into during the year under report were on arm's length basis and were in the ordinary course of business.

Related party Transactions are placed before the Audit Committee as also to the Board for approval. The Policy on Related party Transactions as approved by the Board is uploaded on the Company's website, www.indoramaindia. com. The Company management ensures total adherence to the approved Policy on Related Party Transactions to establish Arm's Length Basis without any compromise.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration Committee. During the year under report, the Independent Directors met on 13 February 2015, inter-alia, to discuss:

- Performance evaluation of Non Independent Directors and Board of Directors as a whole;

- Performance evaluation of the Chairman of the Company;

- Evaluation of the quality of flow of information between the Management and Board for effective performance by the Board.

Directors' Identification Number (DIN)

The following are the Directors Identification Number (DIN) of your Directors:

Name DIN

Mr. Mohan Lal Lohia 00918397

Mr. Om Prakash Lohia 00206807

Mr. Vishal Lohia 00206458

Mr. Ashok Kumar Ladha 00089360

Name DIN

Dr. Arvind Pandalai 00352809

Mr. Suman Jyoti Khaitan 00023370

Mr. Anant Kishore 05262142

Ms. Ranjana Agarwal 03340032

Listing

The shares of your Company are listed at BSE Limited and National Stock Exchange of India Limited, Mumbai. The listing fees to the Stock Exchanges for the financial year 2015-16 have been paid.

Corporate Governance

Your Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by SEBI. Your Company has also implemented several best corporate governance practices. The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms integral part of this Annual Report.

The requisite certificate from the Practicing Company Secretary confirming compliance with the conditions of corporate governance as stipulated under the aforesaid Clause 49 is attached to the Report on Corporate Governance.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with he Stock Exchanges, is presented in a separate chapter forming part of this Annual Report

Transfer of unclaimed dividend to Investor Education and Protection Fund (IEPF)

Pursuant to the provisions of Section 205A (5) & 205C of the Companies Act, 1956 (which are still applicable as the relevant sections under Companies Act, 2013 are yet to be notified), relevant amounts, which remained unpaid or unclaimed for a period of seven years have been transferred by the Company, from time to time on due dates, to the Investor Education and Protection Fund (IEPF).

Pursuant to the provisions of Investor Education and Protection Fund, the Company has uploaded the details of unpaid and unclaimed dividend amounts lying with the Company as on 1 August 2014 (date of last Annual General Meeting) on the Company's website, www.indoramaindia. com, as also on the Ministry of Corporate Affairs' website.

Industrial Relations / Human Resources

Your Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under report. Your Company firmly believes that a dedicated workforce constitute the primary source of sustainable competitive advantage. Accordingly, human resource development continues to receive focused attention. Your Directors wish to place on record their appreciation for the dedicated and commendable services rendered by the staff and workforce of your Company. There are 828 numbers of employees of the Company as on 31 March 2015.

Acknowledgements

Your Directors would like to express their appreciation for the assistance and co-operation received from the Financial Institutions, Banks, Government authorities, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Company's executives, staff and workers.

For and on behalf of the Board of Directors of Indo Rama Synthetics (India) Limited

Om Prakash Lohia Place: Gurgaon Chairman & Managing Director Date: 18 May 2015 DIN: 00286807


Mar 31, 2013

Dear Shareholders,

The Directors take pleasure in presenting the 27th Annual Report together with the audited accounts for the financial year ended 31 March 2013.

FINANCIAL HIGHLIGHTS

The financial performance of your Company for the year ended 31 March 2013 is summarised below.

(Rs. Million)

Year Ended Year Ended Particulars 31 March 2013 31 March 2012

Net Sales and Other Income 31,509.10 31,760.60

Profit before Financial Costs, Depreciation, 2,824.50 3,190.60 Exceptional item and Tax (EBIDTA)

Finance Costs 445.10 612.20

Profit before Depreciation, Exceptional item and 2,379.40 2,578.40 Tax (EBIDTA)

Depreciation 1,579.90 1,543.60

Profit / (Loss) before Exceptional item and Tax 799.50 1,034.80

Exceptional item - Foreign exchange fluctuations (392.60) (652.50) (expenses)/ Income

Profit / (Loss) before Tax 406.90 382.30

Tax (Credit) / Charge (5.70) 62.70

Profit / (Loss) after Tax 412.60 319.60

Profit brought forward from previous year 1,846.90 1,703.70

Profits available for Appropriation 2,259.50 2,023.30

Appropriations :

Interim Dividend - -

Proposed Dividend on equity shares 151.80 151.80

Corporate Tax on Proposed Dividend 25.80 24.60

Transfer to general reserve - -

Surplus carried to Balance Sheet 2,081.90 1,846.90

Total Appropriation 177.60 176.40

operational and financial review

During the year under report, your Company recorded gross revenue of Rs.31,664 Million as against Rs.31,810 Million in previous year, representing a decrease of 0.46%. EBIDTA is Rs.2,825 Million as against Rs.3,191 Million last year. Profit before Tax stood at Rs.407 Million against Rs. 382 Million for the previous year.

In the last financial year, the overall economic growth was flat and the margin were low due to the macro-economic challenges of economy, but the company continued to focus on internal efficiencies and cost optimisation projects to counter the margin pressures during the year.

At the backdrop of lower economic growth, input price volatility and affected margins. The outlook for polyester continues to be optimistic owing to proposed capacity additions between 2013 and 2015. Moderating demand for home textiles, furnishing fabrics, technical textile, garments will enhance demand from polyester.

In 2012-13, we completed 11 MW STG Power Project, which will convert available steam capacity into power. The addition of 11 MW power will give us the insulation against high rising cost of power and also an opportunity to export the power. The continued expansion in high capacity Draw Texturised Yarn (DTY) machines will convert additional POY into value added DTY products and introduction of new variety of POY, FDY, DTY and PSF products will enhance our offerings.

CONSOLIDATED FINANCIAL STATEMENTS AND RESULTS OF SUBSIDIARY COMPANIES

The Consolidated Financial Statements have been prepared by your Company in accordance with the applicable Accounting Standards (AS-21) issued by the Institute of Chartered Accountants of India and the provisions of the listing agreement with the Stock Exchanges. Together with the Auditors'' Report, these form part of the Annual Report.

In terms of the General Circular of the Ministry of Corporate Affairs (MCA), Government of India, the copy of Balance Sheet, Statement of Profit and Loss Account, Directors'' Report, Auditors'' Report, etc., of the subsidiary Companies is not attached with the Annual Report of the Company. The related information on the Annual Accounts of the subsidiary Companies shall be made available to the shareholders of the Company and of the subsidiary Companies, who shall seek such information at any point of time. The Annual Accounts of the subsidiary Companies will also be kept for inspection by any shareholder at the Registered Office of the Company and that of the subsidiary Companies concerned. The Statement pursuant to Section 212 of the Companies Act, 1956, containing the details of the Company''s subsidiaries and the gist of the financial performance of the subsidiary Companies forms part of the Consolidated Financial Statements of this Annual Report.

DIVIDEND

The Board of Directors has recommended dividend of Rs.1/- per equity share of the face value of Rs.10/- each for the financial year ended 31 March 2013, amounting to Rs. 151,822,242/- (excluding the Corporate Dividend Tax), and is as per the financial needs of the business.

CORPORATE GOVERNANCE

A detailed report on the corporate governance system and practices of your Company along with auditor''s certificate on its compliance are given as a separate chapter in the Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed report on Management Discussion and Analysis is provided as a separate chapter in the Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information required under Section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are set out in the Annexure forming part of this Report.

PARTICULARS OF EMPLOYEES

Information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended from time to time, forms part of this Report.

FIXED DEPOSITS

The Company has not invited /accepted any deposits during the year ended on 31 March 2013 within the meaning of Section 58A of the Companies Act, 1956 and the Rules made thereunder.

DIRECTORS

In accordance with Article 133 of the Articles of Association of the Company, Mr. Mohan Lal Lohia and Dr. Arvind Pandalai, Directors would retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The brief resume of these Directors are given in the notice of the 27th Annual General Meeting of the Shareholders of the Company.

The Board has appointed Mr. Ashok Jagjivan Gupta as Additional Director and Whole-time Director & CEO of the Company with effect from 30 January 2013.

The Board has also appointed Mr. Suman Jyoti Khaitan as Additional Director - being an Independent Director on the Board of the Company with effect from 30 January 2013.

The aforesaid additional directors are liable to retire at the ensuing Annual General Meeting. The Company has received notices from the Shareholders proposing the re-appointment of Additional Directors.

DIRECTORS'' IDENTIFICATION NUMBER (DIN)

The following are the Directors Identification Number (DIN) of your Directors:

Mr. Mohan Lal Lohia - 00918397

Mr. Om Prakash Lohia - 00206807

Mr. Vishal Lohia - 00206458

Mr. Ashok Jagjivan Gupta - 02337044

Mr. Om Prakash Vaish - 00001360

Mr. Ashok Kumar Ladha - 00089360

Dr. Arvind Pandalai - 00352809

Mr. Suman Jyoti Khaitan - 00023370

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of annual accounts for the financial year ended 31 March 2013, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) the Directors have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2013 and of the profits of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts for the financial year ended 31 March 2013 on a going concern basis.

AUDITORS

M/s B S R and Associates, Chartered Accountants (Regn. No 128901W), the Statutory Auditors of the Company shall retire at the conclusion of the forthcoming Annual General Meeting, and have confirmed their eligibility for re-appointment in accordance with Section 224(1B) of the Companies Act, 1956.

With regard to the observation made by the Auditors at point number ix (a), xi and xvii of the annexure of their report, we would like to inform that wherever there has been a delay in payment of sales tax/value added tax dues, the same has been made along with interest. Further, a long downturn in the industry compounded by weak rupee had impacted the cash flows of the Company in this financial year. Due to cash flow mismatch Company could not meet the payment commitment of one of its lender on time. However, there are no overdue at the close of the financial year. The cash accruals are expected to improve in the next financial year with improvement in business, while the scheduled debt repayments will go down. This is expected to correct the temporary mismatch in the shot term liabilities and assets.

COST AUDITORS

Pursuant to a directive of the Central Government, your Company is required to conduct a Cost Audit in respect of its Polyester operations every year until further notice. Accordingly, qualified cost auditors were appointed to carry out audit of the cost accounts maintained by the Company for the year ended 31 March 2013.

LISTING

The shares of your Company are listed at Bombay Stock Exchange Limited, Mumbai and National Stock Exchange of India Limited, Mumbai. The listing fees to the Stock Exchanges for the year 2013-14 have been paid.

INDUSTRIAL RELATIONS/HUMAN RESOURCES

Your Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under report. Your Company firmly believes that a dedicated workforce constitute the primary source of sustainable competitive advantage. Accordingly, human resource development continues to receive focused attention. Your Directors wish to place on record their appreciation for the dedicated and commendable services rendered by the staff and workforce of your Company.

ACKNOWLEDGEMENTS

Your Directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, government agencies, financial institutions, banks, shareholders, customers, employees and other related organisations, who through their continued support and co-operation, have helped in your Company''s progress.

For and on behalf of the Board of Directors of

Indo Rama Synthetics (India) Limited

Place: Gurgaon Om Prakash Lohia

Date: 10 May 2013 Chairman & Managing Director


Mar 31, 2012

The Directors take pleasure in presenting the 26th Annual Report together with the audited accounts for the financial year ended 31 March 2012.

Financial Highlights

The financial performance of your Company for the year ended 31 March 2012 is summarised below.

(Rs. million)

Particulars Year Ended Year Ended 31 March 2011 31 March 2011

Net Sales and Other Income 31,760.60 28,404.90

profit before Financial Costs, Depreciation, Exceptional item and Tax 3,190.60 4,196.20 ( EBIDTA)

Finance Costs 612.20 696.60

Profit before Depreciation, Exceptional item and Tax (EBIDTA) 2,578,40 3,499.60

Depreciation 1,543.60 1,499.00

Profit / (Loss) before Exceptional item and Tax 1,034.80 2,000.60

Exception item - Foreign exchange fluctuations (expenses)/ Income -652.50 82.80

Profit / (Loss) before Tax 382.30 2,083.40

Tax 62.70 689.30

Profit / (Loss) after Tax 319.60 1,394.10

profit brought forward from previous year 1,703.70 863.60

Profits available for Appropriation 2,023.30 2,257.70

Appropriations :

Interim Dividend 151.80

proposed Dividend on equity shares 151.80 151.80

Corporate Tax on proposed Dividend 24.60 50.40

Transfer to general reserve 200.00

Surplus carried to Balance Sheet 1,846.90 1,703.70

Total Appropriation 176.40 554.00

The Board of Directors has recommended dividend of Rs.1 per equity share of the face value of Rs.10/- each for the financial year ended 31 March 2012 amounting to Rs.15,18,22,242/-.

Operational and Financial Review

During the year under report, your Company recorded gross sales of Rs. 31,810 Million as against Rs.30,001 Million in previous year, representing an increase of 5.27% which is considered satisfactory considering the present market scenario. EBIDTA is Rs.3,125 Million as against Rs.4,279 Million last year. profit before Tax stood at Rs.382 Million against Rs.2,083 Million for the previous year.

The extremely challenging and prevailing recessionary economic conditions leading to slowdown in demand and inflation pushed up the scale of input costs resulting in an adverse environment for overall performance in 2011-12. Directors are pleased to inform that despite difficult times, your Company, based on its core strengths and sincere efforts of all the Indo Rama family members, has resulted in a sustainable performance.

The demand for polyester remained positive during 2011-12; at the backdrop of lower economic growth, input price volatility and affected margins. The outlook for polyester continues to be optimistic owing to proposed capacity additions between 2013 and 2015.

Moderating demand for home textiles, furnishing fabrics, technical textile, garments will enhance demand from polyester.

In 2011-12, we completed the heat treatment media (HTM) project of replacing Furnace Oil (FO) to coal for heat treatment; resulting in saving on energy cost, continued expansion in high capacity Draw Texturised yarn (DTY) machines will convert additional POY into value added DTY products and introduction of new variety of POY, FDY, DTY and PSF products will enhance our offerings.

Moving forward, in 2012-13, we will commission a 11 MW coal based captive power plant, install a PSF recycle plant, and enhance PSF and DTY capacities. Moreover, as a consistent drive we will continue our Endeavour to enhance operational efficiency through process innovations and rationalise costs to increase profitability.

Dividend

The Board of Directors has recommended dividend of Re. 1 per equity share of the face value of Rs.10/- each for the financial year ended 31 March 2012, amounting to Rs.15,18,22,242/- (excluding the Corporate Dividend Tax), and is as per the financial needs of the business.

Corporate Governance

A detailed report on the corporate governance system and practices of your Company along with auditor's certificate on its compliance are given as a separate chapter in the Annual Report.

Management Discussion and Analysis

A detailed report on Management Discussion and Analysis is provided as a separate chapter in the Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information required under Section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are set out in the Annexure forming part of this Report.

Particulars of Employees

Information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (particulars of Employees) Rules, 1975, as amended from time to time, forms part of this Report.

Fixed Deposits

The Company has not invited /accepted any deposits during the year ended on 31 March 2012 within the meaning of Section 58 A of the Companies Act, 1956 and the Rules made there under.

Directors

In accordance with Article 133 of the Articles of Association of the Company, Mr. O. p. Vaish and Mr. A. K. Ladha retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. A Brief resume of these Directors is given in the notice of the 26th Annual General Meeting to the Shareholders of the Company.

Directors' Responsibility Statement

pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of annual accounts for the financial year ended 31 March 2012, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) the Directors have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2012 and of the profits of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts for the financial year ended 31 March 2012 on a going concern basis.

Auditors

M/s B S R and Associates, Chartered Accountants, the Statutory Auditors of the Company shall retire at the conclusion of the forthcoming Annual General Meeting, and have confirmed their eligibility for re-appointment in accordance with Section 224(1B) of the Companies Act, 1956.

With regard to the observation made by the auditors at point number XI and XVII of the annexure referred to in Para 3 of their report, we would like to inform that a long downturn in the industry compounded by weak rupee had impacted the cash flows of the Company in this financial year. The Company could not meet a small part of its payment commitments to one bank. The Company has substantially reduced the outstanding owed to this bank by paying an amount of Rs.115.86 Crore during the year. The balance of Rs.20.37 Crore outstanding at the year end is expected to be cleared within a short span of time in the new financial year from internal accruals. The cash accruals are expected to improve in the next financial year with improvement in business, while the scheduled debt repayments will go down. This is expected to correct the temporary mismatch in the shot term liabilities and assets.

Cost Auditors

pursuant to a directive of the Central Government, your Company is required to conduct a Cost Audit in respect of its polyester operations every year until further notice. Accordingly, qualified cost auditors were appointed to carry out audit of the cost accounts maintained by the Company for the year ended 31st March 2012.

Secretarial Due Diligence Report

In order to achieve highest level of Corporate Governance, Secretarial Audit of the records of the Company was conducted by qualified practicing Company Secretaries to carry out audit of the secretarial records maintained by the Company for the year ended 31 March 2012.

Industrial Relations/Human Resources

your Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under report. your Company firmly believes that a dedicated workforce constitute the primary source of sustainable competitive advantage. Accordingly, human resource development continues to receive focused attention. your Directors wish to place on record their appreciation for the dedicated and commendable services rendered by the staff and workforce of your Company.

Acknowledgements

your Directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, government agencies, financial institutions, banks, shareholders, customers, employees and other related organizations, who through their continued support and co-operation, have helped in your Company's progress.

For and on behalf of the Board of Directors of

Indo Rama Synthetics (India) Limited

O.p. Lohia

Chairman & Managing Director

place: Gurgaon

Date: 25 April 2012


Mar 31, 2011

The Directors take pleasure in presenting the 25th Annual Report together with the audited accounts for the financial year ended 31 March 2011.

Financial Highlights

The financial performance of your Company for the year ended 31 March 2011 is summarised below.

(Rs. million)

Particulars Year Ended Year Ended 31 March 2011 31 March 2010

Net Sales and Other Income 28,487.70 25,565.75

Profit before Financial expenses, Depreciation and Tax ( EBIDTA) 4,279.00 2,338.06

Financial Expenses 696.60 770.39

Profit before Depreciation and Tax ( PBDT) 3,582.40 1,567.67

Depreciation 1,499.00 1,491.47

Profit / (Loss) before Tax 2,083.40 76.20

Provision for taxation 689.30 4.88

Profit / (Loss) after Tax 1,394.10 71.32

Profit brought forward from previous year 2,257.67 780.21

Transfer from Debenture Redemption Reserve - 12.03

Profits available for Appropriation 2,257.67 863.57

Appropriations :

Proposed Dividend on equity shares 151.83 -

Corporate Tax on Proposed Dividend 50.43 -

Surplus carried to Balance Sheet 1,703.70 863.57

Total Appropriation 1,905.96 863.57

The Board of Directors has recommended a final dividend of Rs. 1 per equity share of the face value of Rs. 10/- each for the financial year ended 31 March 2011. (Total dividend is Rs. 2 per share for the financial year 2010-11)

Operational and Financial Review

During the year under report, your Company recorded gross sales of Rs. 30,001 million as againstn Rs. 26,594 million in previous year, representing an increase of 12.81% which is considered satisfactory considering the present market scenario. EBIDTA is up at Rs. 4,279 million as against Rs. 2,338 million last year representing an increase of 83%. Profit Before Tax stood at Rs. 2,083 million against a Rs. 76 million for the previous year.

This year the net profit Stood at Rs. 1,394 million as against Rs. 71 million last year. The turnaround in profits was possible due to improvement in margins coupled with optimal utilization of resources and reduction in interest cost.

Your Company is witnessing an improved business environment marked by a combination of rising raw material prices and improvement in demand for finished goods. There has also been growing interest from relatively new segments like technical and home textiles, which in turn is contributing to the demand. Despite the multifarious business challenges of 2010, we have been able to achieve motivating results. It is encouraging to see that both domestic as well as export segments are registering increase in demand across all our products.

Polyester demand is expected to further rise on back of high prices of cotton and other alternate fibres. Cotton prices have already reached a record high, and are continuously rising because of short supply. Moreover, no further capacities are being further added going forward in near term, in existing polyester fibre capacities. The demand for polyester products is expected to rise at faster pace in coming years because of widening price gap between cotton and polyester products. All these will augur well for us in the coming years.

In financial year 2010-11, we have gone ahead with several value addition projects like replacing Furnace Oil (FO) based heat treatment media (HTM) with coal based plant, expansion in high capacity Draw Texturised Yarn (DTY) machines which will convert more POY into value added DTY products and also setting up Stream turbine generator of 11MW capacity. All these projects shall be operational in the current financial year. On completion, these initiatives will significantly contribute to our operational efficiency and reduction in cost and thereby increasing our profits.

Dividend

The Board of Directors has recommended a final dividend of Rs. 1 per equity share of the face value of Rs. 10/- each for the financial year ended 31 March 2011, amounting to Rs. 15,18,22,242. This is in addition to the interim Dividend for financial year 2010-11 of Rs. 1 per equity share of the face value of Rs. 10/- each paid in 7 March 2011. The total dividend payout for the financial year 2010-11 would be Rs. 30,36,44,484 (excluding the Corporate Dividend Tax), and is as per the financial needs of business.

Corporate Governance

A detailed report on the corporate governance system and practices of your Company along with auditors certificate on its compliance are given as a separate chapter in the Annual Report.

Management Discussion and Analysis

A detailed report on Management Discussion and Analysis is provided as a separate chapter in the Annual Report.

Issuance of Securities

Preferential allotment of warrants.

Pursuant to approval of the members of the Company the Company allotted 20,000,000 (Twenty million) preferential convertible warrants at Rs. 40.60 each. (including premium of Rs. 30.60 per equity share) on preferential basis to two of the promoter companies. Lohia Industries Pvt. Ltd. and Indo Rama Retail Holdings Pvt Ltd. on 9 November 2010. The warrants are convertible into equity shares of Rs. 10 each on or before 18 months from the date of allotment of warrants i.e. on or before 8 May 2012.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information required under Section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are set out in the Annexure forming part of this Report.

Particulars of Employees

Information as per Section 217(2A) of the Act, read with the Companies (Particulars of Employees) Rules, 1975, as amended from time to time, forms part of this Report. However, as per the provisions of Section 219(1) (b) (iv) of the Act, the Report and Accounts are being sent to all the members excluding the statement containing the particulars of employees to be provided under Section 217(2A) of the Act. Any member interested in obtaining such particulars may inspect the same at the Registered Office of the Company or write to the Company Secretary for a copy.

Fixed Deposits

The Company has not invited /accepted any deposits during the year ended on 31 March 2011 within the meaning of Section 58 A of the Companies Act, 1956 and the Rules made thereunder.

Directors

In accordance with Article 133 of the Articles of Association of the Company,

Mr. M.L. Lohia and Dr. A. Pandalai retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. A Brief resume of these

Directors is given in the notice of the 25th Annual General Meeting to the Shareholders of the Company.

Directors Responsibility Statement

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of annual accounts for the financial year ended 31 March 2011, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) the Directors have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2011 and of the profits of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts for the financial year ended 31 March 2011 on a going concern basis.

Auditors

M/s B S R and Associates, Chartered Accountants, the Statutory Auditors of the Company shall retire at the conclusion of the forthcoming Annual General Meeting, and have confirmed their eligibility for re-appointment in accordance with Section 224(1B) of the Companies Act, 1956.

As regards observation of the auditor in para (xi) of the Annexure referred to in para 3 in their Report, the Company had incurred losses during financial year 2008-09 due to economic downturn and forex losses that adversely impacted the cash flow of financial year 2009-10. Due to above Company could not meet some of its financial commitments in time to Bank/Financial Institutions. During the year the Company has reached to the reschedulement arrangements with all the banks and

financial institutions for its long term borrowings except for a bank. The Company has initiated steps to comply with the terms and conditions wherever applicable, of these reschedulement arrangements. In respect of a bank an understanding has been arrived to make the payment to the said bank of its dues in periodic manner.

Cost Auditors

Pursuant to a directive of the Central Government, your Company is required to conduct a Cost Audit in respect of its Polyester operations every year until further notice. Accordingly, qualified cost auditors were appointed to carry out audit of the cost accounts maintained by the Company for the year ended 31 March 2011.

Industrial Relations/Human Resources

Your Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under report. Your Company firmly believes that a dedicated workforce constitute the primary source of sustainable competitive advantage. Accordingly, human resource development continues to receive focused

attention. Your Directors wish to place on record their appreciation for the dedicated and commendable services rendered by the staff and workforce of your Company.

Acknowledgements

Your Directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, government agencies, financial institutions, banks, shareholders, customers, employees and other related organisations, who through their continued support and co-operation, have helped in your Companys progress.

For and on behalf of the Board of Directors of Indo Rama Synthetics (India) Limited

A.K.Ladha Director

Vishal Lohia Whole-time Director

Place: Gurgaon Date : 26 April 2011


Mar 31, 2010

The Directors take pleasure in presenting the 24th Annual Report together with the audited accounts for the financial year ended 31 March 2010.

Financial Highlights

The financial performance of your Company for the year ended 31 March 2010 is summarised below.

(Rs. Million)

Particulars Year Ended Year Ended

31 March 2010 31 March 2009

Net Sales and Other Income 25,565.75 24,666.98

Profit before Financial expenses, Depreciation and Tax (EBIDTA) 2,338.06 1,347.72

Financial Expenses 770.39 1,137.90

Profit before Depreciation and Tax (PBDT) 1,567.67 209.82

Depreciation 1,491.47 1,514.75

Prior period expenses - 162.01

Profit / (Loss) before Tax 76.20 (1,466.94)

Provision for Taxation including Fringe Benefit Tax 10.18 7.42

Provision for Deferred Tax / (Credit) (5.30) (496.02)

Profit / (Loss) after Tax 71.32 (978.34)

Profit brought forward from previous year 780.21 1,746.52

Transfer from Debenture Redemption Reserve 12.03 12.03

Profits carried to Balance Sheet 863.57 780.21

Operational and Financial Review

During the year under report, your Company recorded gross sales of Rs. 26,594 million and net sales of Rs. 25,260 million representing a marginal increase of 3.3% as compared to the previous year which is considered satisfactory considering the effect of the economic downturn. EBIDTA is up at Rs. 2,338 million as against Rs. 1,348 million last year representing an increase of 73.4%. Profit Before Tax stood at Rs. 76.20 Million against a loss of Rs. 1466.94 million for the previous year. There is net profit of Rs. 71.32 million as against a loss of Rs. 978.34 million last year. The turnaround in profits was possible due to cost competitiveness, optimal utilization of resources and reduction in interest cost.

The year gone by was not only challenging but was also successful in certain terms after the global economic meltdown. After the steep fall in demand due to economic downturn came the phase of demand stability. There are signs of demand growth in the domestic market and there are also indication of recovery happening in the US, EU and other global markets which should have its positive impact. Exports have started picking up and the manufacturing sector is witnessing better realization and improved margins.

The stimulus package announced by the government in 2008 to counter the global recessionary onslaught had substantially achieved the desired objective. Symptoms of economic recovery had started appearing more clearly, hence government decided to partially roll

back stimulus package in February 2010. For textile industry, the stimulus package was withdrawn from July 2009 which impacted the textile industry and the Company for quite sometime.

With the cotton prices ruling at significantly high level, the relative position of polyester amongst competing fibres will lead to better offtake of polyester products.

The Power business continues contributing to both revenue and profitability. The demand supply gap of power in our country for the coming several years shall keep us in good stead in the arena.

Dividend

For the purpose of ploughing back the funds into business, your Directors do not recommend any dividend for the Financial Year 2009-10.

Corporate Governance

A detailed report on the corporate governance system and practices of your Company along with auditors certificate on its compliance are given as a separate chapter in the Annual Report.

Management Discussion and Analysis

A detailed report on Management Discussion and Analysis is provided as a separate chapter in the Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information required under Section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are set out in the Annexure forming part of this Report.

Particulars of Employees

Information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended from time to time, forms part of this Report.

Fixed Deposits

The Company has not invited /accepted any deposits during the year ended on 31 March 2010 within the meaning of Section 58 A of the Companies Act, 1956 and the Rules made thereunder.

Directors

During the year under report Dr. Arvind Pandalai was co-opted as non executive independent Director on the Board of the Company w.e.f. 20th July, 2009. Dr. Pandalai has also been appointed as member of the Audit Committee and the Remuneration Committee of the Company. Dr. Pandalai is the retired Chairman of State Trading Corporation. Your Directors are of the opinion that the Company will be immensely benefited by his rich experience and guidance from time to time.

In accordance with Article 133 of the Articles of Association of the Company, Mr. O. P. Vaish and Mr. A. K. Ladha retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. A Brief resume of these Directors is given in the notice of the 24th Annual General Meeting to the Shareholders of the Company.

Mr. T. Miyazaki has resigned from the directorship of the Company w.e.f. 15th April, 2010. The Directors placed on record their appreciation for the valuable contribution made by Mr. T. Miyazaki.

Directors Responsibility Statement

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed that:

i. in the preparation of annual accounts for the financial year ended 31st March, 2010, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

ii. the Directors have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2010 and of the profits of the Company for the year ended on that date;

iii. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding

the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. the Directors have prepared the annual accounts for the financial year ended 31st March 2010 on a going concern basis.

Auditors

M/s B S R and Associates, Chartered Accountants, the Statutory Auditors of the Company shall retire at the conclusion of the forthcoming Annual General Meeting, and have confirmed their eligibility for re-appointment in accordance with Section 224(1B) of the Companies Act, 1956.

As regards observations of the Auditors in para (xi) and (xvii) of the Annexure referred to in para 3 in their Report, the Company had incurred losses during the financial year 2008-09 due to economic downturn and forex losses that adversely impacted the cash flow of the current financial year (FY 2009-10). As a result of such cash flow mismatches, the Company could not meet some of its financial commitments in times to Banks/Financial Institutions. Subsequent to the year end, the Banks/Financial Institutions have approved the reschedulement in-principle with certain terms and conditions and the Company has initiated steps either to comply with such conditions or is in process of renegotiating the same with the respective lenders. Rest of the observations of the Auditors read with the relevant notes to accounts are self explanatory.

Cost Auditors

Pursuant to a directive of the Central Government, your Company is required to conduct a Cost Audit in respect of its Polyester operations every year until further notice. Accordingly, qualified cost auditors were appointed to carry out audit of the cost accounts maintained by the Company for the year ended 31st March, 2010.

Industrial Relations/Human Resources

Your Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under report. Your Company firmly believes that a dedicated workforce constitute the primary source of sustainable competitive advantage. Accordingly, human resource development continues to receive focused attention. Your Directors wish to place on record their appreciation for the dedicated and commendable services rendered by the staff and workforce of your Company.

Acknowledgements

Your Directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, government agencies, financial institutions, banks, shareholders, customers, employees and other related organisations, who through their continued support and co-operation, have helped in your Companys progress.

For and on behalf of the Board of Directors of

Indo Rama Synthetics (India) Limited

Place : New Delhi O. P. Lohia

Dated : 25th September, 2010 Chairman & Managing Director



 
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