Prag Bosimi Synthetics Ltd Company Summary

Prag Bosimi Synthetics Ltd Summary

Incorporated on 31 July, 1987, Prag Bosimi Synthetics Limited (PBSL) was promoted as a joint venture between Assam Industrial Development Corporation (AIDC) and Bombay Silk Mills (BOSIMI). The Company is engaged primarily in manufacturing of Polyester Yarn.The company came out with a Rs 27.1-cr public issue in Feb.92 to part-finance the manufacture of 15,000 tpa of polyester filament yarn (PFY), establishment of downstream facilities of draw texturising and draw twisting of yarn, and to meet for working capital requirements. The total project cost was estimated at Rs 188 cr. The company manufactures polyester yarn. It has introduced different varieties of yarn like 30 denier, 50 denier, 75 denier, twisted and dyed assortments. The company has a technical collaboration with EMS Inventa, Switzerland, to produce POY/PFY.Textile division commenced commercial production in 1993. The last phase of the project (installation of 6 direct spinning lines) which was expected to be completed in Aug.95 is delayed due to various reasons including indifferent law and order conditions, lack of infrastructure and skilled manpower, etc. The Project is expected to be completed during the year, financial institutions have sanctioned additional short term finance by way of redeemable convertible preference shares to the extent of Rs 30.96 cr.During the year 1999-2000, the net loss was Rs.983.13 lacs and the State Bank of India has sanctioned the rehabilitation and restructuring proposal and 40% of the working capital requirement of the company.During 2010, the Company formed a wholly owned subsidiary company for implementing the Textile Park Project, completed entire refurbishment work, restored 132 KVA dedicated High Tension Power supply by ASEB at site with required transformers; installed new UPS System for uninterrupted power supply.The Company installed one more texturising machine in 2013. It started a separate division named Bosimi Apparel under the Brand Name BOSIMI in 2015-16. During 2017-18, new machineries costing Rs 22 crore were instigated and commissioned. It started commercial production, selling the products in West Bengal and within Assam in 2018.