Page Ind Annual Report 200708 Final

13th Annual Report 2007-08
Performance at a Glance
Growth of Income
Value (Rs. in Million)
2300
2092.10
2100
1900
1700
1509.98
1500
1300
1100
900
700
500
1037.81
778.53
FY 05
FY 06
FY 07
Financial Years
FY 08
Income
Growth of EBIDT
450
414.01
400
350
300
298.01
250
200
197.52
150
100
50
80.81
FY 05
FY 06
FY 07
FY 08
Financial Years
EBIDT
Growth of PBT
400
350
344.06
300
259.02
250
200
173.37
150
100
50
60.61
FY 05
FY 06
FY 07
FY 08
Financial Years
PBT
Growth of PAT
280
238.17
230
180
170.27
130
113.91
80
30
42.35
FY 05
FY 06
FY 07
Financial Years
PAT
FY 08
Registered & Corporate Office
Abbaiah Reddy Industrial Area, Jockey Campus, No.6/2 & 6/4

Hongasandra, Begur Hobli, Bangalore 560 068
Tel : 080-40476868 / 25732952 Fax : 080-25732226 / 25732215
www.jockeyindia.com
Board of Directors
Registrar & Share Transfer Agent
Mr
Mr
Mr
Mr
Mr
Mr
Mr
Mr
Sharepro Services (India) (P) Ltd

Satam Estate, 3rd Floor
Above Bank of Baroda Building
Chakala, Andheri East
Mumbai 400 099
Ravi Uppal, Chairman

Sunder Genomal, Managing Director
Nari Genomal, Director
Ramesh Genomal, Director
Timothy Ralph Wheeler, Director
G P Albal, Director
V Sivadas, Alternate Director
P V Menon, Alternate Director
Management Team
Mr Pius Thomas, GM Finance & Purchase
Mr Vedji Ticku, GM Sales
Company Secretary
Mr R Vijayakumar
Auditors
M/s Haribhakti & Co.,
Chartered Accountants
42, Free Press House
Free Press Journal Marg
215, Nariman Point
Mumbai 400 021
Bankers
Canara Bank
Industrial Finance Branch
Richmond Road
Bangalore 560 025
Contents
Page No.
Notice to Shareholders
Directors Report
Management Discussion and Analysis
13
Corporate Governance Report
15
Auditors Report
23
Accounts
27
Balance Sheet
28
Profit and Loss Account
29
Cash Flow Statement
30
Schedules
32
Notes to the Balance Sheet and Profit and Loss Account
41
Balance Sheet Abstract and Companys General Business Profile
52
NOTICE TO SHAREHOLDERS
to the limit prescribed in the Companies
Act, 1956, to be paid to and distributed
amongst the Directors of the company or
some or any of them (other than Managing
Directors / Whole-time Directors) in such
amounts, subject to such ceiling and in
such manner and in such respects as
may be decided by the Board of Directors
and such payments shall be made for the
financial year 2008-09.
NOTICE is hereby given that the 13th Annual

General Meeting of Members of Page Industries
Limited will be held on Saturday, 26th July,
2008 at 11:30 am at The Chancery, Lavelle
Hall, 10/6, Lavelle Road, Bangalore - 560 001,
to transact the following business:
Ordinary Business:
1. To consider the Profit and Loss Account
for the financial year ended 31st March,
2008, the Balance Sheet as at that date,
the Report of the Board of Directors and
the Report of the Auditors.
By Order of the Board

Bangalore
2nd June, 2008
2. To confirm the payments of Interim

Dividend for the year 2007-08.
Notes
3. To appoint a Director in the place of Mr Nari

Genomal, who retires by rotation and being
eligible, offers himself for re-appointment.
1. A MEMBER WHO IS ENTITLED TO

ATTEND AND VOTE AT THE ABOVE
MEETING IS ENTITLED TO APPOINT A
PROXY AND VOTE INSTEAD OF HIMSELF
AND SUCH PROXY NEED NOT BE A
MEMBER OF THE COMPANY.
4. To appoint a Director in the place of Mr

Timothy Ralph Wheeler, who retires by
rotation and being eligible, offers himself
for re-appointment.
2. THE INSTRUMENT APPOINTING THE

PROXY SHOULD BE LODGED WITH
THE COMPANY NOT LESS THAN FORTY
EIGHT HOURS BEFORE THE SCHEDULED
COMMENCEMENT OF THE MEETING.
5. To appoint Auditors to hold office upto

the conclusion of the next Annual General
Meeting and to fix their remuneration.
Special Business:
3. The relevant Explanatory Statement

pursuant to Section 173(2) of the Companies
Act, 1956 relating to Special Business to
be transacted at the Meeting is annexed
hereto.
6. To consider and if thought fit, to pass with

or without modification(s), the following
resolution as a Special Resolution:

R Vijayakumar
Company Secretary
RESOLVED that pursuant to provisions

of Section 309(4)(b) and other applicable
provisions, if any, of the Companies Act,
1956, approval of the Company be and is
hereby accorded for the payment of a sum
not exceeding Rs.9,00,000 (Rupees Nine
Lakhs only), (excluding sitting fees) subject
4. The Register of Members and Share Transfer

Books of the Company will remain closed
from Wednesday, the 16th July, 2008 to
Saturday, the 26th July, 2008 (both days
inclusive).
4
5. As of 31st March, 2008, we have unclaimed
In view of the increased activities of the
amounts of Rs.69,975, Rs.40,572 and
Company and the responsibilities of Non-
Rs.24,369 in our IPO Refund Account,
Whole-time Directors / Independent Directors
under the revised Clause 49 of the Listing
st
Interim Dividend Account 2007-08
and 2
nd
Interim Dividend Account
2007-08 respectively.
Agreement with the Stock Exchanges as
The investors /
well as under the Companies Act, 1956, it is
shareholders, who have not claimed their
proposed to pay remuneration as mentioned
refund / dividend, are requested to write
in the resolution and such remuneration
to our Registrar and Share Transfer Agents
shall be distributed amongst the Directors
M/s Sharepro Services (India) Private
(including Alternate Directors, but excluding
Limited, Mumbai to claim the amount.
Managing / Whole-time Directors) as may be

determined by the Board in the quantum, the
Pursuant to Section 205C of the Companies
proportion and the manner as the Board may
Act, 1956, if the refund / dividend amount
decide from time to time, such that the amount
is not claimed within 7 years from the
of remuneration to each Director may vary
date they become due for payment; such
depending on the responsibilities as Member
unclaimed amounts will be transferred to
/ Chairman of the Board, Member / Chairman
Investor Education and Protection Fund.
of any Committee(s) of the Board and /or all
Once the unclaimed amount is transferred,
other relevant factors.
no further claim can be made.
The said remuneration shall be payable for the
6. The relevant details of persons seeking
year 2008-09 after the annual accounts are
reappointment as Directors under Item
approved by the Board of Directors and adopted
Nos. 3 & 4 above, as required by Clause 49
by the shareholders. The above payment to
of the Listing Agreement entered into with
Non-executive Directors will be in addition to
the Stock Exchanges are annexed to this
the sitting fees payable to them for attending
notice:
Board / Committee meetings.
Explanatory Statement as required under
The Board recommends the special resolution
Section 173(2) of the Companies Act, 1956
for approval. The Non-Executive Directors of
Item No.6 of the Notice:
the Company may be deemed to be concerned
Section 309(4)(b) of the Companies Act, 1956
of the remuneration that may be received by
or interested in the resolution to the extent
authorizes the payment of remuneration to a
them.
Director, who is neither a Whole-time Director
nor a Managing Director of a Company, if

the Company authorizes such payment by a
Bangalore
2nd June, 2008
Special Resolution.
5
R Vijayakumar
Company Secretary
Details of Directors seeking reappointment at the Annual General Meeting (Pursuant to

Clause 49 (IV)(G)(i) of the Listing Agreement)
Name of the Director
Nari Genomal
Timothy Ralph Wheeler
Date of Appointment
10.11.2004
29.09.2006
Expertise in Specific Function He has over 40 years experience He has 3 decades of experience
Area
in various facets of the textile in textiles and apparels
industry.
Qualification
Post Graduate in Commerce CPA (USA)

from the Letron College, Manila,
Philippines
Directorship held in other In Indian Companies

companies
Genco Holdings (P) Ltd
In Foreign Companies
In Indian Companies
Nil
In Foreign Companies
a) GTVL Mfg. Industries

Nil
Inc., Philippines
b) Sprint International Inc.,
Philippines
c) Trigen Resources Inc.,
Philippines
d) Fortis Ventures Ltd.,
Mauritius
Chairman / Member of the Board Member of Audit Committee Nil
of Directors of the Company as on and Shareholders / Investors
31st March 2008
Grievance Committee
Chairman / Member of the Nil
Committees of other Companies
in which he is a Director as on
31st March, 2008
Nil
N u m b e r o f S h a r e s h e l d 2689758 Shares
i n t h e C o m p a n y a s o n (Representing 24.115%)
31st March, 2008
Nil
DIRECTORS REPORT
DIRECTORS REPORT
DIVIDEND:
Your Directors have pleasure in presenting the

13th Annual Report of the Company together
with audited accounts of the Company for the
year ended 31st March, 2008.
During the year 2007-08, your Directors

declared two Interim Dividends on 20th August,
2007 (60%) and 30th January, 2008 (40%)
aggregating a total dividend of 100% amounting
to Rs.1,11,538,740. The said Interim Dividends
are considered as Final Dividend.
FINANCIAL RESULTS:
Financial results for the year under review are
summarized below:
(Rupees in Million)
Particulars
Sales
Other Income
44.84
27.28
414.18
298.85
(Less): Financial Charges
(33.82)
(23.64)
(Less): Depreciation
(36.14)
(15.34)
(0.16)
(0.85)
344.06
259.02
(106.53)
(82.02)
(0.66)
(0.86)
Net Profit Before Tax
Pursuant to the final prospectus dated 1st March,
For the year For the year

ended 31st
ended 31st
March 2008 March 2007
1923.48
1359.39
Profit before Interest, Depreciation & Prior period Adj.
(Less): Prior period

Adjustments
UTILIZATION OF IPO FUNDS:

2007, the Company made an Initial Public Offer
during 2006-07 with the objects of Brand
Building, Expansion, Modernization, Setting
up of manufacturing facility at Bommasandra,
Bangalore, Purchasing Corporate Office,
Implementation of ERP Software and General
Corporate Purposes. The details of utilization
of funds as of 31st March, 2008 for the said
objects are furnished below:
(Less): Provision for

- Current Taxes
- Prior Year Taxes
- Deferred Taxes
Profit After Tax
Appropriation
Less: Dividend
Less: Tax on Dividend
Less: Transferred to
General Reserve
Less: Surplus carried to
Balance Sheet
(Rs. in Million)
Details of funds utilized
As of
31st March 08
1.30
(5.87)
238.17
170.27
111.54
18.96
28.00
48.71
6.83
18.00
New Manufacturing Facility at Bommasandra

Expansion of Elastic Facility
7.13
79.67
96.73
Expansion of Socks Facility
8.13
Implementation of ERP Software (SAP)
5.35
FINANCIAL HIGHLIGHTS & PERFORMANCE:
Brand Building
49.33
Expansion at existing location
46.58
Issue Expenses
Your Directors wish to inform you that during

the financial year ended March 31, 2008,
the sales of the Company increased from
Rs.1359.39 million to Rs.1923.48 million
registering a growth of 42%. The year under
review net profit before tax has increased to
Rs.344.06 million from Rs. 259.02 million
of last year, which is 33% of increase. The
net profit stood at Rs.238.17 million as
against Rs.170.27 million of the previous year
representing a growth of 40%.
106.84
82.31
Invested in FMPs/Bank FDs/ Bank

Accounts till deployment of funds
202.78
Total
508.45
EXPANSION OF CAPACITY:
In addition to our existing operation, during
the year 2007-08, we have entered into
a separate lease with one of our existing
Lessors for leasing of 80,000 sq. ft (approx.)
8
During the year under review, we had applied

to the State Level Single Window Clearance
Committee for its approval towards allotment
of land in Gowribidanur Industrial Area,
Chikkaballapur District. On perusal of our
project, the Committee has approved the
project on 8th February, 2008 and sanctioned
for allotment of land measuring 4 acres in
Gowribdanur Industrial Area. On basis of the
approval given by the Committee, it is expected
that we will be allotted 4 acres of land by
Karnataka Industrial Areas Development Board
(KIADB) during the financial year 2008-09.
consisting of ground + three floors. Out of the

total area, the Ground Floor measuring 20,000
sq. ft (approx) is expected to be ready and
operative by end of July, 2008. The remaining
three floors measuring 60,000 sq.ft. (approx)
are expected to be ready and operative during
the current financial year 2008-09 at regular
intervals. On full operation of the entire leased
premises, we expect an additional production
of around 10 million pcs per annum.
Besides the above proposal, we have
commenced I Phase of commercial production
at Bommasandra on 15 th April, 2008. On
utilizing the entire capacity, we expect that our
production would be increased by another 10
million pcs of garments.
BRAND BUILDING & EXCLUSIVE BRAND

OUTLETS (EBOs):
Brand Building is a continuous process aimed
at strengthening the Brand with the object
of elevating the brand to the next level of
dominance amongst the customers and retail.
The Indian Domestic Apparel Market is moving
from unorganized sector to the organized sector
due to emergence of new malls and Retail
stores coupled with the buying power of the
consumers.
With the above plans along with expansion

capacity undertaken at our existing operation
at Begur Road, Bangalore, we have build-up
a manufacturing capacity of 50 million pcs of
garments, which would enable us to meet our
market requirements for the year 2008-09.
At the end of 2006-07, we had six needle looms
for our Garter Production. During the year
under review, we have added additional six
looms, which has increased our production
capacity to 3,780,000 mtrs per annum. With
this enhanced capacity, we would be able to
meet our requirements of Woven Elastic. In
order to augment more capacity, we have
ordered another eight needle looms, which are
expected to be delivered during the financial
year 2008-09.
During the year 2007-08, we have incurred

Rs.49.33 million towards Brand Building
out of IPO funds and have aggressive plans
for the coming years to strengthen the
Brand. On successful implementation of
these brand-building strategies, it will ensure
insurmountable lead to the brand for present
and future competition in our category.
During the year 2007-08, we have, through our
authorized franchises, opened 12 Exclusive
Brand Outlets for our products and with these
outlets, the total EBOs come to 32, which are
well spread in all major cities.
In addition to six machines in operation for

Socks productions at the end of 2006-07,
we have added another six machines, which
increases our capacity to 84,000 pairs per
annum. In line with the market, we would
be adding required machines for the Socks
productions at regular intervals.
SAFETY, HEALTH AND ENVIRONMENT:

Your Directors are committed to provide an
optimum safety to the employees, public, plant
9
of our major business viz., Mens Wear,

Womens Wear and Leisure Wear are expected
to continue.
and equipment, which are embedded in the

organizational value, by reviewing our safety
aspects on regular intervals and by adhering
strict compliance of law relating to Safety,
Health and Environment. During the year
under review, as per risk minimization policy,
we have carried out two safety inspection
audits by Independent Agencies on halfyearly basis and the Agencies expressed their
satisfaction over our safety aspects. The
Company has a separate department to carry
out the functions relating to Insurance, Safety
and environments.
INDUSTRIAL RELATIONS:
Industrial relations are cordial at all levels
and your Directors sincerely acknowledge the
exemplary dedication of all its employees.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT & CORPORATE GOVERNANCE:
As required in the Listing Agreement,
Management Discussion and Analysis Report
and a separate report on Corporate Governance
are enclosed as part of this Annual Report.
A certificate from the Practising Company
Secretary regarding compliance of conditions
of Corporate Governance is also annexed to the
report on Corporate Governance.
DIRECTORS:
In Compliance of revised Clause 49, the
Board of Directors at their Meeting held on
2nd June, 2008 has appointed Mr. Ravi Uppal,
Independent Director as Chairman in the place
of Mr. Nari Genomal.
LISTING:
As per the provisions of the Companies Act,

1956 and the Articles of Association of the
Company, Mr Nari Genomal and Mr Timothy
Ralph Wheeler, Directors of the Company
would be retiring by rotation at the ensuing
Annual General Meeting and being eligible have
offered themselves for re-appointment.
Your Companys shares are listed in Bombay

Stock Exchange Limited, Mumbai (BSE) and
National Stock Exchange of India Limited,
Mumbai (NSE) and the listing fees have been
duly paid.
AUDITORS:
M/s Haribhakti & Co., Chartered Accountants,
Mumbai, the retiring auditors have given the
certificate pursuant to Section 224(1-B) of the
Companies Act, 1956 and are eligible for reappointment.
EXPORTS:
The companys exports during the year under
review were Rs.10.65 million compared to
Rs.10.44 million in the previous year.
INFORMATION PURSUANT TO SECTION 217 OF

THE COMPANIES ACT, 1956:
PROSPECTS:
Your Directors are confident of continuing
the growth rate in the coming years and
the prospects of our company are extremely
promising, considering the emerging of malls &
retail chain shops, growth of organized sector,
quality of our products, brand image and
marketing strategies. The growth momentum
Pursuant to the provisions of sub-section

(2A) of Section 217 of the Companies Act,
1956, read with the Companies (Particulars of
Employees) Rules, 1975, the statement relating
to the particulars of employees forming part of
this Report is given below:
10
Foreign Exchange Earned Rs. 3.18 million

Foreign Exchange Outgo Rs. 138.31 million
Name
Sunder Genomal
Designation
Managing Director
Remuneration received
during 2007-08
Rs. 8,965,319
DIRECTORS RESPONSIBILITY STATEMENT:
Nature of Employment
Liable to retire by rotation
In compliance of Section 217(2AA) of the

Companies Act, 1956, the Directors of your
Company confirm that:
Other Terms & Conditions NA

Nature of Duties
Overall control on the affairs

of the Company
Qualification
M.Tech (Industrial Engineering)
Experience
Having around three decades

of experience in various facets
of the textile industry
- all applicable Accounting Standards

have been followed in the preparation
of annual accounts and that there is no
material departure;
- such accounting policies have been
selected and applied consistently and
such judgements and estimates made
are reasonable and prudent so as to give
a true and fair view of the state of affairs
of the Company as at March 31, 2008
and of the profit of the Company for the
year ended on that date;
No. of Shares & % of the 2,689,638 shares & 24.114%

paid-up Share Capital
No other persons during the year 2007-08 were

drawing remuneration in excess of the limit
prescribed in the Companies (Particulars of
Employees) Rules, 1975.
- proper and sufficient care has been

taken for the maintenance of adequate
accounting records in accordance with
the provisions of the Act for safeguarding
the assets of the Company and for
preventing and detecting fraud and
other irregularities;
CONSERVATION OF ENERGY:
All the Machinery and equipments are being
continuously serviced and overhauled in order
to maintain them in good condition and this
resulted in consumption of lesser energy.
Energy consumption particulars as required
by Rule 2 of the Companies (Disclosure
of Particulars in the Report of the Board
of Directors) Rules, 1988 are given in the
Annexure A attached.
- the annual accounts have been prepared

on a going concern basis.
GENERAL:
The Directors acknowledge the support given
by the Licensor M/s Jockey International
Inc., USA and the Distributors. The Board
also wishes to place on record their sincere
thanks and appreciations to the Government
of Karnataka, Bankers of the Company and
the Co-operation extended by the employees
at all levels.
TECHNOLOGY ABSORPTION:
The Company is taking steps to absorb and
adopt the latest technology and innovation in
the field of Garment Industry. On completion,
the same may enable the Company to produce
more garment pieces and improve profits.

For and on behalf of the Board of Directors
FOREIGN EXCHANGE EARNINGS AND OUT GO:

The Foreign Exchange earnings and outgo
during the year under review were as follows:
Bangalore
2nd June, 2008
11
Ravi Uppal
Chairman
ANNEXURE - A
Statement appended to the Directors Report pursuant to Rule 2(A) of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the
Directors Report for the year ended March 31, 2008.
FORM A
(Form for Disclosure of Particulars with respect to Conservation of Energy)
31.03.2008
A. POWER AND FUEL CONSUMPTION
31.03.2007
1. Electricity
a. Purchased :
Units 2,071,727
1,686,471
Total Amount
Rs. 10,631,615
8,480,337
Rate / Unit
Rs.
5.13
5.03
b. Own Generation :
i) Through Diesel Generator
121,402
89,466
Units per ltr. of Diesel Oil
2.77
1.60
Cost / Unit
Rs.
11.17
18.70
ii) Through steam turbine / Generator
- Nil
2. Coal (Specify quality and where used) Nil Nil
3. Furnace Oil Nil Nil
4. Other / Internal generation Nil Nil
(Please give details)
B. CONSUMPTION PER UNIT OF PRODUCTION
Product name Garments
Garments

( in Nos)
Knitted Garments 33,562,448
26,707,189
Consumption per No.
Electricity (Rs.)
0.36
0.38
Furnace Oil Nil Nil
Coal Nil Nil
C. Others (Specify) Nil Nil
12
MANA G EMENT D I S C U S S I ON AN D
ANALYSIS
expanding the product portfolio of Jockey

besides rolling out emotion based lifestyle
brand positioning.
Industry Structure and Developments:
Outlook:
Indian Apparel Market is valued over Rs.880

billion, out of which Intimate wear market
is estimated to be 10% of Indian Apparel
Market. Of the intimate wear market, around
68% relating to innerwear market of men and
women in the ratio of 4:6. The major portion
of innerwear market is unorganized, which
presents a huge opportunity for the organized
players as there will be logical shift towards
branded products by the consumers.
As the Company has increased its capacity by

way of occupying additional floors, construction
of new industrial facility and purchase of
machines for expansion / modernization,
the Company is expected to meet the market
requirements.
Segment wise Performance:
The Company is engaged in the business of
manufacturing garments. Therefore there is
no separate reportable segment.
As per Economic Survey 2007-08, Indian

Economy for the year is expected to register a
growth of more than 8%. Since 2003-04, our
Country maintains a growth in excess of 8%.
Even if any slight slow down, due to global
factors, our economy is expected to maintain its
growth rate of around 8%, which would enable
us to continue our growth momentum.
Risks and Concern:

The area of risk and concern are:
1. Availability of skilled manpower is a real
concern in the Industry
2. Increase in input and labour costs are tough
to be controlled
Government of India has extended the

Technology Up-gradation Fund (TUF) for the
11 th five year plan and has increased the
fund allocation for the year 2008-09 to Rs.
1090 crores from Rs. 911 crores in 2007-08.
Government of India is also setting up various
apparel parks, integrated textile parks and
special economic zones in partnership with
private sector.
Internal Control System and Adequacy:

The Company has an adequate internal control
system commensurate with its size and nature
of its business. Management has overall
responsibility for the Companys internal control
system to safeguard the assets and to ensure
reliability of financial records. The Company
has a detailed budgetary control system and
the actual performance is reviewed periodically
and decisions are taken accordingly.
Opportunities and Threats:

Opportunities: Considering the factors of growth
in income level, performance for recognizable
brands and rapid growth of organized retail are
reasons for the players like Jockey to tap the
huge opportunity available in this Industry.
Internal audit programme covers all areas of

activities and periodical reports are submitted
to the Management. Audit Committee reviews
all financial statements and ensures adequacy
of internal control systems. The Company has
a well-defined organization structure, authority
levels and internal rules and guidelines for
conducting business transactions.
Threats: Government of India has opened-up

doors for foreign players and the new entrants
are expected to be lifestyle brands. They have
holistic positioning in the consumers mind
and this threat is nullified substantially by
13
Financial Performance and Analysis:

(Rs. in Millions)
Particulars
2007-08
Turnover
2006-07
Change
Percentage
1923.48
1359.39
564.09
42%
44.84
27.28
17.56
64%
414.18
298.85
115.33
39%
33.82
23.64
10.18
43%
380.36
275.21
105.15
38%
36.14
15.34
20.80
136%
0.16
0.85
-0.69
-81%
Profit before Tax
344.06
259.02
85.04
33%
Less: Tax
105.89
88.75
17.14
19%
Profit after Tax
238.17
170.27
67.90
40%
Other Income
Profit before Interest, Depreciation & Prior Period Adjustment
Less: Interest
Profit before Depreciation & Prior Period Adjustment
Less: Depreciation
Less: Prior Period Adjustment
Human Resources:
The Companys HR objectives aims to a high
performing organization, where each individual
is motivated to perform to fullest capacity,
contribute by developing and achieving individual
excellence and departmental objectives and
continuously improve performance to realize
the full potential. As of 31st March, 2008, the
Company had 4215 employees on its roll.
within the meaning of applicable securities

laws and regulations. Actual results could
differ materially from those expressed or
implied. The factors that might influence
the operations of the Company are economic
conditions, government regulations, WTO and
natural calamities over which the Company
has no control.
Caution:
The Company assumes no responsibility in

respect of the forward looking statements
herein which may undergo changes in future
on the basis of subsequent developments,
information or events.
Statements in the management discussion and

analysis describing the Companys objectives,
projections, estimates and expectations may
be considered as forward looking statements
14
REPORT ON CORPORATE GOVERNANCE
(1) Board of Directors :
Companys philosophy on Corporate

Governance :
(a) Composition of Board

The Board of Directors of the Company at
their meeting held on 2nd June, 2008 has
reconstituted the composition of Board of
Directors in compliance of amended Clause 49
of the Listing Agreement. As per the revised
composition, Mr Ravi Uppal, Independent
Director is appointed as Chairman with effect
from 2nd June, 2008. The composition of the
Board along with their other Directorship,
Chairmanship and Membership in Committees
and shareholding in the company are given in
the below table:
No. of Committees in
other companies in
which he is a Chairman
/ Member **
Nil
Nil
Executive Director Promoter
Nil
Nil
2689638
Mr Nari Genomal
Non-Executive Director Promoter
Nil
Nil
2689758
Mr Ramesh Genomal
Non-Executive Director Promoter
Nil
Nil
2689758
Mr Timothy Ralph Wheeler
Non-Executive Director
Nil
Nil
Nil
Mr G P Albal
Independent Director
Nil
Nil
Nil
Mr P V Menon
Alternate Director to Mr Nari Genomal
Nil
Nil
Nil
Mr V Sivadas
Alternate Director to Mr Ramesh Genomal
Nil
Nil
90
Name of the Directors
Position
Mr Ravi Uppal
Independent Director Chairman
Mr Sunder Genomal
No. of Shares in the

Company as on
31.03.2008
No. of Directorship in
other Companies*
Page Industries Limited is committed to adhere

good Corporate Governance Practices aimed
at increasing value for all stakeholders by
way of adhering highest level of transparency,
accountability and ethics in all its activities. The
Company has complied all the requirements of
Corporate Governance as prescribed in Clause
49 of the Listing Agreement with Bombay
Stock Exchange Limited and National Stock
Exchange of India Limited.
* Excludes alternate directorship, directorship in foreign companies and private companies

** Audit Committee and Shareholders / Investors Grievance Committee of Public Limited
Companies are only reckoned
15
(b) Number of Board Meetings
Director), Mr G P Albal, Member (Independent

Director) and Mr Nari Genomal, Member
(Non-Executive Director). The broad terms of
reference of Audit Committee inter alia to
During the year 2007-08, five Board Meetings

were held on 09.05.2007, 27.07.2007,
20.08.2007, 24.10.2007 and 30.01.2008.
a) Investigate any activity within its terms of

reference
(c) Details of the attendance of Directors at the

Board and last AGM
b) Seek information from any employee(s)
The attendance record of each of the Directors

at the Board Meetings during the year ended on
31st March, 2008 and during the last Annual
General Meeting (AGM) is as under:
c) Obtain outside legal or other professional

advice
d) Secure attendance of outsiders with relevant
expertise, if it considers necessary and
No. of Board
Meetings
Attended
Attendance
at last AGM
e) Look into the matters specified under the

Clause 49 of the Listing Agreement
Yes
Mr Nari Genomal
NA
NA
Mr Ramesh Genomal
NA
NA
Yes
Mr Ravi Uppal
Yes
The Committee has met four times during the

year 2007-08 on 09.05.2007, 27.07.2007,
24.10.2007 and 18.02.2008 and all the
members to the Committee were present for
all the meetings of the Committee.
Mr G P Albal
Yes
Mr P V Menon
Yes
Mr V Sivadas
Yes

Mr Sunder Genomal
(3) Shareholders / Investors Grievance

Committee:
The Committee comprises of Mr G P Albal,
Chairman (Independent Director), Mr Nari
Genomal (Non-Executive Director) and Mr
Ramesh Genomal (Non-Executive Director).
The Committee inter alia administers transfer
/ transmission of shares, issue of duplicate
certificates, redressal of Shareholders /
Investors Grievances, etc. The Committee
has met twice during the year 2007-08 on
09.05.2007 and 30.01.2008 and all the
members of the Committee were present for
the meetings.
d) Code of Conduct
The Company has adopted Code of Conduct
for all the Directors and Senior Management
of the Company. All the Directors and the
Senior Management Personnel have affirmed
compliance with the respective code of conduct.
A declaration to this effect signed by the
Managing Director (CEO) forms part of this
report. The Code of conduct for Directors and
Senior Management Personnel are posted on
the Companys website.
Mr R Vijayakumar, Company Secretary is the

Compliance Officer. During the year 200708, the company received 48 complaints from
the investors and all of which were redressed.
No investor complaints were pending as of
31st March, 2008.
(2) Audit Committee:

In compliance of Clause 49 of the Listing
Agreement, the Audit Committee has
b e e n constituted and it comprises o f
Mr Ravi Uppal, Chairman (Independent
16
(4) Remuneration to Directors:
b) Payment to Non-Executive Directors:
a) Payment to Executive Director during the year
The Company has no pecuniary relationship or

transaction with its Non-Executive Directors
other than payment of Sitting Fees for attending
the Board / Committee meetings. The Details
of Sitting Fees paid to Non-Executive directors
of the company during the year 2007-08 are
as under:
2007-08:
Mr. Sunder Genomal, Managing Director is,
the only Executive Director of the Company,
being paid remuneration. He is Brother of
Mr. Nari Genomal and Mr. Ramesh Genomal,
Directors of the Company.
During the year 2007-08, He has received the
following remuneration:

Particulars
Salary
Mr Ravi Uppal
(in Rs.)
8,640,000
PF
Perquisites
315,959
Total
8,965,319
Sitting Fees for Board /

Committee meeting attended
(in Rs.)
9,360 *
70,000
Mr G P Albal
1,00,000
Mr P V Menon
1,10,000
Mr V Sivadas
70,000
20,000
Total
* PF on the mandatory limit fixed by the
3,70,000
Besides the above remuneration, he is entitled
The Company does not have any scheme for

grant of stock options either to the Directors
or to any of the employees.
for Gratuity and enhancement of accumulated
(5) General Body Meetings:
Provident Fund Act
leave at the end of his tenure as per the Rules
The details of location, Date and Time of last

three Annual General Meetings (AGMs) of the
Company are given below:
Director is for a period of five years with effect

from 1st August, 2006. His salary and other
perquisites were revised as per the approval
Year
Annual General
Location
of the Companies Act, 1956. The Company has
Abbaiah Reddy Industrial Area

Jockey Campus,
6/2 & 6/4, Hongasandra,
Begur Hobli,
of shareholders at the 12
th
not constituted any Remuneration Committee
The Chancery
Meeting held on 27 July, 2007.

th
2004-05
The Company has adequate profit and the

payment of remuneration to Mr Sunder
Genomal, Managing Director is within the ceiling
2005-06
limit prescribed by Sections 198(1) and 309(3)
and the formation of Remuneration Committee
2006-07
is a non- mandatory requirement of Clause 49
Bangalore 560 068
of the Company. His appointment as Managing
Lavelle Hall
10/6, Lavelle Road
Bangalore 560 001
of the Listing Agreement.

17
Date
Time
29th Sept, 2005 10.00 am
5th Sept, 2006 10.00 am
27th July, 2007 11.30 am
Details of Special Resolutions passed in the

previous three AGMs:
Date of AGM
No. of Special
Resolutions
passed
Details of
Special Resolution
29th Sept, 2005
Nil
--
5th Sept, 2006
1. Capitalization of General
Reserve and Issue of Bonus
Shares
on the Company by the Stock Exchanges

or SEBI or any other statutory authority.
(iv) The Company has not adopted Whistle
Blower Policy. However, the Company
has not denied access to any personnel to
approach the Management on any issue.
(v) Certificate from Practising Company
Secretary, confirming the compliance with
all the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing
Agreement with the Stock Exchanges forms
part of this report.
2. Adoption of new set of

Articles of Association
3. Conversion of Private Limited
into Public Limited
27th July, 2007
Nil
--
(vi) The company has complied with all the

mandatory requirements of Clause 49 of
the Listing Agreement and the Company
has not adopted any non-mandatory
requirements of Clause 49 of the Listing
Agreement.
During the year 2007-08, there was no special

resolution passed through postal ballot and no
resolution requiring approval of shareholders
by way of postal ballot is proposed to be passed
in the ensuing Annual General Meeting.
(6)
Disclosures:
(vii) In the preparation of financial statement

there is no differential treatment from the
prescribed Accounting Standards.
(i) Disclosure on materially significant related

party transactions: During the year
2007-08, no transactions of material nature
had been entered into by the Company with
the Management or their relatives that
may have a potential conflict with interest
of the company. Detailed related party
information and transactions have been
provided in Notes to Accounts in Schedule
R forming part of the Annual Report.
(7) Means of Communication:

The quarterly results of the Company
are published in Business Line (English)
and in Samyukta Karnataka (Kannada).
The financial results, shareholding
pattern and the Annual Reports are also
displayed on the Companys website (i.e.,)
www.jockeyindia.com. Official news
releases and presentations made to the
Institutional Investors, if any, are also
posted on the Companys website.
(ii) Disclosure of Inter-se Relationship between

the Directors: Mr Nari Genomal, Mr Sunder
Genomal and Mr Ramesh Genomal are
brothers.
(8) General Shareholder Information:
(iii) Disclosure of Non-Compliance : There has

been no instance of non-compliance by the
Company on any matter related to Capital
Markets since the inception of the company
and hence no penalties have been imposed
a) Annual General Meeting of the Company

will be held on 26th July, 2008 at 11:30
am at The Chancery Lavelle Hall, 10/6,
Lavelle Road, Bangalore - 560 001 and
18
the last date for receipt of proxy form is

24th July, 2008.
Exchanges for the year 2007-08 is given

below:
b) Financial Calendar (tentative) : The Financial

year of the Company is 1st April to 31st
March. For the year 2008-2009, the interim
results will be announced as follows:
For 1 st quarter ending
30th June, 2008
On or before end of
July 2008
For 2 nd quarter ending

30th September, 2008
On
or before end
of October, 2008
For 3 rd quarter ending

31st December, 2008
On or before
of January, 2009
end
For 4 th quarter and the

financial year ending
31st March 2009
On or before
of June 2009
end
Month
c) Book Closure for the purpose of Annual

General Meeting is 16 th July, 2008 to
26th July, 2008 (both days inclusive)
d) Dividend: During the year 2007-08, two
interim dividends were declared on 20th
August, 2007 and 30 th January, 2008
aggregating a total dividend of 100%
amounting to Rs.1,11,538,740. The
Interim Dividends are considered as Final
Dividend.
BSE
High
NSE
Low
High
Low
April 07
393.00 278.25 392.90 275.00
May 07
488.80 335.25 488.90 334.50
June 07
420.00 345.00 420.00 350.00
July 07
416.00 382.05 416.90 375.00
August 07
434.00 380.10 442.00 383.00
September 07
468.90 411.00 470.00 410.00
October 07
456.00 404.05 457.90 409.00
November 07
450.00 360.00 457.00 342.05
December 07
485.10 341.60 516.00 390.00
January 08
549.40 397.10 558.00 401.00
February 08
519.80 431.05 550.00 410.60
March 08
527.00 405.00 500.00 385.30
h) Graphical representation of movement of

share price of the Company in line with
indices of BSE and NSE:
Share Price Movement of Page Industries Ltd
21000
19000
e) Listing on Stock Exchanges: The Companys

shares are listed at Bombay Stock Exchange
Limited and National Stock Exchange of
India Limited. Listing fees for the financial
year 2008-09 have already been paid to the
Stock Exchanges.
600
500
17000
400
15000
13000
300
11000
200
9000
7000
100
5000
3000
f) Stock Code: The Stock Code of the

Companys Shares at Bombay Stock
Exchange Limited is 532827 and at
National Stock Exchanges of India Limited
is PAGEIND.
Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08
Sensex
Nifty
PageInd Price
i) Registrar and Share Transfer Agents &

Share Transfer System:

g) Market Price Data: The shares of the

Company are listed at BSE and NSE.
Monthly low and high at both the Stock
19
Share Transfer Agents of the Company

is M/s Sharepro Services (India) Limited,
Mumbai, who is authorized by the Board of
k) Dematerialization of Shares:
Directors to process the share transfers and

their complete address is given below:

M/s Sharepro Services (India) Pvt. Ltd.

Satam Estate, 3rd Floor,
Above Bank of Baroda
Chakala, Andheri (East)
Mumbai 400 099
Contact Person : Mrs Indira, GM

Phone
: 022 67720360
Fax
: 022 28375646
Email ID
: indira@shareproservices.com
l) Outstanding GDR/ADR : The Company has

not issued any GDR/ADR.
The turnaround time for completion of

transfer of shares is generally less than
15 days from the date of receipt, if the
documents are in order.
m) Plant Locations:
The Company has operations at Abbaiah
Reddy Industrial Area, Jockey Campus,
6/2 & 6/4, Hongasandra, Begur Hobli,
Bangalore 560 068 and Plot No.13A,
Bommasandra Industrial Area, S.No.270
of Bommasandra Village, Attibele Hobli,
Anekal Taluk, Bangalore.
j) Distribution of Shareholding and category

of Shareholders as of 31st March 2008:
Distribution of Shareholding
No. of equity shares
held
Upto
No. of
No. of
folios shares held
% held
5000
2503
223050
2.00%
5001
to
10000
29465
0.26%
10001
to
20000
31381
0.28%
20001
to
30000
28519
0.26%
30001
to
50000
81041
0.73%
50001
to
100000
363370
3.26%
10397048
93.21%
2526
11153874
100.00%
100001 and above

Total
n) Address for Correspondence:

Page Industries Limited, Abbaiah Reddy

Industrial Area, Jockey Campus, 6/2
& 6/4, Hongasandra, Begur Hobli,
Bangalore 560 068 (Phone Nos., 08040476868 ; Fax Nos., 080-25732226 /
2215) In compliance of Clause 47 (f) of the
Listing Agreement, the Company has created
an exclusive email ID for investors viz.,
investors@jockeyindia.com
-> Relating to Secretarial Matters :
Category of Shareholders
Category
No. of
Shares
% of
holding
Promoters & Group
8069874
72.35
Mutual Funds
2036123
18.25
Foreign Institutional Investors
462600
4.15
Bodies Corporate
116190
1.04
Individuals
180338
1.62
8749
0.08
Non Residents
HUF
280000
2.51
Total
11153874
100.00
As on 31.03.2008, 3,292,352 shares

constituting 29.52% of the total paid
up capital of the Company have been
dematerialized with CDSL and NSDL. In view
of the numerous advantages offered by the
depository system, members are requested
to avail the facility of dematerialization of
the Companys shares.
R Vijayakumar, Company Secretary
E-mail ID : vijay@jockeyindia.com

-> Relating to Investors / Analysts :

Pius Thomas, GM Finance & Purchase
E-mail ID : pius@jockeyindia.com
20
DECLARATION
I, Sunder Genomal, Managing Director of Page Industries Limited, hereby declare that all
the members of the Board of Directors and the Senior Management Personnel have affirmed
compliance with the Code of Conducts for the year ended March 31, 2008.
Bangalore

2nd June, 2008
For Page Industries Limited

Sunder Genomal
Managing Director
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE

To
The Members of Page Industries Limited
to the procedure and implementation process
adopted by the Company for ensuring the
compliance of the conditions of the corporate
governance. This certificate is neither an
assurance as to the future viability of the
Company nor of the efficacy or effectiveness
with which the management has conducted
the affairs of the Company.
I have examined all the relevant records of

Page Industries Limited (the Company) for
the purpose of certifying compliance of the
conditions of the Corporate Governance under
Clause 49 of the Listing Agreement with the
Stock Exchanges for the financial year ended
31.03.2008. I have obtained all the information
and explanations which to the best of my
knowledge and belief were necessary for the
purpose of certification.
In my opinion and to the best of my information

and according to the explanations given to me,
I certify that the Company has complied with
the conditions of Corporate Governance as
stipulated in the aforesaid Listing Agreement.
The compliance of conditions of corporate

governance is the responsibility of the
Management. My examination was limited
(V S Varun)
Practising Company Secretary
st
1297, 1 Floor, 25th C Cross, 27th Main
Bangalore
Sector II, HSR Layout, Bangalore 560 102
June 2, 2008
FCS 1125; COP 5251
21
CEO & CFO Certification

To
The Board of Directors
Page Industries Limited
3. We accept responsibility for establishing
and maintaining internal controls over
financial reporting and we have evaluated
the effectiveness of internal control systems
of the company over financial reporting
and we have disclosed to the auditors and
the audit committee, deficiencies in the
design or operation of internal controls
over financial reporting, if any, of which
we are aware and the steps we have taken,
propose to take to rectify these deficiencies.
In our opinion, there are adequate internal
controls over financial reporting.
We, to the best of our knowledge and belief,

certify that;
1. We have reviewed the financial statements
and cash flow statement for the year ended
31st March, 2008 and that of the best of our
knowledge and belief;

(i) these statements do not contain any

materially untrue statement or omit
any material fact or contain statements
that might be misleading;
(ii) these statements together present a true

and fair view of the companys affairs
and are in compliance with existing
accounting standards, applicable laws
and regulations.
4. We have indicated to the auditors and the

audit committee;
2. There are, to the best of our knowledge

and belief, no transactions entered into
by the company during the year, which
are fraudulent, illegal or violating the
companys code of conduct.
Bangalore
June 2, 2008
(i) significant changes in internal controls over

financial reporting during the year; and
(ii) significant changes in accounting

policies during the year.
Sunder Genomal Pius Thomas

Managing Director
GM Finance & Purchase
22
AUDITORS REPORT
23
REPORT OF THE AUDITORS TO THE MEMBERS OF PAGE INDUSTRIES LIMITED

1.
We have audited the attached Balance Sheet

of Page Industries Limited as at 31st March
2008, the Profit and Loss Account and also
the Cash Flow Statement for the year ended
on that date annexed thereto.

These financial statements are the

responsibility of the management. Out
responsibility is to express opinion on the
financial statements based on our audit.
2.
3.
As required by the Companies (Auditors

Report) Order, 2003 issued by the Central
Government of India in terms of subsections (4A) of section 227 of the Companies
Act, 1956, we enclose in the Annexure
a statement on the matters specified in
paragraphs 4 and 5 of the said Order to the
extent applicable to this company.
4.
Further to our comments in the Annexure

referred to above, we report that:
a) We have obtained all the information

and explanations, which to the best of
our knowledge and belief were necessary
for the purpose of the audit;
b) In our opinion, proper books of account
as required by law have been kept by
We conducted our audit in accordance with

auditing standards generally accepted in
India. Those Standards require that we plan
and perform the audit to obtain reasonable
assurance about whether the financial
statements are free of material misstatement.
An audit includes examining, on a test
basis, evidence supporting the amounts
and disclosures in the financial statements.
An audit also includes assessing the
accounting principles used and significant
estimates made by management, as
well as evaluating the overall financial
statement presentation. We believe that
our audit provides a reasonable basis for
our opinion.
the company so far as appears from our

examination of those books and proper
returns adequate for the purposes of our
audit has been received from a branch
not visited by us.
c) The Balance Sheet and the Profit and
Loss Account dealt with by this report
are in agreement with the books of
account.
d) In our opinion the Balance Sheet and the
Profit and Loss Account dealt with by
this report comply with the accounting
standards referred to in sub-section (3C)
of section 211 of the Companies Act,
1956.
e) On the basis of written representations
received from the directors, as on 31st
March 2008, and taken on record by the
Board of Directors, we report that none
of the directors is disqualified as on
31st March 2008 from being appointed
as a director in terms of clause (g) of
sub-section (a) of Section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our
information and according to the
explanations given to us, the said
accounts give the information required
by the Companies Act, 1956, in the
manner so required and give a true
and fair view in conformity with the
accounting principles generally accepted
in India:
a) In the case of the Balance Sheet, of
the state of affairs of the company
as at 31st March 2008 and
b) In case of the Profit and Loss
Account, of the Profit for the year
ended on that date; and
c) In the case of Cash Flow the Cash
flows for the year ended on that
date.
For Haribhakti & Co.,

(Sunil Birla)
Partner
Mem. No. 202226
Place : Bangalore
Date : 2nd June 2008
24
Annexure referred to in Paragraph 4 of our report of even date on the Accounts for the
year ended 31st March, 2008 of M/s Page Industries Limited
1) (a) The company is maintaining proper
records showing full particulars,
including quantitative details and
situation of fixed assets.

(b) The company has a regular programme
of physical verification of its fixed asset
by which all fixed assets are verified
in a phased manner over a period of 3
years. In our opinion, this periodicity
of physical verification is reasonable
having regard to the size of the company
and the nature of its assets.

(c) Fixed assets disposed off during
the year were not substantial, and
therefore, do not affect the going
concern assumption.
firms or other parties covered in the

register maintained under section 301
of the Act.
4) In our opinion and according to the information
and explanation given to us, there are adequate
internal control procedures with respect to
purchase of inventory and fixed assets and for
sale of goods and are commensurate with size
of the company and nature of its business.
5) (a) In our opinion and according to the
information and explanations given
to us, we are of the opinion that the
transactions that need to be entered
into the register maintained under
section 301 of the Companies Act, 1956
have been so entered.

(b) In our opinion and according to the
information and explanations given to
us, transactions made in pursuance of
contracts or arrangements entered in the
register maintained under section 301 of
the Companies Act, 1956 and exceeding
the value of Rupees five lakhs in respect
of each party during the year have been
made at prices which are reasonable
having regard to the prevailing market
prices at the relevant times.
2) (a) The inventory, except stock lying with

the third parties has been physically
verified by the management during the
year. For stock lying with third parties
at the year-end, written confirmations
have been obtained.

(b) The procedure of physical verification of
inventory followed by the management
is not reasonable and adequate in
relation to size of the company and
nature of business.

(c) The company is maintaining proper
records of inventory. The discrepancies
noticed on verification between the
physical stocks and book records were
not material.

and explanations given to us, the company
has not accepted any deposits within the
meaning of Section 58A and 58AA of the
Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975.
3) (a) The Company has granted unsecured

loan to companies covered in the register
maintained under section 301 of the
Companies Act, 1956 the terms of which
are prima facie not prejudicial to the
interest of the company. No repayment
terms have been fixed on such loan. In
respect of the said loans, there are three
parties involved and the maximum
outstanding at any time during the year
was Rs.8,46,84,171 and the year end
balance is Rs. 5,98,46,873.

(b) The company has not taken any loans
secured or unsecured, from companies,
7) In our opinion, the company has an internal

audit system commensurate with the size
and nature of its business.
8) We have broadly reviewed the books of
accounts and records relating to materials,
labour and other items of cost maintained
by the company pursuant to the rules made
by the central government under section
209(1)(d) of the Companies Act, 1956 with
respect to its garment manufacturing activity
and we are of the opinion that prima facie the
25
on the basis of security by way of pledge of

shares, debentures and other securities.
prescribed records and accounts have been

made and maintained. We have not, however,
made a detailed examination of the records.
13) The provisions of any special statute applicable

to Chit fund / Nidhi / Mutual benefit fund /
societies are not applicable to the company.
9) (a) According to the records of the company,

the company is regular in depositing
with appropriate authorities undisputed
statutory dues including Provident fund,
Investor Education and Protection Fund,
Employees State Insurance, Income Tax,
VAT, Wealth Tax, Service Tax, Excise
Duty, Custom Duty, Cess and other
material statutory dues as applicable
with appropriate authorities. According
to the information and explanations given
to us there are no undisputed statutory
dues outstanding as at 31st March 2008
for a period of more than 6 months from
the date they become payable.

(b) According to the information and
explanations given to us, there were no
disputed amounts payable in respect of
Income Tax, VAT, Wealth Tax, Service
Tax, Excise Duty, Custom Duty and
Cess were in arrears, as at 31st March
2008 for a period of more than 6 months
from the date they became payable
except the following :Sl.
No.
1.
Nature of
Dispute
Excise tax appeal
with Tribunal

and explanations given to us, the Company
is not a dealer or trader in securities.
15) The company has given a Guarantee of
Rs. 150 lakhs towards term loan taken by
an associate company, the terms of such
guarantee are not prima facie prejudicial to
the interest of the company.
16) In our opinion and according to the
information and explanations given to us,
the terms loans taken by the company have
been applied for the purposes for which they
were obtained.
information and explanations given to us and
on an overall examination of balance sheet
of the company, in our opinion, there are no
funds raised on short term basis which have
been used for long term investment.
the company has not made any preferential
allotment of shares to parties and companies
covered in the register maintained under
section 301 of the Companies Act, 1956
during the year.
Amount
2,78,118
10) The company has no accumulated losses

at the end of the year and has not incurred
cash loss in the current and the preceding
financial year.

information and explanations given to us, the
company has not issued any debentures.

the Company has not defaulted in repayment
of dues to banks.
20) The company has not raised any money by

public issue during the year.
21) According to the information and explanations
given to us, during the year, no fraud on or by
the company has been noticed or reported.

and explanations given to us, the company
has not granted any loans and advances
For Haribhakti & Co.,

(Sunil Birla)
Partner
Mem. No. 202226
Place : Bangalore
Date : 2nd June 2008
26
ACCOUNTS
27
Schedule
Reference
BALANCE SHEET AS AT 31st March, 2008

PARTICULARS
SOURCES OF FUNDS
Share Holders Funds:
Share Capital
Reserves and Surplus
Loan Funds :
Secured Loans
Unsecured Loans
Deferred Tax Liability
As at
March 31 , 2008
Rs.
Rs.
st
A
B
111,538,740
662,214,069
111,538,740
565,681,543
C
D
E
372,005,091
26,583,458
223,297,794
29,943,335
8,347,075
1,172,341,358
938,808,487
Total
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Work in progress
Investments
Deferred Tax Asset
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank balances
Other Current Assets
Loans & Advances
G
E
H
Less: Current Liabilities & Provisions

Current Liabilities
Provisions
Net Current Asset

Total
Notes forming part of Accounts
Place : Bangalore
Date : 02nd June, 2008
506,570,736
93,776,892
412,793,844
23,514,480
436,308,324
245,748,086
58,109,404
187,638,682
60,786,014
299,784,933
10,280,871
248,424,696
137,000,000
-
573,848,296
91,201,291
1,746,521
7,760,988
327,710,696
1,002,267,792
363,728,780
55,757,001
301,913,240
2,716,790
100,920,461
825,036,272
370,274,481
206,026,081
576,300,562
243,936,280
27,716,201
271,652,481
425,967,230
1,172,341,358
553,383,791
938,808,487
For and on behalf of the board

Sunder Genomal
(Managing Director)
March 31st, 2007

Rs.
Rs.
V Sivadas
(Director)
As per our report of even date attached

For HARIBHAKTI & Co.,
R Vijayakumar
Sunil Birla
(Company Secretary)
Partner
Mem.No. 202226
Place : Bangalore
28
Schedule
Reference
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st March, 2008
Particulars
INCOME
Sales
Other Income
Increase in Inventory
Total Income
EXPENDITURE
Manufacturing Expenses
Personnel Expenses
Administrative and Selling Expenses
Financing Expenses
Depreciation
Total expenditure
Profit before prior period items
Less : Prior period Adjustments
Profit before tax
Less : Income tax - Current year
Income tax for earlier years
Adjustment for Deferred tax
For the year ended

March 31 , 2008
st
Rs.
Rs.
1,359,394,799
27,282,101
123,302,776
1,509,979,676
M
N
O
P
F
1,076,884,370
301,533,209
299,503,090
33,818,012
36,137,861
1,747,876,542
824,229,856
203,977,783
182,918,589
23,644,018
15,339,499
1,250,109,745
344,220,349
164,940
344,055,409
259,869,930
845,426
259,024,504
Q
102,959,587
662,691
(1,296,693)
79,525,048
866,071
5,873,980
3,488,648
71,438
2,443,400
47,000
105,885,671
238,169,738
238,169,738
Appropriations
Dividend
Tax on Dividend
Amount transfered to general reserve
111,538,740
18,956,009
130,494,749
28,000,000
79,674,989
21.35
88,755,499
170,269,005
170,269,005
48,707,600
6,831,240
55,538,840
18,000,000
96,730,165
42.94
Place : Bangalore
Rs.
1,923,477,689
44,841,873
123,777,329
2,092,096,891
Profit available for appropriation
Sunder Genomal
(Managing Director)
Rs.
J
K
L
Fringe Benefit Tax

Wealth Tax
Net profit after tax
Surplus carried to Balance Sheet

Basic & Diluted Earning per Share (in Rs.)
Notes forming part of Accounts
March 31st, 2007
V Sivadas
(Director)

R Vijayakumar
Sunil Birla
(Company Secretary)
Partner
Mem.No. 202226
Place : Bangalore
29
Cash Flow Statement for the year ended 31st March, 2008
For the year ended
Particulars
March 31 , 2008
st
Rs.
Rs.
March 31st, 2007

Rs.
Rs.
CASH FLOWS FROM OPERATING ACTIVITIES

Net profit before taxation and exceptional items
344,055,409
259,024,504
Adjustments (non-cash and non-operating items)

Profit on sale of fixed assets
(1,747,338)
260,265
Interest Received
(19,338,516)
(4,711,923)
Dividend Income
(2,653,732)
Deferred tax adjusted to share premium
9,252,205
Loss on sale of investment
2,438,216
(6,102,973)
Interest on Working Capital
20,405,427
13,142,623
Interest on Term Loans
4,285,293
2,371,629
Interest on dealer Deposit
7,087,273
5,462,337
Bank Charges
2,040,018
2,667,429
Depreciation
35,667,488
Operating profit before Working capital changes

Increase in Inventory
Increase in Debtors
57,436,334
14,593,698
401,491,743
(210,119,516)
27,683,085
286,707,589
(129,866,155)
(35,444,289)
3,225,739
(5,044,198)
(2,183,625)
(226,790,235)
(70,512,458)
Increase in Current Liabilities
126,338,201
89,476,000
Increase in Provisions
178,309,880 (172,750,157)
(2,783,133) (112,643,632)
Cash Generated from Operations
228,741,588
174,063,957
Income Tax Paid
107,182,364
(82,881,519)
Net Cash Flow from Operating Activities
121,559,224
91,182,438
Increase on other current assets

Increase in other loans & advances
CASH FLOWS FROM INVESTING ACTIVITIES

Interest Received
19,338,516
4,711,923
Dividend Income
2,653,732
Sale of Fixed Assets
8,789,679
2,995,283
(230,593,457)
(143,524,861)
55,061,783
15,102,973
Purchase of Fixed Assets

Sale of Investment
Purchase of Investment
(220,284,933) (365,034,680) (139,000,000) (259,714,682)
30
Cash Flow Statement
(Contd..)
For the year ended

Particulars
March 31 , 2008
st
Rs.
Rs.
March 31st, 2007

Rs.
Rs.
CASH FLOWS FROM FINANCING ACTIVITIES

Interest on Working Capital
(20,405,427)
(13,142,623)
Interest on Term Loans
(4,285,293)
(2,371,629)
Interest on Dealer Deposit
(7,087,273)
(5,462,337)
Bank Charges
(2,040,018)
(2,667,429)
Dividend Paid
(111,538,740)
(48,707,600)
IPO Expenses
(11,142,463)
(80,419,927)
Corporate Dividend Tax paid
(18,956,009)
(6,831,240)
Increase in security premium account
494,323,900
Increase in share Capital
14,123,540
Secured Loan Raised
148,707,298
Unsecured Loan Paid
(29,943,335)
Net (Decrease)/Increase in Cash & Cash Equivalents

Opening Balance of Cash & Cash Equivalents
Closing Balance of Cash & Cash Equivalents
Sunder Genomal
(Managing Director)
Place : Bangalore
V Sivadas
(Director)
91,374,144
(56,691,260)
29,943,335
470,162,134
(300,166,718)
301,629,891
301,913,240
283,349
1,746,522
301,913,240

R Vijayakumar
Sunil Birla
(Company Secretary)
Partner
Mem.No. 202226
Place : Bangalore
31
SCHEDULES FORMING PART OF THE BALANCE SHEET

Particulars
SCHEDULE : A
March 31st, 2008

Rs.
Rs.
Share capital
Authorised
12,000,000 (12,000,000) Equity shares
of Rs.10 each
Issued, Subscribed and Paid up
11,153,874 (11,153,874) Equity share
of Rs.10 each fully paid up (out of the
above 7,306,140 shares of Rs. 10/- are
allotted as bonus shares by way of
capitalisation of accumulated profits)
SCHEDULE :
March 31st, 2007

Rs.
Rs.
120,000,000
120,000,000
111,538,740
111,538,740
111,538,740
111,538,740
Reserves and Surplus

Securities Premium Account
Opening Balance
Addition during the year
Less : Public Issue expenses
Closing balance
General Reserve
Opening Balance
Transferred from P & L Account
Less : Capitalisation as Bonus shares
Closing balance
Profit and Loss Account
Opening Balance
Additions during the year
Less : Capitalisation as Bonus shares
Closing balance
SCHEDULE :
As at
423,156,178
11,142,463
18,000,000
28,000,000
-
124,525,365
79,674,989
204,200,354
-
412,013,715
46,000,000
204,200,354
662,214,069
494,323,900
71,167,722
36,370,000
18,000,000
(36,370,000)
64,486,600
96,730,165
161,216,765
(36,691,400)
Loans and Advances from Banks

A) Term Loans from Canara Bank
(All the above Term Loans are secured
by first charge on Fixed Assets and
Second charge on Inventories and
Book debts in addition to personal
guarantee of directors)
59,750,530
32
72,196,513
423,156,178
18,000,000
124,525,365
565,681,543

Particulars
March 31 , 2008
Rs.
Rs.
st
As at
March 31st, 2007

Rs.
Rs.
SCHEDULE : C (Contd.)
B) Term Loan from Citi Bank
(All the above Terms Loans are secured
by first charge on Fixed Assets and
Second charge on Inventories and
Book Debts in addition to personal
guarantee of directors)
32,313,333
C) Working Capital from Canara Bank

(WC loan is secured by first charge
on Inventories and Book Debts and
second charge on Fixed assets in
addition to personal guarantee of
directors)
222,000,476
148,651,073
D) Working capital Loan from Citi Bank

(WC loan is secured by first charge
on Inventories and Book Debts and
second charge on Fixed assets in
addition to personal guarantee of
directors)
57,057,071
E) Vehicle Loan from I.C.I.C.I Bank

(The above loan is secured by
hypothecation of vehicles and
personal guarantee of directors)
553,622
1,166,055
F) Vehicle Loan from Kotak Bank

(The above loan is secured by
hypothecation of vehicles and
personal guarantee of directors)
330,059
SCHEDULE : D
Unsecured Loans
Short term Loans and advances from bank
Working Capital Loan from Citi bank
SCHEDULE : E
Deferred Tax liability / Asset
Deferred Tax Liablity
Opening Balance
Add: Diff in Book Depreciation & IT Depreciation
Total
Defered Tax Asset
Leave encashment
Bonus
IPO Expenses
372,005,091
223,297,794
372,005,091
223,297,794
29,943,335
29,943,335
8,347,075
18,236,383
26,583,458
11,725,300
(3,378,225)
8,347,075
2,008,731
1,332,986
6,939,154
10,280,871
33
1,284,153

SCHEDULE : F
Fixed Assets
Gross block
PARTICULARS
Balance
as at
01.04.2007
Rs.
Bommasandra Land
Buildings
15,186,374
Additions
during the
year
Deletions
during the
year
Rs.
Rs.
Total
Dep
Dep for the
as at
upto
Year
31.03.2008 01.04.2007 31.03.2008
Rs.
Rs.
Rs.
Dep
As at
As at
as at
31.03.2008 31.03.2007
31.03.2008
Rs.
Rs.
- 15,186,374
1,628,260 112,259,976
358,753
212,223
166,947
- 165,462,309 15,716,005
9,571,206
Factory Equipment
40,008,077 32,974,982
Electrical Fittings
15,162,346
7,180,777
Office Equipment
2,984,652
1,217,874
Rs.
15,186,374 15,186,374
404,029 111,855,947
3,935,585
- 25,287,211 140,175,098 99,939,150
9,658,310
3,305,567
- 22,343,123
7,333,825
2,386,520
9,720,345
12,622,778
7,828,521
4,025,634
939,106
165,765
60,639
1,044,232
2,981,402
2,045,546
- 21,105,682
6,045,948
15,059,734
5,472,880
- 15,612,418
5,118,834
3,705,554
12,942,348
8,516,334
176,892
3,869,816
2,176,132
18,963,677
9,342,696 11,762,986
1,767,575
- 20,731,252 15,258,123
354,295
Vehicles
12,090,588
5,871,951
- 17,962,539
3,574,254
Display Modules
12,060,183 43,146,700
- 55,206,883
1,401,212 16,520,216
245,748,086 263,323,897
Rs.
696,094 72,286,965
Furniture and Fittings
Capital Work in
Progress and advances
Adjust
ments
115,655,155 49,807,154
Sub total
Net block
4,294,338 109,593,898
Plant and Machinery
Computers
Depreciation
1,445,937
2,501,246 506,570,736 58,109,404 36,137,861
60,786,014 11,479,674 *48,751,208 23,514,480
242,787 12,721,090
5,020,191
- 17,921,428
59,565,875 30,349,767
37,285,455 10,658,971
470,373 93,776,892 412,793,844 187,638,682

-
23,514,480 60,786,014
Total
306,534,100 274,803,571 51,252,454 530,085,216 58,109,404 36,137,861
470,373 93,776,892 436,308,324 248,424,696
Previous Year
166,264,787 142,059,121
649,919 58,109,404 248,424,696 122,749,080
1,465,740 306,534,100 43,515,706 15,243,619
* Out of Rs. 48,751,208/- sale of assets is Rs. 32,92,130/- & capitalisation of WIP is Rs. 45,459,078.
SCHEDULE :
Investments
Investments in Government or trust
securities (at cost)
Unquoted Investments - Non Trade
A) Franklin India Blue Chip Growth Fund - 30,679.834
units - Previous year (8072.98 units) Purchased
during the year 22606.854 units
4,000,000
1,000,000
B) Reliance Vision Growth - 11758.465 units

Previous year (5824.451 units)
Purchased during the year 5934.014 units
2,000,000
1,000,000
C) HDFC Top - 200 Growth - 9514.476 units

1,000,000
1,000,000
D) Fidility Equity Fund - 48262.55 units

1,000,000
1,000,000
E) HDFC Equity Fund-Div - 26373.40 units

1,000,000
1,000,000
34

Particulars
SCHEDULE : G (Contd.)
F) Franklin India Fixed Tenure Series
VII-5000000 Units
Previous year (5000000. Units)
March 31st, 2008

Rs.
Rs.
As at
March 31st, 2007

Rs.
Rs.
50,000,000
50,000,000
50,000,000
10,000,000
10,000,000
I) Standard Chartered Premier Equity

Fund Growth - 75284.198 Units
Previous year (75284.198 Units)
1,000,000
1,000,000
J) Reliance Growth Retail Plan Fund 3836.857

units - Previous year (3836.857 Units)
1,000,000
1,000,000
K) Kotak Fixed Maturity Plan 13- 2000,000 units

Previous year (2000000 Units)
20,000,000
20,000,000
L) ICICI Prudential Fixed Maturity Plan -

Purchased during the year 5000000 Units
50,000,000
M) HDFC FMP 367D -Purchased during the year

40,000,000
N) Standard Chartered SME Fund

1,000,000
O) DSP Merrill Lynch Tiger Fund

Purchased during the year 145884.388 Units
2,784,933
P) DSP Merrill Lynch Opportunities Fund

2,500,000
Q) Investment in JM Basic Fund

Purchased during the year 86560.601 Units
2,500,000
100,000,000
10,000,000
G) Kotak Fixed Maturity Plan 14 5,000,000 units

Sold during the year 5000000 Units
H) Reliance Fixed Horizon Growth III-100,000 Units
Previous year (100000 Units)
R) Citi Corpo Finance Redeemable Non Convertible

Secured NCD Series-180ISIN No.INE136E07BE3
S) Citi Corpo Finance Redeemable Non-Convertible
Secured NCD Series-182ISIN No.INE136E07BG8
Aggregate net realisable value of unquoted investments
Rs.299,784,933 previous year (Rs.137,000,000)
299,784,933
(Rs.202,776,567 are invested out of IPO funds.)

35
137,000,000

Particulars
SCHEDULE : H
Current Assets, Loans and Advances
Inventories
(As taken, valued and certified by the Management)
Raw materials
Stock of POP materials
Work in progress
Finished goods
Sundry debtors
Secured - considered good
Outstanding for more than six months
Others
Unsecured - considered good
Outstanding for more than six months
Others
Cash and Bank Balances
Cash in hand
With Schedule Banks :
In Current Account *
Deposit Accounts
* Includes balance in unclaimed
dividend account of Rs. 64,941 and
unclaimed IPO refund amount of
Rs. 69,975/Interest accrued on Investments
Other Current Assets
Yarn purchase incentive receivable
Dividend Receivable
Interest / Interest subsidy receivable
Loans and Advances
(Unsecured - Considered good)
Loan to a Company
Advance Income tax
Advance FBT
TDS Recovered
Gratuity Fund - ICICI
Duty drawback receivable
Advances to suppliers for goods and services
Deposits
Prepaid expenses
Imprest with field staff & others
Total
March 31st, 2008

Rs.
Rs.
194,133,975
7,327,463
73,794,493
298,592,365
As at
573,848,296
184,472
76,422,371
1,597,659
12,996,789
March 31st, 2007

Rs.
Rs.
111,756,234
3,363,017
59,388,452
189,221,077
652,882
47,970,299
91,201,291
641,615
6,492,205
545,980
124,616
295,541
905,000
883,624
300,905,000
1,746,521
5,158,904
1,446,575
482,475
270,687
1,848,922
443,000
724,122
26,318,719
194,550,680
6,237,269
4,212,290
11,703,000
138,151
56,519,529
24,197,703
2,771,043
1,062,312
36
363,728,780
7,760,988
327,710,696
1,002,267,792
25,995,483
103,093
43,405,350
29,229,118
2,031,710
258,800
55,757,001
301,913,240
2,613,697
101,023,554
825,036,272

Particulars
SCHEDULE : I
Current Liabilities and Provisions
Current Liabilities
Sundry creditors
- for Capital Goods
- for Purchases & Services
Refund Order Outstandings
Unclaimed 1st Interim Dividend Payable
Unclaimed 2nd Interim Dividend Payable
(Investor Protection Fund will be credited
with the above amount as and when due)
Advance from customers
Dealer Deposits
Statutory Liabilities
Other Current Liabilities
Provisions :
for Income tax
for Fringe Benefit tax
for Gratuity
for Wealth Tax
for Leave encashment
March 31st, 2008

Rs.
Rs.
As at
March 31st, 2007

Rs.
Rs.
8,661,322
165,961,191
5,017,902
100,860,743
69,975
40,572
24,369
647,700
-
2,142,511
79,749,847
15,309,205
98,315,489
3,191,070
60,670,740
15,139,795
58,408,330
182,484,635
5,840,268
11,703,000
88,406
5,909,772
370,274,481
206,026,081
576,300,562
243,936,280
20,215,936
1,443,400
47,000
6,009,865
27,716,201
271,652,481
SCHEDULES FORMING PART OF THE PROFIT & LOSS ACCOUNT

Particulars
SCHEDULE : J
Sales
a) Garments - Local
b) Garments - Exports
For the year ended

March 31st, 2008
March 31st, 2007
Rs.
Rs.
Rs.
Rs.
Less: Duties and taxes collected

SCHEDULE : K
Other Income
Profit on sale of Long term Investments
Profit on sale of fixed assets
Duty drawback
Cash Disount Received
Penalty on late payment to customers
Exchange rate fluctuation
37
1,972,638,127
10,654,675
1,983,292,802
59,815,113
1,923,477,689
1,403,420,414
10,442,977
1,413,863,391
54,468,592
1,359,394,799
1,747,338
268,821
150,092
6,017,936
333,894
6,102,973
164,315
4,286,751
50,952

Particulars
SCHEDULE : K (Contd..)
Sale of scrap
Interest received ( TDS Rs.26,53,023/- )
Marketing support received
Provisions no longer Required
Dividend Income
Miscellaneous income
SCHEDULE : L
Increase / ( Decrease) in Inventory
Closing : Work-inprogress
Finished goods
Less : Opening : Work-inprogress
Finished goods
For the year ended

March 31st, 2008
March 31st, 2007
Rs.
Rs.
Rs.
Rs.
9,697,483
19,338,516
2,013,667
2,653,732
2,620,394
44,841,873
73,794,493
298,592,365
59,388,452
189,221,077
SCHEDULE : M
Manufacturing Expenses
Materials consumed
Boughtout items
Packing Materials
Processing charges
Tailoring charges
Material testing charges
Stores and spares consumed
Power and fuel
Factory rent
Electrical maintenance
Freight and carriage inwards
SCHEDULE :
N
Personnel Expenses
Wages
Salaries and allowances
Quality Incentive
Contribuiton to PF and other funds
Bonus and Exgratia
Leave Salary Paid
Gratuity
LTA Reimbursements
Staff Welfare
38
372,386,858
248,609,529
123,777,329
2,510,587
4,711,923
2,203,971
5,308,605
119,284
1,822,740
27,282,101
59,388,452
189,221,077
33,157,077
92,149,676
248,609,529
125,306,753
123,302,776
738,418,686
16,288,730
12,324,670
214,736,825
43,716,648
436,812
4,417,882
13,291,447
18,321,330
1,393,651
13,537,689
1,076,884,370
576,048,739
13,188,191
8,282,142
150,354,419
39,726,127
220,553
3,993,693
9,661,700
11,751,441
1,004,397
9,998,454
824,229,856
126,541,067
57,900,574
28,065,791
27,483,151
28,597,064
1,216,679
7,321,689
1,230,718
23,176,476
301,533,209
84,360,136
40,930,324
19,487,334
18,080,633
17,024,391
4,610,536
2,121,832
1,045,242
16,317,355
203,977,783

Particulars
For the year ended

March 31st, 2007
March 31 , 2008
Rs.
Rs.
Rs.
Rs.
st
SCHEDULE : O
Administrative and Selling Expenses
Rent
985,478
988,751
Postage, telegram and courier
2,374,918
1,250,894
Printing and stationary
3,879,696
2,404,603
Telephone, telex and fax
2,974,084
2,499,956
Conveyance
2,822,163
2,695,422
Commission and brokerage
1,131,374
1,316,812
425,576
423,286
59,057,547
29,115,542
370,000
(3,365,867)
(845,354)
Loss on Sale of fixed assets
273,882
Loss on sale of investments
2,438,216
197,316
Miscellaneous expenses
2,173,363
1,156,489
Sales Incentive - Staff
7,010,533
5,498,133
Sales Promotion
46,077,519
19,442,174
Rates and taxes
1,760,424
2,560,853
72,286
92,539,586
65,539,636
Repairs and maintenance - Machinery
1,860,517
737,382
Repairs and maintenance - Building
5,103,117
2,473,974
Repairs and maintenance - computers
1,809,019
1,894,031
Repairs and maintenance - Bommasandra
179,852
278,479
Insurance
4,077,181
2,656,150
Professional fees
5,103,807
2,055,743
158,223
899,600
673,440
12,500
5,000
40,902,813
24,923,624
Security charges
7,056,919
4,085,528
Travelling expenses
7,486,595
6,774,945
101,135
14,039
2,058,110
1,794,666
299,503,090
182,918,589
Export / import expenses

Advertisement
Directors sitting fee
Freight outwards
Interest on late payment
Consultancy charges
Royalty
Interest Paid
Auditors remuneration
Donations
POP Materials
Sundry creditors - written off

Vehicle running and maintenance
39

Particulars
For the year ended

March 31st, 2007
March 31st, 2008
Rs.
Rs.
Rs.
Rs.
SCHEDULE : P
Financing Expenses
Interest on working capital
Interest on term loans
Interest on dealer deposits
Bank charges
SCHEDULE : Q
Prior Year Expenses/(Income)
Freight Charges
Advertisement Expenses
Interest
Miscellaneous
Interest
40
20,405,427
4,285,293
7,087,273
2,040,018
33,818,012
13,142,623
2,371,629
5,462,337
2,667,429
23,644,018
525,706
(360,766)
164,940
904,532
25,592
22,822
17,603
(125,123)
845,426
SCHEDULE - R: NOTES
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
I. SIGNIFICANT ACCOUNTING POLICIES
A. ACCOUNTING CONVENTION
D. BORROWING COST
i) Borrowing Costs attributable to

acquisition and construction of
qualifying assets are capitalized as a
part of the cost of such asset up to the
date when such asset is ready for its
intended use.
ii) Other borrowing costs are charged to

the Profit & Loss Account.
The financial statements are prepared

under the historical cost convention, on
accrual basis and in accordance with
the applicable accounting standards, as
adopted consistently by the Company.
B. FIXED ASSETS

Fixed assets are stated at cost, less

accumulated depreciation. Cost comprises
the purchase price less rebates and
discounts and any directly attributable
cost of bringing the asset to its working
condition for its intended use, including
related pre-operative expenses. The effects
of changes in foreign exchange rates are
being charged to profit and loss account
Capital
work-in
progress
includes
Advances on Capital Account.
E. TRANSLATION OF FOREIGN CURRENCY

ITEMS

C. DEPRECIATION / AMORTIZATION

i) Depreciation on Fixed Assets is

provided on Straight Line Method on
actual shifts basis at the rates and in
the manner specified in the Schedule
XIV of the Companies Act, 1956. Items
of value less than Rs. 5,000 each are
depreciated at 100% fully in the year
of purchase except in case of Display
modules which are depreciated at 50%
based on the estimated useful life of
the asset by the management.
Transaction in foreign currency is recorded

at the rate of exchange prevailing on the
date of transaction. Current assets and
liabilities are translated at the year-end
closing rates. The resulting exchange
gain/loss is reflected in the profit and loss
account. Exchange differences attributable
to the acquisition of the fixed assets
outside India are charged off to profit and
loss account.
F. INVESTMENTS

i) Long Term Investments are stated at

cost after deducting provision, if any,
made for decline, other than temporary,
in the market or fair value.
ii) Current Investments are stated at

lower of cost and market/fair value.
G. INVENTORIES

ii) Depreciation on the Fixed Assets

added/disposed
off
/discarded
during the year has been provided on
pro-rata basis with reference to the
date of addition/disposal/discarding.
41
i) Raw materials, components and POP

materials are valued at lower of cost or
net realisable value. However, these
items are considered to be realisable at
cost if the finished products, in which
they will be used, are expected to be
sold at or above cost.
ii) Work in progress and finished goods are

valued at lower of cost or net realizable
value. Finished goods and work-inprogress include standard labour,
costs of conversion and other costs
incurred in bringing the inventories to
their present location and condition.
iii) Cost of materials is computed on

weighted average basis.
The Company makes contribution to the

ICICI Employee Group Gratuity cum Life
Assurance Scheme (Trust). The difference
between the actuarial liability and the
fund balance is shown as Liability or an
Asset as the case may be.
iv) Obsolete, defective and unserviceable

stocks are duly provided for.
H. REVENUE RECOGNITION

i) Sales are recorded net of trade

discounts, rebates, indirect taxes and
recognized at the point of dispatch of
materials.
ii) Dividend income on investments is

accounted for when the right to receive
the payment is established.
iii) Interest income is recognized on a time

proportion basis taking into account
the amount outstanding and the rate
applicable.
I. EMPLOYEE BENEFITS

Gratuity: The Company is required to pay

gratuity under The Payment of Gratuity
Act 1972. The liability for gratuity, being
a defined benefit plan, is determined by
an independent actuary at each balance
sheet date and actuarial gains/ losses
are charged to the revenue account or
profit & loss account as the case may be.
The Company has adopted the Revised AS

15 issued by ICAI. Accordingly, all short
term employee benefits are accounted on
undiscounted basis during the accounting
period based on services rendered by the
employees.
Provident Fund : The Companys liability

towards provident fund - a defined
contribution plan, is accrued at the
prescribed rates.
Leave Entitlement : The Companys liability

towards leave entitlement benefits is
accounted for on the basis of an actuarial
valuation at each balance sheet date
carried out by an independent actuary and
the actuarial gains/ losses are charged
to the revenue account or profit & loss
account as the case may be.
(a) Defined Contribution plan: The amount

recognize as an expense during the year is
Rs.33,826,927/-
42
(b) Defined Benefit plan:

Particulars
Gratuity (in Rs.)
Earned Leave (in Rs.)
2007-08
2006-07
2007-08
2006-07
Opening obligation as at 01.04.2007
5,831,379
4,980,759
6,009,865
2,271,830
Service cost
8,036,337
1,813,682
2,825,164
4,626,264
Change in Defined Benefit Obligation:
Interest cost : ( not ascertain, however included in service cost )

Actuarial (gains)/ losses
Benefits paid
Present value of the defined benefit obligation at 31.03.08 (A)
2,164,716
963,062
2,925,257
888,229
11,703,000
5,831,379
5,909,772
6,009,865
5,831,379
Change in Plan Asset:

Opening plan assets, at fair value as at 01.04.2007
Expected return on plan assets
714,648
5,156,973
5,831,379
11,703,000
5,831,379
Service cost
8,036,337
1,813,682
2,825,164
4,626,264
Interest cost
Actuarial (gain)/ losses

Contributions
Benefits paid
Fair value of plan assets at 31.03.2008
Cost for the year ended 31.03.2008
Expected return on plan assets
714,648
7,321,689
1,813,682
2,825,164
4,626,264
Present value of defined benefit obligation at 31.03.08
11,703,000
5,831,379
Fair value of plan assets at 31.03.08
11,703,000
5,831,379
8.70%
8.25%
8.70%
8.25%
Salary escalation rate
5.00%
5.00%
5.00%
5.00%
Estimated rate of return on plan assets
8.00%
7.50%
Actuarial (gains)/ losses

Total net cost recognised as employee remuneration
Reconciliation of Benefit Obligation & Planned Assets for the period
Net asset/ liability as at 31.03.08 recognised in Balance Sheet

Investment details of plan assets:
The plan assets are invested in insurer managed funds
Assumptions:
Discount rate
J. IMPAIRMENT OF ASSETS

which an asset is identified as impaired.

The recoverable amount is greater of the
assets net selling price and value in use.
In assessing value in use, the estimated
future cash flows as a cash generating
unit are discounted to the present value.
A previously recognized impairment loss
is further provided or reversed depending
on changes in circumstances.
The carrying amounts of assets are

reviewed, at each Balance Sheet date, if
there is any indication of impairment based
on internal / external factors. An asset
is treated as impaired when the carrying
cost of asset exceeds its recoverable
value. An impairment loss is charged to
Profit and Loss Account in the year in
43
K. TAXATION

Provision for current tax is made on the

basis of estimated taxable income for the
current accounting year in accordance
with the provisions of Income Tax Act,
1961.
The deferred tax for timing differences

between the book and tax profits for the
year is accounted for, using the tax rates
and laws that have been substantively
enacted as at the balance sheet date.
Deferred tax assets arising from timing

differences are recognized to the extent
there is virtual certainty that these would
be realized in future.
Fringe Benefit Tax is provided in accordance

with the provisions of the Income Tax Act,
1961.
Wealth Tax is provided in accordance

with the provisions of the Wealth Tax Act,
1961.
L. CASH FLOW STATEMENT

Cash flow are reported using the indirect

method, where by net profit before tax is
adjusted for the effects of transaction of
a non cash nature and any deferrals or
accruals of past or future cash receipts
or payments. The cash flow has regular
revenue
generating,
investing
and
financing activities of the company are
segregated.
M. CONTINGENT LIABILITIES

Contingent Liabilities are not provided for

and are disclosed by way of notes.
II. NOTES ON ACCOUNTS

31.03.2008
Rs.
Particulars
31.03.2007
Rs.
1. Contingent Liabilities not provided for:

i) Claims against the Company not acknowledged as debts
Disputed tax demands
ii) Corporate Guarantees to related parties
iii) Counter Guarantees in respect of Bank Guarantees
2. Based on the information / documents available with
the Company Sundry creditors include total outstanding
dues to small scale undertakings
Name of the SSI parties to whom the company owe any sum
outstanding for more than thirty days but not overdue:
BLR Knits Pvt. Ltd., Harshine Knitters, J.P. Kumar Socks,
K.S.Tapes, Mangala Art Printers, N.R.Containers, Raj Fabs,
Sans Crainters Knitters, S.A.N.S Flexi Packs, Sprint Print,
R.K.Packers, Suman Packing Products, Benaka Mudrana,
Fine Print Pvt Ltd., Hallmark Fabrics, Kamalam Handlooms
Pvt Ltd., Kamsri Flex Forms Pvt Ltd., Pattabi Enterprises,
Shveta Offset Printers,Shreya Print, Solution 4 Retail Pvt
LTd., Sree Print Packs Products, Star Plastic and Stikon.
44
278,118
278,118
15,000,000
15,000,000
9,050,000
9,050,000
22,929,943
15,291,092
31.03.2008
Rs.
Particulars
31.03.2007
Rs.
The above information has been compiled from the information

available with the Company as to their status as SSIs. There
are no vendors covered under the MSMED Act, 2006
3. Deferred Tax Liability / (Assets) at the year end comprise
timing differences on account of:
Deferred tax liablity
26,583,458
8,347,075
26,583,458
8,347,075
i) Leave encashment
2,008,731
ii) Bonus
1,332,986
iii) IPO Expenses
6 ,939,154
10,280,871
Net Profit as disclosed in Profit & Loss account
344,055,409
259,024,504
Less: Tax thereon
105,885,671
88,755,499
Net Profit attributable to Equity Share Holders
238,169,738
170,269,005
11,153,874
3,965,526
10
10
21.35
42.94
8,640,000
9,360
315,959
9,000,000
9,360
180,000
Audit Fees
749,600
573,440
Tax Audit Fees
150,000
100,000
Professional Fees
179,776
13,034
21,150
1,092,410
694,590
i) Diff in book depreciation and IT depreciation

Total
Deferred tax asset
Total
4. Earnings per Share (EPS) is calculated as under:
i) Numerator -
ii) Denominator Weighted average number of Equity

Shares outstanding
- Basic & Diluted
iii) Nominal value of Shares (in Rs.)
iv) E.P.S at Rs. 10 per share (Basic and Diluted)
5. Directors Remuneration
- Salary
- Contribution to PF
- Perquisites
6. Details of Auditors Remuneration
Payments to Statutory Auditors:
Expenses reimbursed
Total
7. During the year company has incurred an IPO expenses Rs. 1,890,258/- (80,419,927)
and which reduced from share premium account.
45
8.
Statement of utilization of IPO funds as of March 31, 2008

Particulars
Amount in Rs.
2007-08
Amount raised through IPO
508,447,440
Share Issue Expenses paid
82,310,185
Net Proceeds
426,137,255
Deployment
Bommasandra Manufacturing Facility
106,840,018
Existing Plant Expansion Begur Road
46,580,000
Garter & Socks Expansion
15,255,214
SAP Implemention
5,352,535
Brand Building Project
49,332,921
Invested in FMPs, Bank FDs and Bank Account - Pending for utilization
9.

202,776,567
Disclosure in respect of Related Parties pursuant to Accounting Standard 18:

i)
List of Related Parties:

a)

Companies where significant influence exist

Trigen Apparel Private Limited
GTVL Industries Inc.,
Page Garment Exports Private Limited
Trigen Resources
Genco Holdings Private Limited

b) Key Management Personnel and enterprises having common key management personnel

Sunder Genomal

c) Relative of key management personnel

Shamir Genomal

Vignesh Genomal
46
ii) During the year following transactions were carried out with the related parties in the
ordinary course of business:
(in Rs.)
Sales, Service and other income

- Sales
Key Management
Personnel
Enterprise
having common
Key Management
Personnel &
Relatives
Associates
Fellow
Subsidiaries
Transaction/
Nature of Relationship
Holding
1,788,632
(669,071)
726,128
( NIL )
3,121,582
(2,434,122)
2,64,375
( NIL )
- Factory Rent
- Interest Received
- Other Income
Purchase of goods and services
NIL
(11,002,410)
38,998,663
(32,682,193)
6,958,270
(1,834,345)

Purchase of fixed assets
(Nil)
(23,193,663)
Staff Welfare / Salaries

Vignesh Genomal
NIL
(116,400)
NIL
(116,400)
Shamir Genomal
Directors Salary, Remuneration & Perquisites
Sunder Genomal
8,965,319
(9,189,360)
Guarantees Provided for

15,000,000
(15,000,000)
Outstanding balances
Amount receivable :Page Garment Exports Private Limited
26,318,719
(25,995,483)
33,459,997
(10,626,199)
68,157
(841,776)

Amount Payable :Trigen Resources
3,547,618
(3,547,618)
Nil
(12,566)
GTVL Mafg. Industries Inc.
47
- The above transactions do not include reimbursement of expenses, which are accounted
in the natural heads of accounts.
- No amount in respect of the related parties have been written off/back/are provided
for during the year.
- Related party relationship have been identified by the management and relied upon by
the auditors.
10.
Additional information as required under Para 3, 4C and 4D

of Part II of Schedule VI to the Companies Act, 1956.
2007-08
2006-07
A) Licensed and installed capacity:

(As certified by the management)
Garments (in Pcs)
Licensed capacity
Not applicable
Not applicable
Installed capacity
31,003,000
21,854,400
Not applicable
Not applicable
1,008,000
504,000
Not applicable
Not applicable
3,780,000
1,890,000
Socks (pairs in Pcs)

Licensed capacity
Installed capacity ( on three shift basis )
Garter (in Mtrs)
Licensed Capacity
Installed capacity ( on three shift basis )
Note : The above information is assessed by the management and relied by the auditors being
a technical matter
B) Particulars in respect of production:

Description
Qty ( Nos.)
2007-08
Qty ( Nos.)
2006-07
28,529,110
23,136,705
1,208,950
743,059
174,368
76,473
Round neck / Collar T Shirts
2,039,059
1,417,348
Socks ( boughtout & repacked )
281,594
383,546
Socks ( Production )
484,376
345,013
Factory Seconds ( all the above categories )
844,991
605,045
33,562,448
26,707,189
Innerwear
Woven Shorts
Knitted Shorts
Total
Note : Above Production quantities includes production through job-workers.

48
C) Particulars in respect of Opening Stock, Sales and Closing Stock : (Previous Years figures in brackets)
Description
Innerwear
Opening
Stock
Value
Sales
Value
Closing
Stock
Value
Qty (Nos.)
(Rs.)
Qty (Nos.)
(Rs.)
Qty (Nos.)
(Rs.)
3,662,960
120,672,592
(1,806,962)
(60,771,851)
1,428,617,669
5,070,234
186,418,276
(21,280,707) (1,033,492,212)
(3,662,960)
(120,672,592)
Woven shorts
122,458
10,835,958
1,097,812
167,351,283
233,596
22,830,776
(83,135)
(7,461,274)
(83,135)
(105,424,589)
(122,458)
(10,835,958)
16,265
1,549,818
152,679
26,456,067
37,954
4,500,012
(15,294)
(1,482,920)
(75,502)
(12,403,815)
(16,265)
(1,549,818 )
Round neck/Collar T-shirts
280,582
23,947,264
1,784,757
226,489,346
534,884
39,853,336
(145,640)
(11,276,167)
(1,282,406)
(153,505,114)
(280,582)
(23,947,264)
Socks
137,910
5,312,293
828,050
42,048,379
75,830
2,139,752
(42,260)
(1,299,367)
(632,909)
(29,530,763)
(137,910)
(5,312,293)
Factory seconds
583,745
26,797,132
844,252
32,388,695
584,484
42,821,694
(185,455)
(9,623,117 )
(206,755 )
(24,829,049 )
(583,745)
(26,797,132 )
1,710
106,020
1,250
126,250
460
28,520
Knitted shorts
Caps
TOTAL
PREVIOUS YEAR
27,121,836
(3,790)
(234,980)
(2,080)
(209,257)
(1,710)
(106,020)
4,805,630
189,221,077
31,830,636
1,923,477,689
6,537,442
298,592,366
(2,282,536 )
(92,149,676 )
(23,563,494 ) (1,359,394,799 )
(4,805,630 )
(189,221,077)
D) Value of Raw material and packing material consumed during the year
Description
Year ended 31.03.2008
Year ended 31.03.2007
Units
Qty
Value (Rs.)
Qty
Value (Rs.)
a. Imported:
Woven fabric
--------Trims
--------Bra accessories
--29,163,727
--6,664,834
Labels
--------TOTAL
b. Indigenous:
Yarn
Woven fabric
Elastic
Others
TOTAL
c. Bought outs:
Indigenous:
Socks
Finished Garments
Round neck/
Collar T-shirts
TOTAL
Grand Total (a+b+c)
Kgs
Mtrs
Mtrs
29,163,727
---
6,664,834
2,608,270
391,116,588
469,076
99,544,085
11,755,003
61,360,152
--173,976,686
14,832,349 725,997,511
1,137,514
291,747
4,740,209
--6,169,470
332,741,590
37,913,220
73,955,065
124,774,030
569,383,905
9,843,239
6,445,491
218,231
---
13,188,191
---
--16,288,730
--218,231
--13,188,191
771,449,968
6,387,701
589,236,930
Nos.
Nos.
281,594
151,916
Nos.
--433,510
15,265,859
49
E) Percentage of consumption of raw materials and packing materials

Particulars
31.03.2008
Percentage
31.03.2007
Percentage
742,286,241
96.22%
582,572,096
98.87%
29,163,727
3.78%
6,664,834
1.13%
771,449,968
100.00%
589,236,930
100.00%
3,180,874
3,690,225
Raw materials
20,051,438
13,827,126
Capital Goods
46,624,001
33,946,225
68,478,964
46,705,660
Travelling expenses
860,873
1,057,905
IPO Expenses
305,475
36,561
NIL
Sales Promotion
7,990
NIL
Directors Salary
1,924,299
1,040,386
20,000
NIL
Branch expenses
NIL
546,825
Staff Welfare (training expenses)
NIL
64,135
Dividend
NIL
43,364,350
3,917
41,277
Indigenous
Imported
Total
F) Earnings in foreign currency during the year

F.O.B Value of exports
G) C.I.F Value of imports
H) Expenditure incurred in foreign currency (accrual)

Royalty (Accrual basis)
Registration & Renewals
Directors Sitting Fee
Rates & Taxes

I) Remittance in foreign currency
Particulars
No. of shares held

by non-resident
shareholders of face
value Rs 10/-
No. of nonresident
shareholders
Rupees
Dividend
Pertaining
to Financial
Year
Remittance on account of
1st Interim Dividend
61
8,671,288
52,027,728
2007-08
2nd Interim Dividend
47
8,732,828
34,931,312
2007-08
(3)
(236,535)
(43,364,350)
2006-07
Interim Dividend
50
11. Leases:
The Company has taken on operating lease certain immovable properties under cancelable/
non-cancelable lease, which are renewable on a periodical basis at the option of the lessor and the
lessee. The minimum lease rentals payable under the non-cancelable lease are as follows:
Particulars

Up to one year
One year to five years
More than five years
12. Loans & Advances
management.

31.03.2008
(Rs.)
31.03.2007
(Rs.)
25,480,156
48,943,564
3,284,553
8,190,837
764,400
3,197,008
include the following amount due from companies

Outstanding
2007-08
under the same
Maximum O/s
2006-07
2007-08
2006-07
a) Page Garments Exports Pvt Ltd., 26,318,719 25,995,483
30,456,423
25,995,483
b) Genco Holdings Pvt Ltd.,
53,385,972
20,113,341
c) Trigen Apparel Pvt Ltd.,

d) GTVL Mfg. Inds Inc.
33,459,997 10,626,199
68,157
841,776
841,776
18,964,492
NIL
NIL
NIL
1,274,835
13. Debts due from directors or other officers of the company at any time during the year : NIL
14. Segmental Information
The Company operations relate to only one segment of manufacture of garments. Hence there are no
reportable segments as required by AS-17
15. Balances in Debtors, Creditors and other third parties are subject to confirmation and
reconciliation.
16. Figures of previous year have been regrouped / rearranged wherever necessary to confirm to
current years presentation and are indicated in brackets.
Signature to Schedules A to R
Sunder Genomal
(Managing Director)
Place : Bangalore
V Sivadas
(Director)

R Vijayakumar
Sunil Birla
(Company Secretary)
Partner
Mem.No. 202226
Place : Bangalore
51
BALANCE SHEET ABSTRACT AND COMPANY`S GENERAL BUSINESS PROFILE

I REGISTRATION DETAILS
Registration No. :
16554 of 1994
State Code : 08
Balance Sheet Date:
31st March, 2008
II CAPITAL RAISED DURING THE YEAR ( AMOUNT IN RS.THOUSANDS )
III
Public Issue : Nil
Rights Issue : Nil
Bonus Shares : Nil
Private Placement : Nil
POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS ( AMOUNT IN RS.THOUSANDS )
Sources of Funds
Application of Funds
IV
Total Liabilities : 1,172,341
Total Assets : 1,172,341
Paid up Capital : 111,539
Reserve & Surplus : 662,214
Secured Loans : 372,005
Deferred tax liability : 26,583
Net Fixed Assets : 436,308
Investments : 299,785
Net Current Assets : 425,967
Deferred tax Assets : 10,281
PERFORMANCE OF THE COMPANY ( AMOUNT IN RS.THOUSANDS )

Turnover ( Gross Revenue ) : 1,968,320
Total Expenditure : 1,748,042
Profit/Loss before Tax ( + /- ) : 344,055
Profit/Loss after Tax ( + /- ) : 238,170
Earnings per share in Rupees : 21.35
Dividend Rate : Rs. 10.00 per Share
GENERIC NAME OF THREE PRINCIPAL PRODUCTS / SERVICES OF COMPANY

( AS PER MONETARY TERMS )
Item Code No. ( ITC Code )
6107.11
Description
Mens or Boys singlets & other

Vests,Underpants & Briefs
6108.21
Description
Womens or Girls singlets & other

Vests, Slips, Petticoats, Briefs and panties
6105.10
Description
Mens or Boys T - Shirts
6106.30
Description
Womens or Girls T -Shirts
6207.10
Description
Mens or Boys underpants & Briefs
6203.42
Description
Mens or Boys Woven Shorts
For and on behalf of the Board

Sunder Genomal
(Managing Director)
V Sivadas
(Director)
R Vijayakumar
(Company Secretary)

Place : Bangalore
52
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Registered & Corporate Office: Abbaiah Reddy Industrial Area, Jockey Campus
No.6/2 & 6/4, Hongasandra, Begur Hobli, Bangalore - 560 068.
PROXY FORM
I / We ................................................................................................................................................................
of ................................................................................................................being a Member/Members of
the above named Company hereby appoint .........................................................................................of
......................................................................... or failing him ......................................................................
of .....................................................................................................as my / our proxy to vote for me / us on
my/our behalf at the 13th ANNUAL GENERAL MEETING of the Company to be held on Saturday, the 26th July,
2008 at 11.30 a.m. at the Chancery, Lavelle Hall, 10/6, Lavelle Road, Bangalore - 560 001.
Affix
Re. 1/Revenue
Stamp
Signed this ........ day of ............., 2008
(Signature of the Member)
Folio No. / DP & Client ID No. .................................. & No. of Shares ...............................
Note : Proxies must reach the Companys Registered Office not less than 48 hours before the time fixed for the Meeting.
Registered & Corporate Office: Abbaiah Reddy Industrial Area, Jockey Campus
No.6/2 & 6/4, Hongasandra, Begur Hobli, Bangalore - 560 068.
ATTENDANCE SLIP
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL.
I hereby record my presence at the 13th ANNUAL GENERAL MEETING held on Saturday, the 26th July, 2008
at The Chancery, Lavelle Hall, 10/6, Lavelle Road, Bangalore - 560 001.
Name of Shareholder in BLOCK LETTERS : ....................................................................................................

Folio No. / DP & Client ID No. ..................................... & No. of Shares .................................
......................................................................
Signature of the Shareholder / Proxy

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13th Annual Report 2007-08

Value (Rs. in Million)

Value (Rs. in Million)

Value (Rs. in Million)

Registered & Corporate Office

Abbaiah Reddy Industrial Area, Jockey Campus, No.6/2 & 6/4

Registrar & Share Transfer Agent

Sharepro Services (India) (P) Ltd

Ravi Uppal, Chairman

Management Discussion and Analysis

Corporate Governance Report

Profit and Loss Account

Cash Flow Statement

Notes to the Balance Sheet and Profit and Loss Account

Balance Sheet Abstract and Companys General Business Profile

NOTICE is hereby given that the 13th Annual

By Order of the Board

2. To confirm the payments of Interim

3. To appoint a Director in the place of Mr Nari

1. A MEMBER WHO IS ENTITLED TO

4. To appoint a Director in the place of Mr

2. THE INSTRUMENT APPOINTING THE

5. To appoint Auditors to hold office upto

3. The relevant Explanatory Statement

6. To consider and if thought fit, to pass with

RESOLVED that pursuant to provisions

4. The Register of Members and Share Transfer

5. As of 31st March, 2008, we have unclaimed

In view of the increased activities of the

amounts of Rs.69,975, Rs.40,572 and

Company and the responsibilities of Non-

Rs.24,369 in our IPO Refund Account,

Whole-time Directors / Independent Directors

under the revised Clause 49 of the Listing

Interim Dividend Account 2007-08

Interim Dividend Account

Agreement with the Stock Exchanges as

well as under the Companies Act, 1956, it is

shareholders, who have not claimed their

proposed to pay remuneration as mentioned

refund / dividend, are requested to write

in the resolution and such remuneration

to our Registrar and Share Transfer Agents

shall be distributed amongst the Directors

M/s Sharepro Services (India) Private

(including Alternate Directors, but excluding

Limited, Mumbai to claim the amount.

Managing / Whole-time Directors) as may be

Pursuant to Section 205C of the Companies

proportion and the manner as the Board may

Act, 1956, if the refund / dividend amount

decide from time to time, such that the amount

is not claimed within 7 years from the

of remuneration to each Director may vary

date they become due for payment; such

depending on the responsibilities as Member

unclaimed amounts will be transferred to

/ Chairman of the Board, Member / Chairman

Investor Education and Protection Fund.

of any Committee(s) of the Board and /or all

Once the unclaimed amount is transferred,

other relevant factors.

no further claim can be made.

The said remuneration shall be payable for the