Prag Bosimi Synthetics Limited has reported its audited standalone and consolidated financial results for the year ended March 31, 2026. The company's Board of Directors approved the results during a meeting held on May 29, 2026. The filing reveals significant financial stress, with the auditor flagging a material uncertainty related to the company's ability to continue as a going concern due to negative net worth.

The statutory auditor, Rama K Gupta & Co., stated that the net worth of the company stands negative as on March 31, 2026, and has been negative since FY 2024-25. This situation arose primarily due to accumulated losses over past financial years and continued operational deficits. The report indicates that the company may experience working capital constraints, reduced vendor credit terms, and difficulties in meeting statutory obligations and external borrowings. Despite these challenges, the auditor's opinion remains unmodified.

Key Audit Matters and Emphasis

The auditor identified several key matters and areas of emphasis requiring management's attention. These include the non-payment of interest on Optionally Convertible Cumulative Debentures (OCCD) and dividend on Redeemable Cumulative Preference Shares (RCPS), which have been provided for but not paid. Additionally, the auditor pointed out unreconciled GST input ledger balances and a call-in arrear amounting to Rs.312 thousand pending realization from shareholders.

Further emphasis was placed on trade receivables where provisions for bad and doubtful debts have not been reviewed despite nil recovery, and advances receivable under non-current long-term loans carried at the same balance for several years without review. The auditor also noted that trade payables and their MSME classifications were carried forward from the previous year without confirmation from creditors.

Financial Adjustments and Compliance

During the year, the company made an adjustment to its Property, Plant and Equipment, writing off Rs. 18,352 thousand. This write-off was necessary because the carrying amount of certain assets exceeded their estimated residual value even after the expiry of their useful lives as prescribed under Schedule II of the Companies Act, 2013.

The company reported cash losses amounting to Rs. 58,448 thousand for the financial year ended March 31, 2026, compared to Rs. 73,611 thousand in the previous year. The Board also appointed M/s Bharat Sharoff and Co. as internal auditors for the F.Y 2026-2027. The results were published in newspapers including Financial Express and Dainadin Barta on May 30, 2026, as per Regulation 47(1)(b) of SEBI (LODR) Regulations 2015.

Prag Bosimi Synthetics Ltd. has appointed Shri Hivare Nisarg Gautam, IAS, as the Director and Chairman of its Board. The appointment is effective from May 19, 2026, pursuant to a notification issued by the Government of Assam, Industries, Commerce & Public Enterprise Department. The government notification, referenced as eCF No. 780232/12, states that the appointment is made in the interest of public service and in view of Gautam taking over the charge of Managing Director at Assam Industrial Development Corporation (AIDC) Ltd. on March 14, 2026.

Shri Hivare Nisarg Gautam replaces Shri Megha Nidhi Dahal, IAS, who previously held the position. The appointment is valid with immediate effect and will remain in force until further orders. The communication regarding this change was formally forwarded by AIDC Ltd., a Government of Assam undertaking, to the Managing Director of Prag Bosimi Synthetics Ltd.

Board Composition Changes

The Government of Assam's notification outlines several directorial changes across various state-run entities. The table below details the specific appointments made alongside the change at Prag Bosimi Synthetics Ltd.

Regulatory Compliance

The company has received the necessary disclosures from the newly appointed Chairman. Shri Hivare Nisarg Gautam has submitted Form MBP-1, declaring his interest in other entities. He currently serves as the Managing Director of Assam Urban Infrastructure and Development & Finance Corporation Ltd., a position he held from February 2, 2026. His Director Identification Number (DIN) is 11627002.

AIDC Ltd. noted that Form DIR-12 regarding his appointment as Managing Director of AIDC Ltd. has not yet been filed with the Ministry of Corporate Affairs (MCA). This filing is scheduled to take place after the next Board Meeting of AIDC Ltd. Prag Bosimi Synthetics Ltd. has been requested to take necessary action to formalize the appointment, including the filing of requisite forms with the Registrar of Companies (ROC).

Director Profile

Shri Hivare Nisarg Gautam is an IAS officer of the 2015 batch. He holds a B Tech degree from IIT. Currently, he serves as Secretary at Assam in the Chief Minister Office (CMO) since March 13, 2026. His previous roles include Secretary and District Commissioner. He is actively serving in the IAS. Mr. Gautam has held various significant positions throughout his career, contributing to public administration and governance.