Mar 31, 2015
The Directors of your company have pleasure in presenting the 20th
Annual Report together with Audited Accounts of the company for the financial
year ended 31st March 2015.
FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
Standalone
Particulars 2014-2015 2013-2014
Sales 5056.26 6199.88
Other Income 16.59 9.60
Profit/Loss Before Interest and
Depreciation 328.73 123.89
Interest 303.69 299.11
Depreciation 565.63 562.93
Profit/Loss after Interest and Depreciation (1198.05) (738.15)
Tax Expense 0.00 0.00
Profit/Loss after Tax (1198.05) (738.15)
Extraordinary item - 30.75
Net Profit/Loss (1198.05) (707.40)
Transfer to Reserves Surplus (1198.05) (707.40)
STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK
Turnover of the stood at Rs. 50.72 crores and the Company has suffered
losses to the tune of Rs. 11.98 crores as compared to the previous year
turnover of Rs. 62.09 crores and the losses of Rs. 7.38 crores. The
Company has suffered losses as sale of Company's production was less
and cost of production was more as compared to the other manufactures.
The Company is making efforts to reduce cost of production to increase
the turnover of the Company.
CHANGE IN NATURE OF BUSINESS, IF ANY
There is no change in the nature of business activities of the Company.
DIVIDEND
The Company has suffered huge losses during the financial year under
report and Board of Directors of the company has not recommending any
dividend this year.
AMOUNTS TRANSFERRED TO RESERVES
The Board of the company has decided to carry loss of Rs. 1198.05 lacs
to its reserves and surplus account.
CHANGES IN SHARE CAPITAL, IF ANY
There has been no change in Share Capital of the Company during the
Financial Year 2014-15.
INFORMATION ABOUT SUBSIDIARY/JV/ASSOCIATE COMPANY
The Company does not have any Subsidiary Joint venture or Associate
Company
TRANSFEROF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year and there is
no unclaimed dividend.
MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of
the Company occurred between the period from the end of the financial
year to which this financial statement relate and on the date of this
report.
EXTRACTOF ANNUAL RETURN
The Extract of Annual Return as required under section 92(3) of the
Companies Act, 2013 and rule 12(1) of the Companies (Management and
Administration) Rules, 2014, in Form MGT-9 is annexed herewith foryour
kind perusal and information (Annexure: 1).
MEETINGS OF THE BOARD OF DIRECTORS
During the Financial Year 2014-15, the Company held eight Board
meetings of the Board of Directors as per Section 173 of Companies Act,
2013 which is summarized below. The provisions of Companies Act, 2013
and listing agreement were adhered to while considering the time gap
between two meetings.
10.04.2014 30.05.2014 31.07.2014 30.09.2014
15.11.2014 31.01.2015 13.02.2015 20.03.2015
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors of the Company confirms that-
(a) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) The directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) The directors had prepared the annual accounts on a going concern
basis; and
(e) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively
(f) The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively
AUDITORS AND REPORT THERE ON
M/s. Miglani Rakesh & Associates, Chartered Accountants, Rajpura was
appointed as Statutory Auditors for a period of four years in the
Annual General Meeting held on 30th September, 2014. Their continuance
of appointment and payment of remuneration are to be confirmed and
approved in the ensuing Annual General Meeting.
There are no qualifications or adverse remarks in the Auditors' Report
which require any clarification/ explanation. The Notes on financial
statements are self-explanatory, and needs no further explanation.
Further the Auditors' Report for the financial year ended, 31st March,
2015 is annexed herewith for your kind perusal and information.
LOANS, GUARANTEES AND INVESTMENTS
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provision is not applicable.
RELATED PARTY TRANSACTIONS
The Company has entered into various Related Parties Transactions in
ordinary course of business at arm' s length as defined under Section
188 of the Companies Act, 2013 with related parties as defined under
Section 2 (76) of the said Act. Further all the necessary details of
transaction entered with the related parties are attached herewith in
Form No. AOC-2 for your kind perusal and information (Annexure: 2).
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO
The Information pursuant to Section 134(3) (m) pertaining to
Conservation of Energy, Technology Absorption and Foreign Exchange
Outgo is provided in annexure herewith (Annexure- 3).
RISK MANAGEMENT
The Company does not have any Risk Management Policy as the element of
risk threatening the Company's existence is very minimal.
DIRECTORS AND KMP
During the current financial year the following changes have occurred
in the constitution of Board of Directors and KMP of the company:
S.
No. Name Designation Appointment
1. Smt. Anchal Narang Managing Director 15.11.2015
2. Sh. Manminder Singh
Narang Chief Financial
Office 30.09.2014
3 Mr. Amit Shekhar Company Secretary Resigned on 13.092015
DEPOSITS
The company has not accepted any deposits from the public during the
year and there are no unclaimed deposits.
RATIO OF REMUNERATION TO EACH DIRECTOR
The information required pursuant to Section 197 read with Rule 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in
respect of employees of the Company and Directors is furnished
hereunder (Annexure:4).
Further, no employee of the Company was in receipt of the remuneration
exceeding the limit prescribed in above said Section and Rules and
therefore information on that count is nil.
ANNUAL EVALUATION
Pursuant to the provisions of the Companies Act, 2013, the Board has
carried out an annual performance evaluation of its own performance,
the directors individually as well as the evaluation of the working of
its Audit, Nomination & Remuneration Committee.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were
evaluated on parameters such as level of engagement and contribution,
independence of judgment, safeguarding the interest of the Company and
its minority shareholders etc. The performance evaluation of the
Independent Directors was carried out by the entire Board. The
performance evaluation of the Chairman and the Non Independent
Directors was carried out by the Independent Directors who also
reviewed the performance of the Secretarial Department.
CORPORATE GOVERNANCE
Report on Corporate Governance along with the Certificate of M/s.
Rajesh K Sharma and Associates, Chartered Accountants, Ludhiana
confirming compliance of conditions of Corporate Governance as
stipulated in the Listing Agreement with the Stock Exchanges forms part
of the Board Report.
According to Schedule V Part II Section II point IV states that:
The remuneration package of the directors are as follows:
Name of the Director Aanchal Narang
Salary 9,00,000/-
Bonus Nil
Stock Option Nil
Pension Nil
Medical Reimbursement Nil
INDEPENDENT DIRECTORS AND DECLARATION
Sh. Surinder Ahuja and Mrs. Ginny Singh were appointed as independent
directors by shareholders on 30th September, 2014 and the Board of
Directors of the Company hereby confirms that all the Independent
directors duly appointed by the Company have given the declaration and
they meet the criteria of independence as provided under section 149(6)
of the Companies Act, 2013.
NOMINATION AND REMUNERATION COMMITTEE
As per the section 178(1) of the Companies Act, 2013 the Company's
Nomination and Remuneration Committee comprises of three Non-executive
Directors. The table sets out the composition of the Committee
S.
No. Name of the Director Position held in
the Committee Category of the Director
1 Mrs. Ginny Singh Chairman Non Executive/Independent
Director
2 Sh.Surinder Ahuja Member Non Executive/Independent
Director
3 Sh.Manminder Singh
Narang Member Non Executive /Promoter
Director
Terms of Reference
The Terms of Reference of the Nomination and Remuneration Committee are
as under:
1. To identify persons who are qualified to become Directors and who
may be appointed in senior management in accordance with the criteria
laid down, recommend to the Board their appointment and removal and
shall carry out evaluation of every Director's performance.
2. To formulate the criteria for determining qualifications, positive
attributes and independence of a Director and recommend to the Board a
policy, relating to the remuneration for the Directors, Key Managerial
Personnel and other employees
3. The Nomination and Remuneration Committee shall, while formulating
the policy ensure that:
(a) the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality
required to run the Company successfully
(b) relationship of remuneration to performance is clear and meets
appropriate performance benchmarks; and
(c) remuneration to Directors, Key Managerial Personnel and senior
management involves a balance between fixed and incentive pay
reflecting short and long-term performance objectives appropriate to
the working of the company and its goals
4. Regularly review the Human Resource function of the Company
5. Discharge such other function(s) or exercise such power(s) as may
be delegated to the Committee by the Board from time to time
6. Make reports to the Board as appropriate
7. Review and reassess the adequacy of this charter periodically and
recommend any proposed changes to the Board for approval from time to
time.
8. Any other work and policy, related and incidental to the objectives
of the committee as per provisions of the Act and rules made there
under
REMUNERATION POLICY
Remuneration to Executive Directors
The remuneration paid to Executive Directors is recommended by the
Nomination and Remuneration Committee and approved by Board in Board
meeting, subject to the subsequent approval of the shareholders at the
General Meeting and such other authorities, as may be required. The
remuneration is decided after considering various factors such as
qualification, experience, performance, responsibilities shouldered,
industry standards as well as financial position of the Company.
Remuneration to Non Executive Directors
The Non Executive Directors have not been paid any sitting fees during
the year under report.
AUDIT COMMITTEE
According to Section 177 of the Companies Act, 2013 the company's Audit
Committee comprised of three directors. The board has accepted the
recommendations of the Audit Committee. The table sets out the
composition of the Committee:
S.
No. Name of the Director Position held in
the Committee Category of the Director
1. Mrs. Ginny Singh Chairman Non Executive/Independent
Director
2 Sh.SurinderAhuja Member Non Executive/Independent
Director
3 Sh.Manminder Singh
Narang Member Non Executive /Promoter
Director
SECRETARIAL AUDIT REPORT
There are no qualifications or adverse remarks in the Secretarial Audit
Report which require any clarification/explanation.
Further the Secretarial Audit Report as provided by Ravinder Kumar,
Practicing Company Secretary for the financial year ended, 31st March,
2015is annexed herewith for your kind perusal and information
(Annexure:5).
VIGIL MECHANISM
As per Section 177(9) and (10) of the Companies Act, 2013, and as per
the Clause 49 of the Listing Agreement, the company has established
Vigil Mechanism for directors and employees to report genuine concerns
and made provisions for direct access to the chairperson of the Audit
Committee. Company has formulated the present policy for establishing
the vigil mechanism/ Whistle Blower Policy to safeguard the interest of
its stakeholders, Directors and employees, to freely communicate and
address to the Company their genuine concerns in relation to any
illegal or unethical practice being carried out in the Company. The
details of the Vigil Committee are annexed herewith for your kind
perusal and information.
SHARES
(a) BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year
under review.
(b) SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year
under review.
(c) BONUS SHARES
No Bonus Shares were issued during the year under review.
(d) EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
ORDEROFCOURT
There is no significant and material order passed by the regulators or
courts or Tribunals impacting the going concern status and company's
operation in future.
DETAILSOFADEQUACYOF INTERNAL FINANCIAL CONTROLS
Internal Financial Controls are adequate and are in consonance with the
size and operations of the Company
SHARES IN SUSPENSE ACCOUNT
i. Aggregate number of shareholders and the outstanding shares in the
suspense account lying at the beginning of the year = nil
ii. Number of shareholders who approached issuer for transfer of
shares from suspense account during the year=nil
iii. Number of shareholders to whom shares were transferred from
suspense account during the year=nil
iv. aggregate number of shareholders and the outstanding shares in the
suspense account lying at the end of the year=nil
SHARES IN UNCLAIMED SUSPENSE ACCOUNT
i. Aggregate number of shareholders and the outstanding shares lying
in the Unclaimed Suspense Account at the beginning of the year=nil
ii. Number of shareholders who approached the issuer for transfer of
shares from the Unclaimed Suspense Account during the year=nil
iii. Number of shareholders to whom shares were transferred from the
Unclaimed Suspense Account during the year=nil
iv. Aggregate number of shareholders and the outstanding shares lying
in the Unclaimed Suspense Account at the end of the year=nil
MATERIALVARIATIONS
The material variations between the projections and the actual
utilization are not applicable:
CODE OF CONDUCT
The Code of Conduct of Norway Organic Naturals India Limited is attached
herewith
ACKNOWLEDGEMENT
Your Directors wish to express their grateful appreciation to the
continued co-operation received from the Banks, Government Authorities,
Customers, Vendors and Shareholders during the year under review. Your
Directors also wish to place on record their deep sense of appreciation
for the committed service of the Executives, staff and Workers of the
Company.
By Order of the Board
NUWAY ORGANIC NATURALS INDIA LIMITED
DATE : 05.06.2015 MANMINDERSINGH NARANG
PLACE: RAJPURA (CHAIRMAN)
DIN-00541751
Mar 31, 2014
Dear Members,
The Directors of your company have pleasure in presenting the 19th
Annual Report together with Audited Accounts of the company for the
year ended 31st March 2014.
Financial Results
The financial results of the company are as under -
Particulars Rupees in lac
2013-14 2012-13
Sales 6199.87 5991.09
Other income 40.35 4.24
Profit/(Loss) before Interest (407.98) (574.27)
and Depreciation
Interest 299.11 361.12
Depreciation 0.00 0.00
Profit/(Loss) after Interest and (707.09) (935.39)
Depreciation
Tax Expense 0.00 (23.34)
Profit/(Loss) after Tax (707.09) (912.05)
Extraordinary item 0.00 478.18
Net Profit/(Loss) (707.09) (433.87)
Transfer to Reserve and (707.09) (433.87)
Surplus
Review of Operations
During the period under report, your company has achieved Sales and
Other income of Rs. 6240.22 Lac as compared to Rs. 5995.33 Lac during
the previous year with net profit/(Loss) of Rs. (707.09) Lac as
compared to Profit/(Loss) of Rs. (433.87) Lac in the previous year.
Installed capacity of the plant at Rajpura in Punjab is 45 kilolitres
per day and the Company achieved capacity utilization of 74% this year.
Share Capital
Share capital of the company consists of equity share capital and
preference share capital. Equity share capital consists of 9585000
equity shares of Rs.10/- each and preference share capital consists of
650000 preference shares of Rs.100/- each.
Dividend
Owing to losses suffered by the Company your directors do not recommend
any dividend this year also.
Public Deposits
The company has not accepted any deposits during the year and there are
no unclaimed or overdue deposits or interest thereon.
Material Changes
There are no material changes between the date of close of financial
year and the date of balance sheet. Holding and Subsidiary Company
There is no holding or subsidiary company.
Conservation of Energy and Technology Absorption and Foreign Exchange
The information under section 217 (1) e of The Companies Act, 1956 is
enclosed as Annexure A.
Personnel
None of the employee of the company is in receipt of remuneration for
whole / part of the year exceeding the limit prescribed under section
217(2 A) of the Companies Act 1956. The company has continued to follow
the policy of creating healthy environment and work culture resulting
into harmonious inter-personnel relations. The relations with
employees remained cordial throughout the year.
Directors
Mrs. Anchal Narang, Director (DIN 01434870)of the company retire by
rotation at the forth coming Annual General Meeting and being eligible
for reappointment and offers herself for the same. Mr. Ashok Kumar (DIN
00665332), and Mrs. Rosy Arora (DIN 01863613), Directors of the Company
has resigned during year on 05.06.2013 and 07.12.2013 respectively.
Sh. Surinder Ahuja (DIN 06737464), was appointed as an additional
director by the Board of Directors on December 07, 2013 and he holds
office up to the date of this Annual General Meeting. It is proposed to
appoint him as an Independent Director of the Company with effect from
September 30, 2014 up to September 29, 2019."
Mrs. Ginny Singh (DIN 00630238) is a non executive Director of the
Company. It is proposed to appoint her as an Independent Director of
the Company with effect from September 30, 2014 up to September 29,
2019."
Listing
The securities of the company are listed at BSE Limited and Delhi Stock
Exchange Association Limited. The Company has paid the Listing fees for
the financial year 2014-2015 to BSE Limited only.
Auditors
M/s. Shanti Prashad & Co., Chartered Accountants, New Delhi has
resigned during the year and M/s. Miglani Rakesh & Associates,
Chartered Accountants, Rajpura (Firm Registration No. 012227N) were
appointed as statutory auditors of the company for the financial year
2013-14 and hold office up to the conclusion of ensuing Annual General
Meeting. It is proposed to reappoint them for a period of four years as
per the provisions of Chapter X of The Companies Act, 2013 to hold
office from the conclusion of this Annual General Meeting (AGM) till
the conclusion of 23rd AGM of the Company to be held in the year 2018.
They have given their consent to acts as Auditors of the Company and
have further confirmed that their appointment would be in conformity of
the provision of Section 139 of The Companies Act, 2013.The audit
committee has also recommended their appointment.
The observation of the Auditors in their report read with relevant
notes to accounts are self explanatory and therefore, do not require
further explanation.
Directors Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Act 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for the year under review ;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities ;
4. The Directors have prepared the accounts for the financial year
ended 31st March, 2014 on a ''going concern'' basis.
Corporate Governance
The Company has complied with the provisions of Clause 49 of listing
agreement on Corporate Governance. The report on corporate governance
and auditors'' certificate regarding compliance with corporate
governance form part of the annual report.
Management Discussion and Analysis
Management Discussion and Analysis Report is attached herewith and it
forms part of the Directors Report.
Acknowledgements
Your Directors are pleased to place on record their sincere thanks to
the Banks for their co-operation and support to the company. Your
directors also express their deep appreciation for the devoted and
sincereservices rendered by workers, staff and executive at all levels
of the operations of the company during the year and we are confident
that your company will continue to receive such co-operation from them
in future also.
By Order of the Board
For Nuway Organic Naturals India Limited
Sd/-
Date: 30.05.2014 Manminder Singh Narang
Place: Rajpura (Chairman) DIN - 00541751)
Mar 31, 2013
To, The Members of NUWAY ORGANIC NATURALS INDIA LTD
The Directors have pleasure in presenting the 18th Annual Report along
with the Audited Statement of Accounts of the Company for the Financial
Year ended 31st March, 2013.
FINANCIAL HIGHLIGHTS Figures (In Rs.)
2012-13 2011-12
Total Income 599,528,603.97 472191004.92
Less Expenses 693,072,401.27 518250894.64
Profit/(Loss) before tax and
extraordinary items (93,543,797.30) (46059889.72)
Extraordinary items 47,817,640.48 45000000.00
Profit/(Loss) before tax but after
extraordinary items (45,726,156.82) (1059889.72)
Provision for Income Tax (2,333,966.00) --
Profit/(Loss) after tax (43,392,190.82) (26019889.72)
Net Profit (43,392,190.82) (26019889.72)
CORPORATE OVERVIEW
During the year turnover of the company rose from 47.21 Cr to Rs.59.95
Cr. Current year was the full year of production of Distillery Plant
situated at Rajpura where the production of Rum, Vodka, Country liquor
is done for sale in Punjab & other Territories. During the current year
sales of company''s liquor products was also explored in the other
territories like Delhi & Himachal Pradesh (HP) beside Punjab. Sale of
Cosmetic products & Mineral water was also increased marginally. Your
management is confident of increasing turnover of its products in
forthcoming year & turn around the company.
DIVIDEND
Since Company has incurred losses during the financial year, Board of
Directors has not recommended the payment of any dividend for the
current year.
PERFORMANCE
The company has incurred a Loss of Rs.260.19 Lacs against the profit of
Rs. 7.12 Lacs in the previous year.
FUTURE OUTLOOK
Your Board of Directors anticipates a better future in the years to
come and has been putting in best of its efforts to bring the Company
into operation to achieve the positive performance. Though there are
tough challenges ahead, your Board is very confident that the better
future with positive results is soon to come.
MATERIAL CHANGES
There was no material change affecting the financial position of the
Company between the date of balance sheet and the date of this report.
Mr. Ashok Kumar has resigned from the directorship with effect from
5/06/2013.
Further, the listing approval of the preferential allotment as duly
approved and passed by the shareholders through special resolution in
their extra-ordinary general meeting held on 26th October, 2012, has
been taken from Bombay Stock Exchange (BSE).Listing approval is
obtained from BSE, however, the trading approval is pending with BSE.
PUBLIC DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act, 1956, and the rules made there under.
AUDITORS'' REPORT
Auditors Report is annexed to the Balance Sheet attached in this Annual
Report and there is no adverse qualification in the Auditors'' Report,
which needs to be clarified.
AUDITORS
M/s. Shanti Prashad & Co., Chartered Accountants, Statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
General Meeting. The Company has received letter from them to the
effect that their appointment, if made, would be within the limits
prescribed U/s 224(1B) of the Companies Act, 1956. M/s. Shanti Prashad
& Co., Chartered Accountants, are required to be reappointed as
Statutory Auditors of the Company at the ensuing Annual General
Meeting. Their appointment has also been recommended by the Audit
Committee.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mrs. Ginny Singh retire by
rotation at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment.
Mr. Ashok Kumar resigned from the board of the Company w.e.f.
05.06.2013. Your directors would like to place on record his
appreciation for the valuable contribution tendered by him during his
tenure as director.
Brief resume of the director to be appointed or re-appointed at the
forthcoming Annual General Meeting, nature of their expertise in
specific functional areas and names of Companies in which they hold
directorships and the membership / chairmanship of committees, of the
Board as stipulated under Clause 49 of the Listing Agreement with the
stock exchanges, is given in the section of corporate governance in the
Annual Report.
All the Directors of the Company have confirmed in written, that they
are not disqualified for being appointed / re-appointed as Director in
terms of Section 274 (1)(g) of the Companies Act, 1956.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to Provisions of Section 217(2AA) of the Companies Act, 1956
the Directors confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv) that the directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
As per Clause 49 of the Listing Agreement with Stock Exchange(s), a
separate report on Corporate Governance along with certificate from
Statutory Auditor in compliance with conditions of corporate governance
forms a part of Annual Report.
MANAGEMENT DISCUSSION AND ANYLYSIS
As per clause 49 of the Listing Agreement with Stock-Exchange (s), a
Management Discussion & Analysis is appended to the Annual Report.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended in
2011.
CONSERVATION OF ENERGY TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Information pursuant to Section 217(1)(e) of the Companies Act 1956
read with Companies (Disclosures of Particulars in the Report of Board
of directors) Rules, 1988, is as follows:
CONSERVATION OF ENERGY
Your company continues to pay significant attention towards the
conservation of energy and all necessary measures have been taken to
optimize the use of electricity. Pursuant to the provisions of Section
217(1) (e) and Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, the information on Conservation of
Energy and Technology Absorption is not applicable to the company.
Therefore, the information as required to be given in Form A may please
be treated as nil.
RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION
Continuous efforts to bring in operational effectiveness and product up
gradation through R&D activities are being made.
EMPLOYEES RELATIONS
Your directors wish to place on record the appreciation for the
dedicated services rendered by the workers, staff and executives of the
Company at all levels who have contributed to the efficient and
successful management of the Company.
LISTING
Presently the Company''s equity shares are listed at the following Stock
Exchanges:
1. Bombay Stock Exchange Ltd. (BSE)
2. The Delhi Stock Exchange Association Ltd. Further, listing fee for
the financial year 2013-14 has been paid to BSE.
ACKNOWLEDGEMENT
Your directors take this opportunity to offer their sincere thanks to
various departments of the Central and State Governments, Bankers and
Investors for their unstinted support, assistance and valuable
guidance.
By order of the Board
Place : Delhi For NUWAY ORGANIC NATURALS (INDIA) LTD
Date : 24/08/2013
Sd/-
Manminder Singh Narang
Chairman & Managing Director
Mar 31, 2011
To, The Members of M/S NUWAY ORGANIC NATURALS INDIA LTD
The Directors have pleasure in presenting the 16th Annual Report along
with the Audited Statement of Accounts of the company for the financial
year ended 31st March, 2011.
(Rs. In '000)
Year ended Year ended
March 31, 2011 March 31, 2010
Total Income 96896.377 118717.131
Less: Expenses 92992.227 104076.502
Profits/Loss before Interest
Depreciation & Taxation 3904.150 14640.629
Financial Expenses - 20.440
Profit before
Depreciation & Taxation 3904.150 14620.189
Depreciation 1109.397 1483.312
Preliminary Exp written off - 297.704
Provision for Income Tax 800.000 5709.400
Net Profit 712.622 6598.438
DIVIDEND
In order to strengthen the financial position of the company your
directors are of the opinion that the profit is to be ploughed back in
the working of the company. Therefore, no divided is proposed for the
year under review.
PERFORMANCE
The company has earned a profit of Rs. 7.12 Lacs against the profit of
Rs. 65.98 Lacs in the previous year. FUTURE OUTLOOK
Your Company's distillery project at Rajpura has commenced production
and is hopeful of garnering significant market share in coming years.
Your company is doing reasonably well in other areas of cosmetic and
portable water trading.
MATERIAL CHANGES
No material change affecting the affairs of the Company has happened
between the date of the Balance Sheet and upto the date of this report.
PUBLIC DEPOSITS
Your Company has not accepted any deposits with in the meaning of
Section 58A of the Companies Act, 1956 read with (Acceptance of
Deposits) Rules, 1975.
AUDIT COMMITTEE
Presently the Audit Committee comprises of two non-executive
independent directors viz. Mr. Ashok Kumar as Chairman and Mrs. Ginny
Singh and one non executive director Mrs. Daisy Singh as Members and
Six meetings of the audit committee were held during the year.
The audit committee has met and reviewed the financial statements for
the financial year ended 31.03.2011 and has not given any adverse
observations. It has also recommended the re-appointment of M/s. Shanti
Prashad & Co., Chartered Accountants, as Statutory Auditors of the
company.
AUDITORS' REPORT
Auditor report is annexed to the balance sheet attached in this annual
report. There is no adverse qualification in the Auditors' Report,
which needs to be clarified.
AUDITORS
M/s. Shanti Prashad & Co., Chartered Accountants, Statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
General Meeting. The Company has received letter from them to the
effect that their appointment, if made, would be within the limits
prescribed U/s 224(1B) of the Companies Act, 1956. M/s. Shanti Prashad
& Co., Chartered Accountants, are required to be reappointed as
Statutory Auditors of the Company at the ensuing Annual General
Meeting. Their appointment has also been recommended by the Audit
Committee.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mrs. Ginny Singh and Mrs.
Anchal Narang retire by rotation at the ensuing Annual General Meeting
and being eligible offer themselves for re-appointment.
Tenure of Sh. Manminder Singh as Managing director of the Company
expired on 30/04/2011. Your Board, Subject to approval of Shareholders,
has reappointed him as Managing Director for a further period of five
years from 01/05/2011 to 30/04/2016, without any remuneration.
Mr. Dilvinder Singh and Mr. Amit Singh Grover resigned from the board
of the Company w.e.f. 27.09.2010. Your directors would like to place on
record their appreciation for the valuable services rendered by them
during their tenure as directors.
Brief resume of the director to be appointed at the forthcoming Annual
General Meeting, nature of their expertise in specific functional areas
and names of Companies in which they hold directorships and the
membership / chairmanship of committees, of the Board as stipulated
under Clause 49 of the Listing Agreement with the stock exchanges, is
given in the section of corporate governance in the Annual Report.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Provisions of Section 217(2AA) of the Companies Act, 1956
the Directors confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv) that the directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
As per Clause 49 of the Listing Agreement with Stock Exchange(s), a
separate report on corporate governance along with certificate from
Practicing Company Secretary regarding compliance with conditions of
corporate governance forms a part of Annual Report.
MANAGEMENT DISCUSSION AND ANYLYSIS
As per Clause 49 of the Listing Agreement with Stock Exchange(s), a
Management Discussion and Analysis is appended to the Annual Report.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956, read with
the Companies (Particular of employees) Rules, 1975.
CONSERVATION OF ENERGY TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Information pursuant to Section 217(1)(e) of the Companies Act 1956
read with Companies (Disclosures of Particulars in the Report of Board
of directors) Rules, 1988, is as follows:
CONSERVATION OF ENERGY
Your company continues to pay significant attention towards the
conservation of energy and all necessary measures have been taken to
optimize the use of electricity. Pursuant to the provisions of Section
217(1)(e) and
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, the information on Conservation of Energy and
Technology Absorption is not applicable to the company. Therefore, the
information as required to be given in Form A may please be treated as
nil.
RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION
Continuous efforts to bring in operational effectiveness and product
upgradation through R&D activities are being made.
FOREIGN EXCHANGE EARNING AND OUTGO: (RS. IN LAC)
PARTICULARS Year Ended Year Ended
31.03.11 31.03.10
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
EMPLOYEES RELATIONS
Your directors wish to place on record the appreciation for the
dedicated services rendered by the workers, staff and executives of the
Company at all levels who have contributed to the efficient and
successful management of the Company.
LISTING
Presently the Company's equity shares are listed at the following
Stock Exchanges:
1. Bombay Stock Exchange Ltd. (BSE)
2. The Delhi Stock Exchange Association Ltd.
Further, listing fee for the financial year 2011-12 has been paid to
BSE and The Delhi Stock Exchange Association Ltd.
ACKNOWLEDGEMENT
Your directors take this opportunity to offer their sincere thanks to
various departments of the Central and State Governments, Banks and
Investors for their unstinted support, assistance and valuable
guidance.
By order of the Board
Place : Delhi For NUWAY ORGANIC NATURALS (INDIA) LTD
Date : 02/09/2011
Sd/-
Manminder Singh Narang
Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 15th Annual Report along
with the Audited Statement of Accounts of the company for the financial
year ended 3st March, 2010.
FINANCIAL HIGHLIGHTS
(Rs. In 000) (Rs. In 000)
PARTICULARS YEAR ENDED YEAR ENDED
31-03-2010 31-03-2009
Sales 1,18,717.13 1,16,171.50
Other Income
Closing Stock 8,980.71 6,893.33
Total 1,27,697.84 1,23,064.83
Less: Expenses 1,14,560.96 1,15,972.31
Profits/Loss before Taxation 13,136.88 7,093.11
Less: Preliminary Expenses 2 97.70 297.62
Less: Provision for Taxation/FBT 5,709.40 1,533.38
Add: Provision for deferred revenue 531.33 730.38
Net Profit/Loss 6,598.44 4,531.14
Add: Balance brought forward 244.90 (4,286.24)
Surplus/Losses carried to 6,843.34 244.90
Balance Sheet
DIVIDEND
In order to strengthen the financial position of the company your
directors are of the opinion that the profit is to be ploughed back in
the working of the company. Therefore, no dividend is proposed for the
year under review.
PERFORMANCE
The company has earned a profit of Rs. 65.98 Lacs against the profit of
Rs. 45.31 Lacs in the previous year.
FURTURE OUTLOOK
It is expected that the project for manufacturing of Vodka at Rajpura,
Punjab will be commissioned in another 4-5 months.
MATERIAL CHANGES
There is no other material change affecting the affairs of the Company,
which has happened between the date of the Balance Sheet and upto the
date of this report.
PUBLIC DEPOSITS
Your Company has not accepted any deposits with in the meaning of
Section 58Aof the Companies Act, 1956, and the rules made there under.
AUDIT COMMITTEE
Presently the Audit Committee comprises of ail non-execu-tive
directors viz. Mr. Ashok Kumar as Chairman and Mrs. Ginny Singh and
Mrs. Daisy Singh as Members and five
meetings of the audit committee were held during the year. The audit
committee has met and reviewed the financial statements for the
financial year ended 31.03.2010 and has not given any adverse
observations. It has also recom- mended the re-appointment of M/s Alok
Bajaj & Associates, Chartered Accountants, as Statutory Auditors of the
com-pany.
AUDITORS REPORT
There is no adverse qualification in the Auditors Report which needs
to be clarified
AUDITORS
M/s. Alok Bajaj & Associates, Chartered Accountants, Statu-tory
Auditors of the Company hold office until the conclusion of the ensuing
Annual General Meeting. The Company has received letter from them to
the effect that their appointment, if made, would be within the limits
prescribed U/s 224(1B) of the Companies Act, 1956. M/s. Alok Bajaj &
Associates, Chartered Accountants, are required to be reappointed as
Statutory Auditors of the Company at the ensuing Annual General
Meeting. Their appointment has also been recom-mended by the Audit
Committee.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Ashok Kumar retires by
rotation at the ensuing Annual General Meeting and being eligible
offered himself for re-appointment.
Mrs. Ginny Singh, Mrs. Daisy Singh and Mr. Dilvinder Singh were
appointed as additional director at Board of Directors meeting held on
16.11.2009, 11.01.2010 & 03.07.2010 re-spectively and Ms. Rosy Arora.
Mr. Amit Singh Grover and Mrs.Anchal Narang were appointed as
additional directors at the Board of Directors meetings held on
23.07.2010, The company has received requisite notices u/s 257 of the
Com- panies Act, 1956 proposing their regular appointments. However
Mr. Dilvinder Singh and Mr. Amit Singh Grover opted out to be directors
of the company.
Mr. Dapinder Paul Singh and Mr. Mahender Pal Singh resigned from the
board of the Company w.e.f. 31.10.2009 and 15.12.2009 respectively.
Your directors would like to place on record their appreciation for the
valuable services rendered by all of them during their tenure as
directors.
Brief resume of the directors to be appointed at the forthcom-ing
Annual General Meeting, nature of their expertise in specific
functional areas and names of Companies in which they hold
directorships and the membership / chairmanship of committees, of the
Board as stipulated under Clause 49 of the Listing Agreement with the
stock exchanges, is given in the section of corporate governance in the
Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Provisions of Section 217(2AA) of the Compa- nies Act, 1956
the Directors confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities
iv) that the directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
As per Clause 49 of the Listing Agreement with Stock Exchange(s),
Management Discussion & Analysis Report and Corporate Governance Report
are annexed as Annex- ure I and Annexure II & form part of this
Directors Report.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956, and the
relevant rules made there under.
CONSERVATION OF ENERGY TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Information pursuant to Section 217(1 )(e) of the Companies Act 1956
read with Companies (Disclosures of Particulars in the Report of Board
of directors) Rules, 1988, is as follows:
Conservation of Energy:
Your company continues to pay significant attention towards the
conservation of energy and all necessary measures have been taken to
optimize the use of electricity. Pursuant to the provisions of Section
217(1)(e) and Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, the information on Conservation of
Energy and Tech-nology Absorption is not applicable to the company.
There-fore, the information as required to be given in Form A may
please be treated as nil.
Research & Development and Technology Absorption
Continuous efforts to bring in operational effectiveness and product up
gradation through R&D activities are being made. The company is not
using any foreign technology, which is required to be absorbed.
Foreign Exchange Earning and Outgo:
(Rs. In Lac)
Particulars Year ended Year ended
31.03.10 31.03.09
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
EMPLOYEES RELATIONS
Your directors wish to place on record the appreciation for the
dedicated services rendered by the workers, staff and execu-tives of
the Company at all levels who have contributed to the efficient and
successful management of the Company.
LISTING
Presently the Companys equity shares are listed at the following Stock
Exchanges:
Bombay Stock Exchange Ltd. (BSE)
The Delhi Stock Exchange Association Ltd.
The shares of the company have been delisted from Ludhiana Stock
Exchange Association Ltd. with effect from 23-01 -2010 vide letter no.
LSE/Listing/2010 dated 25.01.2010.
Further, Listing fee for the financial year 2010-11 has been paid to
BSE and The Delhi Stock Exchange Association Ltd.
ACKNOWLEDGEMENT
Your directors take this opportunity to offer their sincere thanks to
various departments of the Central and State Governments, Banks and
Investors for their unstinted sup-port, assistance and valuable
guidance.
By order of the Board
For NUWAY ORGANIC NATURALS (INDIA) LTD
Sd/-
Manminder Singh Narang
Chairman & Managing Director
Place : Delhi
Date : 30/08/2010
Mar 31, 2009
The Directors have pleasure in presenting the 14th Annual Report along
with the Audited Statement of Accounts of the company for the financial
year ended 31st March, 2009.
FINANCIAL HIGHLIGHTS
(Rs. In 000) (Rs. In 000)
PARTICULARS YEAR ENDED YEAR ENDED
31-03-2009 31-03-2008
Sales 116171.50 11427.08
Other Income - 13.33
Closing Stock 6893.33 776.08
Total 123064.83 12216.49
Less: Expenses 115972.31 13061.88
Profits/Loss before Taxation 7092.52 (845.39)
Less: Preliminary Expenses 297.62 297.62
Less: Provision for Taxation/FBT 1533.38 0.96
Add: Provision for deferred revenue 730.38 (143.83)
Net Profit/Loss 4531.14 (1000.14)
Add: Balance brought forward (4286.24) (3286.10)
Surplus/Losses carried to 244.90 (4286.24)
Balance Sheet
DIVIDEND
In order to strengthen the financial position of the company your
directors are of the opinion that the profit is to be ploughed back in
the working of the company. Therefore, no divided is proposed for the
year under review.
PERFORMANCE
The sales have gone up by 916.64% over the previous year and the
company has earned a profit of Rs. 45.31 Lacs against the loss of Rs.
10 Lacs in the previous year.
SHARE CAPITAL
During the year 2008-09 Company had issued and allotted 6,50,000 0.05%
Redeemable Preference Shares of Rs. 100/- each at a parto associate of
Promoters on Preferential basis.
FURTURE OUTLOOK
The project for manufacturing of cosmetic products at Baddi, H.P. has
been successfully implemented. The trading of cosmetic products,
bottled soda water and potable water have received good response from
the mar- ket. Every effort is being made to position your company in
the market.
Your Company is also in advance stage of setting up a new plant in
Rajpura, Punjab for the manufacturing of vodka using potato as major
input ingredient. Unstinted efforts are being made to cross all the
hurdles coming in the implemen- tation of the said project.
In view of this, your management is hopeful to attain better
performance in the future.
MATERIAL CHANGES
There is no other material change affecting the affairs of the Company,
which has happened between the date of the Balance Sheet and upto the
date of this report.
PUBLIC DEPOSITS
Your Company has not accepted any deposits with in the meaning of
Section 58A of the Companies Act, 1956, and the rules made there under.
AUDITORS REPORT
There is no adverse qualification in the Auditors Report, which needs
to be clarified.
AUDITORS
M/s. Alok Bajaj 8. Associates, Chartered Accountants, Statu- tory
Auditors of the Company hold office until the conclusion of the ensuing
Annual General Meeting. The Company has received letter from them to
the effect that their appointment, if made, would be within the limits
prescribed U/s 224(1 B) of the Companies Act, 1956. M/s. Alok Bajaj &
Associates, Chartered Accountants, are required to be reappointed as
Statutory Auditors of the Company at the ensuing Annual General
Meeting. Their appointment has also been recom- mended by the Audit
Committee.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of association of your Company, Mr. Mahender Pal Singh retire
by rotation at the ensuing Annual General Meeting and being eligible
offered himself for re- appointment.
Brief resume of the said director, nature of their expertise in
specific functional area and names of Companies in which they hold
directorships and the membership / chairmanship of committees, of the
Board as stipulated under Clause 49 of the Listing Agreement with the
stock exchanges, is given in the section of corporate governance in the
Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Provisions of Section 217(2AA) of the Compa- nies Act, 1956
the Directors confirm that: i) that in the preparation of the annual
accounts, the applicable accounting standards had been followed; ii)
that the directors had selected such accounting poli- cies and applied
them consistently and made judg- ments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period; iii) that the directors had
taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956, safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities. iv) that the directors
had prepared the annual accounts on a going concern basis.
AUDIT COMMITTEE
Presently the Audit Committee comprises of all non-execu- tive
directors viz. Mr. Mahendra Pal Singh, as Chairman and Mr. Dapindar
Paul Singh and Mr. Ashok Kumar as Members. The audit committee has met
and reviewed the financial statements for the financial year ended
31.03.2009 and has not given any adverse observations. It has also
recom- mended the re-appointment of M/s. Alok Bajaj & Associates,
Chartered Accountants, as Statutory Auditors of the com- pany.
CORPORATE GOVERNANCE
As per Clause 49 of the Listing Agreement with Stock Exchange(s),
Management Discussion & Analysis Report and Corporate Governance Report
are annexed as Annex- ure I and Annexure II & form part of this
Directors Report.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956, and the
relevant rules made there under.
CONSERVATION OF ENERGYTECHNOLOGY.ABSORP- TION AND FOREIGN EXCHANGE
EARNING ANDOUTGO
Information pursuant to Section 217(1)(e) of the Companies Act 1956
read with Companies (Disclosures of Particulars in the Report of Board
of directors) Rules, 1988, is as follows:
Conservation of Energy:
Your company continues to pay significant attention towards the
conservation of energy and all necessary measures have been taken to
optimize the use of electricity. Pursuant to the provisions of Section
217(1)(e) and Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, the information on Conservation of
Energy and Technology Absorption is not applicable to the company.
Therefore, the information as required to be given in Form A may please
be treated as nil.
Research & Development and Technology Absorption
Continuous efforts to bring in operational effectiveness and product up
gradation through R&D activities are being made.
Foreign Exchange Earning and Outgo:
(Rs. In Lac)
Particulars Year ended Year ended
31.03.09 31.03.08
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
EMPLOYEES RELATIONS
Your directors wish to place on record the appreciation for the
dedicated services rendered by the workers, staff and execu- tives of
the Company at all levels who have contributed to the efficient and
successful management of the Company.
LISTING
Presently the Companys equity shares are listed at the following Stock
Exchanges:
Bombay Stock Exchange Ltd. (BSE)
The Ludhiana Stock Exchange Association Ltd.,
The Delhi Stock Exchange Association Ltd.
The shares of the company have been delisted from Ahmedabad Stock
Exchange Limited and Jaipur Stock Ex- change with effect from
27-10-2008 and 27-03-2009 respec- tively.
Further, the Board of Directors in their meeting held on 25t" August,
2009 have given their approval for voluntary delisting of companys
securities from the Ludhiana Stock Exchange. The Company has made an
application to the said stock exchange for voluntary delisting of its
securities. Listing fee for the financial year 2008-09 has been paid
to BSE and The Delhi Stock Exchange Association Ltd.
ACKNOWLEDGEMENT
Your directors take this opportunity to offer their sincere thanks to
various departments of the Central and State Governments, Banks and
Investors for their unstinted sup- port, assistance and valuable
guidance.
By Order of the Board of Directors
For NUWAY ORGANIC NATURALS INDIA LIMITED
Sd/-
Manminder Singh Narang
Chairman &
Managing Director
Place: Ludhiana
Date : 29/08/2009
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