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Natura Hue Chem Ltd.

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Dec 13, 16:00
0.98 0.04 (4.26%)
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AVERAGE VOLUME
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1,266
10-Day
1,588
30-Day
2,391
451
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Natura Hue Chem is not listed on NSE

Annual Report

For Year :
2014 2013 2011 2007 2006

Director’s Report

Dear Members The Directors have pleasure in presenting the 19th Annual Report on the business and operation of the Company together with audited statement of accounts for the period ending 31st Mar''14. 1. FINANCIAL RESULTS: Particulars Financial year ended 31st March 2014 2013 Operating Income 1,91,09,500 - Other Income - 27,97,824 Total Receipts: 1,91,09,500 27,97,824 Employee Benefit Expenses 4, 19, 000 79, 500 Finance Cost 20,99,463 17,23,973 Other Expenses 1, 75,45,968 11,25,920 Total Expenses 2,00,86,996 29,59,140 Profit Before Tax: (9,77,496) (1,61,316) Tax Expenses - - Deferred Tax 1,087 899 Profit for the period : (9,78,583) (1,62,215) Earning Per Share (in Rs.) 0.23 0 04 2. APPROPRIATION: No amount is proposed to be transferred to Reserves. The Profit has been carried over to Balance Sheet under Surplus in statement of Profit & Loss. 3. DIVIDEND Due to inadequacy of profits, the Board of Directors regrets that no dividend is being recommended for the year under review. 4. PERFORMANCE REVIEW During the year the company started its operations. Directors are hopeful that this activity will expand in future. Your Directors feel that, barring any unforeseen circumstances, the prospects for the current year are much favorable as compared to the year under review. The Company is making all efforts cope up with the market situations and increase the operations. 5. No material changes and commitment occurred since the conclusion of the financial year. 6. PERSONNEL: Since there was no employee who was drawing more than Rs.60.00 Lacs per annum, if employed through out the year, or Rs.500000/- per month if employed for the part of the year, the required information under sub-section (2A) of section 217 of the companies Act, 1956 read with companies (particulars of the employees) rules 1974 as amended is not given. 7. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION: The Company have not been engaged in manufacturing activities and as such the provisions of section 217 (i) (e) of the companies Act, 1956 read with the companies (disclosure of particulars in report of Board of Directors) rules 1988, regarding conservation of energy are not applicable. R&D efforts were not made towards technology absorption and no foreign exchange outgo and inflow included during the year. 8. MANAGEMENT DISCUSSION AND ANALYSIS: A report on Management Discussion and Analysis (MDA), which is forming part of this Report, inter-alia, adequately deal with the operations as also current and future outlook of the Company. 9. DEPOSITS: Company has not accepted any deposits from public which is covered within the meaning of section 58-A & 58-AA of companies Act. 10. DIRECTORS Shri Rishi Dave & Smt. Satyawati Parashar Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Your directors recommend his appointment. Directors declared that no directors are disqualified from being appointed as Director of the Company under Section 184 of The Companies Act, 2013. Independent Director: Pursuant to Section 149 of the Companies Act, 2013 read with the Rules made thereunder, the Independent Directors shall hold office for a period of up to 5 consecutive years and shall not be liable to retire by rotation. They may be appointed for a maximum of two consecutive terms of up to 5 years each. In terms of revised clause 49 of the listing agreement which will be applicable from 01st October, 2014, in case the Independent Director has already served for 5 or more years, he can be appointed for only one term of 5 years. As per new Act, the Nominee Director is not considered to be an Independent Director. Presently, Mr. Ravi Kamra & Mr. Rishi Dave, Shri Mansoor Ahmed and Shri Satyawati Parashar are the Independent Directors of the Company. As per their existing terms of appointment, all of them are liable to retire by rotation. However, under the Companies Act, 2013 and Clause 49 of listing agreement, they may be appointed afresh with a fixed period of up to 5 years. The Board considered the independence of each of the above mentioned Directors in terms of Section 149 and Schedule IV to the Companies Act, 2013 and Clause 49 of the listing agreement and was of the view that the proposed directors fulfill the criteria of independence as mentioned in the above provisions and can be appointed as Independent Directors. All the proposed directors possess requisite qualifications, appropriate skills, experience and knowledge in one or more fields of finance, law management, marketing, administration, technical operations and other disciplines related to Company''s business. Keeping in view, the educational / professional qualifications, working experience, expertise in line with Company''s business, positive attributes, already being on the Board of the Company and benefits that the Company will derive with their appointment, the Board has recommended their appointment as Independent Directors of the Company at the ensuing Annual General Meeting. 11. 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:- i. That in the preparation of the account for the financial year ended on 31st March'' 2014, the applicable accounting standards have been followed and there were no material departures. ii. That 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; iii. That the Directors have taken proper a 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; iv. That the Directors have prepared the accounts for the financial year ended 31st March'' 2014 on a going concern basis. 12. AUDITORS M/s Madhuresh Gupta & Co., Chartered Accountants, who are the Statutory Auditors of the Company will retire at the conclusion of the forthcoming Annual General Meeting and are eligible for re-appointment, subject to the approval of shareholders. The Company has received letter from them to the effect that their reappointment, if made, would be within the prescribed limits of section 139 (2) of the Companies Act, 2013 and that they are not disqualified for reappointment within the meaning of Section 141 of the said Act. Directors recommend their reappointment on a remuneration to be decided by the Board and the Auditor mutually for the ensuing Financial Year i.e. 2014-15. 13. AUDITORS OBSERVATION: Remarks made by the auditors in their report on the accounts stand explained in the notes to accounts which are self-explanatory. 14. VIGIL MECHANISM: As per Section 177 (9) & (10) of the Companies Act, 2013 and Clause 49 of the Listing agreements with the Stock Exchanges has to establish a Vigil Mechanism for Directors and employees to report genuine concerns. 15. ACKNOWLEDGEMENT The directors wish to place on record their sincere appreciation for contributions made by employees of the company and cooperation extended by the bankers and all persons who have directly and indirectly contributed to the success of the company. The directors also acknowledge the trust and confidence you have reposed in the company. DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANY''S CODE OF CONDUCT: This is to confirm that the Company has adopted Code of Conduct for its employees including the Managing Director. In addition, the Company has adopted a Code of Conduct for its Non-Executive Directors. I confirm that the Company has in respect of the financial year ended March 31, 2014, received from the senior management team of the Company and the Members of the Board a declaration of compliance with the Code of Conduct as applicable to them. BY AND ON BEHALF OF THE BOARD. (Ravi Kamra) (Ravindra Pokharna) Director Director DIN 00745058 DIN 01121333 DATED: 01.09.2014 PLACE: RAIPUR (C.G.)

Director’s Report