Dear Shareholders,
Your directors' have pleasure in presenting the 50th Annual Report on the business and
operations of your company along with the Audited Financial Statements for the year ended
31st March 2025.
FINANCIAL HIGHLIGHTS
The Financial Results for the year ended 31st March, 2025.
Particulars |
Standalone |
|
2024 - 25 |
2023 - 24 |
|
(Rs. in Lakhs) |
(Rs. in Lakhs) |
| Revenue from operations |
4058.18 |
4525.90 |
| Other Income |
27.83 |
49.84 |
| Profit/ (Loss) before interest and Depreciation |
(218.83) |
174.52 |
| Less: Interest |
159.26 |
164.41 |
| Less: Depreciation |
322.12 |
333.39 |
| Profit/ (Loss) before tax |
(700.22) |
(323.28) |
| Provision for tax |
0 |
0 |
| Tax for earlier years |
0 |
0 |
| Deferred Tax |
0 |
0 |
| Profit / (loss) after tax |
(700.22) |
(323.28) |
| Other comprehensive Income |
(0.77) |
4.36 |
| Total Comprehensive Income for the period |
(700.98) |
(318.92) |
BUSINESS PERFORMANCE:
During the year under review, the Company has incurred a Net loss of Rs. (700.98) lakhs
against a Net loss of Rs. (318.92) lakhs in the previous year.
There are adequate financial controls commensurate with the size of the organization
and with reference to the financial statements; there is no change in the nature of
business.
The Company is optimistic about achieving improved revenue and profitability in the
current financial year and the upcoming years, supported by strategic initiatives and an
expected increase in demand for its products/services.
SHARE CAPITAL:
There are no changes in the Authorized Share Capital and Paid-up Share Capital of the
Company during the year ended 31st March, 2025:
DIVIDEND:
The Board of Directors have not recommended any dividend for the financial year
2024-25.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
There has been no loan and guarantees given or made by the Company under Section 186 of
the Act, 2013 during the financial year 2024-25.
TRANSFER TO GENERAL RESERVE:
Your directors do not propose to transfer any amount to the general reserve of the
company during the financial year.
DEPOSITS:
During the financial year 2024-25, your Company has not accepted any deposit under the
provisions of the Companies Act, 2013 read together with the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:
Particulars of contracts or arrangements with related parties referred to Section
188(1) of the Companies Act, 2013, in the prescribed Form AOC 2, are appended as Annexure
I.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As required under Regulation 34(2) of the SEBI Listing (Obligations and Disclosures)
Requirements Regulations, the Management Discussion and Analysis Report is enclosed below.
Industry Structure and Developments
Company is manufacturing industrial gases both in liquid and gaseous forms. The supply
order position is comfortable as the Company is able to tie-up long term contracts with
the customers. The plant at Perundurai has performed well throughout the year. Whereas in
Pondicherry there was a major breakdown maintenance related to Heat Exchanger enforced
between 24.01.2025 to 07.03.2025 which affected the production for the financial year
2024-25.
Opportunities and Threats:
Company is engaged in the production of high quality lifesaving products for many
decades and have long term business tie-up with customers. The major challenge facing by
the Company is the repeated Power tariff escalation and the steep hike in various
overheads. Company is unable to raise the retail price of its products due to the severe
competition aroused after the out-break of Covid-19 pandemic.
Segment wise performance:
Presently the Company has one manufacture segment to manufacture industrial gasses both
in liquid and gaseous form at plants situated at Pondicherry and Perundurai. The plants
situated at both places are performing at full rate capacity. The products are very useful
to hospitals and industry sector. Our products are in competitive position in the market.
Risks and Concerns:
Since the products are facing severe competition from other manufacturers, Company is
forced to compromise its retail price to retain its share in the market.
RISK MANAGEMENT
Pursuant to Section 134 of the Companies Act, 2013, the Company has a risk management
policy in place for identification of key risks to its business objectives, impact
assessment, risk analysis, risk evaluation, risk reporting and disclosures, risk
mitigation and monitoring, and integration with strategy and business planning.
The Management identifies and controls risks through a properly defined framework in
terms of the aforesaid policy.
BOARD POLICIES
The Company has the following policies which are applicable as per the Companies Act,
2013 and SEBI (LODR) Regulations, 2015 which are placed on the website of the Company
www.nolgroup.com
• Code of conduct for Directors and Senior Management
• Board Diversity Policy
• Policy on determining materiality of events
• Policy on documents preservation and archival
• Terms of appointment of Independent Directors
• Policy on Related Party T ransactions
• Policy on sexual harassment of women at work place (Prevention, Prohibition and
redressal) Act, 2013
• Code Of Conduct for Insider Trading and Corporate Disclosure Practices
• Code Of Conduct For Board Of Directors
• Whistle Blower Policy
• Policy on Material Subsidiaries
• Policy on Code of Conduct
• Familiarization Program for Independent Directors
• Corporate Social Responsibility Policy
NOMINATION AND REMUNERATION POLICY:
Pursuant to Section 178(3) of the Companies Act, 2013, the Board of Directors has
framed a policy which lays down a framework in relation to remuneration of Directors, Key
Managerial Personnel and Senior Management of the company. The policy also lays down the
criteria for selection and appointment of Board Members. The policy and details of
Nomination and Remuneration is available on the website of the Company at www.nolgroup.com
In accordance with the Nomination and Remuneration Policy, the Nomination and
Remuneration Committee has, inter alia, the following responsibilities:
1. The Committee had formulated the criteria for determining qualifications, positive
attributes, and independence of a director. and is available in the company website www.nolgroup.com
2. The Committee shall identify persons who are qualified to become Director and
persons who may be appointed in Key Managerial and Senior Management positions in
accordance with the criteria laid down in this policy.
3. Recommend to the Board, appointment, and removal of Director, KMP and Senior
Management Personnel.
4. The Board shall carry out evaluations of the performance of every Director, KMP and
Senior Management Personnel at regular intervals (yearly).
5. The remuneration/ compensation/ commission etc. to the Managerial Personnel, KMP and
Senior Management Personnel will be determined by the Committee and recommended to the
Board for approval. The remuneration/ compensation/ commission etc. shall be subject to
the prior/ post approval of the shareholders of the Company and Central Government,
wherever required.
6. Increments to the existing remuneration/ compensation structure may be recommended
by the Committee to the Board which should be within the slabs approved by the
Shareholders in the case of Managerial Personnel.
7. Where any insurance is taken by the Company on behalf of its Managerial Personnel,
Chie Executive Officer, Chief Financial Officer, the Company Secretary, and any other
employees for indemnifying them against any liability, the premium paid on such insurance
shall not be treated as part of the remuneration payable to any such personnel. Provided
that if such person is proved to be guilty, the premium paid on such insurance shall be
treated as part of the remuneration.
8. The Non-Executive/ Independent Director is not paid remuneration by way of fees for
attending meetings of the Board or Committee thereof.
9. Commission to Non-Executive/ Independent Directors If proposed may be paid within
the monetary limit approved by shareholders, subject to the limit not exceeding 1% of the
net profits of the Company computed as per the applicable provisions of the Companies Act,
2013.
AUDIT COMMITTEE RECOMMENDATION:
During the year all the recommendations of the Audit Committee were accepted by the
Board. Pursuant to Section 177(8) of the Companies Act, 2013, the Composition of Audit
Committee is given as under:
Composition of Audit Committee:
The Composition of the Audit Committee as on 31st March 2025 is as follows:
Shri Shanmugavadivel Siva Independent Director (Chairman)
Smt Mona Milan Parekh ' Independent Director (Member)
Smt Sarita Saraf Independent Director (Member)
PARTICULARS OF EMPLOYEES:
There are no employees falling within the provisions of section 197 of the Companies
Act, 2013 read with Rule 5(2) and 5(3) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT:
Training on all sectors is given to its employees periodically and motivated to work
inline with the development of the industry. The willingness and commitment of the
employees help the company to stand tall among its customer in quality and service.
INTERNAL COMPLAINTS COMMITTEE
The Company has zero tolerance for sexual harassment at workplace and has adopted a
Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints
Committee ("ICC") is in place for all works and offices of the Company to
redress complaints received regarding sexual harassment. The policy on Prohibition
Prevention & Redressal of Sexual Harassment is available on the website of the Company
at www.nolgroup.com
During the Financial Year under review, no complaints with allegation of sexual
harassment were filed with the ICC.
Internal Complaint Committee Members
1. Smt. Mona Milan Parekh
2. Smt. Sarita Saraf
The Committee met once in the financial year 2024-25. The Company is committed to
provide a safe and conducive work environment to its employees during the financial year.
Your directors state that during the financial year 2024-25, there were no cases filed
pursuant to the Sexual harassment of Women at workplace (Prevention and Redressal) Act,
2013.
SUBSIDIARY / TOINT VENTURES / ASSOCIATE COMPANIES
The Company does not have any subsidiaries, associates and joint venture companies.
COMMISSION RECEIVED BY DIRECTOR FROM HOLDING OR SUBSIDIARY COMPANY:
The Company neither has any holding nor is any subsidiary company, therefore,
disclosure under Section 197 (14) of the Companies Act, 2013 not applicable.
MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND THE DATE OF REPORT
There are no material changes and commitments occurred between the end of the financial
year of the company to which the financial statements relate and there is no order against
the company affecting the financials of the company except:
• There was approval for the sale of land and building situated at Mathur (Trichy)
to the extent of 5.60 acres during the Annual General Meeting of the Company held on
28.08.2023. The negotiations with regard to the sale of the land with prospective buyers
continued in the financial year 2024-25 as well. Finally, in July 2025, Company sold out
the property after receipt of entire sale consideration, which is fully utilized for the
repayment of term loan with HDFC Bank.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS ORCOURTS
There are no significant material orders passed by the Regulators / Courts whichwould
impact the going concern status of the Company and its future operations.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the audit committee, under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Board's report.
AUDITORS
Statutory Auditors
M/S. PSDY & Associates, Chartered Accountant, (Firm Registration Number: 010625S)
was appointed as statutory auditor by shareholders of the company for a term of five years
in the 47th Annual General Meeting held on 30th August 2022 and they continued to be the
Auditors of the company till this 52nd Annual General Meeting.
COMMENT ON STATUTORY AUDITOR'S REPORT:
There are no qualifications, reservations, remarks or disclaimers made by M/S. PSDY
& Associates, Statutory Auditor, in their audit report.
SECRETARIAL AUDITOR:
Pursuant to the requirements of Section 204(1) of the Companies Act, 2013 and Rule 9 cf
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s.
Lakshmmi Subramanian & Associates, Practicing Company Secretaries (Peer Review
No.6608/2025), Chennai, as Secretarial Auditor for of the Company for a term of five years
to hold office from the conclusion of 50th Annual General Meeting till the conclusion of
55th Annual General Meeting.
The Secretarial Audit report as received from the Secretarial Auditor is annexed to
this report as Annexure II.
Qualification in Secretarial Audit Report
There are no material qualifications in the Secretarial Report.
BOARD OF DIRECTORS' EXPLANATION OR COMMENTS:
There are no qualifications in the Audit Report & Secretarial Audit Report for the
financial year 2024-25
Internal Auditors
Mr. R. Bala Subramanian, Chartered Accountants, are the Independent Internal Auditors
of the Company. The Audit Committee determines the scope of internal Audit in line with
regulatory and business requirements
Cost Auditor
Pursuant to notification of Companies (Cost Records and Audit) Rules, 2014 read with
Companies (Cost Records and Audit) Amendment rules, 2014, the Company does not fall under
the purview of Cost Audit.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Board Composition |
|
| Mr. Rajesh kumar Saraf |
Managing Director |
| Mr. Gajanand Saraf |
Whole time Director |
| Mrs. Sarita Saraf |
Director |
| Mr. Shanmugavadivel Siva |
Independent Director |
| Mrs. Mona Milan Parekh |
Independent Director |
| Mr. Amit Kumar Agarwal |
Independent Director |
Key Managerial Personnel |
|
| Mr. Rajesh Kumar Saraf |
Managing Director |
| Mr. P. Ramalinga Srinivasan |
Chief Financial Officer |
| Mr. Akhil Paliwal |
Company Secretary |
NUMBER OF MEETINGS OF THE BOARD AND BOARDS' COMMITTEE:
The Board meets at regular intervals to discuss and decide on business strategies /
policies and review the financial performance of the Company. The Board Meetings are
pre-scheduled, and a tentative annual calendar of the Board is circulated to the Directors
well in advance to facilitate the Directors to plan their schedules.
Meeting |
No. of Meetings during the Financial Year 2024-25 |
Date of the Meeting |
| Board Meeting |
4 |
22.05.2024, 13.08.2024, 11.11.2024 and 07.02.2025 |
| Audit Committee |
4 |
22.05.2024, 13.08.2024, 11.11.2024 and 07.02.2025 |
| Nomination & Remuneration Committee |
1 |
22.05.2024 |
| Stakeholders Relationship Committee |
1 |
07.02.2025 |
| Independent Director Meeting |
1 |
10.02.2025 |
The interval between two Board Meetings was well within the maximum period mentioned
under section 173 of the Companies Act, 2013, and SEBI Listing (Disclosures and
Obligations Requirements) Regulations, 2015.
Director's Re-appointment details:
• Mr. Gajanand Saraf (having DIN: 00007320) who retires from office by rotation
and being eligible offers herself for reappointment
CORPORATE SOCIAL RESPONSIBILITY
Your Company is having accumulated losses and not having profits more than Rs. 5 Crores
or net worth more than Rs. 500 Crores or Turnover of more than Rs. 1000 Crores in the
previous financial year and therefore Constituting of a CSR Committee and its Compliance
in accordance with the provisions of Section 135 of the Act, does not arise.
BOARD EVALUATION:
Pursuant to the provision of the Companies Act, 2013, a structured questionnaire was
prepared after taking into consideration of the various aspects of the Boards'
functioning, the composition of the Board and its committees, culture, execution and
performance of specific duties, obligations, and governance.
The board and the committee were evaluated on various criteria as stated below:
1. Composition of the Board and Committee.
2. Understanding of the Company and its business by the Board.
3. Availability of information to the board and committee.
4. Effective Conduct of Board and Committee Meetings.
6. Monitoring by the Board management effectiveness in implementing strategies,
managing risks and achieving the goals.
The Board also carried out the evaluation of directors and chairman based on following
criteria:
1. Attendance of meetings.
2. Understanding and knowledge of the entity.
3. Maintaining Confidentiality of board discussion.
4. Contribution to the board by active participation.
5. Maintaining independent judgment in the decisions of the Board
SECRETARIAL STANDARDS:
In terms of Section 118(10) of the Act, the Company states that the applicable
Secretarial Standards i.e., SS-1 and SS-2, issued by the Institute of Company Secretaries
of India, relating to Meetings of Board of Directors and General Meetings respectively,
have been duly complied with however improvements in certain areas are being made.
INDEPENDENT DIRECTOR'S DECLARATION:
All Independent Directors have given declarations that they meet the Criteria of
independence laid down under Section 149 of the Companies Act, 2013 and Securities and
Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations,
2015 in respect of financial year ended 31st March, 2025, which has been relied on by the
Company and placed at the Board Meeting.
SEPARATE MEETING OF THE INDEPENDENT DIRECTORS:
As required under Clause VII of Schedule IV of the Companies Act, 2013, the Independent
Directors held a Meeting on 10th February 2025, without the attendance of Non-Independent
Directors and members of Management.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The familiarization program is to update the Directors on the roles, responsibilities,
rights and duties under the Act and other statutes and about the overall functioning and
performance of the Company. The policy and details of familiarization program is available
on the website of the Company at www.nolgroup.com
WHISTLE BLOWER POLICY/ VIGIL MECHANISM:
Pursuant to Section 177(9) of the Companies Act, 2013, your Company has established a
Vigil Mechanism policy for directors and employees to report concerns about unethical
behaviors, actual or suspected fraud, violations of Code of Conduct of the Company etc.
The mechanism also provides for adequate safeguards against the victimization of employees
who avail themselves of the mechanism and also provides for direct access by the Whistle
Blower to the Audit Committee. It is affirmed that during the Financial Year 2024-25, no
employee has been denied access to the Audit Committee. The vigil mechanism policy is also
available on the Company's website www.nolgroup.com
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
The Company has formulated a Framework on Internal Financial Controls In accordance
with Rule 8 (5) (viii) of Companies (Accounts) Rules, 2014, the Company has adequate
internal control systems to monitor business processes, financial reporting and compliance
with applicable regulations and they are operating effectively.
The systems are periodically reviewed by the Audit Committee of the Board for
identification of deficiencies and necessary time-bound actions are taken to improve
efficiency at all the levels. The Committee also reviews the observations forming part of
internal auditors' report, key issues and areas of improvement, significant processes and
accounting policies.
CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:
The Board of Directors has adopted a policy and procedure on Code of Conduct for the
Board Members and employees of the Company in accordance with the SEBI (Prohibition of
Insiders Trading) Regulations, 2015. This Code helps the Company to maintain the Standard
of Business Ethics and ensure compliance with the legal requirements of the Company.
The Code is aimed at preventing any wrong doing and promoting ethical conduct at the
Board and by employees. The Compliance Officer is responsible to ensure adherence to the
Code by all concerned.
The Code lays down the standard of Conduct which is expected to be followed by the
Directors and the designated employees in their business dealings and in particular on
matters relating to integrity in the workplace, in business practices and in dealing with
stakeholders.
All the Board Members and the Senior Management Personnel have confirmed Compliance
with the Code.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 92(3) of the Companies Act, 2013, the Annual Return for the
financial year ended 31st March, 2025 is available on the Company's website at:
www.nolgroup.com
DISCLOSURE REQUIREMENTS:
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
and is of the view that such systems are adequate and operating effectively.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:
Director's appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided
under the Companies Act, 2013 are covered under the Board's policy formulated by the
Company and is available on the Company website www.nolgroup.com
DIRECTORS' RESPONSIBILITIES STATEMENT:
As required under Section 134(3)(C) of the Companies Act, 2013 the Directors hereby
state and confirm that they have:
a) In the preparation of the annual accounts for the year ended 31st March 2025, the
applicable accounting standards had been followed along with proper explanation relating
to material departures.
b) They have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent, 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 the year ended on that date.
c) They have 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) They have prepared the annual accounts on a going concern basis.
e) They have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and operating effectively.
f) They have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
During the year under review, there were no frauds reported by the Auditors on the
employees or officers of the Company under section 143(10) of the Companies Act, 2013.
THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
A. CONSERVATION OF ENERGY:
• Improvements in operating efficiency and reduction in the employee strength.
B. TECHNOLOGY ABSORPTION:
• The efforts made towards technology absorption: NIL
• Benefits derived
• Production improvement: NIL
• Cost Reduction: NIL
• Production development or Import substitution; NIL
• Import Technology; NIL
• Expenditure incurred on Research and Development; NIL
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
| Details |
2024 2025 |
2023 2024 |
|
Rs. In Lacs |
Rs. In Lacs |
| Earning in Foreign Exchange |
NIL |
NIL |
| Expenditure in Foreign Exchange |
NIL |
NIL |
| CIF value of imports - Raw Materials - Calcium Carbide |
NIL |
NIL |
CORPORATE GOVERNANCE REPORT:
As prescribed under the provisions of Regulation 15(2) of SEBI (Listing Obligations and
Disclosures Requirements) Regulations 2015, your Company does not fall under the purview
of complying with the provisions of Corporate Governance. During the year, with the
approval of the Board of Directors, your Company has informed the non-applicability
provision to the Bombay Stock Exchange.
Since the provision of Corporate Governance is not applicable for the entire Financial
Year 202425, a separate report of Corporate Governance is not disclosed in the Annual
Report 2024-25.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END
OF THE FINANCIAL YEAR:
There were no applications made nor any proceeding pending under the insolvency and
bankruptcy code, 2016 during the year
MATERNITY BENEFIT:
The Company affirms that it has duly complied with all provisions of the Maternity
Benefit Act, 1961, and has extended all statutory benefits to eligible women employees
during the year.
MAJOR THINGS HAPPENED DURING THE YEAR WHICH MADE THE IMPACT ON THE OVERALL WORKINGS OF
THE COMPANY & THE MAJOR ACTIONS TAKEN BY THE COMPANY IN THAT RESPECT, SUCH AS COVID-
19 PANDEMIC:
Nil
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
During the year under review there was no instance of one-time settlement with any Bank
or Financial Institution.
THE RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE
EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR AND PERCENTAGE INCREASE IN REMUNERATION OF
EACH DIRECTOR AND KMP:
Executive Directors |
Ratio to Median Remuneration |
| Mr. Rajesh Kumar Saraf - Managing Director |
1 : 25.18 |
| Mr. Gajanand Saraf - Whole Time Director |
1 : 4.20 |
| Ms. Sarita Saraf - Director |
1 : 13.99 |
LISTING FEES:
The Company confirms that it has paid the annual listing fees for the year 2024-25 to
the Bombay Stock Exchange.
CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS:
The Register of Members and Share Transfer books of the company will be closed with
effect from Tuesday, 10th of September 2024 to Monday, 16th of September 2024 (both days
inclusive).
NO ESOP/ BUYBACK DECLARATION:
The Company has not issued any shares under an Employees' Stock Option Scheme, Sweat
Equity, nor undertaken any Buyback of Securities during the year under review.
ACKNOWLEDGEMENT:
Your directors take this opportunity to express their sincere gratitude to the
encouragement, assistance, cooperation, and support given by the Central Government, the
Government of Tamil Nadu during the year. They also wish to convey their gratitude to all
the customers, Auditors, suppliers, dealers, and all those associated with the company for
their continued patronage during the year.
Your directors also wish to place on record their appreciation for the hard work and
unstinting efforts put in by the employees at all levels. The directors are thankful to
the esteemed stakeholders for their continued support and the confidence reposed in the
Company and its management.
CAUTIONARY STATEMENT:
The statements contained in the Board's Report and Management Discussion and Analysis
Report contain certain statements relating to the future and therefore are forward looking
within the meaning of applicable securities, laws and regulations. Various factors such as
economic conditions, changes in government regulations, tax regime, other statues, market
forces and other associated and incidental factors may however lead to variation in actual
results.
By and on behalf of the Board |
|
For National Oxygen Limited |
|
Sd/- |
Sd/- |
Rajesh Kumar Saraf |
Gajanand Saraf |
Managing Director |
Whole Time Director |
DIN: 00007353 |
DIN: 00007320 |
Place: Chennai |
|
Date: 28-08-2025 |
|
|