Firms have to account for Foreign Currency Convertible Bonds premium each year

Companies that have raised debt by issuing foreign currency convertible bonds (FCCBs) would have to provide for the redemption premium in their books of accounts over the life of the instrument,according to the apex accounting regulator, Institute of Chartered Accountants of India(ICAI).

The move could dent the profitability of many of the over 130 Indian companies that have raised more than $20 billion(Rs 80,000 crore) in FCCBs over the last five years.

Most companies do not provide for the redemption premium on these bonds, arguing that these can always be converted into equity, thereby under reporting their true indebtedness and inflating profitability.

ICAI president Ved Jain told FE: "Law is very clear. If a company has issued FCCBs, with an undertaking that they can be either redeemed with a premium or converted into shares at a later date, then the company has to account for the premium now because it is a liability."

However, most Indian companies have not accounted for redemption premium payable if the bond is not converted, which they should ideally be writing off proportionately every year.

ICAI says that auditors will have to make adequate disclosures in case a company is not writing off the redemption premium. So, the onus of fulfilling the accounting norms would lie with the auditors.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Finance Minister calls for banking reforms to push financial inclusion

Union finance minister P Chidambaram made a strong plea on Thursday to let the stalled banking reforms proceed in order to make financial inclusion a reality for India’s poor. Speaking at a top-notch gathering of India’s bankers, industry leaders and politicians at The Financial Express Best Banks Awards, the minister pitched for the passage of the Banking Regulation (Amendment) Bill, 2005 to make the voting rights of shareholders in private sector banks equal to their voting shares. Currently, voting rights of the shareholders are capped at 10%, irrespective of their actual holding.

“A bill is pending in Parliament on just this one clause,” Chidambaram said, adding the bill to amend the Banking Regulation Act of 1949 could go through Parliament within the tenure of this government if the national level bank unions and the bank managements were to hold deeper dialogue to remove misapprehensions. “What is missing is communication between the management (of banks) and the unions at the national level,” said Chidambaram.

The minister’s eloquent appeal in his speech made a deeply persuasive case as to why banking reforms was critical for India. He said the passage of the banking regulation bill will not impact the ownership pattern of public sector banks, as it was applicable only for private sector banks. Chidambaram said financial inclusion can be a reality in five years if banking reforms were pushed. Four years ago, the term “financial inclusion” was not popular.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Idea Changes Spice Life

One of the early starters in the GSM mobile space but restricted to regional operations, the B K Modi-controlled Spice Communications on Wednesday was acquired by Idea Cellular of the AV Birla group for Rs 2,716 crore.The acquisition price is almost Rs 665 crore more than the market price. The closing price of the share was Rs 72.15 on the Bombay Stock Exchange on Wednesday. The Spice Communications scrip surged by 33% after the announcement. The company has a market capitalisation of Rs 4,9991 crore. Idea Cellular's scrip gained a 2.09% on the BSE, to close at Rs 102.05.

The development signifies that in the booming telecom sector there's no room for companies with limited operations,restricted to a few circles. Spice operates in Punjab and Karnataka circles.

Idea has acquired the Modi family's stake of 40.8% in Spice at Rs 77.30 a share, much above the expected Rs 62 a share.Idea said it would merge Spice with itself through a share swap where Spice shareholders would get 49 Idea shares for every 100 Spice shares held. It will also pay an additionalRs544croretoModi as non-compete fee.

The acquisition of Spice would give Idea straightaway two existing circles of Punjab and Karnataka with a subscriber base of 4.4 million.Currently, Idea is present in 11 circles and has a user base of over 26 million. It has licences for there mining circles.

Further, Idea along with Telecom Malaysia International (TMI), which holds 39.5% stake in Spice, would make an open offer for additional 20% stake in Spice at the same price at which Idea has bought the Modi family's share.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

The three survivors

And so Yahoo! survives. The internet company-which, at the age of 14, is one of the oldest-appears in the end to have rebuffed Microsoft, the software Goliath that wanted to buy it. It has done so, in part, by surrendering to Google, the younger internet company that is its main rival. In a vague deal apparently designed to confuse antitrust regulators, Yahoo! is letting Google, the biggest force in web search advertising, place text ads next to some of Yahoo!'s own search results. Google thus controls some or all of the ads on all the big search engines except Microsoft's. Yahoo! lives, but on the web's equivalent of life support.

Yahoo!'s descent, first gradual then sudden, during this decade marks a surprising reversal of the fates of the only three big internet firms to have survived since the web's earliest days. Back in 1994 Jerry Yang and David Filo, truant PhD students at Stanford, started to publish a list, eventually named Yahoo!, of links to cool destinations on the nascent web. Around the same time, Jeff Bezos was writing his business plan for a website, soon to be called Amazon, for selling books online. The following year, Pierre Omidyar, a French-born Iranian-American, put an auction site on the web that would become eBay.

Even as hundreds of other dotcoms fell by the wayside at the turn of the century, these three made it through the great internet crisis and have since prospered, to varying degrees and at different times. Their fates have reflected the evolution of the web as a whole, and now suggest its future direction.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Falling Re raises computer prices

You'll have to shell out more for a laptop or desktop now, as most hardware companies have raised computer prices by 10%-13%. The price hike is attributed to rupee depreciation and increased taxes that have hit hardware companies.

Most manufacturers like Hewlett-Packard, HCL Infosystems, Lenovo, Dell and Acer have production units in India. These units largely look at product configuration, value added distribution & customer services and reverse logistics in India, and the major components, like memory and LCDs, are imported. The rupee has fallen 8.3% in 2008 since January, the worst fall since 1993, when it depreciated by 8.75% in the same period. It was trading at Rs 39.90 to a dollar on March 31, 2008, but has depreciated to Rs 42.90 per dollar. According to analysts, the hardware companies have tight profit margins and therefore have been in a wait-and-watch mode on prices. They are slowly pushing the burden of rupee depreciation on channel partners and end consumers. Analysts also add that firms might factor in the increased cost of logistics, due to inflation, in price revisions.

Another important factor contributing to the price rise is the greater adoption of LCDs and levy of taxes. Sumanta Mukherjee, manager, computing products research, IDC India, says, "The increase in the average sale value (ASV) of desktop PCs is on account of an increasing adoption of TFT/LCD monitors and a change in tax regulation-the levy of excise duty on MRP rather than on the ‘street price' or the market operating price."

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Dish TV set to roll out services in Sports Utility Vehicles

Kicking off a fierce battle in the direct-to-home (DTH) sector, leading DTH player Dish TV is ready to roll out their services in Sports utility vehicles (SUVs) in India. The company is learnt to be in talks with car manufacturers such as Tata Motors, Honda and Ford Motors to provide services in their new SUVs. These car manufacturers have done successful trials Dish TV’s services. This additional facility is priced about $1,500 per vehicle in India.

Dish TV has already provided services in special trains of Indian Railways and Kingfisher Airlines. The hardware, which is sourced from Companies in Israel and Germany, costs about $1500. Jawahar Goel, managing director, Dish TV, told FE , “Car manufacturers have shown interest in the services. Though the trials have been done successfully, we are yet to start it commercially as the agreement is yet to be signed.”

The company, which added 2,85,000 new subscribers during the fourth quarter with a total 1.04 million in FY 2008, has a 59% market share in India. Goel said, “Apart from the hardware cost of $1500, consumers have to shell out the charges for the packages they select.” According to him, about 15 Mercedes cars in India have been using the DTH service from Dish TV.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Indian men get fatter pay packet than women: International Labour Organisation

The well-known disparities in the wages of male and female casual workers may have gone down in recent years, but the phenomenon of women employees being paid less than their male counterparts has gone up among regular workers.

Now, a new study published by the International Labour Organisation (ILO) on wage trends in India has found that wage disparities abound not just among shop floor workers, but also in white-collar jobs across industries, including the booming services sector.

The study by economists Anup Karan and Sakthivel Selvaraj, found that women employees in financial services, hotels and restaurants and even manufacturing units earn much less than their male counterparts. In rural areas, the wage gap between the two genders is highest in community, social and personal services and lowest in financial services.

While wage disparity between regular male and female workers in rural India has shot up from 30% in 1983-84 to 40% in 2004-05, it remains virtually unchanged at 25% in urban India.

In rural areas, the estimated average daily wages earned by a male is 1.7 times higher than their female counterparts. The difference is 1.6 times in urban areas. Within women workers, the rural-urban wage gap is as high as 45% in favour of the urban regular workers. The gap has been widening over the years.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

High operational cost a major challenge before Mutual Fund industry

Investors' education, high cost of operations and slow expansion of the distribution network were major challenges before Indian mutual fund (MF) industry, a combined study conducted by Confederation of Indian Industry (CII) and Price Waterhouse Coopers' (PwC) revealed.

The report, titled 'Mutual Fund Summit 2008: Indian Mutual Fund industry: Sustaining growth in a maturing market', was released by CB Bhave, chairman, Sebi on Wednesday in Mumbai at Mutual Fund Summit2008.

Commenting on the report, Jairaj Purandare, head, financial services India, PwC said, "One of the biggest challenges for existing as well as new firms is the mounting cost of operations. Lease rentals and staff costs contribute to the bulk of operational costs. As more and more investors enter the market, the responsibility is on the industry to build investor confidence and set a benchmark for others to follow," Purandare said.

The report also said that the revenues as a percentage of the assets under management (AUM) for the AMCs in India compare to and in some cases are even higher than other developed markets. As the capital markets tend to be cyclical in nature, the current downward trend in the market could be fol lowed by an upward one, once the temporary negative sentiments pave the way for more positive developments, the report said. There were also discussion on real estate mutual funds (REMF) which is to be soon launched. The report further said, "The investors education is essential for REMF to be successful.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Value from family differences

It was a terse note on June 18, 2005 from Kokilaben D Ambani that many thought would put an end to a public spat between her two sons-Mukesh and Anil Ambani-over ownership of the Reliance empire. Three years later, the spat continues, the latest over Anil's plans for a stake sale in his flagship Reliance Communications (RComm) to South Africa's MTN. This time, no one's stepping in, not even the matriarch. Paradoxically, after the split, both sides of the Reliance empire have grown manifold in value under the two brothers. Is that why no one's complaining?

In her 2005 statement, Kokilaben Ambani said, "With the blessings of Srinathji, I have today amicably resolved the issues between my two sons keeping in mind the proud legacy of my husband. I am confident that Mukesh and Anil will uphold the values of their father and work towards protecting and enhancing value of over 3 million shareholders of the Reliance group."

Mukesh, who got Reliance Industries Ltd (RIL) and the erstwhile Indian Petrochemicals Corporation Ltd, and Anil, who took control of what was then Reliance Infocomm, Reliance Energy and Reliance Capital, did indeed protect and enhance shareholders' interest. They added new businesses and pumped in much investment and vigour into existing ones.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Uranium ore ferried through Naxal belt sans security

Every day, around 400 trucks ferry about 3,000 tonne of uranium ore 12 km between the Narwapahar and Bhatin mines around Jaduguda in Chhattisgarh to the nearby Uranium Corporation of India Ltd (UCIL) processing plant. Nothing unusual, except there is a conspicuous absence of security as the ore-laden dumper trucks traverse one of India’s most Naxal-infested districts.

Moreover, trucks carrying the radioactive ore have only thin tarpaulin sheets to cover their precious cargo from the Narwapahar and Bhatin mines. The situation is better at the Jaduguda mines, from where conveyor belts carry the ore to the adjacent mill.

Later, heavy-duty vehicles ship the processed uranium ore, or ‘yellow cake’, from Jaduguda to the Nuclear Fuel Complex in Hyderabad—over 1,200 km away. These, however, are better covered. Central Industrial Security Force personnel also accompany them on their more than 48-hour journey.

UCIL officials at Jaduguda from whom FE attempted to elicit comment were unwilling to talk on the subject. But a spokesperson of the department of atomic energy, SK Malhotra, later said, “We are aware of the security problems, but we are extra vigilant in the area. These details cannot be given out.”

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

Roads, health, jobs key to fiscal stability

The hill state of Himachal Pradesh has had an indifferent rate of economic growth, with no major investment proposals fructifying in the past two years. The state has a debt overhang of Rs 22,930 crore as on March 2008, against a current revenue of Rs 9,397 crore (2008-09), which has posed major fiscal challenges before the current BJP government. Chief minister Prem Kumar Dhumal talks with FE’s Swarleen Kaur on the outlook for the state.

What is the trend in tax collection?

There is certainly buoyancy in the tax collection but our major resource remains the power sector. Excise duty collection stood at Rs 390 crore, sales tax, including VAT, at Rs 1,092 crore and personal goods transport tax collection was recorded at Rs 55 crore. Other tax deposits stood at Rs 1,37 crore, making a total of Rs 1,970 crore.

The hydel sector has become the main focus of any government in Himachal.

Around 50% of our revenue is being generated through power sector. We earned around Rs 1,200 crore by selling power last year. Currently 6,515 mw is being generated in the state and we have target to produce another 5,700 mw by 2012. For this, various hydel projects are underway in the state.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Niche opportunities abound in China

During the last 10 years, a sea change has occurred as to how Indian businesses view China. The fear and awe has been replaced by a realistic understanding of Chinese import ‘threat’. Over the decade, Indian businesses acquainted themselves with Chinese Markets by visiting Chinese trade fairs and developing business relationships.

However, during this limited exposure to China what Indian businesses, particularly SMEs, missed was the rise of Chinese Markets: for imported consumer and producer goods as well as for raw materials and intermediate products for processing for export to third-country Markets. Indeed, China is set to overtake Japan as the biggest importer in Asia by around 2015. Many countries, particularly Asian, have lapped up the opportunities in the burgeoning Chinese market.

Asian exports to China increased on average by over 46% a year from the year 2000 to reach $52.4 billion in 2005. That was much higher than the annual growth rate of 4.3% in Asian exports to all Markets outside China. Malaysia became the largest exporter to China ($12.7 billion) within Asian in 2003, a position previously occupied by Singapore at $10.1 billion. The previous trade deficits became surpluses in Malaysia and the Philippines, while deficits were lower in Thailand and Singapore in 2003. The Philippines’ exports to China have quintupled since 1999 (2005).

To read the full article , click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Railways to get green toilets soon

The disgustingly smelly railway tracks may soon be a thing of the past, as the Indian Railways gets ready to install green toilets on its trains.

The swanky new toilets will store chemically treat a large part of the waste and store the rest in a separate compartment, instead of simply discharging it on the tracks, as is currently done.

The new loos are already being tried out on a train between Mumbai and Nagpur. The railway ministry seems quite satisfied with the trial runs and now hopes to introduce at least 400 coaches with the green toilets by the year-end. “We are working on the exact specifications and we’ll place the order with the Integral Coach Factory and the Rail Coach Factory soon,” a Rail Bhawan official told FE.

The new coaches are likely to be used in trains that pass through the railway stations chosen for the “world class station development programme,” such as Delhi, Mumbai and Patna.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Idea may meet Modi's Rs 60 price

With the AV Birla group’s Idea Cellular entering into a fresh round of negotiations with Spice Communication chairman BK Modi over the valuation of his stake in Spice Telecom, a buyout deal is expected to be sealed at Rs 1,700 crore.

“Idea is now willing to pay a premium of 10-15% over the current share price of Spice Communication, taking the valuation of Modi’s 40.8% stake in the company to Rs 1,700 crore from the earlier Rs 1,500 crore,” said a source close to the development.

The revised valuation matches Modi’s earlier quote of Rs 60 a share, the deal-making price he had originally in mind, according to the source.

Indeed, Modi told media persons at the Spice Communication AGM last week that he was willing to exit at this price.

Spice Communication stock closed 4.14% up at Rs 55.40 on the BSE on Tuesday. At this level, the company had a market capitalisation of Rs 3,822.18, while Modi’s stake was valued at 1,559 crore. Idea’s shares fell for the second consecutive day, down 1.90% on Tuesday to close at Rs 99.65.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

RITES public offer on bumpy track despite Lalu go-ahead

Stake sales in public sector units typically get thwarted by the ministers in charge of those PSUs or leaders with a stronghold in regions where the PSU’s main operations are — for fear of losing turf. The stake sale of RITES Limited, the technical wing of the Indian Railways, is an unusual case.

Though the idea to sell part of the government stake in the company was scotched by the NDA’s railways minister Nitish Kumar, UPA’s Lalu Prasad revived the idea on his own and prodded RITES as well as the rest of the government machinery into action. Yet, the public issue of RITES that was expected to be launched by now is held up as the government hasn’t managed to fix a price band for the sale of shares. A group of ministers (GoM) headed by finance minister P Chidambaram set up to fix the price band for the IPO, was scheduled to meet over the weekend, but the meeting had to be postponed for a later date. If the price band is not decided suitably ahead of June 30, the public issue will be further delayed.

This is because RITES will have to revalidate its financial results, for the quarter ended March 2008, and seek a fresh approval from the stock market regulator, an official said. A draft red herring prospectus had been filed by RITES with the Securities and Exchange Board of India (SEBI) for the IPO in April.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Big-ticket bids to hot up Coal-To-Liquid project

Country’s top corporate houses including the Tatas, Mukesh Ambani-controlled Reliance Group, the Jindals along with the Adani Group and others will now have to compete and out bid each other to secure rights for a cluster of coal blocks—with estimated reserves of about 1.5 billion tonne—for their proposed $8 billion coal-to-liquid (CTL) project in India.

With the soaring cost of crude oil, currently close to $130 a barrel, there has been a huge rush of proposals from big corporate houses for coal block for setting up a coal-to-liquid project. Prime Minister Manmohan Singh, as the minister in-charge of coal, has approved setting up of one coal-to-liquid (CTL) project in the country. Singh has directed the ministry of coal to invite fresh expression of interests (EOIs) for allotment of identified coal blocks for setting up a CTL project.

As per the ministry of coal estimates, coal reserves of about 1 to 1.5 billion tonne are required to produce 3.5 million tonne oil & oil products. The block/cluster of these coal blocks should enable mining operations of 28-31 million tonne run-of-mine coal per annum for 30 years. The estimated investment for setting up such a project is in the range of $6 billion to $8 billion.

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

Idea, Spice close to deal

Almost a year after the talks between Idea Cellular and Spice Telecom failed, the companies are again close to a deal. On Thursday and Friday, BK Modi and Kumar Mangalam Birla’s teams were working to narrow the difference on valuations. While BK Modi , chairman, Spice Communication, has quoted a price of Rs 2,000 crore . Idea wants the deal at Rs 1,500 crore.

According to sources, Modi , who holds an equity stake of 40.8% in Spice Communications, wants to sell his majority share holdings in the Rs 1,000 crore. Spice Telecom at Rs 70 per share. But Idea Cellular, the country’s fourth largest GSM player, has stuck to a valuation of Rs 50-55 per share.

It is learnt that Telecom Malaysia, which holds 39.2% equity in Spice Telecom, has given a go ahead for the deal to Idea. Sources said that Telecom Malaysia would also get cash compensation if the deal falls through. However, no company officials were available to confirm the position.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Auto majors gear up to develop greener, smaller cars

The Indian automotive industry is set for a major transition, with manufacturers in the country looking at developing greener and more compact cars, in a bid to combat the on-going surge in the fuel prices and to stay competitive in the budget conscious market.

"In the next three to five years,the Indian automotive sector will see a major transition from conventional cars to greener and more compact cars," say Manish Khurana and Saurabh Jain, automotive analysts, Data monitor Ltd.

The work has already begun. Companies like Tata Motors have not only gone ahead and developed cars like Nano, which is set to race through the super mini segment in the country, but have also announced plans to introduce a petrol electric hybrid version of Indica. Market leader Maruti Suzuki is also set to launch an LPG (liquid petroleum gas)version of its popular model M800. This is over and above the company's LPG variant of WagonR.

Even Mahindra & Mahindra does not want to be left behind and has already unveiled a diesel electric hybrid version of Scorpio at the recent Auto Expo in New Delhi.

Says Arun Jaura, chief technology officer, Mahindra group, "We have a presence in hydrogen-hybrid, bio-fuel, electric, and CNG technologies.And now are working with the government on hydrogen-CNG technology." He ex plains that in addition to the technology changes the company is undertaking, there has also been reduction in the weight of the cars with more use of aluminum, while engines have been made smaller but with more power."All this is in line to make cars more fuel efficient." "The power density in the engine has gone up than what it was in the past, "Jauraadds." Earlier,the power in the engine was 25-30KW/litre,which now stands at 40KW/litre," he said.

To read the full article, click here....
To read the ePaper, visit: http://epaper.financialexpress.com

Government Gulps the Oil Flame

The biggest oil bail out package announced by the government on Wednesday will force consumers to pay Rs 5 more for each litre of petrol, Rs 3 for diesel and Rs 50 for an LPG gas cylinder. Public sector oil companies will bear an additional burden of Rs 23,000 crore on their balance sheets despite the government taking a revenue hit of Rs 22, 660 crore and issuing Rs 94,601 crore thought oil bonds.

The new prices take effect from Wednesday midnight. Petrol and diesel prices were raised in February when the Indian basket of crude oil was at $67 per barrel. Today, it is ruling close to $123 a barrel, after touching a high of $129 a barrel last month.

Addressing the nation Prime Minister Manmohan Singh said, “Taken together, this entire effort will only bridge at tenth of the uncovered gap of over Rs 200,000 crore. There is still a gap of almost 90% which has to be bridged.”

Petroleum minister Murli Deora, However, described the price impact on aam admi as marginal. “We were left with no choice. Indian Oil, Bharat Petroleum and Hindustan Petroleum would have suffered a revenue loss of Rs 2, 45,305 crore this fiscal without these measures.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Tracking system to trail trains

With IIT (Kanpur) completing a three-year exercise to digitally map the 7,000-odd railway stations in the country, the stage is set for the Indian Railways to roll out a satellite-based train tracking system. The system, which gives real-time information on a train’s status to passengers, would enable mobile train radio communication, national level rail traffic management and anti collision mechanisms.

Now, movement of trains is charted manually each station communicates the arrival and departure of a train to the next station.

Test runs for the new tracking system, which uses a combination of GPS and GPRS technologies, have been conducted on about 15 trains.These include the Rajdhani and Shatabdi originating from New Delhi and a few passenger trains between Lucknow and Kanpur.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com

Agri export zones exports cross Rs 10,000 crore, zeroing in on target

Agri export zones (AEZs), with comparatively lower level of investment than the special economic zones (SEZs), have the potential to boost exports. A recent study of 60 AEZs spread across 20 states conducted by Agriculture and Processed Foods Export Development Authority (APEDA) shows AEZs are approaching the cumulative export target.

According to the report by APEDA, AEZs have recorded cumulative exports of Rs10,685.29 crore up to February 2008 against the target Rs 11,821.47 crore. The investments by the central and state government agencies and by the private sector in the AEZs have not been up to the mark. Against a projection of Rs 1,717.95 crore, the cumulative investment so far has been Rs 1,097.53crore.

AEZs have been less controversial than SEZs because they have not resulted in a change of land use for industrial and other activities.AEZs are not fixed by physical boundaries like SEZs-they are regions in different states known for growing special crops like gherkins, grapes, special varieties of mango, lichi, potato, pineapples, Darjeeling tea, rose onion, vanilla, flowers, basmati rice, medicinal and aromatic plants, pomegranate, banana, walnut, garlic, spices, duram wheat, lentils & gram, cashew nut, honey, apple, ginger, turmeric, coriander and cumin.

To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com