Moneycontrol
SENSEX NIFTY
Shalimar Paints Directors Report, Shalimar Paints Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > PAINTS & VARNISHES > DIRECTORS REPORT - Shalimar Paints

Shalimar Paints

BSE: 509874|NSE: SHALPAINTS|ISIN: INE849C01026|SECTOR: Paints & Varnishes
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Aug 18, 16:00
207.75
4.95 (2.44%)
VOLUME 5,613
LIVE
NSE
Aug 18, 15:45
207.50
5.05 (2.49%)
VOLUME 68,393
Array
Download Annual Report PDF Format 2015 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '16    Mar 15

Dear Shareholders,

The Directors are pleased to present the 114th Annual Report on the business and operations of the Company along with Standalone and consolidated financial statements for the financial year ended 31st March, 2016.

Financial results Rs. (in lakhs)

Description

2015-16

2014-15

Standalone

Consolidated

Standalone

Consolidated

Net Revenue from Operations & Other Income

40322.67

40322.67

43501.14

43501.14

Expenses

37171.98

37174.98

42444.96

42444.96

PBIDT

3150.69

3147.82

1056.18

1056.18

Exceptional Items

-

-

-

-

Profit before tax

431.55

428.35

-1484.76

-1484.76

Provision for taxation

Current Tax

-

-

-

-

Deferred Tax

-95.97

-96.96

-426.36

-426.36

Profit after tax

527.52

525.31

-1058.4

-1058.4

Add: Amount brought forward from last year''s account

650.76

650.76

1820.77

1820.77

Less: Prior period adjustment - Depreciation

-

-

-111.61

-111.61

Profit available for appropriation

-922

-924.21

650.76

650.76

Balance carried to Balance Sheet

-922

-924.21

650.76

650.76

Review of Operations & State of Company’s Affairs

The Company turned into profit after two consecutive years of loss. A lot of new initiatives were taken; improvement in operational efficiency, improvement in working capital, cost control and measures, automation of processes. During the FY 2015-16, the Company earned a profit (after tax) of Rs. 527.52 lacs as against loss (after tax) of Rs. 1058.40 lacs in the previous year. The Net revenue from operations & other income of the Company for the FY 2015-16 stood at Rs. 40322.67 lacs as against Rs. 43501.14lacs in the previous year. There is a plunge in the revenue of the Company, although there is a improvement in the working capital and cash flow. A lot of new products were launched in the decorative paint segment in the interior as well as exterior paint category namely Signature, Supercar Stay Clean, Weather PRO , G. P. Synthetic Enamel.

In the industrial segment, your company had launched quite a few new products namely Single Pack DT- Primer cum Topcoat, Low Cost Zinc Silicate for Projects, High Build Quick Drying Coal Tar Epoxy, Solvent less Epoxy Costing For Pipe Industries, Quick drying Single pack Paint for Cylinder Industries, Black and Clear Bitumen Varnish and Staving Paint for Hair Clip.

Nature of Business

There has been no change in the nature of business of the company.

Dividend

No dividend was declared by the Company for the financial year 2015-16.Abridged Financial Statements In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘Listing Regulations’) and Section 136 of the Companies Act, 2013 read with Rule 10 of the Companies (Accounts) Rules, 2014, the abridged Annual Report containing salient features of the financial statements, including Consolidated Financial Statements, for the Financial Year 2015-16, along with statement containing salient features of the Directors’ Report (including Management Discussion & Analysis and Corporate Governance Report) is being sent to all shareholders who have not registered their email address(es) for the purpose of receiving documents/ communication from the Company in electronic mode. Please note that you will be entitled to be furnished, free of cost, the full Annual Report 2015-16, upon receipt of written request from you, as a member of the Company. Full version of the Annual Report 2015-16 containing complete Balance Sheet, Statement of Profit & Loss, other statements and notes thereto, including Consolidated Financial Statements, prepared as per the requirements of Schedule III to the Companies Act, 2013, Directors’ Report (including Management Discussion and Analysis, and Corporate Governance Report is being sent via email to all shareholders who have provided their email address (es). Full version of Annual Report 2015-16 is also available for inspection at the corporate office of the Company during working hours up to the date of ensuing Annual general meeting (AGM). It is also available at the Company''s website at www.shalimarpaints.com

Consolidated Financial Statement

In compliance with the applicable provisions of Companies Act, 2013 including the Accounting Standard 21 & SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2015- 16.

Operations and Business Performance

Kindly refer to Management Discussion & Analysis and Corporate Governance Report which forms part of this report.

Board’s Report Share Capital

During the year under review, there were changes in the Company’s paid-up equity share capital. During the current financial year up to the date of this report, the Company has issued 17875 equity shares of Rs. 2/- each upon exercise of stock options under the Company ESOP Scheme i.e. ‘ESOP 2013’. Consequently, the paid-up equity share capital of the Company as on the date of this report stood at Rs. 3,78,91,950 divided into 1,89,45,975 equity shares of Rs. 2/- each.

General Reserve

The Company has transferred Rs. 2100.28 Lacs to the General Reserve during the financial year ended 31st March, 2016. Material changes and commitments affecting financial position between the end of the financial year and date of the report

- The shareholders have passed the special resolution for shifting of registered office of the Company from the State of West Bengal to the State of Haryana, through postal ballot. The result of which was declared on 15th March 2016.

- Re-designated Mr. Surender Kumar as CEO of the Company i.e. 1st April, 2016.

- Central Government vides its order number RD/T/23269/S-13(4)/16/6452 dated 5th August, 2016, has approved the application under section 13(4) of the Companies Act, 2013 for change of registered office of the Company from the State of West Bengal to the State of Haryana and the certificate of registration of order of Regional Director for change of state has been issued by the Registrar of Companies, NCT of Delhi & Haryana on 1st day of September, 2016.

- Resignation of Mr. Girish Jhunjhnuwala from the Chairmanship and Directorship of the Company i.e. 12th August, 2016.

- Re-designated Mr. Surender Kumar as Managing Director and CEO of the Company i.e. 12th August, 2016.

- Appointment of Mr. Janak Raj Goyal as Chief Financial Officer (CFO) of the Company i.e. 12th August, 2016 Transfer of amount to Investor Education and Protection Fund In terms of Section 124 of the Companies Act, 2013, the Company is required to transfer the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to the unpaid dividend account to the Investor Education and Protection Fund (IEPF).The dividend for the financial year 2007-08, which remained unpaid/unclaimed, aggregating to Rs. 3, 20,460/- (Rupees Three Lacs Twenty Thousand Four Hundred Sixty Only) was transferred to IEPF during the year under review.

Deposits (Disclosure on Deposit under Chapter V) The Company has neither accepted nor renewed any deposit during the year. There was no unpaid/unclaimed deposit as at 31st March, 2016.

Tinting Systems

Tinting is an economic way of producing a virtually unlimited number of paint colors to meet the exact needs of each individual customer, large or small. The Company continued with its policy of installation of tinting systems in various retail outlets across the country with a view to increase the demand for its high value products, especially water based products. During the year, the Company had launched their low cost, high quality tinting machine. This technology will allow us to build our distribution faster and in a more competitive way, especially in high growth regions.

ISO Certifications

Nashik and Sikandrabad Plants of the Company are ISO 9001:2008 accredited.

Credit Ratings

The company has been accorded credit rating of CARE BBB for long term bank facilities, CARE BBB/CARE A3 for long/ short term bank facilities and CARE A3 for short term bank facilities by Credit Analysis and Research Limited on 1st December, 2015.

Employee Stock Option Plan (ESOP)

Pursuant to Employee Stock Option Scheme, 2013 i.e. ‘ESOP 2013’ of the Company, the details of ESOPs granted, vested and exercised by permanent employees of the Company during the financial year under review, as required under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and as per the provisions of Section 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 and other applicable Regulations, is annexed as ‘Annexure - A ‘to this report.

Directors and Key Managerial Personnel

Appointments, Re-appointments, Retirements & Resignations

During the financial year 2015-16, Mr. Pujit Aggarwal and Mr. Aditya Vikram Lodha - Non Executive Independent Directors of the Company has resigned from the Board of the Company i.e. 16th June 2015 and 7th November 2015 respectively. The Board placed on record their sincere appreciation for the guidance and contribution made by them during their tenure on the Board.

Further, in compliance with the provisions of Sections 149, 150 and 152, read with Schedule IV and other applicable provisions of the Companies Act, 2013 and relevant Rules made there under (including any statutory modification(s) or reenactment thereof, for the time being in force, Mr. Gautam Kanjilal (DIN:03034033) was appointed as Independent Director by the Board of Directors of the Company in their meeting held on 7th November, 2015 and will vacate his office at the ensuing Annual General Meeting. A notice in writing was received from the Member of the Company in terms of Section 160 of the Companies Act, 2013 signifying the intention to propose the appointment of Mr. Gautam Kanjilal as a Director of the Company. Your Board recommends his appointment as the Director in the ensuing AGM.

During the financial year 2015-16, Mr. Sameer Nagpal (DIN: 06599230), Managing Director and CEO, had resigned from the Board of the Company with effect from 30th May, 2015. The Board placed on record their sincere appreciation for the guidance and contribution made by him during his tenure on the Board.

Mr. Surender Kumar, who was appointed as Whole-time Director and Chief Operating Officer (COO) and Chief Financial Officer (CFO) was re-designated as CEO of the Company i.e. 1st April, 2016. Further, Mr. Kumar was re-designated as Managing Director and CEO of the Company i.e. 12th August, 2016.

Mr. Girish Jhunjhnuwala, Chairman of the Company has resigned from the Chairmanship and Directorship of the Company i.e. 12th August, 2016. The Board placed on record their sincere appreciation for the guidance and contribution made by him during his tenure on the Board.

Mr. Ratan Jindal, Non-Executive, Non-Independent Director is liable to retire by rotation at the ensuing Annual General Meeting (AGM) pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Articles of Association of the Company and he has shown his unwillingness to be re-appointed at the ensuing Annual General Meeting.

In compliance with the provisions of Section 203 of the Companies Act, 2013, Mr. Janak Raj Goyal has been appointed as Chief Financial Officer (CFO) of the Company i.e. 12th August, 2016.

Ms. Bernadette Dominic, Company Secretary, had resigned with effect from 16th October, 2015. The Board at its meeting held on 1st February, 2016 had appointed Mr. Nitin Gupta as the Company Secretary and Compliance Officer.

A brief profile of the Directors proposed to be appointed and re-appointed, as required under Secretarial Standard 2 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, is appended as an Annexure to the Notice of the ensuing AGM. The Board recommends the same for the approval of the shareholders of the Company.

Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence, as prescribed under Sub Section (6) of Section 149 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have also confirmed that they have complied with the Company’s Code of Conduct.

Nomination and Remuneration Policy

This policy formulates the criteria for determining qualifications, competencies, positive attributes and independence for the appointment of Director (Executive/ Non Executive) and also the criteria for determining the remuneration of the Directors, Key Managerial Personnel and other employees.

The detailed policy is available on the Company’s website link at:

http://www.shalimarpaints.com/upload/investor_reports/Nomination%20and%20Remuneration%20Policy.pdf Annual Evaluation of Directors, Committees and Board.

In compliance with the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board of Directors on recommendation of the Nomination and Remuneration Committee has approved and adopted the Evaluation Policy, setting out the process, format, attributes and criteria for the performance evaluation of the Board, Board Committees and Individual Directors.

On the basis of the consolidated report on questionnaire/feedback form received from the individual directors, the Board evaluated the performance of the Board, Board Committees and Individual Directors and noted its satisfaction on the outcome.

The Independent Directors had met separately on 1st February 2016 without the presence of Non-Independent Directors and the Members of management and discussed, inter-alia, the performance of Non-Independent Directors and Board as a whole and the performance of the Chairman of the Company after taking into consideration the views of Executive and Non-Executive Directors.

Board and its Committees

The Board of Directors met four times during the Financial Year 2015-16. The details of the Composition of the Board and its Committees and number of Board and Committee meetings held during Financial Year 2015-16 and attendance of Directors and members of the Committee at the said meetings are provided in the Report on Corporate Governance, which forms part of this Report.

Subsidiaries

As on 31st March, 2016, the Company has two subsidiaries, namely Shalimar Adhunik Nirman Limited (SANL) and Eastern Specialty Paints & Coatings Private Limited (ESPCPL). None of the Companies has become or ceased to be the Company’s subsidiaries, during the year under review. Since no business activity was carried out by ESPCPL during the year under review and accordingly, has not prepared the Statement of Profit & Loss for the year 2015-16.

In accordance with Section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies (Accounts of Companies) Rules 2014, the Company has prepared consolidated financial statements of the Company and its subsidiaries which form part of the Annual Report. A statement in Form AOC- 1, containing the salient features of financial statements of the above mentioned subsidiaries of the Company is annexed as ‘Annexure - B’ to this Report. The audited financial statements of the subsidiary companies are available for inspection at the Company’s Registered Office.

Any member desirous of obtaining a copy of said financial statements may write to the Company Secretary at Company’s Registered Office. The Company does not have any associate and/or joint venture company.

Auditors & Audit Report Statutory Auditors

M/s Chaturvedi and Partners, the Statutory Auditors of the Company, retire at the conclusion of forthcoming Annual General Meeting, and being eligible; offer themselves for re-appointment for the F.Y. 2016-17.

The Company has received confirmation from M/s Chaturvedi and Partners, Chartered Accountants to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified to act as Auditors of the Company, if re-appointed. The Audit report on the financial statements for the year 2015-16 does not contain any qualifications, reservations or adverse remarks

Secretarial Auditors

The Company had appointed M/s Surinder Vashishtha & Associates, Practicing Company Secretaries, to conduct Secretarial Audit for the Financial Year 2015-16 ended on 31st March, 2016.Pursuant to Section 204 of Companies Act, 2013 the Secretarial Auditor has submitted their report in the prescribed Form MR-3, confirming compliance by the Company of all the provisions of applicable corporate laws. The Report does not contain any qualification, reservation or adverse remark. The Secretarial Audit Report is annexed as ‘Annexure - C’ to this Report.

Corporate Social Responsibility

Shalimar Paints has been an early adopter of Corporate Social Responsibility (CSR) initiatives. CSR is traditionally driven by a moral obligation and philanthropic spirit. Through CSR there is a formation of a dynamic relationship between a Company on one hand and the society and environment on the other. The main responsibilities of the Company towards society at large are to eradicate hunger, poverty and malnutrition; promote education, promote preventive health care and sanitation and making available safe drinking water, promoting gender equality and empowering women.

The Corporate Social Responsibility Policy outlines the Company’s strategy to bring about a positive impact on society through programs relating to hunger, poverty, education, health care, and environment and lowering its resource footprint. The composition and terms of reference of the CSR Committee is provided in the Report on Corporate Governance, which forms part of this Report.

The CSR Policy of the Company is available on the Company’s website link at: http://www.shalimarpaints.com/upload/investor_reports/Corporate%20Social%20Responsibility%20Policy.pdf

The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as ‘Annexure - D’ to this Report.

Listing

During the year, the Company’s equity shares continue to be listed with BSE Limited, the National Stock Exchange of India Limited.

In wake of an application made by the Company pursuant to the Securities & Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, the Company’s equity shares have been delisted from the Calcutta Stock Exchange Limited with effect from 3rd July, 2015.

The Company has paid annual listing fees to the respective Stock Exchanges. As the trading in equity shares of the Company is permitted only in dematerialized form, the Company has made the requisite arrangements with National Securities Depository Limited and Central Depository Services (India) Limited to enable investors to hold shares in dematerialized form.

Risk Management

Risks Management is an integral part of Company’s operating framework and is committed towards identifying key risks and managing them in a proactive and efficient manner. The Company periodically assesses both internal as well as external risks to which the Company is exposed to. Company, through its risk management system strives for timely identification, assessment, minimization and management of risks affecting the Company in the foreseeable future. Detailed discussion on Risk Management has been given as a part of Management Discussion & Analysis under the section ‘Risks and Concerns’, in the Report on Corporate Governance, which forms part of this Annual Report.

The Risk Management Policy of the Company, is available on the Company’s website link at: http://www.shalimarpaints.com/upload/investor_reports/Riskmanagment-Policy.pdf

Internal Financial Control

According to Section 134(5) (e) of the Companies Act, 2013 the term Internal Financial Control (IFC) means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The Company has adequate and comprehensive internal financial control system ensuring orderly, effective and efficient conduct of its business. Detailed discussion on internal control has been given as a part of Management Discussion & Analysis under the section ‘Internal Control System’, in the Report on Corporate Governance, which forms part of this Annual Report.

Audit Committee

As on 31st March, 2016, the Audit Committee of the Board of Directors of the Company comprised of Mr. Gautam Kanjilal, Mr. Rajiv Rajvanshi and Ms. Pushpa Chowdhary, under the Chairmanship of Mr. Gautam Kanjilal. During the F.Y. all the recommendations made by the Audit Committee were accepted by the Board and No recommendation is left which has not been accepted by the Board.

Whistle Blower Policy/Vigil Mechanism

In compliance with the provisions of Section 177 (9) and (10) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Company has adopted the Whistle Blower Mechanism for Directors and Employees, to report concerns about unethical behavior, actual or suspected fraud, or violation of the Companies code of conducts and ethics. There has been no change to the Whistle Blower Policy adopted by the Company during Fiscal Year 2016.

The Whistle Blower Policy of the Company, is available on the Company’s website link at: http://www.shalimarpaints.com/upload/investor_reports/Whistleblower-Policy.pdf

Extract of Annual Return

In terms of provisions of Section 92, 134(3)(a) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extracts of Annual Return of the Company in the prescribed Form MGT-9 is annexed as ‘Annexure - E’ to this Report.

Significant and Material Orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

Particulars of Loans, Guarantees or Investments

Particulars of loans, guarantees and investments form part of Note no 2.11 to the Financial Statements provided in the Annual Report.

Related Party Transactions

All transactions entered into by the Company, during the year under review, with the Related Parties, as defined under the Companies Act, 2013, Rules framed there under and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were in the ‘ordinary course of business’ and ‘on arm’s length’ basis. As such, provisions of Section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules 2014, are not applicable to the Company during the year under review.

There has been no materially significant Related Party Transactions during the period under review, which would have any potential conflict with the interest of the Company. Your Company did not have any Related Party Transaction which required prior approval of the Shareholders. Necessary disclosures required under the Accounting Standards (AS-18) have been made in the Notes to Financial Statements.

The Related Party Transactions policy of the Company, is available on the Company’s website link at: http://www.shalimarpaints.com/upload/investor_reports/Related-Party-Transaction-Policy.pdf

Sexual Harassment of Women at Workplace

As required under the provisions of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressed) Act, 2013 read with the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressed) Rules, 2013, an Internal Complaints Committee (ICC) with requisite number of representatives has been set up to redress complaints sexual harassment, if any.

The following is a summary of sexual harassment complaints received and disposed off during the year ended 31st March, 2016:

No. of Complaints received

:

Nil

No. of Complaints disposed off

:

Nil

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo.The details of energy conservation, technology absorption and foreign exchange earnings and outgo as required under Section 134(3) of the Companies Act, 2013, read with Rule 8 of the Companies(Accounts) Rules, 2014 is annexed as ‘Annexure-F’ to this Report.

Particulars of Employees

The information, as required to be provided in terms of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) & 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/ employees of your Company is set out in ‘Annexure-G’ to this Report.

Corporate Governance

Corporate Governance is all about ethical conduct, openness, integrity and accountability of an enterprise. Good Corporate Governance involves a commitment of the Company to run the business in a legal, ethical and transparent manner and runs from the top and permeates throughout the organization. It involves a set of relationships between a company’s management, its Board, shareholders and Stakeholders. It is a key element in improving the economic efficiency of the enterprise. Credibility offered by Corporate Governance helps in improving the confidence of the investors - both domestic and foreign, and establishing productive and lasting business relationship with all stakeholders is annexed as ‘Annexure-H’ to this Report.

A certificate from M/s Mohit & Associates, Practicing Company Secretary, regarding compliance of the conditions of Corporate Governance, as stipulated under Schedule V of the Listing Regulations is attached as ‘Annexure H’ and forms part of this report. Certificate of the CEO/CFO, inter-alia, confirming the correctness of the financial statements, compliance

I with Company''s Code of Conduct, adequacy of the internal control measures and reporting of matters to the auditors and the Audit committee in terms of Regulation 17 of the Listing Regulations is attached in the Corporate Governance report, and forms part of this report.

Management Discussion and Analysis

In terms of the provisions of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report is set out in point number 11(eleven) of Corporate Governance Report is annexed as ‘Annexure - H’ to this Report.

Directors’ Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

(a) In the preparation of the annual accounts for the year under review, the applicable accounting standards have been followed and there are no material departures;

(b) The Directors have 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 i.e., as at 31st March, 2016 and of the profit of the Company for that period;

(c) The Directors 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) The Directors have prepared the annual accounts on a going concern basis;

(e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Based on the framework of internal controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultants and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Company’s internal financial controls were adequate and effective during the Financial Year 2015-16.

Industrial Relations and Personnel

Industrial relations remained cordial and satisfactory. Your Directors wish to place on record their deep sense of appreciation of the devoted services rendered by all officers, staff and workers of the Company.

Acknowledgements

The Directors would like to place on record their grateful appreciation of the co-operation and assistance received from the financial institutions, banks, investors, valued customers, valued suppliers, our employees, various government agencies and other business associates during the year under review.

The Directors value the trust shown by the shareholders in their ability to manage the Company. We expect that with the ongoing encouragement and support of our shareholders, we shall be successful in achieving the desired objectives in the near future.

For and on behalf of the Board For Shalimar Paints Limited

Surender Kumar Rajiv Rajvanshi Date: 1st September, 2016 Managing Director and CEO Director Place: New Delhi DIN: 00510137 DIN: 00036605

Source :
Quick Links for shalimarpaints
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.