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Shivam Autotech Ltd.

BSE: 532776 Sector: Auto
NSE: SHIVAMAUTO ISIN Code: INE637H01024
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VOLUME 47827
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OPEN 24.85
CLOSE 25.40
VOLUME 47827
52-Week high 29.10
52-Week low 12.25
P/E
Mkt Cap.(Rs cr) 256
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shivam Autotech Ltd. (SHIVAMAUTO) - Director Report

Company director report

Dear Members

Your Directors are pleased to present before you the 14th Annual Report onthe business and operations of the Company together with the Audited Financial Statementsof the Company for the Financial Year ended March 31 2019.

Financial Highlights

The Company's financial performance for the year ended March 31 2019 is summarizedbelow:

(Rupees in Lacs)

Particulars

For the year ended

March 31 2019 March 31 2018
Gross Sales & Other Income 63695.15 56685.15
Profit before Depreciation and Interest 8377.70 7940.33
Depreciation 4875.70 4126.90
Interest 4871.76 4570.45
Profit before Taxation (1369.76) (757.03)
Provision for Taxation (Deferred & Current) 451.69 (633.89)
Profit after Taxation (1821.45) (123.13)

State of Company's Affairs and Future Outlook

During the financial year 2018-19 revenue from operations was Rs. 63695.15 lacs ascompared to Rs. 56685.15 lacs in 2017-18 registering an increase of 12%. Due tounfavorable conditions and strong headwinds faced by automobile industry for the last twoyears there has been cascading effect on the operations of the Company. As a resultdespite modest increase in turnover performance of the Company remained sub-optimal aspressure on the margins continued. Before interest depreciation and taxes there isoperational profit of Rs. 8377.70 Lacs in year 2018-19 from Rs. 7940.33 Lacs in 2017-18.

While the external environment especially in auto sector continues to be challengingthe operational capabilities and technology based manufacturing facilities will help theCompany improved its performance in near future. Auto-Sector revival and favorablegovernment policies will be essential to propel the operations of the Company. Now withthe general elections in India repeating the mandate for a stable government theenvironment is riped for further economic boost.

Business Overview

With the state of art manufacturing facilities the Company is functioning successivelyto strengthen its Customer Base. Hero MotoCorp Limited (HMCL) is the major customer. TheSales to other Customers like Bosch Denso Mando INEL Mitsuba Yamaha ZF Hilti VolvoEicher and Maruti etc. has increased compared to last year but not significantly. As aconsequence the ramp up of operations at newer plants viz. Kolar and Rohtak has nothappened significantly. This has affected the bottomline of the Company.

The graphical representation of customer wise sales is as follows:

The operations in the coming year will be driven by the overall demand in the autosector.

By expanding the customer base company is de-risking the dependence on single customer.Five different plants in various parts of the country will enable company to cater itscustomer through PAN India basis.

Awards & Accolades

The Company is proud recipient of the following Awards as shown in Awards &Accolades Section:

1.Awarded for the ‘Good Business Support' for the year 2018 by Mitsuba Sical IndiaPrivate Limited.

2.Award and Certificate of Excellence from SEG Automotive for recognition in Ramp upSupport for year 2018.

3.Certificate of Appreciation from Maruti Suzuki India Limited in recognition ofsuperior performance in the field of 2 Wheeler Engine Capacity Enhancement in year 2018-19

4.Certificate for Green Awards – Green Business and Sustainability 2019 from GreenGlobecare for waste paper recycling in year 2018-19.

Transfer to General Reserve

During the year under review the Company has not transferred any amount to GeneralReserves. The closing balance amount of Reserves and Surplus of Rs. 15267.70 (Previousyear Rs. 17094.78 Lacs) will be retained as surplus in the Statement of Profit and Loss.

Shifting of Registered Office

During the year under review the Registered Office of the Company has been shiftedfrom NCT of Delhi to State of Haryana vide order dated June 04 2019 of Central Government(Powers delegated to Regional Director). The Board of Directors of the Company hasapproved shifting of Registered Office to Gurugram Haryana at new premises w.e.f. June11 2019. New CIN - L34300HR2005PLC081531 has been issued by the Ministry of CorporateAffairs Registrar of Companies NCT of Delhi & Haryana on July 18 2019.

Dividend

The Board of Directors have not recommended any dividend for the financial year2018-19.

The Register of Members and Share Transfer Books shall remain closed from TuesdaySeptember 17 2019 to Wednesday September 25 2019 (both days inclusive).

Holding Company

The promoters of the Company i.e. Dayanand Munjal Investments Private Limited (DMIPL)hold 74795950 equity shares of Rs. 2/- each which represents 74.80% of the paid upequity capital of the Company. Your company continues to be a subsidiary company of DMIPL.

Subsidiary Companies Joint Ventures Or Associate Companies

The Company neither has any subsidiaries joint ventures or associate companies nor anycompany have become or ceased to be its subsidiaries joint ventures or associatecompanies during the year under review.

Management Discussion and Analysis report

A detailed discussion on the business performance and future outlook forms part ofManagement Discussion and Analysis Report which is separately attached as Annexure-A to this Board's Report.

Board of Directors a) Meeting of Board of Directors

A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe Financial Year 2018-19 5 meetings of the Board of Directors of the Company were heldon May 30 2018 August 13 2018 November 5 2018 February 6 2019 and March 12 2019.The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013 and Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 (hereinafter referred to as "ListingRegulations"). For details of the meetings of the Board please refer to theCorporate Governance Report which forms part of this Annual Report.

b) Appointment/re-appointment of Directors

Mrs. Charu Munjal (DIN:03094545) Whole Time Director of the Company retire byrotation at the ensuing Annual General Meeting and being eligible offer herself forre-appointment. Your Company has appointed Retd. Justice Vikramajit Sen (DIN: 00866743) asan Additional Director of the Company in the category of Non-Executive and IndependentDirector effective August 08 2019 to hold office upto the date of ensuing Annual GeneralMeeting of the Company. The Board recommends his appointment as an Independent Director ofthe Company for a term of 5 years from August 08 2019 to August 07 2024.

c) Changes in Directors and Key Managerial Personnel

During the year under review and between the end of the Financial Year and date of thisreport the following are the changes in Directors and Key Managerial Personnel of theCompany:-i. Dr. Anil Kumar Gupta (DIN: 02643623) has resigned from the designation ofWhole Time Director w.e.f. August 08 2019. ii. Dr. Anil Kumar Gupta (DIN: 02643623) isappointed as Non-Executive Director of the Company w.e.f. August 09 2019. The Boardrecommends the appointment of Dr. Anil Kumar Gupta as Non-Executive Directorliable to retire by rotation pursuant to Section 152 of the Act. iii. The Board hasrecommended for reappointment of Mr. Sunil Kant Munjal (DIN: 00003909) and Mr. BhagwanDass Narang (DIN: 00826573) as Independent Director(s) of the Company not liable toretire by rotation and to hold office for a second term of 5 consecutive years with effectfrom the ensuing Annual general meeting upto the conclusion of the 19th AnnualGeneral Meeting to be held in the year 2024. iv. During the year under review Mr.Surrinder Lal Kapur (DIN: 00033312) Independent Director of the Company has resigned fromthe directorship w.e.f March 31 2019. The Board placed on record its appreciation for theguidance and support provided by Mr. Kapur during his tenure with the Company.

The Company has received notices in writing from Mr. Sunil Kant Munjal Mr. BhagwanDass Narang Retd. Justice Vikramajit Sen and Dr. Anil Kumar Gupta respectively underSection 160 of the Act proposing their own candidature as Directors of the Company. Noneof the aforesaid Directors are disqualified under Section 164(2) of the Companies Act2013. Further they are not debarred from holding the office of Director pursuant to orderof SEBI or any other authority. Brief resume and other details of directors who isproposed to be appointed/re-appointed as a Director of your Company have been furnishedin the Explanatory Statement to the Notice of the ensuing Annual General Meeting.

The appointment/re-appointments form part of the Notice of the Fourteenth AnnualGeneral Meeting and the relevant Resolutions are recommended for your approval.

Key Managerial Personnel

Mr. Neeraj Munjal (DIN: 00037792) Managing Director & CEO Mr. Davendra UjlayanChief Financial Officer and Ms. Shivani Kakkar Company Secretary & Compliance Officerare the Key Managerial Personnel of your Company in accordance with the provisions ofSection 2(51) and 203 of the Companies Act 2013 read with Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. There are no changes in the KeyManagerial Personnel of the Company.

d) Declaration by Independent Director

The Company has received necessary declaration from all Independent Directors underSection 149

(7) of the Companies Act 2013 that they meet the criteria of Independence laid down inSection 149(6) of Companies Act 2013 and Listing Regulations.

In the opinion of the Board Independent Directors fulfil the conditions specified inthe Act Rules made thereunder and Listing Regulations and are independent of themanagement. e) Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and the Corporate Governancerequirements as prescribed by Securities and Exchange Board of India ("SEBI")under the Listing Regulations the Board is required to carry out an Annual Evaluation ofits own performance Board's committees and Individual Directors.

The performance of the Board as a whole it's Committee(s) and Individual Directorsincluding the Chairman of the Board was evaluated by a questionnaire formulated by theCompany.

The questionnaire was formulated based on the following criteria:

The Board composition and structure

Effectiveness of board processes

Information and functioning

The composition of committees

Effectiveness of committee meetings

The contribution of the individual director to the Board and committee meetings

Preparedness of Directors on the issues to be discussed

Meaningful and constructive contribution ofDirectors and their inputs in meetings

As part of the evaluation process the performance of Non-Independent Directors theChairman and the Board was conducted by the Independent Directors. The performanceevaluation of the respective Committees and that of Independent and Non-IndependentDirectors was done by the Board excluding the Director being evaluated.

f) Separate Meeting of Independent Directors

In terms of requirements under Schedule IV of the Companies Act 2013 and ListingRegulations a separate meeting of Independent Directors was held on February 6 2019. Ina separate meeting of Independent Directors performance of Non-IndependentDirectors performance of the board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent Directors at which the performance of the Board its committees andindividual directors was also discussed.

g) Policy on Directors' remuneration and other details

The Company's policy on Directors' remuneration and other matters provided in Section178(3) of the Act has been disclosed in the Corporate Governance Report which forms partof the Board's report.

Statutory Auditors and Auditor's Report

NSBP & Co. Chartered Accountants New Delhi (Firm Registration no. 001075N) wereappointed as the Statutory Auditors of the Company for a term of five years as per theprovisions of Companies Act 2013 read with Companies (Audit and Auditors) Rules 2014who will hold the office upto the conclusion of the 17th Annual GeneralMeeting. They have confirmed that they are not disqualified from continuing as Auditors ofthe Company.

The Report given by the Auditors NSBP & Co. Chartered Accountants New Delhi onthe financial statements of the Company for the financial year 2018-19 is part of theAnnual Report. There are no qualifications reservation adverse remark observationscomments or disclaimer given by the Auditors in their Report.

Further with regard to section 134(3)(ca) of the Companies Act 2013 no frauds havebeen reported by the Auditors under section 143(12) of the said Act.

Explanation to Auditors' Remarks

The comments on statement of accounts referred to in the report of the auditors areself-explanatory.

Share Capital

During the year under review the Issued Subscribed and Paid-up Equity Share Capitalas on March 31 2019 was 10 Crores shares of Rs. 2/- each amounting to Rs. 20 Crore. a)Your Company has not issued shares with differential voting rights nor granted employeestock options nor sweat equity. And also the Company has not accepted or repaid anyDebentures Preference Share Capital and any Bond & Security during the financialyear and none of the Directors of the Company hold any shares or security of the Company.The Company does not have any Debentures Preferential Shares as on March 31 2019. b)Your company has not made any provisions of money for purchase of its own shares byemployees or by trustees for the benefit of employees during the year under review.

Deposits

During the year the Company has not accepted any fixed deposit.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the

Company has appointed Satyender Kumar & Associates a proprietorship firm ofCompany Secretaries to undertake the Secretarial Audit of the Company. Secretarial AuditReport in prescribed format MR-3 are annexed as Annexure – D to thisBoard's Report.

Explanation to Secretarial Audit Report

Due to technical issues faced by the Registrar and Transfer Agents of the Company withDepository the shares were transferred beyond the prescribed date.

The Company is taking effective steps that all statutory forms are filed within theprescribed time limit.

Audit Committee

The Audit Committee comprises mainly of Independent Directors and the composition is asunder: Mr. Bhagwan Dass Narang - Chairman Dr. Vinayshil Gautam - Member Mr. Sunil KantMunjal - Member Dr. Anil Kumar Gupta - Member The terms of reference of the AuditCommittee are wide enough to cover the matters specified for the Audit Committee underListing Regulations as well as Section 177 of the Companies Act 2013; the detailed termsof reference are as mentioned in the Annexure B to this Board Report. Duringthe year under review the Board has accepted all recommendation of Audit Committee andaccordingly no disclosure is required to be made in respect of non-acceptance ofthe recommendation of the Audit Committee by the Board..

Nomination and Remuneration Committee

The Nomination and Remuneration Committee (NRC) has been constituted according toSection 178(5) of the Companies Act 2013 and the composition is as under: Dr. VinayshilGautam - Chairman Mr. Bhagwan Dass Narang - Member Mr. Sunil Kant Munjal - Member Thedetailed terms of reference are as mentioned in the Annexure B to thisBoard's Report.

Corporate Social Responsibility (CSR) Policy

The Corporate Social Responsibility Committee has been constituted as per theprovisions of Section 135 of the Companies Act 2013 and the composition is as under: Mr.Bhagwan Dass Narang - Chairman Dr. Anil Kumar Gupta - Member Mrs. Charu Munjal - MemberThe details about the policy indicating the activities to be undertaken by the Companyactivities implemented by the company and the amount spent on CSR activities as per theprovisions of Companies (Corporate Social Responsibility Policy) Rules 2014 is annexedas Annexure – E to this Board's report.

Risk Management Policy

In order to mitigate the risks the Company has adopted the implementation of the riskmanagement policy focusing on the elements of risks which in the opinion of the Board maythreaten the existence of the company.

The Company has constituted a risk management committee the constitution and the termsof reference of the same are mentioned in the Annexure B to this Board'sReport.

Disclosure on Establishment of a Vigil Mechanism

The Company has adopted a policy on vigil mechanism for directors and employeesto report their genuine concerns or grievance to be the Vigilance and Ethics Officer. Thepolicy is available on the company's website www.shivamautotech.com.

Material Changes Affecting the Financial Position of the Company

There are no material changes and commitments affecting the financial position of thecompany which have occurred between the end of the financial year of the company to whichthe financial statements relate and on the date of this report.

Your Company was able to raise the short-term/long term funds needed for its workingcapital related requirements & term loans for new capital expenditure at reasonablerates. By efficient management of working capital the Company has been able to reducesome interest cost. The Company continues to focus on judicious management of its workingcapital. During the year under review the financial position of the Company was quitesatisfactory.

Significant or Material Orders passed by the Regulators

No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.

Changes in the Nature of Business

There is no change in the nature of the business of the Company during the FinancialYear 2018-19.

Annual Return

The Extract of Annual Return in Form MGT – 9 is enclosed herewith as Annexure-Hforms part of this Report.

As required under the provisions of Section 92(3) read with section 134(3)(a) of theCompanies Act 2013 a copy of the relevant Annual Return would be made available underthe ‘Notifications' section of the Company's website.

Particulars of Loan Guarantees and Investments under Section 186 of the Companies Act2013

The Company has neither given any loans/guarantees / provided security nor have anyinvestments been made by the Company.

Particulars of Contracts or Arrangements with Related Parties

All contracts /arrangements/transactions entered by the Company during the financialyear with the related parties were in the ordinary course of business and on arm's lengthbasis and do not attract the provisions of Section 188 of the Companies Act 2013. Duringthe year under review the Company had not entered into any contracts/arrangements/transactions with related parties which could be considered material inaccordance with the policy of the Company on materiality of related party transactions.Suitable disclosure as required by the IND AS 24 has been made in the notes to theFinancial Statements.

Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo

The Company continues to use the latest technologies for improving the productivity andquality of its products and components. The details of Energy Technology AbsorptionForeign Exchange Earnings and Outgo are attached as Annexure - C to thisBoard's Report.

Statement in Respect of Adequacy of Internal Financial Control with Reference to theFinancial Statements

Your company has adequate internal control for its business processes acrossdepartments to ensure efficient operations compliance with internal policies applicablelaws and regulations. The internal controls are complemented on an on-going basis by anextensive program of internal audits being implemented throughout the year. The internalcontrols are designed to ensure that the financial and other records of the company arereliable for preparing financial statement and other data for maintaining theaccountability of assets in conformity with established accounting principles and that theassets of the company are adequately safe-guarded against any significant misuse or loss.

The Company also has an internal audit system which is conducted by an independent firmof Chartered Accountants. An extensive risk based programme of internal audits andmanagement reviews provides assurance to the Board regarding the adequacy and e_cacy ofinternal controls. The internal audit plan is also aligned to the business objectives ofthe Company which is reviewed and approved by the Audit Committee. Further the AuditCommittee monitors the adequacy and effectiveness of your Company's internal controlframework.

Listing

The shares of your Company are listed at The National Stock Exchange of India Limitedand The BSE Limited and pursuant to the Listing Regulations the Annual Listing fees forthe year 2019-20 have been paid to them well before the due date i.e. April 30 2019. TheCompany has also paid the annual custodian fees for the year 2019-20 in respect of Sharesheld in dematerialized mode to National Securities

Depository Limited (NSDL) & Central Depository Services Limited (CDSL).

The Company has complied with the requirements of Corporate Governance as stipulatedunder the Listing Regulations as applicable.

Corporate Governance

Your Company is committed to follow the highest standards and principles of CorporateGovernance with all integrity and fairness. The Company always places major thrust onmanaging its affairs with diligence transparency responsibility and accountabilitythereby upholding the important dictum that an organisation's corporate governancephilosophy is directly linked to high performance.

A certificate from the Practising Company Secretary regarding the compliance of theconditions of Corporate Governance by the Company stipulated under Listing Regulations isalso attached to this Report.

Separate detailed chapters on Corporate Governance Additional Shareholder informationand Management Discussion and Analysis are attached herewith and form part of this Report.Declaration by CEO/CFO that the Board Members and Senior Management Personnel havecomplied with the Code of Conduct for the Financial Year 2018-19 is annexed with thisreport.

Disclosures for Maintenance of Cost Records

Your company is not covered under subsection (1) of Section 148 of Companies Act 2013for maintenance of Cost records and accordingly such accounts and records are not requiredto be made and maintained.

Prevention of Sexual Harassment Cases

As required under the provisions of The Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 read with rules made thereunder theCompany has constituted an "Internal Complaints Committee" which is responsiblefor redressal of complaints related to sexual harassment. The necessary disclosure interms of requirements of Listing Regulations in this regard is given below: a) Number ofcomplaints filed during the financial year – Nil b) Number of complaintsdisposed of during the financial year – N.A. c) Number of complaints pending as atthe end of the financial year – N.A.

Directors' Responsibility Statement

Pursuant to the provisions of Section 134 (5) of the Companies Act 2013 as amendedwith respect to the directors' responsibility statement it is hereby confirmed: (i) Thatin preparation of annual accounts for the financial year ended March 31 2019 theapplicable accounting standards have been followed along with proper explanation relatingto the material departures;

(ii) That the directors' of the company have selected such accounting policies andapplied them consistently and made judgements and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company as atMarch 31 2019 and of the losses of the Company for the financial year ended March 312019; (iii) That the directors' of the company have taken proper and sufficientcare for the maintenance of adequate accounting records in accordance with the provisionsof the Companies Act 2013 for safeguarding the assets of the Company and for preventingand detecting fraud and other irregularities; and (iv) That the directors' of thecompany have prepared the annual accounts on a going concern basis.

(v) That the directors in the case of a listed company had laid down internalfinancial controls to be followed by the company and that such internal financial controlsare adequate and were operating effectively.

(vi) That the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

Managerial Remuneration

The details required pursuant to Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are provided in Corporate GovernanceReport attached as Annexure – B to this Board's Report.

Particulars of Employees

The information required under Section 197 of the Act read with Rule 5(2) of Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is attached as Annexure- F to this Board's Report.

Environment Health & Safety

The Company is conscious of the importance of environmentally clean and safeoperations. The Company's policy requires conduct of operations in such a manner so as toensure safety of all concerned compliances of environmental regulations and preservationof natural resources.

TheCompanyhastakenaninitiativetopreserveenvironment by indulging in paper recyclingactivity. The paper recycling pertains to the processes of reprocessing waste paper forreuse. Recycling paper preserves trees and forests. Every ton of recycled paper savesabout 17 trees. Recycled paper serves as an environmental friendly resource for papermanufacturers saving costs and energy._The Company has recycled approx. 4500 kgs ofwaste paper till March 31 2019 contributing in saving 76 nos. of trees.

The Company is committed to adhere to the highest standards of health and safety. Itstrives to provide its employees with a safe and healthy workplace. The Company continuousto focus on deploying behaviour based safety programmes and global safety standards acrossits locations. The Company regularly conducts counselling and safety review meetings forthe employees to appraise and educate them on the adoption of safety measures andavoidance of unsafe practices. Safe operating procedures standards and systems have beenlaid down at all manufacturing locations. Prompt medical assistances are provided to itsemployees.

Human Resource Development

The Company takes pride in the commitment competence and dedication of its employeesin all areas of the business. The Company has a structured induction process at alllocations. Objective appraisal systems based on key result areas (KRAs) are in place forstaff members.

The Company strives to provide a work environment that attracts develops and retainsthe best talent promotes a values-driven high-performance culture embedding diversityand transformation.

Your Company treats its "human resources" as one of its most importantassets. Your Company continuously invests in attraction retention and development oftalent on an ongoing basis. The Company's thrust is on the promotion of talent internallythrough job rotation and job enlargement.

Policies

The Listing Regulations mandated the formulation of certain policies for all listedcompanies. All our corporate governance policies are available on our website http://www.shivamautotech.com.

Following are the policies adopted by the company with their web links:

Policy Web link
Code of Conduct http://www.shivamautotech.com/Uploads/image/34imguf_ SHIVAMCodeofConductforBM.pdf
Prohibition of Insider Trading http://www.shivamautotech.com/Uploads/image/38imguf_insidertradingshivam. pdf
Payment to Non- Executive Directors http://www.shivamautotech.com/Uploads/image/33imguf_PaymenttoNED.pdf
Nomination and Remuneration Policy http://www.shivamautotech.com/Uploads/image/163imguf_15.nrc.pdf
Board Diversity Policy http://www.shivamautotech.com/pdf/Board_Diversity_Policy.pdf
Records and Archives Policy http://www.shivamautotech.com/pdf/records_and_archives_policy.pdf
Related Party Transaction Policy http://www.shivamautotech.com/pdf/RPT_policy.pdf
Anti-Harassment Policy http://www.shivamautotech.com/pdf/Anti_harassment_Policy.pdf
Corporate Social Responsibility Policy http://www.shivamautotech.com/pdf/CSR_POLICY.pdf
Risk Management Policy http://www.shivamautotech.com/pdf/Risk_Management_Policy.pdf
Whistle Blower Policy http://www.shivamautotech.com/pdf/Whistle_Blower_Policy.pdf
Familiarization Policy http://www.shivamautotech.com/cpage.aspx?mpgid=15&pgidtrail=53

Secretarial Standards

During the year under review your Company had complied with all the applicableSecretarial Standards.

Acknowledgments

Your Company's organisational culture upholds professionalism integrity and continuousimprovement across all functions as well as efficient utilisation of the Company'sresources for sustainable and profitable growth.

The Directors express their appreciation for the sincere co-operation and assistance ofCentral and State Government Authorities Bankers Customers Suppliers and BusinessAssociates. Your Directors also wish to place on record their deep sense of appreciationfor the committed services by your Company's employees. Your Directors acknowledge withgratitude the encouragement and support extended by our valued shareholders.

For and on behalf of the Board For and on behalf of the Board
Sd/- Sd/-
Neeraj Munjal Charu Munjal
Place: Gurugram Managing Director Whole Time Director
Date: August 08 2019 DIN: 00037792 DIN: 03094545

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