WHIRLPOOL INDIA Directors Report

The Directors have pleasure in presenting the 56th Annual Report on the business and operations of the Company, together with the audited accounts for the Financial year ended 31st March 2017.

Financial Results (INR in lacs)


For the year ended

31 March 2017

31 March 2016

Sales/Income from operations (including excise duty)



Other Income



Profit/(Loss) before Interest, Depreciation, Extraordinary items & Tax









Profit before Exceptional items



Exceptional items (refer note 45)



Profit/(Loss) for the year



Provision for Tax (including deferred tax and wealth tax)



Net profit/(Loss) for the year



Other comprehensive income



Net profit/(Loss) for the year after comprehensive income



Credit/(Debit) Balance B/F from previous year



Profit available for appropriation



Surplus/(Deficit) carried to Balance Sheet



Performance of the Company

During the year ended 31st March 2017 the revenue from operations of the Company was INR 436,038 lacs as compared to last year’s revenue from operations of INR 380,764 lacs up by 15%. Profit before tax was INR 46,848 lacs as compared to corresponding profit of INR 35,595 lacs in the previous year, up by 32%.


Your Directors recommend payment of a dividend at the rate of INR 3/- per share for the year ended 31st March 2017 on 126,871,830 equity shares of INR 10/- each.

Share Capital

The paid up capital of the company as on 31st March 2017 was INR 12,687.18 lacs. During the year under review, the company did not issue any class or category of shares, Employee Stock Options, Convertible securities and consequently there is no change in the capital structure since previous year.

Subsidiaries, Joint Ventures or Associate Companies

The company does not have any subsidiary, joint venture or associate company during the period of reporting.


As required under the SEBI (LODR) Regulations, 2015 MD&A is enclosed as Annexure A and is part of this Report.


The financial year 2016-17 commenced with stable growth in the consumer durables industry primarily led by urban demand which was sustained during the first two quarters of the financial year. However Central Government’s demonetization initiative negatively influenced consumer sentiments and also adversely impacted their purchasing power leading to de-growth of the Industry in third quarter. As a result of demonetization the Industry faced challenges such as trade stocking, restricted trade credit and retail trade struggling to manage its inventories and cash flows. The Company continuously evaluated market movements and strategized well to navigate the volatile environment to registered a growth in quarter three.

In Company’s view demonetization was a short term blip as fundamentals of the Indian economy have remained the same. Whirlpool saw strong double digit growth in the financial year and we are confident of continuing the trend forward. Even with a less than predicted monsoon in 2016 there was optimism in the rural markets which contributed to the overall growth story.

During the year under review, the Company focused on strengthening market presence by developing class leading products with innovative features across categories, few of the notable ones being:

i. Consumer-Inspired Innovations like the 6th Sense® Intellifresh™ Technology, 6th Sense® Fresh Control Technology furthered strengthened Company’s equity of providing class leading freshness across our refrigerator range.

ii. In the Washing Machine Category we have made a very confident come back with the Supreme Care that is made in Italy and has been adjudged Europe’s leading Washing Machine in garment care. We also launched one of our best selling products - the Ace Stain free with new aesthetics.

iii. Air Conditioners category - During the year under review the Company launched its premium Inverter AC - the 3D Cool Inverter which has World’s Leading AC technology - 6th Sense® Intelli Comfort Technology. These air conditioners not only ensure superior cooling, but also effective cooling at extreme conditions and low energy consumption.

iv. In the Microwave category we focused on introducing new features to cater to the growing demand for cooking Indian dishes in a convection microwave. We launched the Tandoor Series in the Magic Cook range. We also focused on addressing the need for healthy cooking options for the growing health conscious Indian by introducing the option to cook dishes with 50% lesser oil in the JetC Range.

v. The Water Purifier category also witnessed launch of 3 new products that the Company believes will help us strengthen our portfolio in the category. We launched the Minerala Ultra with RO UV UF MES technology that offers a 9 Stage Purification with unique Mineral Enrichment System. We also launched the Minerala Platinum Plus model with RO UF MES technology.

vi. The Company was made a foray into the Small Domestic Appliances category where consumers are seeking global technologies and products. The Company launched some of the class leading products like Slow Juicers, Hand Blenders, Digital Kettle, Pop Up toaster. During the financial year 2016-17, the Company received the prestigious Good Design Award 2016, Japan for its Superb Atom Semi Automatic Washing Machine.


During the year under review the company’s international Business delivered strong volume and revenue growth of 25% over the previous year, whilst maintaining its margins. With the global corporation’s recent strategy of focusing on emerging markets, the Company’s export’s growth was across market and categories. The company registered impressive performance in Middle East. Major export included export of Semi-Automatic washers to Morocco and Refrigerators to Saudi Arabia. The other high growth market was South East Asia, in particular the Philippines, where our new range of Refrigerators and Washers had a successful launch and shipments grew close to 50%. Closer home, the company intensified its focus on SAARC markets. Nepal volumes were up strongly post the political disturbances of last year and so were shipments to Bangladesh primary driven by our channel and product range expansion.

The current financial year 2017-18 looks equally promising in volume terms. Initial reports from many of the markets are encouraging and the company is planning to build further on last year’s momentum. However margins are likely to be under pressure due to rise in commodity costs and strengthening Rupee. Nevertheless the business is taking appropriate actions to mitigate these effects.


In the year under review we continue to make significant progress on executing our well laid down Service Strategy. We continue to focus on the following key Deliverables.

- Deliver best -in - class service through differentiated service experience - “Branded Service”

- Develop our Partners operation to become Direct to Home Channel for Selling water Purifiers

- Create accessibility & visibility for Whirlpool genuine spare parts in the after sales market.

We are continuously focusing on developing our execution capabilities to provide our consumer with great service experience. Differential Service Model introduced last year has not only helped us in improving customer satisfaction, clear results are also visible in reduced escalation and improved Service KPI’s. Differential service experience is all about understanding the consumer service needs for different product categories, like Direct cool, Frost Free, MWO, RO, AC, Washing machines etc & trying to offer them the right service solution, thereby providing them with great service experience.

To support our Service strategy we continue to make investments in IT system, a web based real time software that connects Whirlpool to all its service network real time. This has helped us to create uniformity in our service deliveries PAN India.

Training, development & engagement of Service Partners & Service technician is core to our operating philosophy, as we believe that a highly trained & motivated Service technician is the key to drive better customer satisfaction. Our state of the art training facility in Gurgaon & Pondicherry is constantly engaged in improving the skill set of our service technicians which in turn helps us to drive higher customer satisfaction.

Our Service Business continues to grow through both our Service Partner Network & Spares parts Distribution channel.


The year 2016 was a challenging yet rewarding year for the business from people perspective. We had a relatively young and new leadership at the helm steering the organization towards new heights. The challenge was also how to make use of the opportunities created by Project Harvest in changing the culture of the organization as well as deliver the results. It was our People Excellence model that helped to anchor the change process and create the ‘X’ factor for business. The idea of People Excellence is not just about employee engagement, it is also about truly integrating it with our overall organization strategy.

While setting the stage for a performance oriented organization it is essential for the last mile employee to understand the linkage of their goals to the larger vision of the organization. We simplified the organization long & short term imperatives to meaningful, challenging functional and individual goals to ensure alignment of strategy imperatives for seamless performance delivery. While we equipped the team to perform, the performance needed to be incentivized. A comprehensive incentive approach was introduced to bring in greater transparency, objectivity & performance orientation for our sales teams.

Our employees continue to remain at the center stage of our initiatives as they are key enablers to drive our success. Our People Excellence strategy helped build on our previous successes and initiatives while introducing new ones relevant for the changing business & people

Imperatives. We provided opportunity to young and top talent under our philosophy of “Grow from Within” and on developing people managers - making Leaders groom Leaders. With several talent movements taken place we set out on a path to rebuild our talent pipeline and transform our talent mix both internally via development and externally via attracting talent. We laid the foundation 3 years back with key Go-To-Market (GTM) initiatives. The GTM initiatives included 3 key interventions designed to improve front line sales, front line service and retail workforce. In 2016 the next generation iGrow 2.0 was launched focusing on critical talent & equipping them for the changing realities of the marketplace. On the manufacturing front business continuity and talent development was the need of the hour. A successfully concluded Long Term settlement in Faridabad plant and foray into “World Class Manufacturing ” (WCM) systems enabled both of the above.

What allows ‘great people’ to produce ‘extraordinary results’ is our ‘Winning Culture’. The organization welcomed the Leadership Model, cherishing that Leadership is a privilege to be “earned” everyday. This year the process of embedding them into the processes and everyday language helped making the beliefs come alive to bring about lasting behavioral and culture change within Whirlpool. A key pillar of our culture is diversity and inclusion. Our quest continued to build on its commitment to enhance representation of women employees and weave gender diversity in the fabric of our culture to drive competitive advantage. All of this and more were further enabled due to our strong Succession Planning processes, Future Leadership Program (FLP) & Young Leaders Program (YLP) that ensures that we have a robust talent pipeline to enable business continuity for today and tomorrow.

Fuelled by our Spirit of winning, our long term strategy is to continue our journey of being not only an employer but a partner of choice as well. With this goal in mind Whirlpool of India is focused on identifying, developing and engaging our talent to drive extraordinary performance, build a winning culture. Our employees and external stakeholders resonate with and value the efforts the organization makes in this regard. This is established by our year on year high engagement score results and sustained recognition. Whirlpool has been continuously recognized as Best Employees by Aon Hewitt over last 3 year. Whirlpool also featured in the list of Top 100 companies to work for India issued by Great Place to Work (GPTW).


In 2016-17, the macro-economic environment showed improvement and Company is on growth trajectory due to uplift in demand which is the result of overall industrial growth.

The company’s performance has been very encouraging with 14.5% increase in net operating income vs. previous year, resulting in profit before tax higher by 31.6% compared to previous year.

The Company focused on levers of our 3-Phase strategy with particular emphasis on Product Leadership, Channel Excellence and Cost Leadership. These initiatives helped the company grow its revenue and profitability. Working capital, as always, was managed efficiently and led to record generation of cash.


During the Financial Year 2016-17, 4 (four) Board Meetings were held. Details of the same are available in the section ''''Meetings of the Board of Directors’, in the Corporate Governance Report.


Your directors intrinsically believe in the philosophy of Corporate Governance and are committed to it for the effective functioning of the Board. All directors, key managerial personnel and senior management have confirmed compliance with the company’s Code of Conduct.

The Independent Directors have confirmed and declared that they fulfill the criteria of independence as per the provisions of Sec. 149 (6) of the Companies Act, 2013 and are not disqualified to act as an independent director. The Board is also of the opinion that the Independent Directors fulfill the independence requirement in strict sense and are eligible to continue as Independent Director of the Company. No director resigned from the Company during the reporting period.


Pursuant to the provisions under Section 134(5) of the Companies Act, 2013, with respect to Directors’ Responsibility Statement, the Directors to the best of their knowledge hereby state and confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had 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 and of the profit and loss of the company for that period;

(c) the directors had 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 had prepared the annual accounts on a going concern basis;

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

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


In accordance with the provisions of the Companies Act, 2013 and the Article 115 of the Articles of Association of the Company Mr. Anil Berera retires by rotation and being eligible offers himself for re-appointment.

Proposal for his appointment is set out in the explanatory statement annexed to the notice of the 56th Annual General Meeting. The Board recommends his re-appointment.


As on 31st March 2017, Company has following Key Managerial Personnels in compliance with the provisions of Sec. 203 of the Companies Act, 2013.

1. Mr. Arvind Uppal - Chairman and Executive Director.

2. Mr. Sunil D’Souza - Managing Director

3. Mr. Anil Berera -Executive Director & Chief Financial Officer

4. Mr. Vikas Singhal - Executive Director

5. Mrs. Roopali Singh - Company Secretary (Appointed w.e.f 3rd February 2017 post resignation of Mr. Ravi Sabharwal as Company Secretary w.e.f 30th May 2016)

Company had moved an application for compounding of offence under Sec. 203 (1) - delay in appointment of Company Secretary and the same has been compounded by the Hon’ble Regional Director, Western Region.


The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the 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 disclosures.


The Board on the recommendation of the Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors, senior management and their remuneration, including criteria for determining qualifications, positive attributes, independence of directors and Board diversity. Remuneration Policy of the company is based on the fundamental principles of payment for performance, potential, growth and aligning remuneration with the longer term interests of the Company and its shareholders, promoting a culture of merit recognition and creating a linkage to corporate and individual performance. The criteria for performance evaluation of directors cover the areas relevant to their functioning as member of Board or its Committees thereof. The manner in which the performance evaluation of the Board and its committees thereof, the Chairman and the Directors individually has been carried out has been explained in the Corporate Governance Report.


Related party transactions are reviewed and approved by Audit Committee and are also placed before the Board for necessary approval. The Company has developed a related party transactions manual, standard operating procedures for the purpose of identification and monitoring of such transactions.

The Board has approved policy for related party transactions which is available on Company’s website at following link:http://www. whirlpoolindia.com/PDF/Related_Party_Policy_Whirlpool.pdf

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other related parties which may have a potential conflict with the interest of the Company at large.

Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the prescribed form (Form AOC-2) is attached as Annexure B.


Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.


The Audit Committee comprises of 4 (four) Independent Non-Executive Directors and 1 (one) Executive Director, namely, Mr. Anand Bhatia, Mr. Simon J. Scarff, Mr. Sanjiv Verma, Mrs. Sonu Bhasin and Mr. Anil Berera. Powers and role of the Audit Committee are included in the Corporate Governance Report. All the recommendations made by the Audit Committee were accepted by the Board of Directors.

Mr. Anand Bhatia, Chairman of the Committee has adequate financial and accounting knowledge.

The VP Finance, Internal Auditor and the Statutory Auditors of the Company are permanent invitees to the meetings of the Audit Committee. It is a practice of the Committee to extend an invitation to the Chairman & Executive Director, Managing Director and Cost Auditor to attend the meeting as and when required.

Ms. Roopali Singh, Company Secretary, act as Secretary of the Audit Committee.


Company’s CSR policy has been drafted to ensure betterment of society, while keeping the humane touch intact. This reflects in the policy as mentioned below:

1. Promoting employment, enhancing vocational skills for employability of youth.

2. Cultivating community development plans in the vicinity of our factories based on needs and priorities of the host communities.

3. Any other project or aid which the committee considers suitable for the welfare of society or humanity at large, within the purview of Schedule VII (Section 135) or as authorized by Government.

Whirlpool is delighted to present its sustained effort in the domain of CSR in third successful year, We have steadied & strengthened all our projects in current year while continuously monitoring the outcome and effect on target groups. We are honing our capabilities to steer these projects on a path of “Demand based Interventions” to make it more relevant, in coming years.

We are sure achieving these great goals will be amazing; Journey is no less satisfying too!

Skill Development Program:

In the third year of its implementation, our flagship CSR program on “Skill Development” has reached some more milestones. We imparted vocational training to more than 3,800 youths across India through training partners recognized by National Skill Development Corporation (NSDC). Training imparted was in two domains; viz. “Field Service Engineer” and “Retail Sales Associate” following the methodology defined by NSDC and concerned Sector Skill Councils. Employment of successful candidates remains a key area of our focus and placement was obtained for approximately 65% of candidates by developing dependable channels of employment.

In financial year 2017-18, based on our learning of the past years the Company proposed to adopt a focus approach for these program to make it more viable for the concerned stakeholders by enhancing training modules as per changing technology & trend.

Community Development Program:

Community development programs are being implemented in villages adjoining our manufacturing facilities at Pune, Faridabad and Pondicherry. The programs are designed to address the most common issues of the community which can be handled by way of behavioral changes and on the basis of minimal outside support by social organization involved.

Our “Integrated Child Development Program” implemented in Pune, through “Community Aid & Sponsorship Programme (CASP)”, a Pune based organization committed to sustainable development and strengthening of child, family and community, is successfully completing its third year. Through our 300 supported Students, we have been able to bring in subtle behavioral changes in the local community, making them sensitive towards social issues like Health, Hygiene, Education & Nutrition etc. As this program is reaching it projected tenure of three year, basis an Impact survey, a decision will be taken whether to repeat the program or replace it with another program.

Whirlpool, through “FXB India Suraksha”, an organization with expertise in integrated community development models and recognizable regional presence, is working for the social development of villages around Puducherry factory. This program, in its second year of implementation has reached two villages viz. Sanyasikuppam & Kothapurinatham supporting a community of more than 2000 people through its various program on Healthcare, Elderly care, Women empowerment & Education. We are ensuring involvement of local community in administration of all the programs to create a self sustainable model for future.

Whirlpool’s “Basic Learning through Library Intervention Programme” with “Pratham Education Foundation” a well recognized name in preschool education to under-privileged children, is in second year of implementation. In this time frame we have expanded our presence to AC Nagar & Ram Nagar colonies in Faridabad, operating six “Library cum Learning Centre”. This program has helped in improved learning of almost 2200 children in the age group of 6-14 yrs till date, while helping almost 150 out of school children getting admission in regular schools. While migratory populations in these colonies do pose a challenge for this program, our diligence has helped us support more children than our projected numbers. We plan to add more localities into this program in coming year.

As per the provisions of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 read with various clarifications issued by Ministry of Corporate Affairs, the Company has undertaken activities as per the CSR Policy (available on company’s website www.whirlpoolindia.com) and further details of the CSR activities are contained in the Annexure - C forming part of this Report.


The Company has adopted a formal Risk Management policy, wherein risks are broadly categorized into Strategic, Operational, Compliance and Financial & Reporting Risks. The policy outlines the parameters for identification, assessment, monitoring and mitigation of risks.

The company has set up a core group comprising of its leadership team, which identifies risks, assesses the risks and the trends, exposure and potential impact analysis at different level and lays down the procedure for minimization of the risks. Risk management forms an integral part of management policy and is an ongoing process integrated with operations.


The Company has established a vigil mechanism through which directors, employees and business associates may report unethical behavior, malpractices, wrongful conduct, fraud, violation of Company’s code of conduct etc without fear of reprisal.

Further information on the subject can be referred to in section ''''Disclosures'''' - Whistle-Blower Policy of the Corporate Governance Report and on Company’s website www.whirlpoolindia.com


Statutory Auditors

As per provisions of Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, the term of M/s S. R. Batliboi & Co. LLP (Firm registration No. - 301003E/E300005), Chartered Accountants as the Statutory Auditors of the Company expires at the conclusion of the ensuing Annual General Meeting of the Company.

The Board of Directors of the Company, on the recommendation of the Audit Committee, have made its recommendation for appointment of M/s. MZSK & Associates, Chartered Accountants (ICAI Registration No- 105047W), as the Statutory Auditors of the Company subject to approval and ratification by the Members at the 56th Annual General Meeting of the Company for an initial term of 5 years. A resolution, proposing appointment of M/s. MZSK & Associates, Chartered Accountants, as the Statutory Auditors of the Company for a term of five consecutive years, forms part of the Notice of the 56th Annual General Meeting of the Company. The Company has received their written consent and a certificate that they satisfy the criteria set out under Section 141 of the Companies Act, 2013 and that the appointment, if made, shall be in accordance with the applicable provisions of the Act and rules framed there under.

The Report given by M/s S. R. Batliboi & Co. LLP (Firm registration No. - 301003E/E300005) Chartered Accountants, Statutory Auditors on the financial statement of the Company for the financial year 2016-17 is part of the Annual Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report.

The Board place on record its appreciation for the services rendered by M/s S. R. Batliboi & Co. LLP (Firm registration No. - 301003E/ E300005) Chartered Accountants as the Statutory Auditors of the Company.

Secretarial Auditors

Pursuant to Section 204 of Companies Act, 2013, Mr. N. C. Khanna (ICSI membership no. 4268 & certificate of practice no. 5143) a Practicing Company Secretary were appointed as Secretarial Auditors of the Company for the financial year 2016-17. The Secretarial Audit Report submitted by them in the prescribed form MR-3 is attached as Annexure D and forms part of this report.

There are no qualifications, reservations or adverse remarks made by Secretarial Auditors in their Report.

Cost Auditors

Pursuant to the provisions of Section 141 read with Section 148 of the Companies Act, 2013 and Rules made there under M/s R. J. Goel & Co., Cost accountants (Firm Registration No. 00026) were reappointed as the cost auditors of the Company for the year ending 31st March 2017 to conduct cost audit of the accounts maintained by the Company in respect of the various products prescribed under the applicable Cost Audit Rules.

The remuneration of Cost Auditors has been approved by the Board of Directors on the recommendation of Audit Committee. The requisite resolution for ratification of remuneration of Cost Auditors by members of the Company has been set out in the Notice of the ensuing Annual General Meeting. Further, on the recommendation of the Audit Committee the Board of Directors have also appointed them as Cost Auditors for financial year 2017-18, to conduct cost audit of the accounts maintained by the Company in respect of the various products prescribed under the applicable Cost Audit Rules.

The Cost Audit Report for the financial year 2015-16, issued by M/s R. J. Goel & Co., Cost Auditors, in respect of the various products prescribed under Cost Audit Rules was filed with the Ministry of Corporate Affairs (MCA) on 15th September, 2016.


In terms of the provisions of Section 124 of the Companies Act, 2013, during the financial year there was no unclaimed amount required to be transferred to the Investor Education and Protection Fund established by Central Government.


The Directors confirm that Fixed Assets and Stocks of the Company are adequately insured against fire and allied risk.


The shares of the Company are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).


Your Company upholds the standards of governance and is compliant with the Corporate Governance provisions as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in both letter and spirit. A Report on Corporate Governance along with Compliance Certificate issued by Statutory Auditor’s is enclosed as part of Corporate Governance Report.


In accordance with the requirements of Section 134(3)(m) of The Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014, statement showing particulars with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo are annexed hereto as Annexure E and form part of this report.


Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure F which forms part of this report. The information showing names and other particulars of employees as per Rule 5(2) and 5(3) of the aforesaid Rules forms part of this report. However, as per Section 136 of the Companies Act, 2013, the Annual Report excluding the aforesaid information is being sent to the members of the Company and others entitled thereto. The said information is available for inspection by members at the registered office of the Company during business hours on all working days upto the date of ensuing Annual General Meeting. Any member interested in obtaining a copy thereof, may also write to the Company Secretary at the registered office of the Company.


The extract of the Annual Return in Form No. MGT - 9 forms part of the Board’s Report and is annexed herewith as Annexure G.


During the Financial Year 2016-17 your Company has not accepted any deposits in terms of Chapter V of the Companies Act, 2013.


No significant or material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Company’s operations in future.

There have been no material changes and commitments which affect the financial position of the company between the end of the financial year and the date of this report including change in capital structure.


In terms of the requirements of Regulation 34(2)(f) of the SEBI Listing Regulations, 2015 a report on Business Responsibility forms part of this Annual Report in the format prescribed by SEBI and is available on company’s website www.whirlpoolindia.com


The Board places on record its appreciation for the continued co-operation and support extended to the Company by customers, vendors, regulators, banks, stock exchanges and depositories, auditors, legal advisors, consultants and business associates. The Directors also take this opportunity to place on record their appreciation for the efficient and loyal services rendered by each and every employee, without whose whole-hearted efforts, the overall satisfactory performance would not have been possible.

Your Directors look forward to the long term future with confidence.

For and on behalf of the Board of Directors

Place of signature : Gurgaon Arvind Uppal Sunil D’Souza

Date : May 16, 2017 [Chairman & Executive Director] [Managing Director]

DIN 00104992 DIN 07194259

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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