Canindia News

Asian Paints flags cash flow problems, seeks 30-day additional credit

New Delhi, April 15 (IANS) One of Indias most respected companies, Asian Paints has flagged cash flow problems during the lockdown and is seeking 30 days of additional credit from business partners.

In a communication to the business partners, Harish Lade, Vice President, Supply Chain, has written that the situation has now become extremely difficult as cash flows have been severely impacted, with virtually no inflows. This follows the lockdown put in place to control the coronavirus pandemic.

“In this context, we seek your support and cooperation with an increase in payment terms by 30 days over and above the currently prevailing payment terms,” the communication says.

“Hence, the payments that are currently in process shall also get paid after 30 days of additional credit. We do understand that this will have an impact on your operations, but we are hoping that the situation comes back to normal in the near future. We shall endeavour to keep you informed about any changes as the situation develops,” the Asian Paints official said.

“You have stood by our side during earlier difficult situations and we are sure that this situation will be no different. Our business partners are out greatest strength and Asian Paints is committed to this relationship,” the company said.

“During the lockdown, we continue to work from home and strive to ensure that our business partners are not impacted and continued to process transactions and make payments wherever they are due,” it has said.

Following the government directives, Asian Paints has closed its business establishments like offices, factories and warehouses to ensure safety of its employees, stakeholders and the general public.

–IANS

san/tsb

YOU MAY ALSO BE INTERESTED IN

Writing about sacred food helped me figure out my faith: Shoba Narayan (IANS Interview)

CanIndia New Wire Service

4 killed in Yamuna E-way accident in G.Noida

CanIndia New Wire Service

A recreation of Varanasi ghats on Dev Deepavali

CanIndia New Wire Service

Amrik Sukhdev dhaba opens doors for protesting farmers

CanIndia New Wire Service

CBI raids 45 locations in 4 states over coal smuggling

CanIndia New Wire Service

Hacker selling CEO, CFO email accounts for as less as Rs 7,400

CanIndia New Wire Service

Police on alert as farmers may open new front on Delhi-UP border

CanIndia New Wire Service

Prannoy & Radhika Roy barred for securities market for ‘insider trading’

CanIndia New Wire Service

Good Samaritans offer ‘langar’ to people at Delhi’s Burari ground

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

SUBSCRIBE TO OUR WEEKLY NEWSLETTER

Stay up to date with the latest news and exclusive offers directly in your inbox