MIRA INFORM REPORT

Report No. :	340383
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	SHALIMAR PAINTS LIMITED
Registered Office :	Goaberia, P.O. Danesh Shaikh Lane, Howrah – 711109, West Bengal
Tel. No.:	91-124-46166000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	16.12.1902
Com. Reg. No.:	21-001540
Capital Investment / Paid-up Capital :	Rs. 37.857 Million
CIN No.: [Company Identification No.]	L24222WB1902PLC001540
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing a wide range of paints in both decorative and industrial paint segments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and reputed company having satisfactory track. Company has incurred losses from its operations further it has taken additional external borrowings in FY15. However, networth of the company seems to be decent. However, rating takes into consideration long track record of company’s operations and its brand recognition in Paints industry. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 13, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	October 13, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Anil Agarwal
Designation :	Treasury Manager
Contact No.:	91-124-4616600
Date :	08.09.2015

LOCATIONS

Registered Office :	Goaberia, P.O. Danesh Shaikh Lane, Howrah – 711109, West Bengal, India
Tel. No.:	91-33-26443201
Fax No.:	Not Available
E-Mail :	hwhsec@shalimarpaints.com
Website :	www.shalimarpaints.com
Corporate Office :	4^th Floor, Plot No. 64, Sector – 44, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4616600
Fax No.:	91-124-4616659

DIRECTORS

AS ON 31.03.2015

Name :

Ratan Jindal

Designation :

Director

Address :

Jindal House, Model Town, Hisar – 125005, Haryana, India

Date of Appointment :

31.08.1990

DIN No.:

00054026

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24222WB1902PLC001540	SHALIMAR PAINTS LTD	Director	31/08/1990	31/08/1990	-	Active	NO
2	U74899DL1995PTC074107	NALWA FARMS PRIVATE LIMITED	Director	23/11/1995	23/11/1995	-	Active	NO
3	U15491WB1983PLC036898	SONABHEEL TEA LTD.	Director	29/03/1996	29/03/1996	-	Active	NO
4	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Director	28/04/1999	28/04/1999	-	Active	NO
5	L26922HR1980PLC010901	JINDAL STAINLESS LIMITED	Managing director	23/07/2003	23/07/2003	-	Active	NO
6	U65923DL2006PLC145962	NALWA FINCAP LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
7	U65993DL2006PLC145961	OPJ INVESTMENTS AND HOLDINGS LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
8	U25207HR1971PTC006005	JINDAL INDUSTRIES Private Limited	Director	09/08/2006	09/08/2006	-	Active	NO
9	U65923DL2008PLC177707	NALWA FINANCIAL SERVICES LIMITED	Director	06/05/2008	06/05/2008	-	Active	NO
10	U51909GJ2014PTC078496	VIRTUOUS TRADECORP PRIVATE LIMITED	Director	29/01/2014	29/01/2014	28/06/2014	Active	NO
11	U45208HR2005PLC035921	OM PROJECT CONSULTANTS AND ENGINEERS LIMITED	Additional director	07/06/2014	07/06/2014	-	Active	NO

Name :

Girish Sundar Jhunjhnuwala

Designation :

Director

Address :

House No. 3 And 4, 27-29 Consort Rise, Pok FU Lam, Hong Kong – 2821

Date of Appointment :

08.09.1989

DIN No.:

01093551

Name :

Surender Kumar

Designation :

Additional Director

Address :

Aspen 105, Prestige St. Johns Wood, 80, St. Johns Cross Road,, Bangalore, 560029, Karnataka, India

Date of Appointment :

30.05.2015

DIN No.:

00510137

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300KA1997PTC027619	AKZO NOBEL CAR REFINISHES INDIA PRIVATE LIMITED	Whole-time director	25/06/2001	25/06/2001	08/02/2011	Amalgamated	NO
2	L24222WB1902PLC001540	SHALIMAR PAINTS LTD	Additional director	30/05/2015	30/05/2015	-	Active	NO
3	U24240WB2009PTC133081	EASTERN SPECIALITY PAINTS & COATINGS PRIVATE LIMITED	Additional director	30/05/2015	30/05/2015	-	Active	NO
4	U24220DL2007PLC168944	SHALIMAR ADHUNIK NIRMAN LIMITED	Additional director	30/05/2015	30/05/2015	-	Active	NO

Name :

Rajiv Rajvanshi

Designation :

Director

Address :

B-25, II nd Floor, Kailash Apartments, Kailash Colony, New Delhi – 110048, Delhi, India

Date of Appointment :

20.09.2013

DIN No.:

00036605

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL2004PLC128146	JINDAL STAINLESS STEELWAY LIMITED	Director	29/08/2012	04/03/2005	30/03/2015	Active	NO
2	U74920HR2003PLC035976	JSL LIFESTYLE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U74899HR2004PLC035975	JSL Architecture Limited	Director	30/09/2006	12/12/2005	27/03/2015	Active	NO
4	U51103HR2006PLC036191	PACIFIC METALLIC TRADING COMPANY LIMITED.	Director	06/06/2006	06/06/2006	-	Active	NO
5	U45208HR2005PLC035921	OM PROJECT CONSULTANTS AND ENGINEERS LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
6	U45209DL2006PLC156992	JINDAL INFRASTRUCTURE AND UTILITIES LIMITED	Director	26/12/2006	26/12/2006	-	Active	YES
7	U13209DL2006PLC156993	JINDAL MININGS LIMITED	Director	26/12/2006	26/12/2006	-	Active	YES
8	U27310HR2007PLC036578	J.S.S. STEELITALIA LIMITED	Director	30/08/2012	26/02/2007	-	Active	NO
9	U74900DL2007PLC161703	Lineage Management Services Limited	Director	05/04/2007	05/04/2007	-	Active	NO
10	U45400DL2007PLC164938	GREEN DELHI BQS LIMITED	Director	19/06/2007	19/06/2007	04/01/2012	Active	NO
11	U70102DL2007PLC170019	JSL Media Limited	Director	01/08/2008	06/03/2008	04/01/2012	Active	NO
12	U63030DL2008PLC180599	JSL LOGISTICS LIMITED	Director	08/07/2008	08/07/2008	04/01/2012	Active	NO
13	U29141DL2008PLC184451	JSL LIMITED	Director	22/10/2008	22/10/2008	07/01/2015	Active	NO
14	U74140DL1997PLC090622	JINDAL CONSULTANCY SERVICES LIMITED	Director	28/09/2010	14/04/2010	-	Active	NO
15	U40102OR2011PLC013035	JSL Energy Limited	Director	10/07/2012	29/10/2011	-	Active	NO
16	L24222WB1902PLC001540	SHALIMAR PAINTS LTD	Director	26/09/2014	20/09/2013	-	Active	NO

Name :

Pushpa Chowdhary

Designation :

Director

Address :

111, Himvarsha Apartment, 103 I P Extension, Delhi, 110092, India

Date of Appointment :

30.05.2014

DIN No.:

06877982

Name :

Aditya Vikram Lodha

Designation :

Director

Address :

32, Cairnhill Road, # I7-02, Singapore, 229657

Date of Appointment :

29.10.2001

DIN No.:

00036158

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999WB1919PLC003516	ALFRED HERBERT (INDIA) LTD	Director	24/09/1987	24/09/1987	-	Active	NO
2	U67120WB1987PLC043328	HERBERT HOLDINGS LTD	Director	23/11/1987	23/11/1987	-	Active	NO
3	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	12/08/2014	29/12/1992	-	Active	NO
4	L24222WB1902PLC001540	SHALIMAR PAINTS LTD	Director	26/09/2014	29/10/2001	-	Active	NO
5	U51909MH2006PTC166092	ZEGNA SOUTH ASIA PRIVATE LIMITED	Alternate director	08/02/2009	08/02/2009	26/03/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Agarwal
Designation :	Treasury Manager
Name :	Surender Kumar
Designation :	CFO
Address :	Aspen 105, Prestige St. Johns Wood, 80, St. Johns Cross Road, Bangalore – 560029, Karnataka, India
Date of Appointment :	30.05.2015
PAN No.:	AUNPS6751R
Name :	Bernadette Dominic
Designation :	Secretary
Address :	B-129, Budh Nagar, Inderpuri, New Delhi - 110012, India
Date of Appointment :	30.05.2015
PAN No.:	AOWPD1779B

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	265000	1.40
Bodies Corporate	5666080	29.93
Sub Total	5931080	31.33
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	30500	0.16
Bodies Corporate	5841570	30.86
Sub Total	5872070	31.02
Total shareholding of Promoter and Promoter Group (A)	11803150	62.36
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8003	0.04
Financial Institutions / Banks	250	0.00
Insurance Companies	332750	1.76
Foreign Institutional Investors	626469	3.31
Sub Total	967472	5.11
(2) Non-Institutions
Bodies Corporate	1640631	8.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3594316	18.99
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	722015	3.81
Any Others (Specify)	200516	1.06
Non Resident Indians	200266	1.06
Trusts	250	0.00
Sub Total	6157478	32.53
Total Public shareholding (B)	7124950	37.64
Total (A)+(B)	18928100	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	18928100	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing a wide range of paints in both decorative and industrial paint segments.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• State Bank of India
• Punjab National Bank
• Corporation Bank
• HDFC Bank Limited
• Indusind Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Bank	0.000	0.162
Term Loan - South Project	184.269	134.306
SHORT TERM BORROWING
Loans repayable on demand	1113.635	964.970
Total	1297.904	1099.438

NOTE

LONG TERM BORROWINGS

Secured by (i) first charge, ranking pari-passu , by way of an equitable mortgage on the land and building, and hypothecation of other fixed assets thereon, at the Company's factory at Nasik, Maharashtra (ii) first charge, ranking pari-passu, by way of hypothecation of plant and machinery at the Company's factory situated at Howrah, West Bengal (iii) second charge, raking pari-passu, on the fixed assets of the Company at its factory situated at Sikandarabad, Uttar Pradesh (iv) first pari passu charge by way of equitable mortgage of land and building of the Company situated at village-Chinnapuliyur, Taluka-Gummidipoondi, District - Thiruvallur, Tamil Nadu ; and hypothecation charge over plant and machinery to be purchased out of the term loan (v) Second pari passu charge on the entire current assets of the Company.

SHORT TERM BORROWINGS

Secured by (i) first charge , ranking pari passu (a) by way of hypothecation on the entire stocks and current assets of the Company (b) by way of equitable mortgage of land and building, and hypothecation of other fixed assets thereon, of the Company's factory, at Nasik, Maharashtra (c) by way of hypothecation of plant and machinery at the Company's factory situated at Howrah, West Bengal (ii) second charge, ranking pari passu,(a) on the fixed assets of the Company at its factory situated at Sikandarabad, Uttar Pradesh ( b) by way of equitable mortgage of land and building situated at village - Chinnapuliyur, Taluka-Gummidipoondi, District - Tiruvallur, Tamil Nadu; and hypothecation of plant and machinery to be purchased out of term loan.

Auditors :
Name :	Chaturvedi and Partners Chartered Accountant
Memberships :	--
Collaborators :	--
Subsidiary :	Shalimar Adhunik Nirman Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
4,00,00,000	Equity Shares	Rs. 2/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,89,28,100	Equity Shares	Rs. 2/- each	Rs. 37.856 Million
	Forfeited Shares		Rs. 0.001 Million
	Total		Rs. 37.857 Million

Reconciliation of Number of Shares and share capital

Particulars	31.03.2015
	No. of Shares	Rs. In Million
Number of shares vis-à-vis amount at the beginning	18928100	37.856
Add: Shares issued	--	--
Number of shares vis-à-vis amount at the end	18928100	37.856

Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs 2 each. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Detail of number of shares held by each shareholder holding more than 5% of the issued share capital.

Name of Shareholders	31.03.2015
	No. of Shares	Rs. In Million
Hind Strategic Investments	5841570	30.86
Hexa Securities and Finance Company Limited	1500000	7.92
Nalwa Sons Investments Limited (formerly Jindal Strips Limited)	1372590	7.92
Colorado Trading Company Limited	1224635	7.25
Nalwa Investments Limited	193855	6.31

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.857	37.857	37.857
(b) Reserves & Surplus	578.228	695.163	712.212
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	616.085	733.020	750.069
(3) Non-Current Liabilities
(a) long-term borrowings	184.269	134.468	70.530
(b) Deferred tax liabilities (Net)	0.000	17.747	25.798
(c) Other long term liabilities	2.820	3.370	5.429
(d) long-term provisions	74.730	77.831	69.722
Total Non-current Liabilities (3)	261.819	233.416	171.479
(4) Current Liabilities
(a) Short term borrowings	1113.635	964.970	810.463
(b) Trade payables	1577.027	1618.572	1643.440
(c) Other current liabilities	215.605	261.851	274.728
(d) Short-term provisions	0.607	1.043	16.891
Total Current Liabilities (4)	2906.874	2846.436	2745.522
TOTAL	3784.778	3812.872	3667.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	676.617	294.662	306.752
(ii) Intangible Assets	28.795	19.025	12.036
(iii) Capital work-in-progress	7.661	176.360	78.754
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.473	8.473	8.073
(c) Deferred tax assets (net)	24.893	0.000	0.000
(d) Long-term Loan and Advances	71.898	68.157	12.682
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	818.337	566.677	418.297
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1059.790	1213.526	1319.654
(c) Trade receivables	1501.091	1596.683	1544.761
(d) Cash and cash equivalents	9.333	44.629	151.584
(e) Short-term loans and advances	91.209	83.494	119.534
(f) Other current assets	305.018	307.863	113.240
Total Current Assets	2966.441	3246.195	3248.773
TOTAL	3784.778	3812.872	3667.070

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4332.692	4828.189	5016.685
	Other Income	23.965	64.828	1.332
	TOTAL	4356.657	4893.017	5018.017
Less	EXPENSES
	Cost of Materials Consumed	2678.353	3159.130	3428.327
	Purchases of Stock-in-Trade	317.077	362.406	236.699
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	75.803	(4.581)	(124.880)
	Employees benefits expense	366.979	382.142	287.142
	Other expenses	812.827	783.403	808.748
	Exceptional Items	0.000	0.000	21.178
	TOTAL	4251.039	4682.500	4657.214
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	105.618	210.517	360.803
Less	FINANCIAL EXPENSES	206.518	209.748	165.762
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(100.900)	0.769	195.041
Less/ Add	DEPRECIATION/ AMORTISATION	47.576	36.771	38.409
	PROFIT BEFORE TAX	(148.476)	(36.002)	156.632
Less	TAX	(42.636)	(8.051)	46.451
	PROFIT AFTER TAX	(105.840)	(27.951)	110.181
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	30.614	30.466	20.611
	TOTAL EARNINGS	30.614	30.466	20.611
	IMPORTS
	Raw Materials	220.700	269.900	382.880
	TOTAL IMPORTS	220.700	269.900	382.880
	Earnings Per Share (Rs.)	(5.59)	(1.47)	5.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.162	0.146	0.226
Cash generated from operations	379.220	103.704	256.368
Net cash flow from (used in) operation	NA	NA	NA

QUARTERLY RESULTS

(Rs. In Million)

PARTICULARS	30.06.2015 (Unaudited)
Net Sales	863.400
Total Expenditure	826.800
PBIDT (Excl OI)	36.600
Other Income	0.040
Operating Profit	37.000
Interest	53.400
Exceptional Items	NA
PBDT	(16.400)
Depreciation	12.200
Profit Before Tax	(28.600)
Tax	(7.600)
Provisions and contingencies	NA
Profit After Tax	(21.000)
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	(21.000)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(2.44)	(0.58)	2.20
Operating Profit Margin (PBIDT/Sales)	(%)	2.44	4.36	7.19
Return on Total Assets (PBT/Total Assets}	(%)	(3.97)	(0.99)	4.37
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.05)	0.21
Debt Equity Ratio (Total Debt /Networth)		2.11	1.50	1.17
Current Ratio (Current Asset/Current Liability)		1.02	1.14	1.18

STOCK PRICES

Face Value	Rs. 2.00/-
Market Value	Rs. 95.70/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	37.857	37.857	37.857
Reserves & Surplus	712.212	695.163	578.228
Share Application money pending allotment	0.000	0.000	0.000
Net worth	750.069	733.020	616.085
long-term borrowings	70.530	134.468	184.269
Short term borrowings	810.463	964.970	1113.635
Current Maturities of Long Term Debt	0.226	0.146	0.162
Total borrowings	881.219	1099.584	1298.066
Debt/Equity ratio	1.175	1.500	2.107

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5016.685	4828.189	4332.692
		(3.757)	(10.263)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5016.685	4828.189	4332.692
Profit	110.181	(27.951)	(105.840)
	2.20%	(0.58%)	(2.44%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478340	13/01/2014	250,000,000.00	INDUSIND BANK LTD.	INDUSIND HOUSE 425, DADASAHEB BHADKAMKAR MARG,  MUMBAI, Maharashtra - 400004, INDIA	B96702113
2	10460181	31/10/2013 *	300,000,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194, Sir M  V Road Western Express Highway, Andheri (E), Mumbai, Maharashtra - 400069, INDIA	B89856801
3	10047975	30/01/2012 *	300,000,000.00	PUNJAB NATIONAL BANK	18A, BRABOURNE ROAD, KOLKATA, West Bengal - 700001, INDIA	B32241713
4	10034926	18/03/2013 *	170,000,000.00	CORPORATION BANK	CANNING STREET BRANCH, 86, B R B BASU ROAD, 2ND FLOOR, KOLKATA, West Bengal - 700001, INDIA	B72859127
5	90256198	28/07/2014 *	2,070,000,000.00	State Bank of India	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M  V Road Western Express Highway, Andheri (E), Mumbai, Maharashtra - 400069, INDIA	C14496020
6	90255848	05/10/2012 *	1,018,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, ANDHERI 102, NATRAJ, 194, SIR M.V ROAD, ANDHERI (E), MUMBAI, Maharashtra - 400069, INDIA	B61023008
7	90255840	01/07/2014 *	250,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	8TH FLOOR, CONSTANTIA BUILDING, 11, U. N. BRAHMAC  HARI STREET, KOLKATA, West Bengal - 700017, INDIA	C13658422

* Date of charge modification

COMPANY OVERVIEW

Shalimar Paints incorporated in the year 1902, is the first paint company in India. The name Shalimar symbolises more than a century of experience in providing paint solutions for decorative as well as industrial. It has a network of 57 branches and depots spread across the country. It has a strong and robust network of more than 8000 dealers. The Company has manufacturing facilities at multiple locations. These units have ISO 9000 accreditation for its quality management. The Company has a wide product range in both Decorative as well as Industrial paint segments. The decorative segment offers an extensive product range for the interior and exterior category. The Company has been a pioneer in the industrial paint segment by virtue of its R&D strength. Our industrial paints enhance the life of assets like Plant and Machinery, National Infrastructure appliances, Pipelines, Construction machinery, Ships, Buildings. Shalimar Paints is conscious for health, safety and the environment. Their endeavour is to operate all the plants and facilities in a manner to ensure a clean and healthy environment and also to strive to achieve reduction of wastage and ensure optimize resource utilization through source reduction, recycle or reuse of waste by imparting training and education to all employees and customers to work in a manner which maximizes protection of the environment.

REVIEW OF OPERATIONS AND STATE OF COMPANY'S AFFAIRS

A lot of initiatives were taken during the year to prepare the company for an accelerated growth. However, due to the unfortunate fire accident at Howrah plant, production at Howrah plant was compromised which adversely affected the financial performance of the Company for the year 2014-15. During the FY 2014-15, the Company suffered a loss (after tax) of Rs. 105.840 Million as against loss (after tax) of Rs. 27.951 Million in the previous year. The total revenue from operations and other income of the Company for the FY 2014-15 stood at Rs. 4856.447 Million as against Rs. 5460.717 Million in the previous year. However, in the current year, the Company is consolidating its position and it will lead to improvement in its bottom-line. New products were launched in the decorative paint segment in the interior as well as exterior paint category. The industrial paint segment also saw the addition of new product categories.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Excise Duty	29.371	31.533
Bank Guarantee	147.910	153.084
Sales Tax	57.604	43.218
Claims against the Company not acknowledged as debt (to the extent ascertained)*	7.436	5.662
Income Tax	4.795	1.106
Total	247.116	234.603

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. in million)

Sr. No.	Particulars	Quarter Ended
		30.06.2015
		Unaudited
Part I
1.	Income from Operations
	a) Net Sales / Income from Operations	860.700
	b) Other Operating Income	2.700
	Total Income from Operations (net)	863.400
2.	Expenditure
	a) Cost of materials consumed	529.200
	b) Purchase of stock-in-trade	85.200
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(48.800)
	d) Employee benefits expense	86.900
	e) Depreciation and amortisation expense	12.200
	f) Power and Fuel Charges	0.000
	g) Other expenses	174.300
	Total Expenses	839.000
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	24.400
4.	Other Income	0.400
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	24.800
6.	Finance Costs	53.400
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	(28.600)
8.	Exceptional items	--
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	(28.600)
10.	Tax expenses	(7.600)
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	(21.000)
12.	Extraordinary items	--
13.	Net Profit / (Loss) for the period (11+12)	(21.000)
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	37.900
15.	Reserve excluding Revaluation reserve	--
16.	Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted	(1.11) (1.10)
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	7124960
	- Percentage of Shareholding	37.64%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	11803140
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	62.36%

PARTICULARS	For the quarter ended 30^th June 2015
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	4
Disposed during the quarter	4
Remaining unresolved at the end of the quarter	Nil

Note:

1. The above results were reviewed by the Audit Committee, and approved by the Board of Directors at its meeting held on of July 20, 2015.

2. The limited review of above unaudited results as required under Clause 41 of the listing agreement has been carried out by the statutory auditors.

3. The Company operates mainly in one business segment i.e. Paints.

4. The Nomination and Remuneration Committee of the Board of Directors of the Company, during the financial year 2013-2014 financial year 2014-15 granted ESOP to employee, in pursuance o ESOP scheme, 2013 of the Company. The effect of such grants is being reflected in the Basic and Diluted EPS.

5. Previous years and previous quarter’s figures have been rearranged/ regrouped wherever necessary.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fittings
• Office Equipment
• Motor Vehicles
• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.23
UK Pound	1	Rs. 101.22
Euro	1	Rs. 74.33

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.