Shalimar Paints Ltd. — Audit Report / Information 2020

Jun 30, 2020

June 30, 2020

BSE Limited Corporate Relationship Department, 1^st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 National Stock Exchange of India Ltd Exchange Plaza, 5^th Floor, Plot No. C/1, G- Block Bandra Kurla Complex, Bandra (E), Mumbai - 400051

Sub: Outcome of Board Meeting of Shalimar Paints Limited ("Company") held on June 30, 2020

Ref: Disclosure under Regulation 30 and 33 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")

(Scrip Code: BSE - 509874, NSE - SHALPAINTS)

Dear Sir/Ma'am,

This is in continuation to our letters dated March 28, 2020 and June 17, 2020.

We wish to inform you that pursuant to the applicable provisions of the SEBI Listing Regulations, the Board of Directors of Shalimar Paints Limited (the "Company") at its meeting held today, i.e. June 30, 2020, inter alia, considered and approved:

1. Audited financial results of the Company for the financial year ended 31^st March, 2020, both on standalone and consolidated basis, duly reviewed by the Audit Committee. Copies of the aforesaid audited financial results along with the Auditor's Report(s) thereon are enclosed herewith as Annexure-1

We also hereby declare that M/S A K Dubey & Company, Chartered Accountants, the Statutory Auditors of the Company have given un-modified opinion for the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended 31st March, 2020.

1. On the recommendation of the Nomination and Remuneration Committee and subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company, the Board of Directors has approved re-appointment of Mr. Alok Perti (DIN: 0475747), as Non-Executive Independent Director of the Company for a second term of 3 (three) consecutive years w.e.f. 30^th June, 2020. Detailed disclosure as required under Regulation 30 of SEBI Listing Regulations is enclosed as Annexure - 2.

$1.50$ The meeting commenced at 12:00 Noon and concluded at $p.m.$

You are requested to kindly take the above information on record.

Thanking You For Shalimar Paints Limited

(Company Secretary)

Shalimar Paints Ltd. Corporate Office: 1* Floor, Plot No. 28, Sector 32, Gurugram - 122001, Haryana Regd. Office: Stainless Centre, 4^th Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. Call: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 Email Id: askus@shalimarpaints.com. Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

Independent Auditor's Report on Consolidated Annual Financial Results of Shalimar Paints Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Shalimar Paint Limited

Opinion

• 1. We have audited the accompanying consolidated annual financial results ('the Statement') of Shalimar Paints Limited, the Holding/Parent company ( herein after referred to as 'the Company') and its subsidiarles- Shalimar Adhunik Nirman Limited & Eastern Speciality Paints & Coating Private Limited (the Company and its subsidiaries together referred to as 'the Group') for the year ended 31 March 2020, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time.
• $\overline{2}$ In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiaries, as referred to in paragraph 9 below, the Statement:
• $(0)$ includes the annual financial results of the subsidiaries;
• (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
• (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net loss after tax and other comprehensive income and other financial information of the Group for the year ended 31 March 2020.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 9 of the 'Other Matter' section below, is sufficient and appropriate to provide a basis for our opinion.

Regd. Off.: Fjord Tower, Flat # 19A2, 1925, Chakgaria, Hiland Park, Kolkata - 700094; 2 (91)(033) 4071-6096; 2462-6148; E-mail : akdubeyco@gmail.com Support Office: 86, Raja Basanta Roy Road, Kolkata - 700029; ft (91)(033) 2465-5912; 4008-9349 Branch Office : 18, R N Tagore Road, P.O. - Berhampore, Dist. - Murshidabad, Berhampore - 742 101

Responsibilities of Management and Those Charged with Governance for the Statement

• This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited consolidated financial statements for the year ended March 31, 2020 and interim consolidated financial information for the quarter ended March 31, 2020, being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
• The respective Board of Directors of the Companies included in the Group are responsible for maintenance of $5$ adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• * Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• . Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.
• * Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• . Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matter

We did not audit the annual financial statements of two subsidiaries included in the Statement, whose financial 9 information reflects total assets of Rs. 2729.24 lakh as at 31 March 2020, and total revenues of Rs 2.07 lakh, total net loss after tax of 30.84 lakh, total comprehensive loss of Rs 30.84 lakh, and cash outflows (net) of Rs 0.02 lakh for the year ended on that date, as considered in the Statement. These annual financial statements have been audited by other auditors whose audit reports have been furnished to us by the management. and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the audit reports of such other auditors, and the procedures performed by us as stated in paragraph 7 above.

Our opinion, in so far as it relates to the balances and affairs of these subsidiaries, is based on the audit report of other auditors and the conversion adjustments prepared by the management of the Company (Holding/Parent Company) and audited by us. Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the results for the Quarter ended March 31, 2020 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our opinion is not modified in respect of this matter.

Place: Kolkata Date: 30th June, 2020

For A K Dubey & Co. Chartered Accountants Firm Registration No. 329518E

Arun Kumar Dubey

Partner Membership No.- 057141
UDIN: 20057141 AAAAAT 4900

AK DUBEY & CO Chartered Accountants

Independent Auditor's Report on Standalone Annual Financial Results of Shalimar Paints Limited Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Shalimar Paints Limited

Opinion

• 1. We have audited the accompanying standalone annual financial results ('the Statement') of Shalimar Paints Limited ('the Company') for the year ended 31 March 2020, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
• (i) presents financial results in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations; and
• (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net loss after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2020.

Basis for Opinion

З. We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in Auditor's Responsibilities section below. We are independent of the Group, and its associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Regd. Off.: Fjord Tower, Flat # 19A2, 1925, Chakgaria, Hiland Park, Kolkata - 700094; 2 (91)(033) 4071-6096; 2462-6148; E-mail : akdubeyco@gmail.com Support Office: 86, Raja Basanta Roy Road, Kolkata - 700029; 空 (91)(033) 2465-5912; 4008-9349 Branch Office : 18, R N Tagore Road, P.O. - Berhampore, Dist. - Murshidabad, Berhampore - 742 101

Responsibilities of Management and Those Charged with Governance for the Statement

• This Statement, which includes the Standalone Financial Results is the responsibility of the Company's Board 4. of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited standalone financial statements for the year ended March 31, 2020, and interim financial information for the quarter ended March 31, 2020 being the balancing figure between audited figures in respect of the full financial year and the audited year to date figures up to the third quarter of the current financial year. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
• 1. In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery , intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
• * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• . Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• $\blacksquare$ Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fallpresentation.
• 1. Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

1. The Statement includes the results for the quarter ended 31 March 2020, being the balancing figures between the audited figures in respect of the full financial year and the published audited year- to-date figures up to the third quarter of the current financial year which were subject to limited review by us. Our opinion is not modified in respect of this matter.

Place: Kolkata Date: 30th June, 2020

For A K Dubey & Co. Chartered Accountants Firm Registration No. 329518E

Yun Kumar Dubey Partner Membership No.- 057141 UDIN: 20057141 AAAAAU6839

Shallmar Paints Limited Audited Cash Flow Statement

(All amounts are in Rupees Crore, unless otherwise stated)

	Standalone (Year Ended)		Consolidated (Year Ended)
	31.03.2020	31.03.2019	31.03.2020	31.03.2019
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit / (Loss) Before Tax	(55.85)	(108.89)	(56.16)	(109.18)
Adjustments for:
Depreciation, amortization and impairment expenses	10.84	8.76	10.85	8.78
Net (Gain) / Loss on Sale of Property. Plant & Equipment		0.21		0.21
Net (Gain) / Loss on Sale/ Fair valuation of investment	(0.04)	(0.05)
Bad debts/Provision for doubtful Debts Written Back	26.54	24.41	26.54	24:41
Change in inventory valuation		11.55		11.55
Provision for insurance claim receivables		4.12	× ×	4.12
Other receivable written off		0.16		0.16
Adance to vendors/employees written off	(0.02)		(0.02)	(0.06)
Employee stock option expenses Finance Costs	19.85	(0.06) 25.05	19.85	25.05
interest income	(0.93)	(1.81)	(0.66)	(1.59)
Operating Profit/(loss) before Working Capital changes	0.39	(36.55)	0.40	(36.55)
Adjustments for:
Trade Receivables	1.20	(18.26)	1.20	(18.26)
Other receivable	(2.64)	9.83	(2.34)	10.09
inventories	(15.26)	(8.90)	(15.26)	(8.90)
Trade Payable (incl LC)	(3.58)	(36.89)	(3.58)	(36.89)
Trade & other Payables	10.41	(3.41)	10.35	(3.42)
Cash generated (used) in /from Operations before tax	(9.48)	(94.18)	(9.23)	(93.93)
Direct Taxes (paid)/refund (net)	(0.08)	(0.06)	(0.08)	(0.06)
Net cash flow (used) in/ from Operating Activities	(9.56)	(94.24)	(9.31)	(93.99)
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment/ Intangible Assets
including Capital Advances	(32.79)	(33.23)	(32.77)	(33.25)
Interest/other income Received	1.36	1.34	1.09	1.12
Movement in Margin money/Fixed deposits	3.79	(1.58)	3.79	(1.58)
Net cash flow (used) in/ from Investing Activities	(27.64)	(33.47)	(27.89)	(33.71)
C. CASH FLOW FROM FINANCING ACTIVITIES
Issue of Share capital	5.70	250.61	5.70	250.61
Proceeds from /(repayment) of Borrowings (net)- Long term	(5.48)	(3.51)	(5.48)	(3.51)
Right Issue Expense		(1.00)		(1.00)
Proceeds from /(repayment) of Borrowings (net)- Short term	(26.13)	(23.21)	(26.13)	(23.21)
Finance Costs	(19.85)	(25.00)	(19.85)	(25.02)
Net cash (used) in/ from Financing Activities	(45.76)	197.89	(45.76)	197.87
Net cash (used) in/ from Operating, Investing & Financing
Activities	(82.96)	70.18	(B2.96)	70.18
Opening balance of Cash and Cash equivalent	BS 71	15.52	85.76	15.58
Closing balance of Cash & Cash equivalent	2.75	85.70	2.80	85.76
Cash Balance on Hand lb.	$\sim$	0.04	×	0.04
(ii) Balance with Banks:				$\sim$
-In Current Accounts	0.32	55.11	0.37	55.17
-Bank deposits with maturity of less than 3 months	2.43	30.55	243	30.55
Total	2.75	85.70	2.80	85.76

Place: Kolkata Date: June 30, 2020

$\frac{1}{26}$ KOLKATA ģ, p ACC

For and on behalf of the Board

ASHOK KUMA
GUPTA
Ashok Kumar Gupta
Managing Director
DIN: 01722395

Shalimar Paints Limited Audited Standalone and Consolidated Statement of Assets and Liabilities

(All amounts are in Rupers Crore, unless athenvise stated)

	Standalone		Consolidated
	As at	As at	As at	As at
	March 31, 2020	March 31, 2019	March 31, 2020	March 31, 2019
ASSETS
Non-current assets
Property, Plant and Equipment.	261.11	215.74	28833	242.97
Right-of-use-assets	0.84	1.42	0.84	1.42
Capital work-in-progress	0.10	23.56	0.10	23.58
Investment Property
Intangible assets	5.48	1.33	5.48	1.33
Financial Assets
i) Investments	0.82	0.78
ii) Loans	9.16	9.12	1.66	1.91
iii) Other financial assets		0.31		0.31
Deferred tax assets (net) Other non-current assets	48.39 0.17	30.49 4.38	45.91 0.17	28.01 4,38
Current assets Inventories	86.62
Financial Assets		71.36	86.62	71.36
ij Trade receivables	71.50	99.01	71.50	99.01
ii) Cash and cash equivalents	2.75	85.71		85.76
iii) Bank balances other than (ii) above	1.76	5.24	2.81 1.77	5.25
iv) Other financial assets	8.46	10.58	8.46	10.58
Current Tax Assets (Net)	2.92	2.83	2.92	2.83
Other current assets	19.51	15.47	19.51	15.52
Total Assets	519.59	577.33	536.08	594.22
EQUITY AND LIABILITIES
Equity
Equity Share Capital	10.86	10.73	10.86	10.73
Other Equity	245.56	277.74	262.01	294 53
LIABILITIES
Non-current liabilities
Financial Liabilities
i) Borrowings	18.20	18.09	18.20	18.09
ii) Lease Liabilities	0.92	1.47	0.92	1.47
iii)Other financial liabilities	1.44	1.14	1.44	1.10
Provisions	6.13	6.03	6.13	6.03
Current liabilities
Financial Liabilities
()Borrowings	100.70	126.83	100.70	126.83
ii)Trade payables Outstanding dues to Micro, Small and
Medium Enterprises	6.43	10.66	6.43	10.66
Outstanding dues to trade payables other than Micro, Small and Medium Enterprises	89.68	86.98	89.68	86.98
iii)Other financial liabilities	30.14	29.53	30.15	29.62
Other current liabilities	\$05	3.60	5.06	3.65
Provisions	448	453	4.48	4.53
Total Equity and Liabilities	519.59	577.33	536.08	594.22

Place: Kolkata Date: June 30, 2020

₳

Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram - 122001, Haryana

For and on behalf of the Board

ASHOK KUMAR NE SER Ashok Kumar Gupta Managing Director DIN: 01722395

Shalimar Paints Limited

Statement of Standalone Financial Results for the Quarter and Year ended March 31, 2020 (the in Crore wecapt for Shares and EPS)

			Quarter Ended			Year Ended
SN	Particulars	\$1.09.2020 (Audited)	91.13.2019 Hieraustrali	31.03.2019 (Auditori)	31.03.2020 (Audited)	11.03.2019 University
	Revenue from operations	83.43	93.28	89.51	\$43.85	287.62
	Other Income	0.65	0.37	1.32	1.42	2.80
	Tukat Insurrie	84.08	83.65	00.83	\$45.27	295.97
٠	Expenses
	all Cost of material consumed	55.60	55.61	52.71	218.58	193.93
	b) Purchase of Stock-in-Trade	6.30	7.83	7.17	24.90	39.91
	z) Changes in inventories of financed goods, work-in- prograss and stock in trade	(0.00)	(1.94)	13.45	(11.20)	7.82
	di Emaloyee benefits expenses	12.98	1243	10.80	48.58	41.00
	Finance costs	5.42	5.14	636	19.85	11.05
	6 Depreciation & amortisation expenses	8.31	2.78	2.34	10.64	4.76
	El Other Fripences ve	47.57	18.97	45.69	96.42	86.75
	Total Expenses	125.58	101.06	111.53	406.07	38113
٠	Profit/Loss before exceptional Rems and Tax (1-4)	(41.90)	(7.43)	142,701	062 601	893 711
a	Exceptional Items Expenses m. Incomes	(7.05) 14.00	$\sim$ ٠	111.55	(7.05) 14:00	(15.68)
J.	Profit/Loss before and tax (5-6)	(54.95)	(7.415)	(54.25)	(55.85)	(106.89)
٠	Tay Expenses	(12.66)	(2.27) 15.141	(10.95) (45.30)	(17.97) (57.88)	(27.329 (81.57)
٠ 10	Profit/Loss for the period (7-6) Other Comprehensive Income/Expense	(22.29)
	thems that will not be reclassified to profit or dotal met of tan3	-0.02	0.14	69.48	0.15	IO STH
11	Tatal Comprehensive Income (9+10)	(22.27)	(5.00)	(43.78)	137,731	(87 14)
12	Paid-up equity share capital (Face Value of Rs 2 per share)	10.86	10.85	10.73	10.86	10.73
28	Other Equity				245.56	272,74
34	Earning per share (of As. 2 each) Basic	14.108	80.951	講楽所	14.581	(15.21)
	Diluted*	(4.10)	(0.951)	IS.07	16.989	(15.233)
	IEPS for the querter not annualized) TANK Milviller

** Other Expenses includes provision for doubthal debts amounting to its. 26.54 Cr.

Notes :

• 1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 30, 2020.
     2. These financials results have been prepared in accordance with the Companies Undian
• This stationent is as per Regulation 13 of SEBI (Listing Onligations and Disclosure Requisivenets) Regulations, 2015
  The Company hex vologing will AS 116"Leases" effective from 1 April 2019, as notified by the Manistry of ×
• 5 On 4th Jan 2019, The company has allothed 8,11,43,042 equity shares of face value Rs. 2/-sach at the price of Bs. 64.50/- por share finduding premium of Bs.
  62.50/- per shared aggregating to Bs. 200.87 Grore to the eligi Proceeds from the right issue have been utilized in the following manner.

Particulars STATISTICS	Proposed to be utilized as per Letter of offer	Propoced to be uriliand frewised)*	Utilized during the financial year 2018-19	Utilized during the financial year 2019-20	To be utilized
Project of reinstatement of paint manufacturing plant at
Nischük	45.68	44.92	30.35	22.10	2.46
Setting up of Regional Distribution Centre (RDC) at Nashik.	345	0.60		0.40	0.00
Lorigi Term Winking Capital Requirements	417.38	121.14	47.0%	34.05	0.00
General Corporate purposes	34.15	34.15	37.37	22.79	0.00
Expenses for Rights Issue	0.26	0.26	0.26		0.00
Total	200.87	300.87	119.07	79.34	2.46

project (including RDC) cost. W.

property incomended and the state of the state of the state of the company, were impacted, due to shuldows of all its plents and
Discussions tollowing renormede lockdown by the Government of India. The Company has resumed indicators of future entropriis conditions, there is no significant impact on its financial statements at at 11st March 2020. The management does not see any
medium and long term ridia in the Company's ability to continue

¥.

Shalimar Paints Limited

Statement of Consolidated Financial Results for the Quarter and Year ended March 31, 2020

[ Rs in Crore except for Shares and EPS ]

		Year Ended Quarter Ended
5N	Particulars	31.03.2020	31.12.2019	31.01.2019	31.01.2020	31.03.2019
		[Audited]	Illmaudited	(Audited)	IAudited	(Audited)
1	Revenue from operations	83.43	33.28	89.51	343.85	287.62
2	Other Income	0.57	0.30	1.25	1.13	2.04
3	Total Income	84.00	83.58	90.76	344.98	289.66
٠	Expenses
	a) Cost of material consumed	56.60	55.61	52.71	218.58	193,93
	b) Purchase of Stock-in-Trade	6.10	7.85	7.17	24.50	19.31
	c) Changes in inventories of firished goods, work-in- progress and stuck in trade	(6.00)	(1.94)	13.46	(11.20)	7.82
	d) Employee benefits expenses	12.98	12.65	10.80	48.68	42.01
	e) Fessivoe costs	5.42	5.14	6.36	19.85	25.05
	Deprediation & americation expenses n	3.31	2.76	2.35	10.85	8.77
	#1 Other Expenses**	47.56	18.97	40.70	96,42	86.77
	Total Exponses	125.97	101.06	133.55	408.08	383.16
š ٠	Profit/Loss before exceptional items and tax (3-4) Exceptional Items	(41.97)	(7.48)	(42.79)	(63.10)	(93.50)
	Expenses аà	(7.05)	٠	(11.55)	(7.05)	(15.68)
	ы Incomes	14.00			14.00
7	Profit/Loss before and tax (5-6)	(35.02)	(7.48)	(54.34)	(56.15)	109.188
ä	Tax Expenses	112,661	(2.27)	(10.98)	(17.97)	(27.40)
9 10	Profit/Lass for the period (7-8) Other Comprehensive Income/Expense	122.361	(5.21)	(43.86)	(36.18)	(81,78)
	items that will not be reclassified to profit or Dous inet of taxi	0.02	0.14	(0.48)	0.15	69-571
11	Total Comprehensive Income (9+10)	(22.34)	(5.03)	(43, 84)	(38.03)	(82.35)
12	Paid-up equity share capital (Face Value of Rs 2 per share).	10.86	10.96	10.73	10.86	10.73
13	Other Equity				262.01	294.54
14	Earning per share (of Rs. 2 aach)
	Basic	(4.12)	(0.96)	18.085	17.031	(15.24)
	Diluted*	(4.12)	(5.96)	(8.08)	(7.53)	(15.24)
	(EPS for the quarter not annualised)

*Anti-dilu

** Other Expenses includes provision for doubtful debts amounting to Rs. 26.54 Cr.

Notes:

The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 30, 2020. $\mathbf{x}$

2 These financials results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (and AS) prescribed under section 133 of the Companies Act, 2013 and the other recognised accounting practices and policies to the extent applicable

This statement is as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. $\mathbf{r}$ Ind AS 136 "Leases" effective from 1 April 2015, as notified by the Melatry of Corporate Affairs (MCA) in the Companies (Indian Accounting Standards)
Amendments Rules ,2019, using retrospectively method has been followed. $\overline{A}$

5 On 4th Jan 2019, The parent company has allotted 3,11,43,042 equity shares of face value Rs. 2/- each at the price of Rs. 64.50/-per share (including

premium of Rs. 62.50/- per shares) aggregating to Rs. 200.87 Crons to the visible existy shareholders on right issues the ratio of 3 equity shares for avary
Preceeds from the right issue have been utilised in the following

Particulars	Propinsed to be utfined as per Letter of offer	Proposed to be utilised (revised)*	Utilised during the financial year 2018-19	Utilised during the financial year 2019-20	To be utilized
Project of reinstatement of paint manufacturing plant at Nachik.	4566	4492	20.95	22.10	2.46
Setting up of Regional Distribution Centre (RDC) at Nathik	3.40	0.40		0.40	0.00
Long Term Working Capital Requirements	117.98	121.14	87.09	34.05	0.00
General Corporate purposes	34.15	34.15	11.37	32.79	0.00
Expenses for Rights Issue	026	0.26	0.26		0.00
Total	300.67	200.87	119.07	70.34	3.46

*There is increase in the allocation of funds towards Long Term Working Capital Requirement, and the same has been allocated through reduction in Nashli oroled (including RDC) cost
Due to owlbreak of pandemic COVID 19 globally and in India, the operations of the Company, were impacted, due to shutdown of all its plants and

office/depots following nationwide tockdown by the Government of India. The Company has resumed operations in a phased manner as per directives from the Government of india. The Company has evaluated impact of this pandemic on its business specialists and financial position and based on its review of correct.
Indicators of future economic conditions, there is no significan medium and long term notes in the Company's ability to continue as going concern and meeting its liabilities as an when they fall due. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration, and accordingly the impact may be different from that estimated as at the date of approval of these financial statements.

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

ö

8 Previous year's/ quarter's/period's rigures have been rearranged/ regrouped wherever considered necessary.

$\infty$

1

KOLKATA

EDACO

Place: Kolkuta Date: June 30, 2020

For and on behalf of the Board ASHOK KUMAR GLIPTA Ashak Kumar Gupta

SHALIMAR PAINTS LIMITED REGULATION 47 (1)(b) OF SEBI (LODR) REGULATIONS, 2015 EXTRACTS OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020

E Robert

		Consolidated Financial Results
Sr.		Quarter Ended				Year Ended
No.	Particulars	31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Total income from Operations	83.43	93.28	89.51	343.85	287.62
2	EBITDAR	(33.23)	0.42	(54.08)	(32.40)	(59.68)
з	Net Profit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items)**	(41.97)	(7.48)	(42.79)	(63.10)	(93.50)
a	Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items)	(35.02)	(7.48)	(54.34)	(56.15)	(109.18)
s.	Net Profit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items)	(22.56)	(5.21)	(43, 36)	(38.18)	(81.78)
6	Total Comprehensive Income for the period (Comprising Profits /(Loss) for the period (after tax) and other Comprehensive Income (after tax)	[22.34]	(5.07)	(43.84)	(38.03)	(8235)
	Paid up Equity Share Capital (Face Value of Rs. 2/- each)	10.86	10.86	10.73	10.96	10.73
в	Other Equity				262.01	294.54
9	Earnings Per Share ( Face Value of Rs. 2/- each) (for continuing and discontinued operations)-
	Basic	(4.12)	(0.96)	(8.08)	(7.03)
	Dituted*	(4.12)	(0.96)	(8.06)	(7.03)	(15.24) (15.24)

	Standalone Financial Information
Sr. No.			Quarter Ended		For the Year Ended
	Particulars	31.03.2020 (Audited)	31,12,2019	31.03.2019	31.03.2020 (Audited)	31.03.2019 (Audited)
			(Unaudited)	(Audited)
	Total Income from Operations	83.43	93.28	89.51	943.85
	EBITDAM	(33.16)				287.62
	Net Profit for the period before tax**		D.49	(34.00)	(32.11)	(59.40)
		(34.95)	(741)	(54.25)	(55.85)	108.89
	Net Profit for the period after tax	(22.29)	(5.14)	(43.30)	(37.88)	(81.57)

* Anti-dilutive

** Includes provision for doubtful debts amounting to Rs. 26.54 Cr.

EBITDA= Earning before Interest, Tax and Depreciation & Amortization

Notes:

1. The above is an extract of the detailed format of Quarterly and annual Financial Results for the quarter and year ended March 31, 2020, filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly and annual Financial Results for the quarter and year endded March 31, 2020, is available on the website of Stock Exchanges at (www.bseindia.com / www.nseindia.com) as well as on the Company's Website at (www.shalimarpaints.com).

2. On 4th Jan 2019, The parent company has allotted 3,11,43,042 equity shares of face value Rs. 2/- each at the price of Rs. 64.50/- per share (including premium of Rs. 62 50/- per shares) aggregating to Rs. 200.87 Crore to the eligible equity shareholders on right basis in the ratio of 3 equity shares for every 2 equity shares held

Proceeds from the right issue have been utilised in the following manner -

Particulars	Proposed to be utilised as per Letter of offer	Proposed to be Utilised during Utilised during utilised (revised)*	the financial year 2018-19	the financial year 2019-20	To be utilised
Project of reinstatement of paint manufacturing plant at Nashik	45.68	44.92	2035	22:10	2.45
Setting up of Regional Distribution Centre (RDC) at Nashik	3.40	0.40		0.40
Long Term Working Capital Requirements	117.38	121.14	87.09	34.05
General Corporate purposes Expenses for Rights Issue	34.15	34.15	11.37	22.79
Total	0.26	0.26	0.26		0.00
	200.87	200.87	456 AT	70.22

*There is increase in the allocation of funds towards Long Term Working Capital Requirement, and the same has been allocated through reduction in Nashik project (including

1. These Consolidated Unaudited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on June 30, 2020. Limited Rhview of these results are in accordance with Regulation 33 of SEBI (LODR) Regulations. 2015 has been carried out by the Statutory Auditors.

KOLKATA Ω Shallmar Paints Ltd.

For and on behalf of the Board

ASHOK KUMAR GUPTA Ashok Kumar Gupta Managing Director DIN: 01722395

Place: Kolkata Date: June 30, 2020

Annexure 2

S. No.	Particulars	Mr. Alok Perti (DIN 0475747)
1	Reason for change viz. appointment, resignation, removal, death or otherwise	Re-Appointment of Mr. Alok Perti, as Non- Executive Independent Director of the Company.
$\overline{2}$	Date of appointment/cessation (as applicable) & of term appointment	Re-appointed as Non-Executive Independent Director for a second term of three consecutive years w.e.f. 30 th June, 2020.
3	Brief profile (in case of appointment)	Mr. Alok Perti holds a master's degree in physics. Mr. Perti has also completed a master's course in Social Planning & Policy in Developing Countries from the London School of Economics and Political Science. He joined Indian Administrative Service in 1977 and has worked in various capacities with the Central Government and the Assam Government. He was on the board of several Defence PSUs as official director, where he worked as Joint Secretary in Ministry of Defence. He was also Official director on the board of CIL and NLC when he was serving in the Ministry of Coal. He was also chairman of the Expert Appraisal Committee of the Ministry of Environment and Forest for Hydro-electric and river projects. Apart from this he is also the Director General of the Indian Association of Ammonium Nitrate Manufacturers. Presently he is on the board of IIFCL Projects Ltd, which is a PSU.
4	Disclosure of relationships between directors (in case of appointment of a director).	Mr. Alok Perti is not related to any other Director of the Company.