Shalimar Paints Ltd. — Audit Report / Information 2021

Aug 13, 2021

August 13, 2021

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

Reference Scrip Code- NSE-SHALPAINTS, BSE-509874 Subject- Submission of Report of Monitoring Agency

Dear Sir/Madam,

Please find enclosed report of Monitoring Agency in relation to the Right Issue, given by State Bank of India, Industrial Finance Branch 102 Natraj, 194, Sir, M.V Road, W.E Highway-Metro Junction, Andheri (E) Mumbai-400069, along with the Board Comments.

We request you to kindly take the same on records and acknowledge the receipt.

This is for your information and records.

Thanking you For Shalimar Paints Limited

Mohit KumarDonter. Chief Financial Officer

Shalimar Paints Ltd. Corporate Office : ist Floor, Plot No. 28, Sector 32, Gurugram 122001, Haryana & SHALIMAR | Regd. Office: Stainless Centre, 4th Floor, Plot No. 50, Sector- 32, Gurugram-122001, Haryana [India) PAINTS | Bs +91 124 461 6600 F: +91 124 461 6659 | E: askus@shalimarpaints.com | www.shalimarpaints.com | CIN: L24222HR1902PLC065611

Shalimar Paints Ltd. Stainless Centre, 4th Floor. Plot No 50, Sector- 32. Gurugram, Haryana, India, Pin: 122001. YL

Letter No: IFBA/JAMT-I/2021-22) <p & Date: 03.08.2021

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY

With reference to the above, please find enclosed report of the Monitoring Agency as on 30.06.2021 for the Right Issue proceeds in the prescribed format.

Yours faithfully,

AGM & Relationship Manager-|

® bank.sbi

& +91 22 2681 9700 +91 22 2682 3370 / 2682 1310 +91 22 2683 3001 / 2683 1648 & sbi.04732@sbi.co.in

102, 7eTT, 194, AT Wat. ATT, Wg. Ael-Fet stag, siett (aa), Has - 400 069.

102, Aes, 194, AX W.St. ant, Wg. AM-Ael siaers, sia (aa), Was - 400 069.

Industrial Finance Branch, Andheri, 102, Natraj, 194, Sir M.V. Road, W.E. Highway-Metro Junction, Andheri (E), Mumbai - 400 069.

S.K. BADJATYA & CO. CHARTERED ACCOUNTANTS

307, D.R. Chambers 12/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005 Tel.: 23612570, Telefax: 01123637458 Mobile: 9810163640 E-mail : jainsudhir_ca@rediffmail.com, sjskbadjatyaca@gmail.com

To

Shalimar Paints Limited, Corp. Office: 1st Floor. Plot No- 28, Sector 32. Gurugram, Haryana-122001

Sub.: Certificate for utilisation of proceeds of Right Issue during quarter ending 30^th June 2021

1. We have verified the unaudited books of account and other relevant records of Shalimar Paints Limited ("Company"), as at "30^th June 2021", India in connection with its Rights Offer vide its Letter of Offer and utilization of the net issue proceeds as per the object of the Issue given in the said Letter of Offer.

2. We have verified the details of the utilization of the net issue proceeds submitted by the Company and are as per Annexure to this certificate, initialed by us for identification purposes only, based on the unaudited books of account and relevant records referred to in paragraph 1 above. We have agreed the amounts included in the Annexure with the unaudited books of account and relevant records of the Company as at 30^th June 2021. We have verified the accuracy of the Annexure. Our responsibility is to verify the factual accuracy of the facts stated in the Annexure.

3. 1. We conducted our procedures in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India.
4. 1. We have performed necessary audit so as to ensure the accuracy of figures mentioned in the Annexure. We also confirm that the utilization of proceeds of the issue is in line with the section on "Objects of the Issue" mentioned in the Letter of Offer.
5. 1. On the basis of the unaudited books of account and relevant records, information and explanations provided to us and representation from the management of the Company, we certify the utilization of the net issue proceeds as given in the accompanying Annexure.
6. 1. I/We hereby declare that this report is based on the format as prescribed by SEBI Regulations. I/We further declare that this report provides true and fair view of the utilization of issue proceeds.
7. 1. I/We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship Tourismest while monitoring and reporting the utilization of issue proceeds by the issuer.

JAIPUR OFFICE: A-55, Van Vihar Color Telex Road, Jaipur - 302018 Tel. : (0141) 2590753

S.K. BADJATYA & CO. CHARTERED ACCOUNTANTS

307, D.R. Chambers 12/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005 Tel.: 23612570, Telefax : 01123637458 Mobile : 9810163640 E-mail: jainsudhir_ca@rediffmail.com, sjskbadjatyaca@gmail.com

1. This certificate is furnished solely for submission to State Bank of India (the Monitoring Agency) regarding the utilization of the net issue proceeds in terms of Clause 4.3 of the Monitoring
   Agency Agreement dated 1^st December 2018 between the Company and the Monitoring Agency, ("Monitoring Agency Agreement"), and is not to be used for any other purpose or to be distributed to any other parties without our prior written consent.

Capitalized terms not defined herein shall have the meaning ascribed to them in the Monitoring

For S. K. Badjatya & Co. Chartered Accountants Firm Registration Number: 004017C

(Sumeet Gupta) Partner Membership No.: 504321 UDIN: 21504321AAAAAF1474

Date: 31st July 2021 Address: 307, D.R. Chambers, 12/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005

Encl.: Annexure for Utilisation of Proceeds of Right Issue during quarter ended 30^th June '21

JAIPUR OFFICE: A-55, Van Vihar Colony, Tonk Road, Jaipur - 302018 Tel.: (0141) 2590753

S.K. BADJATYA & CO. CHARTERED ACCOUNTANTS

307, D.R. Chambers 12/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005 Tel.: 23612570, Telefax : 01123637458 Mobile : 9810163640 E-mail: jainsudhir_ca@rediffmail.com, sjskbadjatyaca@gmail.com

Annexure Utilisation of Proceeds of Right Issue during Quarter ended 30^th June 2021 Amount (Rs. Lakh) Total as S. N. For Qtr. For FY Particulars For FY For Qtr. on ending ending ending ending Ŧ Project of Reinstatement of paint manufacturing plant at Nashik 30-06-2021 31-3-2019 31-3-2020 31-03-2021 30-06-2021 2 Setting up of Regional Distribution Centre (RDC) at Nashik 4,315.92 2,035.22 2,210.46 50 24 20.00 3 Long Term Working Capital Requirements⁴ 40.00 40.00 12.113.85 4 General Corporate Purposes^b 8,709.15 3,404.70 3,415.07 5 Expenses for the issue 1.136.57 2,278.50 Ļ,

Notes:

a (i) Utilized for the purpose of investment in Current Assets (Paid Inventory and Trade Receivables) and payment of Current

$26.27$

19,911.10 11,907.21

$26.27$

7,933.65

50.24

$20.00$

(ii) There is increase in utilisation of Right Issue proceeds for Long Term Capital Requirements, which is met from the available .
balance proceeds for Reinstatement of paint manufacturing plant at Nashik including Setting up of Regional Distribution Centre

b General Corporate Purpose includes the following

Total

Particulars Term Loan Repayments	Total	Mar 19 Otr FY 2019-20 FY 2020-21 Jun 21 Otr .
Salaries & Wages	455.88.	39.901	47508
- Branding Cost	1.930.57	967.05	963.52
Other Capital Expenditure	550 03		550.03
	478.59	129.62	348.97
G. Total	3.415.07	1.136.57	2.278.49

Rs. 1099.73 Lakh was received by the company as insurance claim on 14.03.2018, which was utilized as under: Particulars

KS, L2KB iProject of Reinstatement of paint manufacturing plant at Nashik
583.70 (Long Term Working Capital Requirements
450.30 Expenses for the issue
65.73
Tota 1 099 73

For S. K. Badjatya & Co. Chartered Accountants Firm Registration Number: 004017C

enned

(Sumeet Gupta) Partner Membership No.: 504321 UDIN: 21504321AAAAAF1474

Date: 31st July 2021

JAIPUR OFFICE: A-55, Van Vihar Colony, Tonk Road, Jaipur - 302018 Tel.: (0141) 2590753

AGENCY MON ITORING SUBMITTED BY THE [See regulation 82(2) and 82(3)] REPORT TO BE FORMAT OF SCHEDULE XI -	Report of the Monitoring Agency Name of the issuer: Shalimar Paints Limited	For quarter ended: June 30" 2021.	Name of the Monitoring Agency: State Bank of India, Industrial Financial Branch, Andheri East, Mumbai- 400069	(a) Deviation from the objects: Due to lower Subscription of 92.28% in the Rights Issue, the proceeds from the Rights Issue amounted to Rs. 20,087.24 Lakhs instead of Rs.21,767.15 Lakhs as per the Letter of Offer. Accordingly,he amount allocated in some of the Objects has been modified. In view of additional Further, the same is adjusted through reduction in estimated cost of Setting up of Paints manufacturing plant at Nashik including Regional Distribution Centre Working Capital requirement, there is increase in the allocation of funds towards Long Term Working Capital Requirement — The major Object of the Issue. (RDC) at Nashik.	Working Capital requirements and including Regional Distribution Centre (RDC) at Nashik, the utilisation for Company received Rs. 20,087.24 Lakhs from the proceeds of the Rights Issue in view of lower subscription instead of Rs. 21,767.15 Lakhs. Accordingly, the amount allocated in some of the Objects was modified. Further, in view of additional , reduction in estimated cost of Setting up of Paints manufacturing plant at Nashik Long Term Working Capital has increased by 3.21%. The (b) Range of Deviation*:	We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, We further declare that this report provides a true and fair aval. ay - I4A- A) VRE cMb CRI r B by 2 CoAH view of the utilization of the issue proceeds.a1 Declaration:	We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/ directors/management and also confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. However, we are to the Company and have extended Credit Facilities to it. one of the Bankers	Name and designation of the Authorized Signatory. Designation of Authorized person/Signing Authori Seal of the Monitoring Agency: Date: 03.08.2021 Signature:
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	Issuer Details:
1)

Name of the issuer : Shalimar Paints Limited Names of the promoter : Mr. Ratan Jindal and Hind Strategic Investments Industry/sector to which it belongs: Paint & Coatings

2) Issue Details

Issue Period : December 03, 2018 to December 24, 2018

Type of issue (public/rights) : Rights Issue Type of specified securities : Equity Shares of the Company

IPO Grading, if any : Not applicable Issue size (Rs, In Lacs) : Rs.21,767.15 Lakhs (Final Figure of Subscription was Rs. 20,087.24 Lakhs)

3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects stated in the offer document separately in following format)

Particulars	Reply	Comments of the	Comments the
		Monitoring Agency	Board of
			Directors
Whether all utilization is as per the disclosures in Yes/		Yes#
the Offer Document?	No
Whether shareholder approval has been obtained Yes/
in case of material deviations# from expenditures No		No
disclosed in the Offer Document?
Whether the means of finance for the disclosed	Yes/	No
objects of the issue has changed?	No
Is there any major deviation observed over the	Yes/	No
earlier monitoring agency reports?	No

Whether all Government/statutory approvals	Yes/	Yes
related to the object(s) have been obtained?	No
Whether ali arrangements pertaining to technical	Yes/	Yes
assistance/collaboration are in operation?	No
Are there any favorable events improving the	Yes/	Yes
viability of these object(s)?	No
Are there any unfavorable events affecting the	Yes/	No
viability of the object(s)?	No
j; there any other relevant information that may Is	Yes/
		No
materially affect the decision making of the	No
investors?

However, the utilization in different heads of the Objects of the Issue had to be modified in view of lesser proceeds collected in the Rights Issue due to lower subscription tothe extent of 92.28% and as well as slightly changed requirement in various heads. *Where material deviation may be defined to mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

				(Give Item by Item Description for all the Objects Stated in Offer Document separately in following format)		(Rs. In Lacs)
		Original Cost			Comments of the Board of Directors
SL.	Item Head	(as per the Offer Document)	Revised Cost *	Comments of the Monitoring Agency	Reason of Proposed revision cost	financing option	Particulars of arrangements firm
1{a)	Reinstatement of paint manufacturing plant at Project of Nashik	5,152.13	5152.13 Revised to 5075.78 Lacs	Change No significant			made
2(b)	Setting up of Regional Distribution Centre (RDC) at Nashik	340.00	340 (Revised to 40.00)	The revised cost of smaller RDC would be Rs. 40 Lacs.
	Capital Requirements Long Term Working	13,500.00	12,187.80 (Further Revised to 12,564.15)	after allotment in the Rights Issue. Further, to meet the additional Working Capital Requirement, the In view of Lower Subscription at 92.28% in the Rights Issue, the amount allocated was reduced Requirements has been increased by Rs.376.35 allocation for Long Term Working Capital Lakhs to Rs. 12,564.15 Lakhs
	General Corporate purposes	3,782.75	3,415.07	In view of Lower Subscription at 92.28% in the Rights Issue, the amount allocated was reduced after allotment in the Rights Issue
	Expenses for the issue	92.00	92.00	No Change in Proposed cost
	Total	22,866.88	21,186.99
		* Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs.		1099.73 lakhs received as Insurance claim for Nashik Plant.

4) Details of object(s) to be monitored: (i) Cost of object(s)

	(ii) Progress in the object(s) -		(Give item by item description for all the Objects stated in the Offer Document in the following format)
				Amount utilized till June 30, 2021				(Rs. In Lacs)	Comments of the
No. Sr.	Item Head	proposed in the Amount as Document ( Revised)* Offer	Including Insurance As at beginning of claim proceeds) the quarter (	During the quarter	At the end of the quarter	unutilized amount Total	Monitoring Agency Comments of the	Reasons for idle funds	course of Proposed Board of Directors action
I(a)	Reinstatement of plant at Nashik manufacturing Project of paint	5075.78 Lacs Revised to 5152.13	4,879.6]	20.00	4,899.61	176.17	disclosed in Letter Utilisation as of Offer #
2(b)	Distribution Centre (RDC) at Nashik Setting up of Regional	340 (Revised to 40.00)	40.00		40.00		cost given Cost of As per the revised Object(S)#
	Working Capital Requirements Long Term	12,564.15) 12,187.80 Revised to (Further	12,564.15		12,564.15		13,500.00 Lakhs Modification from 12,187.80 Lakhs*. Further 12564.15 Lakhs revised to Rs. to Rs. Rs.
	General Corporate purposes	3,415.07	3,415.07		3,415.07		Rs. 3,782.75 Lakhs Modification from to Rs. 3,415.07 Lakhs.
	Expenses for the issue	92.00	92.00		92.00		disclosed in Letter Utilisation as of Offer
	Total	21,186.99	20,990.83	20.00	21,010.83	176.17

* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced. #As on June 30, 2021, Rs. 176.17 Lakhs are outstanding which are being paid to vendors of Project.

5

	(iii) Deployment of unutilised IPO proceeds: (c) Location of the object(s) (if applicable):						(Rs. In Lacs)
No. Sr.	Type of instrument and name of the entity invested in		Amount invested	Maturity date	Earning	Return on Investment Market Value as at the end of (%)	quarter*
1	Balance with Bank		176.17	NA	NA	NA	176.17
	Total Available balance		176.17				176.17
	* Where the market value is not feasible, provide NAV/NRV/Book Value of the same (iv) Delay in implementation of the object(s)					(Rs. In Lacs)
			Completion Date		Delay		Comments of the Board of Directors
	Object(s)	As per the Offer Document	Actual*		months) (no. of days/	Reason of delay		course of action Proposed
	Project of Reinstatement of paint manufacturing plant at Nashik	31-03-2019	Completed in May 2019 commercial production started in August 2019		Month 2
	Setting up of Regional Distribution Centre (RDC) at Nashik	31-03-2019	Completed in March 2020		12 Month
Requirements	Long Term Working Capital	31-03-2019	Completed
	General Corporate purposes	31-03-2019	Completed
	Expenses for the issue	31-03-2019	Completed
	* In case of continuing object(s), please specify latest/revised estimate of the completion date.

\$Provide following details under Item Head: (a) Name of the object(s):

(b) Brief description of the object(s):

	SHALIMAR
	PAINTS
Issuer Details: 1) Name of the issuer : Shalimar Paints Limited Names of the promoter : Mr. Ratan Jindal and Hind Strategic Investments which Industry/sector belongs: to it	Paint	&
Coatings Issue Details 2) Issue Period : December 03, 2018 to December 24, 2018 Type of issue (public/rights) : Rights Issue
Type of specified securities : Equity Shares of the Company IPO Grading, if any : Not applicable Issue size (Rs, In Lacs) : Rs.21,767.15 Lakhs (Final
Figure of Subscription was Rs. 20,087.24 Lakhs) arrangement made Details the of 3) monitoring of issue proceeds: (Give item by item description for all the objects stated in the offer document separately in following format)	ensure to	the
Particulars		Reply Comments of the	Comments the
		Monitoring Agency	Board of Directors
Whether all utilization is as per the disclosures in Yes/ the Offer Document?	No	Yes#	Yes#
Whether shareholder approval has been obtained Yes/ in case of material deviations# from expenditures No disclosed in the Offer Document?		No	No
Whether the means of finance for the disclosed objects of the issue has changed?	Yes/ No	No	No.
Is there any major deviation observed over the	Yes/	No	No
earlier monitoring agency reports? Whether all Government/statutory approvals	No Yes/	Yes	Yes
related to the object(s) have been obtained? Whether all arrangements pertaining to technical Yes/	No	Yes	Yes
assistance/collaboration are in operation?	No
Are there any favourable events improving the viability of these object(s)?	Yes/ No	Yes	Yes
Are there any unfavourable events affecting the viability of the object(s)?	Yes/ No	No	No
Is there any other relevant information that may materially affect the decision making of the	Yes/ No	No	No
investors?

Shalimar Paints Ltd.

Corporate Office : 1st Floor, Plot No. 28, Sector 32, Gurugram 122001, Haryana © SHALIMAR Regd. Office: Stainless Centre, 4th Floor, Plot No. 50, Sector- 32, Gurugram-122001, Haryana [India] # However, the utilization in different heads of the Objects of the Issue had to be modified in view of lesser proceeds collected in the Rights Issue due to lower subscription to the extent of 92.28% and as well as slightly changed requirement in various heads.

*Where material deviation may be defined to mean:

(a) Deviation in the objects or purposes for which the funds have been raised

(b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

				(Give Item by Item Description for all the Objects Stated in Offer Document separately in following format)		(Rs. In Lacs)
					Comments of the Board of Directors
No SL.	Item Head	(as per the Offer Original Cost Document)	Revised Cost *	Comments of the Monitoring Agency	Reason of cost revision	financing Proposed option	Particulars of arrangements made firm
1(a)	Reinstatement of plant at Nashik manufacturing Project of paint	5,152.13	5152.13 Revised to 5075.78 Lacs	Change No significant	Change No significant
2(b)	Distribution Centre (RDC) at Nashik Setting up of Regional	340.00	340 (Revised to 40.00)	The revised cost of smaller RDC would be Rs. 40 Lacs.	Smaller Regional Distribution Centre (RDC) has been setup.	NA	NA
	Working Capital Requirements Long Term	13,500.00	(Further Revised to 12,564.15) 12,187.80	allocated was reduced after allotment in 92.28% in the Rights Issue, the amount has been increased by Rs.376.35 Lakhs Requirement, the allocation for Long Term Working Capital Requirements the Rights Issue. Further, to meet the In view of Lower Subscription at additional Working Capital to Rs. 12,564.15 Lakhs	Requirement, the allocation for the additional Working Capital In view of Lower Subscription at 92.28% in the Rights Issue, increased by Rs.376.35 Lakhs Rights Issue. Further, to meet reduced after allotment in the Long Term Working Capital the amount allocated was Requirements has been to Rs. 12,564.15 Lakhs	NA	NA
	General Corporate purposes	3,782.75	3,415.07	allocated was reduced after allotment in 92.28% in the Rights Issue, the amount In view of Lower Subscription at the Rights Issue	In view of Lower Subscription at 92.28% in the Rights Issue, reduced after allotment in the the amount allocated was Rights Issue	NA	NA
	Expenses for the issue	92.00	92.00	No Change in Proposed cost	NA	NA	NA
	Total	22,866.88	21,186.99
		* Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs.		1099.73 lakhs received as Insurance claim for Nashik Plant.

4) Details of object(s) to be monitored

(1) Cost of object(s)

(11) Progress in the object(s) -		Amount utilized till June 30, 2021

			(Give item by item description for all the Objects stated in the Offer Document in the following format)					(Rs. In Lacs)	Comments of the Board of
		Amount as		Amount utilized till June 30, 2021					Directors
	Item Head	proposed in Document ( Revised)* the Offer	As at beginning of Insurance claim the quarter ( Including proceeds)	During the quarter	At the end of the quarter	unutilized amount Total	Comments of the Monitoring Agency	Reasons for idle funds	course of Proposed action
paint	Reinstatement of plant at Nashik manufacturing Project of	5075.78 Lacs Revised to 5152.13	4,879.61	20.00	4,879.16	176.17	disclosed in Letter Utilisation as of Offer #	COVID 19 structural supply & delay in Due to Due to	respective PO be paid as per and retention amount will Balance clause.
Regional Nashik	Centre (RDC) at Setting up of Distribution	340 (Revised to 40.00)	40.00	-	40.00		cost given Cost of As per the revised Object(S)#	Utilised Fully	NA
	Working Capital Requirements Long Term	12,564.15) 12,187.80 Revised to (Further	12,564.15	2	12,564.15		Modification from 12,187.80 Lakhs*. Further revised to 13,500.00 12564.15 Lakhs to Rs. Lakhs Rs. Rs.	Utilised Fully	NA
purposes General	Corporate	3,415.07	3,415.07	-	3,415.07		Modification from 3,415.07 Lakhs. Rs. 3,782.75 Lakhs to Rs.	Utilised Fully	NA
issue	Expenses for the	92.00	92.00	-	92.00		disclosed in Letter Utilisation as of Offer	Utilised Fully	NA

| | Total 21,186.99 | 20,990.83 | 20.00 | 21,010.83 | 176.17 _ |

* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced. #As on June 30, 2021, Rs. 176.17 Lakhs are outstanding which are being paid to vendors of Project.

\$Provide following details under Item Head:

(a) Name of the object(s):

(b) Brief description of the object(s):

(c) Location of the object(s) (if applicable):

	(iii) Deployment of unutilised IPO proceeds:					(Rs. In Lacs)
No. Sr.	Type of instrument and name of the entity invested in	Amount invested	Maturity date	Farming	Return on Investment (%)	Value as at the end of quarter* Market
1	Balance with Bank	176.17	NA	NA	NA	176.17
	Total Available balance	176.17				176.17

* Where the market value is not feasible, provide NAV/NRV/Book Value of the same

(iv) Delay in implementation of the object(s)				(Rs. In Lacs)
		Completion Date	Delay	Comments of the Board of Directors
	As per the Offer Document	* Hota	months) (no. of days/	Reason of delay	course of action Proposed
Project of Reinstatement of paint manufacturing plant at Nashik	31-03-2019	Completed in May 2019 commercial production started in August 2019	Month 2	The delay was due to delay in construction of plant.	Reinstatement completed
Setting up of Regional Distribution Centre (RDC) at Nashik		31-03-2019 Completed in March 2020	12 Month	Since the construction of main plant got delayed, the construction of RDC also got delayed	NA
Long Term Working Capital Requirements	31-03-2019	Completed		Completed	NA
General Corporate purposes	31-03-2019	Completed		Completed	NA
Expenses for the issue	31-03-2019	Completed		Completed	NA

* In case of continuing object(s), please specify latest/revised estimate of the completion date. ARP PAWS