Shalimar Paints Ltd. — Audit Report / Information 2021

Jun 26, 2021

June 26, 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, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai - 400 001 Mumbai — 400051

Sub: Outcome of Board Meeting of Shalimar Paints Limited ("Company") held on June 26, 2021

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,

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 26, 2021, inter alia, considered and approved the following agenda items:

1. The Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2021, duly reviewed by the Audit Committee. Please find enclosed herewith copy of the aforesaid results along with the Audit Report(s)-Annexure-A

The aforesaid financial results will be published in the newspapers in terms of Regulation 47 of the SEBI Listing Regulations. :

We also hereby declare that M/s A K Dubey & Co., 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 31° March, 2021.

1. Appointment of Mr. Mohit Donter, as a Chief Financial Officer (KMP) of the Company w.e.f June 26, 2021.

Detailed disclosure as required under SEBI Circular dated SEBI Circular No. CIR/CFD/CMD/4/2015 9" September, 2015 with regard to aforesaid appointment is enclosed as- Annexure B.

1. To take up a pilot project for exploring the possibilities of entering into sanitary-ware business.

Detailed disclosure as required under SEBI Circular dated SEBI Circular No. CIR/CFD/CMD/4/2015 9" September, 2015 with regard to aforesaid appointment is enclosed as- Annexure C.

| Shalimar Paints Ltd.

Further, we wish to inform you that in accordance with Regulation 30(5) of the SEBI (Listing Obligation and Disclosure Requirements), Regulations 2015, the Board of Directors have also authorised Mr. Mohit Donter for the purpose of determining Materiality of an event or information and for the purpose of making disclosures to the Stock Exchanges.

Name of the person: Mr. Mohit Donter Designation: Chief Financial Officer (KMP) Address: 1* Floor, Plot No. 28, Sector 32, Gurugram, Haryana Contact no.: 0124-4616601

The meeting commenced today at 12:00 Noon and concluded at 40S p.m.

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

Thanking You For Shalimar Paints Limited

tam (Company Secretary)

Enclosed as above

AK DUBEY & CO Chartered Accountants

Independent Auditor's Report en 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'

Te The Board of Birectors Shalimar Paint Limited

Opinion

• () We have audited the accompanying consolidated annual financial results ('the Statement') of Shalimar Paints Limited, the Holding/Pareut company (herein after referred to as 'the Company') and its subsidiaries 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-2021, 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 issucd by the Securities and Exchange Board of India (SEBT) from tine to time.
• In our ephtion 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 paragrayih 9 below. the Statement:
• @ includes the amnuail financial results of the subsidiaries:
• ap presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations: and
• (iil) gives a true and fair view in conformity with the applicable Indian Accownting Standards (Ind AS') preseribed under Section 133 of the Companies Act. 2013 (the Act') read with relevant rales issued thereunder. and other accounting principles generally accepted in India. of the eonsclidated ner loss after tan. and other comprebensive income and other fmancial information of the Group for the year ended 31-March-2021.

Basis for Opinion

(3) We conducted our audit in accordance with the Staidards on Auditing ('SAs') specified ander section 143(10) of the Aet. Our responsibilities ander those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are wdependent of the Group . in accordance with the Code ef Exhics issued by the [ostitute of

Regd. Off: Flore Tower, Flat # 1942, 1925. Coakgaria, Hiland Park, Kolkata - 700064: Support Office : 86, Raja Basanta Roy Road, Kolkata - 700020: Branch Office ° 18, RN Tagore Read, P.O.~ Berhampore, Dist. - Murshidabad, Berhampore - 742 701 (St HOS3) 4077-8006: 2462-674 (914033) 2465-8912: 4008-9349 ~700 144 Oe Clo. Maitra Lodge, Baruipur Kachari Bazar, Bishalaxarnj Tala, Dist. - South 24 Parganas. Kolkat

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 terns of their reports referred tein paragraph 9 of the 'Other Matter' section below, is sufficient and appropriate to provide a basis for.our opinion.

Responsibilities of Management for Consolidated Financial Results

ste

(4) This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Beard of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited consolidated finaticial statements for the year ended 3]-March-i 31+) financial year and the published year to date figures up to the third quarter of the current U2] and interim consolidated financial information for the quarter ended farch-2021, being the balancing figure between audited Ugures in respect of the full pase 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 measurenient principles laid down in the Tndian Accounting Standards, prescribed under Section 133 of the Act. read with relewant 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 af adequate accounting records in accordance with the provisions of the Act, fer safegnarding the assets of the Group and for preventing and detecting frauds and other irregularities: selection and application of appropriate accounting policies: making judements aud estimates that are reasonable and prudent: and the desi implenientation 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 andl 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, di closing. as applicable, matters related to going concern and using the going concern basis of accou uting unless the respective Board af Directors either intends to liquidate their respective entities or to cease operations, or has ue realistic alternative but to do se.

The respective Board of Directors of the companies included in the Group are respork

overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of Consolidared Financial Results

(6) Our objectives are to obtain reasonable assurance about whether the Statement ag a whole is free from material misstatement, whether due to fraud or error, and to issue an auditer's report that includes our opinion, Reasonable assutance is a high level of assurance but is not ^a guarantee that an audit conducted in accordance with Standards on Auditing , specified under séetion 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 x sonably be expected te influence the economie decisions of users taken on the basis of this Statement.

(7) As part of an audit in accordance with the Standards en Auditing, we exercise profe judgment and maintain profes ional skepticism ilroughout the audit. We alse:

• " identify and assess the risks of material miisstatement of the Statement . wherher due to fraud or error, design and perform audit procedures pousive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of wot detecting a material misstaterment restlting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery . intentional omissions. misre presentations , or the override of internal control,
• " Obtain an understanding of internal contro! relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 14303} G) of the Act. we are dlse onsible for expressing our opinion on whether the Holding Company has adequate internal fiuancial 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 managernent.
• " 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 Ui vertainty exists related to events or conditions that may cast significant doubt on the ability of the Growp and its associates, te continue a goimg concern. If we couclude 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 stich diselosures are madequate, to modify our epion, Our conclusions are based on the audit evidence obtained up to the date of our auditer's repori, However, future events or conditions may cause the Group and its associates to cease to continue as a going coieern.

• 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 an the Statement. We are responsibie for the direction, supervision and performance of the audit of financial information of such entities included in the Statement. of which we are the indeperident anditers. Far the other entities included bi the Statement. which have éfor the been audited by the other auditers. such other auditors remain responsih direction. supervision and performance of the audits carried out by them. We remain solely responsible fer our audit opinion.
• (8) Materiality is the magnitude of misstatements in the Arnal Consolidated Financial Results that, individually or in aggre ate, 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 aud qualitative factors in (i) planning the scape of our audit work and in evaluating the results of our work; and Gi} 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 contrel that we identify during our andit.

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

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

Other Matter

(9) We did not audit the annual Snancial statements of two subsidiaries included in the Statement, whose financial information reflects total assets of Rs. 2,727.75 lakh as at 31- March-2021, and total revenues of Rs 6.00 lakh. total net loss after tax of 36.64 lakh, total comprehensive loss of Rs 36.64 lakh, and cash outflows (net) of Rs 0.00 lakh for the year ended on that date. as considered in the Statement. The

been audited by other auditors whose audit reporta 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 hased solely on the audit reports of such other auditors, and the procedures performed by us as. stated in paragrapli 7 above.

Onur 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.

(10) The Statement includes the results for the Quarter ended 31-Marcly-3021 being the balancing figure between audited figures-in respect of the full financial year and the peblished year to date figures np to the third quarter of the current financial vear which were subject to limited review by as. Our opinion is not modified in respect of this matter.

Por M/s. A. K. DUBEY & CO., Chartered Accountants Firm Registrs

\ S, einer ] i

Membership No. O57141 UDIN : 21057141 AAAABD3476

Place: Kolkata Date: 26-Jiame-2021

Chartered Accountants

Independent Auditor's Report on Standalone Annual Fi ^j esults of SE ' j Limited Pursuant ito the Regulation 33 and Resulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Ta

The Board of Directors Shalimar Paints Limited

Opinion

a} We have audited the accompanying standalone antual financial results ('the Statement} of Shalimar Paints Limited ('the Company') for the year ended 31-March-2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation ³³and Regulation 52 read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations . 2615: (as amended) (Listing Regulations'). including relevant circulars issued by the Securities and Exchange Board of India (SEBI') from time to time.

2} in our opinion and to the best of our information and according i9 the explanations given tous, Lhe Statement:

• ⁱsresents Dnancial results in accordance with the requirements of Resulation 33 "7 | q : and Regulation 52 read with Regulation 63 of the Listing Regulations: and
• (i) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS} preseribed 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 logs. after tax and other comprehensive income and other financial information of the Company for the vear ended 31-March-2021,

Basis for Opinion

(3) We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Aet, 2013 (the Act"). Our responsibilities ander those Standards are further deseribed 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 Tnstitute of Chartered Accountants of India (ICAL) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the vear ended 31-March-2021 under the provisions of the Act and the Rules thereinder, and we have fulfilled our other ethical tesponsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by

Regd. Off.: Fjord Tower, Fiat # 19A2, 1925. Chakgaria, Hand Park, K Support Office : 88, Raja Basania Roy Road, Kolkata - 700029: Branch Office +18, R N Tagore Read, P.O. - Berhampore, Dist. - Murshidabad, Berhampore - 742 191 kata - 700094 (91)(033) 4077-6096; 2462-6148: ⁹ 348 ul (91}{033) 2485-5012: 4008-9 Glo: Maitre Lotige, Baruipur Kachari Bazar, Bishalaxam! Tala, Dist. audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below. is ficient and appropriate to provide a basis for our audit opinion.

sibilities of Manavement for the Standalone Financial Results

'H This Statement, which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors, and has heen approved by them for the issuance. The Statement has heen compiled from the related andited standalone financial statements for the year ended 31-March-2021, and intesim financial information for the quarter ended 31- Maréh-2027 heing the balancing igure between audited figures ii respect. of the full financial vear and the audited vear to date figures up to the third quarter of the current financial year. ntation of the Statement that give a true and fair view of the net profit and other comprehensive Tucome and other financial information in accordatve with the recognition and measuremerit 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 imaintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Gom pany 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 givea true and fair view and is free from material misstatement, whether due to fraud or error.

6) lu preparing the Statement. the Board of Directors are responsible for assessing the Conrpany'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 las no realistic alternative but to do se.

The Board of Directers are also respousible for overseeing the financial reporting process of the Conrpany.

ial Results Auditor's Responsibilities for the Audit of the Standalone Finane

surance about whet (6) Gur objectives are to obtain reasonable et the Statement as ^a whole is ree from material misstatement, whether due te fraud or error, and to issue an waditor's report that includes our opinion. Reasonable ass wrance is a high level of urance but is not a guarantee that an audit conducted in accordance with Standards

Auditing, specified under section 143440} of the Aet . will always detect a material misstatement when it exists. Mis latements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be of expected to influence the economic 'decisions users taken on the basis of this Statement.

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 niaterial misstatement of the Statement, whether due te fraud or error, design and perform audit procedures respousive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for eur opinion. The risk of uot detecting a material misstatement resulting from fraud is higher than for one resulting from error, as frand may involve 'collusion, forgery. intentional onissions, misrepresentations . or the averride of internal contre,

⁼Obtain an vaderstanding of internal control relevant t0 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 proy £F 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 eatise the Company to cease to continue as a going COUMCETH.

* Evaluate the overall presentation, structure and content of the Statement, ineloding the disclosur and whether the Statement represents the underlying transactions and events ina manner that achieves fai- presentation,

(8)

"

Materiality is the magnitude of misstatements in the Standalone Fimancial Results that. individually or in aggregate. makes it probable that the economic decisions of a reasonably LE

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 alements in the Standalone Financial Results.

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

Other Matter

• e 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. @®) The Statement includes the results for the quarter ended 31-March-2022, being the balancing figures between the andited figures in respect of the full Gnaneial year and the published audited year to-date fiigures up to the third quarter of the current Anancial year ^a matter. wh a were subject to linited review by us. Our opinion is not modified in respect of this

For M/s. A. K. DUBEY & CO., Chartered Accountants 'artner\ Membership No. 057141

UDIN : 210571A1AAAABCTO55

Place: Kolkata Date: 26-June-2621

Shalimar Paints Limited Audited Cash Flow Statement

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

	Standalone		Consolidated
	31-03-2021	31-03-2020	31-03-2021	31-03-2020
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit / (Loss) Before Tax Adjustments for:	(23.42)	(55.85)	(23.78)	(56.16)
Depreciation, amortization and impairment expenses	13.30	10.84	13.32	10.85
Net(Gain)/Loss on Sale of Property Plant and Equipment	(0.02)		(0.02)
Net(Gain)/Loss on Sale/Fair Valuation of investment	(0.04)	(0.04)	(0.04)
Employee Stock Option Expenses Bad Debts/Provision for doubtful debts written back	(0.08)	(0.02)	(0.08)	(0.02)
		26.54		26.54
Finance Costs Interest income	19.29	19.85	19.63	19.85
	(0.58)	(0.93)	(0.58)	(0.66)
Operating Profit/(loss) before Working Capital changes Adjustments for:	8.45	0.39	8.45	0.40
Trade Receivables	(6.21)	1.20	(6.21)	1.20
Other receivable	7.35	(2.64)	7.35	(2.34)
Inventories	(2.19)	(15.26)	(2.19)	(15.26)
Trade Payable (incl LC)	12.22	(3.58)	12.22	(3.58)
Trade & other Payables	(4.02)	10.41	(3.71)	10.35
Cash generated (used) in /from Operations before tax	15.60	(9.48)	15.91	(9.23)
Direct Taxes (paid)/refund (net)	(0.15)	(0.08)	(0.15)	(0.08)
Net cash flow (used) in/from Operating Activities B. CASH FLOW FROM INVESTING ACTIVITIES	15.45	(9.56)	15.76	(9.31)
Acquisition of Property, Plant & Equipment/ Intangible Assets including Capital Advances	(3.35)	(32.79)	(3,35)	(32.77)
Proceeds from sale of Property, Plant & Equipment
Acquisition of Investments
Sale of Investment
Interest/other income Received	0.59	1.36	0.29	1.09
Movement in Margin money/Fixed deposits	(3,34)	3.79	(3.34)	3.79
Net cash flow (used) in/from Investing Activities C. CASH FLOW FROM FINANCING ACTIVITIES	(6.10)	(27.64)	(6.40)	(27.89)
Issue of Share capital		5.70		5.70
Proceeds from / (repayment) of Borrowings (net)- Long term	10.84	(5, 48)	10.84	(5.48)
Right Issue Expense	$\ddot{\phantom{0}}$	$\ddot{\phantom{a}}$	$\overline{\phantom{a}}$
Proceeds from / (repayment) of Borrowings (net)- Short term	(1.06)	(26.13)	(1.06)	(26.13)
Finance Costs	(19.29)	(19.85)	(19.29)	(19.85)
Net cash (used) in/from Financing Activities	(9.51)	(45.76)	(9.51)	(45.76)
Net cash (used) in/from Operating, Investing & Financing Activities	(0.16)	(82.96)	(0.15)	(82.96)
Opening balance of Cash and Cash equivalent	2.75	85.71	2.80	85.76
Closing balance of Cash & Cash equivalent	2.59	2.75	2.65	2.80
i) Cash Balance on Hand ii) Balance with Banks:
-In Current Accounts	1.06	0.32	1.12	0.37
-Bank deposits with maturity of less than 3 months	1.53	2.43	1.53	2.43
Total	2,59	2.75	2.65	2.80

Place: Gurugram Date: June 26, 2021

Shalimar Paints Ltd.

For and on behalf of the Board ALL Ashok Kumar Gupta

Managing Director
DIN: 01722395

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

Shallmar Paints Limited

Standalone and Consolidated Statement of Assets and Liabilities

		Standalone	(All amounts are in Rupees Crore, unless otherwise stated) Consolidated
Particulars		Audited	Audited	Audited
	Audited	As at 31.03.2020	As at 31.03.2021	As at 31.03.2020
	As at 31.03.2021
ASSETS
Non-current assets	251.22	261.11	278.42	288.33
Property, Plant and Equipment	0.28.	0.84	0.28	0.84
Right-of-use-assets	0.35	0.10	0.35	0.10
Capital work-in-progress	4.59	5.48	4.59	5.48
Intangible assets				ù.
Financial Assets	0.85	0.82	$\bar{m}$
ii Investments	9.32	9.16	1.50	1.66
ii) Loans	0.07		0.07	$\sim$
iii) Other financial assets	22.25	48.39	19.77	45.91
Deferred tax assets (net)	0.23	0.17	0.23	0.17
Other non-current assets
Current assets	88.81	86.62	88.81	86.62
Inventories
Financial Assets	77.72	71.50	77.72	71.50
i) Trade receivables	2.59	2.75	2.65	2.81
ii) Cash and cash equivalents	5.03	1.76	5.04	1.77
iii) Bank balances other than (ii) above	4.46	8.46	4.46	8.46
Iv) Other financial assets	3.06	2.92	3.06	2.92
Current Tax Assets (Net)	15.99	19.51	15.99	19.51
Other current assets	486.83	519.59	\$02.94	536.08
Total Assets
EQUITY AND LIABILITIES
Equity	10.86	10.86	10.86	10,86
Equity Share Capital	196.13	245.56	212.21	262.01
Other Equity
LIABILITIES			$\mathcal{H}$ .
Non-current liabilities
Financial Liabilities	24.05	18.20	24.05	18.20
i)Borrowings	÷.	0.92	$\bar{a}$	0.92 2
ii) Lease Liabilities	0.40	1.44	0.40	1.44
iii) Other financial liabilities	6.09	6.13	6.09	6,13
Provisions
Current liabilities
Financial Liabilities	99.64	100.70	99.64	100.70
()Borrowings
ii)Trade payables	2.36	6.43	236	6.43
Outstanding dues to Micro, small				89.68
and medium enterprises	108.59	89.68	108.59
-Outstanding dues to trade payables
other than Micro, small and medium				30.15
and medium Enterprises	28.73	30.14	28.73	5.08
III)Other financial liabilities	5.33.	5.05	5.36	4.48
Other current liabilities	4.65	4.48	4.65	536.08
Provisions Total Equity and Liabilities	486.83	519.59	502.94

Place: Gurugram Date: June 26, 2021

Ashok Kumar Gupta

Managing Director DIN: 01722395

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

For and on behalf of the Board

Statement of Standalone Financial Results for the Quarter and year ended March 31, ²⁰²¹

	SHALIMAR
	PAINTS Shalimar Paints Limited
Statement of Standalone Financial Results for the Quarter and year ended March 31, 2021
		Quarter Ended		(Rs in Crore except for Shares and EPS } Year Ended
Particulars	31.03.2021	34.12.2020	31.03,2020	31.03.2021	31.03.2020
	(Audited)	(Unaudited)	(Audited) 83.43	{Audited} 325.56	{Audited] 343.85
1 Revenue from operations Otherincome	L174 5.74	92.52 O11	0.65	753.	442
3 Fetal income	118.48	92.63	84.08	333.09	345.27
4 Expenses		58.98	56.69	198.43	218.58
Cost-of materials consumed Purchases of Stock-in-Trade	77.54 7.39	6.20	6.10	21.89	24.90
Changes in inventories of finished goods, Stock-in -Trade and work-in-	(2.25)	(6.423	{6.00}	2.38	{24.20}
progress Employee Benefit Expenses	10.48	14.96	12.98	36.74	48.68
Finance costs Depreciation and amortization	5.17	431	5.42	19.29	19.85
-experse	3.38	3.3% 15.73	3.31 47.57.	413.38 62.52	418.84 96.42
Other Expenses Total Expenses	20.05 221.55	94.97	125,98	354.52	408.07
Droftit/Loes before exceptional tems and tax {3-4}	{3.07}	{2.34}	(41.90)	(21.43)	{62.80}
Exceptional items	~	-	{7.05}	(2.00)	(7.05)
Expenses Incomes	-	-	14.00	-	14.00
'protit/Loss before and tax (5-6) g . Tax Expenses	(3.07)	(2.34)	{34,95}	(23.43)	155.85}
Current Tax		a	«	- 26.08	« 797)
Deferred tax g Profit/Loss for the period (7-8)	25,38 (28.45)	4.60 (6.94)	(42.66) (22.29)	(49.51)	(37.88)
10 Other Comprenénsive Income/Expense items that will not be reclassified to profit or
(oss) (net of tax}	£0.02)	oad	0.02	O44	O45
Total Comprehensive Income (9410)	{28.47}	16.80)	{22.27}	(49.37)	137.73)
Paid-up equity share capital (Face Value of Rs 2 per share}	40.86	10.86	10.86	10.86	10.86
43. Other Equity					345.56
44 Earning per share {of Rs. 2 each)	{5.24}	(1.23)	(4.10)	(9.42)	16.98)
Basic	(5.24)	(2.28)	(4.10)	(9.12)	6.98)
Diluted me {EPS for the quarter not annualised)

Statement of Consolidated Financial Results for the Quarter and year ended March 31, 2021

(Rs in Crore except for Shares and EPS)

		Quarter Ended			Year Ended
SN	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
$\mathbf{1}$	Revenue from operations	111.74	92.52	83.43	325.56	343.85
$\overline{z}$	Other Income	6.63	0.03	0.57	7.19	1.13
з	Total Income	118.37	92.55	84.00	332.75	344.98
4	Expenses
	Cost of materials consumed a)	77.54	58.98	56.60	198.43	218.58
	Purchases of Stock-in-Trade b)	7.39	6.20	6.10	21.89	24.90
	$\mathbb{C}$ Changes in inventories of finished goods, Stock-in -Trade and work-in-progress	(2.36)	(6.12)	(6.00)	2.38	(11.20)
	Employee Benefit Expenses $\mathbf{d}$	10.43	11.96	12.98	36.71	48.68
	Finance costs e)	5.17	4.91	5.42	19.29	19.85
	Depreciation and amortization expense $\left{\begin{matrix} 0 \ 0 \ 0 \end{matrix}\right}$	3.33	3.32	3.31	13.32	10.85
	Other Expenses g)	20.05	15.73	47.56	62.52	96.42
	Total Expenses	121.55	94.98	125.97	354.54	408.08
$\overline{5}$	Profit/Loss before exceptional items and tax (3-4)	(3.18)	(2.43)	(41.97)	(21.79)	(63.10)
$\tilde{\sigma}$	Exceptional Items
	a) Expenses			(7.05)	(2.00)	(7.05)
	b) Incomes			14.00		14.00 (56.15)
7	Profit/Loss before and tax (5-6)	(3.18)	(2.43)	(35.02)	(23.79)
s	Tax Expenses	$\frac{\partial \mathcal{L}_{\mathbf{p}}}{\partial \mathbf{p}}$
	Current Tax a) Deferred Tax:			(12.66)	26.08	(17.97)
	b) Profit/Loss for the period (7-8)	25.38	4.60	(22.36)	(49.87)	(38.18)
$\mathbf{9}$ 10	Other Comprehensive Income/Expense	(28.56)	(7.03)
	Items that will not be reclassified to profit or (loss) (net of tax)	(0.02)	0.14	0.02	0.14	0.15
11	Total Comprehensive Income (9+10)	(28.58)	(6.89)	(22.34)	(49.73)	(38.03)
12	Paid-up equity share capital (Face Value of Rs 2 per share)	10.86	10.86	10.86	10.86	10.86
13	Other Equity					262.01
14	Earning per share (of Rs. 2 each)
	Basic	(5.26)	(1.29)	(4.12)	(9.18)	(7.03)
	Diluted*	(5.26)	(1.29)	(4.12)	(9.18)	(7.03)
	(EPS for the quarter not annualised)

Shalimar Paints Ltd. Corporate Office: 1^s Floor, Plot No. 28, Sector 32, Gurugram - 122001, Haryana
Design Cristine, Chaidhee Contra ^{Xin Floor: Plot No. 50, Sector 32, Gurugram - 122001, Haryana.}

		Annexure-B
S.no	Particulars	Mr. Mohit Donter
1.	appointment, Appointment Reason change for viz. Resignation removal, resignation, death otherwise	Mohit Donter Chief Mr. of as or Financial Officer (KMP) of the Company
	2. Date of applicable); and	appointment/Cessation(as Appointment w.e.f. June 26, 2021
	Term of appointment 3. Brief Profile (in case of appointment)	NA. Mr. Donter is a Chartered Accountant and has
		more than 17 years of experience in steering operations finance across various industries that includes IFRS Reporting, Internal Financial Commercial Budgeting, Finance, Controls, FP&A, Controllership, Process and Re He has worked Engineering for listed entities. reputed corporates Reliance with LG, like Nobel Industries Limited, Akzo Limited in the He has been instrumental in driving the past. consistent evaluation of both and short long term objectives strategic financial the of organizations, been involved has with. He he spearheading experience has the rich of systems transaction processing and implementing operational best practices across department wider finance and the the business. Mohit experience Strategic Mr. core lies in
	Disclosure Relationships	Controllership Due Planning, Financial / Diligence, Consolidation of Books as per IGaaP, IFRS & IND AS, Treasury & Fund Management, Commercial Controls Internal Audits, & Management & Pricing Support, MIS Reporting Variance Analysis, Profitability Analysis, & & Working Capital & CAPEX Management etc. between Not Applicable
4.	of appointment Directors case of of (in Director)

Annexure-C

• Name of the Product- Sanitary-ware
• MiP ON i Date of Launch- July 01, 2021
• Category of the Product- Sanitary-ware
• Whether caters to domestic/ international market- Domestic Market.
• Name of the countries in which product is launched (in case of international)- Not Applicable