Shalimar Paints Ltd. — Audit Report / Information 2021

Jun 30, 2021

National Stock Exchange of India Ltd Exchange Plaza, 5™ Floor, Plot No. C/1, G- Block Bandra Kurla Complex, Bandra (E), Mumbai — 400051

Subject: Clarification for Financial results for the year ended March 31, 2021

	SHALIMAR	June 30, 2021
	PAINTS National Stock Exchange of India Ltd
	Exchange Plaza, 5™ Floor,
	Plot No. C/1, G- Block
	Bandra Kurla Complex, Bandra (E),
	Mumbai — 400051
	Reference Scrip Code: NSE — SHALPAINTS
	Subject: Clarification for Financial results for the year ended March 31, 2021
Dear Sir,
	This is in reference to your e-mail dated June 28, 2021 seeking clarification in regard to the Financial
	Results filed by the Company for the year ended on March 31, 2021. Please find attached the point-wise
	reply seriatim:
S.no	Query	Reply
1)	Segment submitted- Notes details not to	were the Few pages inadvertently missed out.
	accounts are not provided	complete attached Please results the find hereunder
2]	Financial results submitted is not as per format Balancing figure is as per format prescribed by
	prescribed by SEBI- Note on balancing figure is SEBI and the note on balancing figure as per
	not given as per Reg 33(3)(e)	is forming the part of Auditor's Reg 33(3)(e)
		report for the year ended March 31, 2021 as point no. 9 in standalone Auditor's report and
		point no. 10 in Consolidated Auditor's report
3]	Machine Readable Form copy Legible of /	Complete readable searchable and clear
	Financial Results not submitted	financial results copy is again attached for your kind reference

This is for your information and records.

Thanking you For Shalimar Paints Limited

Cc:

BSE Limited

Corporate Relationship Department, 1° Floor, New Trading Ring, Rotunda Building, P.J. Towers Dalal Street, Fort, Mumbai - 400 001

Shalimar Paints Ltd.

} | | Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram - 122001, H & SHALIMAR | Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 32, Gietsiearn © 122 Call: +91 124 461 6600 Fax: +91 124 461 6459 Toll Free: 1800-103-6509 ~ 122001, Haryana. Email Id: askus{@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

Independ Auditor's Report Standalone Annual Fin ial sults of Shalimar int Li 1 1a) h gulati nd ation read wi Recula SEBI (Listing Obligations and Disclosure Requirement Regulatio 015 (as amended

To

The Board of Directors Shalimar Paints Limited

inion

• (1) We have audited the accompanying standalone annual 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 , 2015 (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 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-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 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 31-March-2021 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 ICAT's Code of Ethics. We believe that the audit evidence obtained by

Regd. Off.: Fjord Tower, Flat # 19A2, 1925, Chakgaria, Hiland Park, Kolkata - 700094; ** (91)(033) 4071-6096; 2462-6148; § Support Office : 86, Raja Basanta Roy Road, Kolkata - 700029; ° (91)(033) 2465-5912; 4008-9349 Branch Office : 18, RN Tagore Road, P.O. - Berhampore, Dist. - Murshidabad, Berhampore - 742 101 C/o.: Maitra Lodge, Baruipur Kachari Bazar, Bishalaxami Tala, Dist. - So uth 24 Parganas, Kolkata -700 1

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.

Responsibilities of Management for the Standalone Financial Results

• (4) This Statement, which includes the Standalone Financial Results is the responsibility of the Company's Board 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 31-March-2021, and interim financial information for the quarter ended 31- March-2021 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.
• (5) 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.

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

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.

• (7) 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.
• : 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 fail: presentation,
• (8) 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 er

(9) The Statement includes the results for the quarter ended 31-March-2021, 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,

For M/s. A. K. DUBEY & co., Chartered Accountants n Kumar Dubey Partne: Membership No. 057141

UDIN : 21057141A A AABC7255

Place: Kolkata Date: 26-June-2021

Chartered Accountants

Independent _Auditor' eport_on Consolidated Annual Financial Results Shalimar Pai lation Requirements) Regulations, 2015 (as amended)

To

The Board of Directors 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 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 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 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:

• (i) 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-2021.

Basis for Opinion

(3) 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

Regd. Off.: Fjord Tower, Flat # 19A2, 1925, Chakgaria, Hiland Park, Kolkata - 700094; *° (91)(033) 4071-6096: 2462-6148: Support Office : 86, Raja Basanta Roy Road, Kolkata - 700029; #° (91)(033) 2465-5912; 4008-9349 Branch Office :18, RN Tagore Road, P.O. - Berhampore, Dist. - Murshidabad, Berhampore - 742 101 C/o.: Maitra Lodge, Baruipur Kachari Bazar, Bishalaxami Tala, Dist. a

=

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.

Responsibilities of Management for Consolidated Financial Results

• (4) 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 31-March-2021 and interim consolidated financial information for the quarter ended 31-March-2021, 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.
• (5) The respective Board of Directors of the Companies included in the Group are responsible for maintenance of 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 res

overseeing the financial reporting process of the Group.

• 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.
• (7) 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 eveuts or conditions may cause the Group and its associates to cease to continue as a going concern, ——s.,

• . 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.
• (8) 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

(9) We did not audit the annual financial 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 0.00 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. These annual financial stateme ats 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.

(10) The Statement includes the results for the Quarter ended 31-March-2021 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.

For M/s. A. K. DUBEY & CO., Chartered Accountants

Membership No. 057141 UDIN : 21057141AAAABD3470

Place: Kolkata Date: 26-June-2021

Shalimar Paints Limited

Standalone and Consolidated Statement of Assets and Liabilities

	SHALIMAR	PAINTS
	Shalimar Paints Limited
Standalone and Consolidated Statement of Assets and Liabilities			(All amounts are in Rupees Crore, unless otherwise stated)
Particulars	Standalone Audited	Audited	Consolidated Audited	Audited
	As at 31.03.2021	As at 31.03.2020	As at 31.03.2021	As at 31.03.2020
ASSETS Non-current assets		261.11	278.42	288.33
Property, Plant and Equipment Right-of-use-assets	251.22 0.28	0.84
			0.28	0.84 0.10
Capital work-in-progress	0,35	0.10 5.48	0.35 4.59	5.48
Intangible assets	4.59			-
Financial Assets i) Investments	0.86 9.32	0.82 9.16	- 1.50	1.66
ii) Loans	0.07	-	0.07 19.77	- 45.91
iii) Other financial assets Deferred tax assets (net)	22.25 0.23	48.39 0.17	0.23	O17
Other non-current assets Current assets		86.62	88.81	86.62
Inventories	88.81			71.50
Financial Assets i) Trade receivables	TH72	71.50 2.75	7142 2.65	2.81 /
ii) Cash and cash equivalents	2.59 5.03	176	5.04 446	177 8.46
iii) Bank balances other than (ii) above Iv) Other financial assets	4.46 3.06	8.46 2.92	3.06	2.92
Current Tax Assets (Net)	15.99	19.51	15.99 502.94	19.51 536.08
Other current assets Total Assets	486.83	519.59
EQUITY AND LIABILITIES			10.86	10.86
Equity Share Capital	10.86 196.13	10.86 245.56	212.21	262.01
Other Equity LIABILITIES
Equity Non-current liabilities				18.20
Financial Liabilities i)Borrowings	24.05 =	18,20 0.92	24.05 -	0.92
ii) Lease Liabilities	0.40	144	0.40 6.09	1.44 6.13
iii) Other financial liabitities Provisions	6.09	6.13
Current liabilities Financial Liabilities			99.64	100.70
i)Borrowings	99.64	100.70		6.43
ii)Trade payables	2.36	6.43	2.36
-Outstanding dues to Micro, small and medium enterprises	108.59	89.68	108.59	89.68
-Qutstanding dues to trade payables other than Micro, small and medium
and medium Enterprises ji}Other financial liabilities Other current liabilities	28.73 5.33	30.14 5.05	28.73 5.36	30.15 5.08 448

Place: Gurugram Date; June 26, 2021

Shalimar Paints Ltd.

| Corporate Office: 1* Floor, Plot No. 28, Sector 32, Gurugram - 122001, Haryana SHALIMAR | Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 32, Gurugram — 122001, Haryana. PAINTS | Call: #91 126 661 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 | Email Id: askus@shalimarpaints.com Website; www.shalimarpaints.com CIN: L24222HR1902PLC065611

Shay de

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For and on behalf of the Board

{ANS ie

ff > ; 's\ AsWok Kumar Gupta ^|<2 |=) Managing Director ~~ fs) DIN: 01722395 'is we

Shalimar Paints Limited

	SHALIMAR
	PAINTS Shalimar Paints Limited
	Audited Cash Flow Statement		(All amounts are in Rupees Crore, unless otherwise stated)
	31-03-2021	Standalone 31-03-2020	Consolidated 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 Net(Gain)/ Loss on Sale of Property Plant and Equipment Net(Gain)/ Loss on Sale/ Fair Valuation of investment	13.30 (0.02) (0.04)	10.84 - (0.04)	13.32 (0.02) (0.04)	10.85 - -
Employee Stock Option Expenses Bad Debts/ Provision for doubttul debts written back	(0.08)	(0.02)	(0.08)
		26.54	-	(0.02) 26.54
Finance Costs Interest Income	19.29 (0.58)	19.85 (0.93)	19.63 (0.58)	19.85 (0.66)
Operating Profit/(loss) before Working Capital changes Adjustments for: Trade Receivables	8.45 (6.21)	0.39 1.20	8.45 (6.21)	0.40 1.20
Other receivable Inventories	7.35 {2.19}	(2.64) (15.26)	35 (2.19)	(2.34) (15.26)
Trade Payable (incl LC) Trade & other Payables	12.22 (4.02)	(3.58) 10.41	12.22 (3.71)	(3.58) 10.35
Cash generated (used) in /from Operations before tax Direct Taxes (paid)/ refund (net)	15.60 (0.15)	(9.48) (0.08)	15.91 (0.15)	(9.23) (0.08)
Net cash flow (used) in/ from Operating Activities B. CASH FLOW FROM INVESTING ACTIVITIES Acquisition of Property, Plant & Equipment/ Intangible	15.45 (3.35)	(9.56) (32.79)	15.76 (3,35)	(9.31) (32.77)
Assets including Capital Advances Proceeds from sale of Property, Plant & Equipment Acquisition of Investments
Sale of Investnent Interest/ other income Received	0.59	1.36	0,29	1.09
Movement in Margin money / Fixed deposits Net cash flow (used) in/ from Investing Activities	(3.34) (6.10)	3.79 (27.64)	(3.34) (6.40)	3.79 (27.89)
C. CASH FLOW FROM FINANCING ACTIVITIES Issue of Share capital Proceeds from / (repayment) of Borrowings (net)- Long term	- 10.84	5.70 (5.48)	- 10.84	5.70 (5.48)
Right Issue Expense Proceeds from /(repayment) of Borrowings (net)- Short term	(1.06)	(26.13)	(1.06)	(26.13)
Finance Casts Net cash (used) inf from Financing Activities	(19.29) (9.51)	(19.85) (45.76)	(19.29) (9.51) —	(19.85) (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 Closing balance of Cash & Cash equivalent	275 2.59	85,71 2.75	2.80 2.65	85.76 2.80
Cash Balance on Hand i) ii) Balance with Banks: -In Current Accounts	1.06	0.32	1.12	0.37

Place: Gurugram Date: June 26, 2021

For and on behalf of the Board

» \2I al. 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" Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. Call: +91 1244616600 Fax:+91 124 461 4659 Toll Free: 1800-103-6509 Email Id: askus@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

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	31.12.2020	31.03.2020	31.03.2021	31.03.2020
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1 Revenue from operations	111.74	92.52	83.43	325.56	343.85
2 Other income	6.74	0.11	0.65	7.53	1.42
3 Total Income 4 Expenses	118.48	92.63	84.08	333.09	345.27
Cost of materials consumed a)	77.54	58.98	56.60	198.43
Purchases of Stock-in-Trade b)	7.39
Changes in inventories of finished c)		6.20	6.10	21.89
goods, Stock-in -Trade and work-in-	(2.36)	(6.12)	(6.00)	2.38
progress Employee Benefit Expenses d)	10.43	11.96	12,98	36.71
Finance costs e})	5.17	4.91	5,42	19.29
Depreciation and amortization expense f)	3.33	3.31	3.31	13.30
Other Emenses Bi	20.05	15.73	47.57	62.52
Total Expenses Profit/Loss before exceptional items and	121.55	94.97	125.98	354.52
tax (3-4)	(3.07)	(2.34)	(41.90)	(21.43)
6 Exceptional Items Expenses a)	-	E	(7.05)	(2.00)
Incomes b) Profit/Loss before and tax (5-6)	: (3.07)	: (2.34)	14.00 (34.95)	- (23.43)
g Tax Expenses
Current Tax a)	'	&	-	s
Deferred tax b) g Profit/Loss for the period (7-8)	25.38 (28.45)	4.60 (6.94)	(12.66) (22.29)	26.08 (49.51)
10 Other Comprehensive Income/Expense
items that will not be reclassified to profit or (loss) (net of tax)	(0.02)	0.14	0.02	0.14
11 Total Comprehensive Income (9+10)	(28.47)	(6.80)	(22.27)	(49.37)
Paid-up equity share capital (Face Value of					218.58 24.90 (11.20) 48.68 19.85 10.84 96.42 403.07 (62.80) (7.05) 14.00 (55.85) (17.97) (37.88) 0.15 (37.73)
ASS PRP SRR	10.86	10.86	10.86	10.86
13 Other Equity 14 Earning per share (of Rs. 2 each)				196.13	10.86 245.56
					(6.98)
Basic . iluted :	(5.24) (5.24)	(1.28) (1,28)	(4.10) (4.10)	(9.12) (9.12)	(6.98)

Corparate Office: 1* Floor, Poh eer 32, Gurugram - 122001, Haryana Regd. Office: Stainless Centre, 4Floar, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. Call: +91 1244616600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 Email Id: askus(@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1702PLC065611

Notes:

1. On 4th Jan 2019, The 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.

		SHALIMAR
		PAINTS
1. These financials results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules,
2015 (Ind AS) prescribed under section 133 of Act, 2013 and the other recognised accounting practices and policies to
the extent applicable.
2. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting
held on June 26, 2021, The figures for the last quarter are the balancing figures between the audited figures in respect of
the full financial year upto 31st March and the published unaudited year- to-date figures up to 31** December.
3. This statement is as per Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
4. On 4th Jan 2019, The 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	Proposed to be utilised	Utilised till March 2020	Utilised during the financial year	To be utilised
	Letter of offer	(revised)*		2020-21
Project of reinstatement of paint	45.68	44.92	42.46	0.50	1.96
manufacturing plant at Nashik
Setting up of Regional Distribution Centre (RDC) at	3.40	0.40	0.40	-	-
Nashik
Long Term Working Capital	117.38	121.14	121.14	-	-
Requirements General Corporate purposes	34.15	34.15	34.15
Expenses for Rights Issue	0.26	0.26	0.26	- -	- 0.00
Total	200.87	200.87	198.41	0.50	1.96
*There is increase in the allocation of funds		towards Long Term	Working Capital	Requirement, and the same has	been

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

1. The Code on Social Security,2020 ('the Code') which, inter alia, deals with employee benefits during employment and post-employment, has been notified in the official Gazette on September 29,2020. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period in which the said Code becomes effective and the rules framed thereunder are published.

| Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram ~ 122001, Haryana & SHALIMAR Regd. Office: Stainless Centre, 4 Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. PAINTS | Call: +91124 4614600 Fax: +91 124 4461 6659 Toll Free: 1800-103-6509 | Email ld: askusf@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

• 1. The management has taken into account the possible impact of COVID-19 in preparation of the financial results, including assessment of recoverability of its assets based on the internal and external information upto the date of approval of the results. The Company will continue to monitor any material changes to future economic conditions.
• 1. The Company operates mainly in one business segment i.e. Paints.
• 1. Other Income includes insurance claim of Rs. 6.04 crore received by the company in respect of its Nasik Plant fire under Reinstatement Policy.
• 1. Previous year's/ quarter's/ period's figures have been rearranged/ regrouped wherever considered necessary.

Place: Gurugram Date: June 26, 2021

For and on behalf of the Board

Ashok Kumar Gupta Managing Director ab ay DIN: 01722395

Shalimar Paints Ltd. & | Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram - 122001, Haryana SHALIMAR Regd. Office: Staintess Centre, 4" Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. PAINTS 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

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

		SHALIMAR PAINTS
		Shalimar Paints Limited
	Statement of Consolidated Financial Results for the Quarter and year ended March 31, 2021				( Rs in Crore except for Shares and EPS }
	Particulars		Quarter Ended 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020			Year Ended
SN		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	1 Revenue from operations	411.74	92.52	83.43	325.56	343.85
	2 Other Income	6.63	0.03	0.57	7.19	1.13
4	3 Total Income Expenses	118,37	92.55	84.00	332.75	344,98
	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
	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 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 f) Other Expenses B))	3.33 20.05	3.32 15.73	3.31 47.56	13.32 62.52	10.85 96.42
	Total Expenses	121.55	94.98	125.97	354,54	408.08
	Profit/Loss before exceptional items and tax (3-4)	(3.18)	(2.43)	(41.97)	(21.79)	(63.10)
6	Exceptional Items Expenses
	a) Incomes b)	- -	: -	(7.05) 14.00	(2.00) -	(7.05) 14.00
	7 Profit/Loss before and tax (5-6) g Tax Expenses	(3.18)	(2.43)	(35.02)	(23.79}	(56.15)
	Current Tax a)	Z	%		3	fe
	Oeferred Tax b)	25.38	4.60	(12.66)	26.08	(17.97)
	9 Profit/Loss for the period (7-8) 10 Other Comprehensive Income/Expense	(28.56)	(7.03)	(22.36)	(49.87)	(38.18)
	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 ) 13 Other Equity	10.86	10.86	10.86	10.86	10.86
	14 Earning per share (of Rs. 2 each)				212.21	262.01
	Basi ae	(5.26)	(1.29)	(4.12)	(9.18)	(7.03)
	Diluted* a	(5.26)	(1.29)	(4.12)	(9.18)	(7.03)
	(EPS for the quarter not annualised)

My timar Paints Ltd.

Corporate Office) 1" Floor, Plot No. 28, Sectée3Z, Gurugram - 122001, Haryana SH Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Secter 32; Gurugram - 122001, Haryana. Call: +91 1244616600 Fax: +91 124 441 6659 Toll Free: 1800-103-6509 Email Id: askusfshalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

Notes:

1. On 4th Jan 2019, The 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 -

		SHALIMAR PAINTS
1. These financials results have been prepared				in accordance with the Companies (Indian Accounting Standards) Rules,
2015 (Ind AS) prescribed under section 133 of Act, 2013 and the other recognised accounting
the extent applicable.				practices and policies to
2. The above results were reviewed by the Audit Committee and approved by the				Board of Directors at its meeting
held on June 26, 2021. The figures for the last quarter are the balancing figures betwe				en the audited figures in respect of
the full financial year upto 31st March and the published unaudited year- to-date figure				s up to 31st December.
3. This statement is as per Regulation 33 of SEBI (Listing Obligations and Disclosure R				equirements) Regulations, 2015.
4. On 4th Jan 2019, The 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. 2				00.87 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			-
I Particulars	Proposed to be utilised as per Letter of offer	Proposed to be utilised (revised)*	Utilised till a	Utilised during March 2020 the financial year 2020-21	To be utilised
Project of reinstatement of paint manufacturing plant at Nashik	45.68	44.92	42.46	0.50	1.96
Setting up of Regional Distribution Centre (RDC) at Nashik	3.40	0.40	0.40	-	-
Long Term Working Capital Requirements	117.38	121.14	121.14	-	-
General Corporate purposes	34.15	34.15
lisperaas for Rights Issue Total	0.26	0.26	34.15 0.26	= -	- 0.00

through in reduction the allocation in towards Long Term Working Capital Requirement, 0.50 and the same has been Nashik project (including RDC) cost.

1. The Code on Social Security,2020 ('the Code') which, inter alia, deals with employee benefits during employment and post-employment, has been notified in the official Gazette on September 29,2020. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period in which the said Code becomes effective and the rules framed thereunder are published.

Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram ~ 122001, Haryana >» SHALIMAR Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana. PAINTS Call: +91 124 461 6600 Fax: +91 124 441 6459 Toll Free: 1800-103-6509 Email Id: askus{ashalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

• 1. The management has taken into account the possible impact of COVID-19 in preparation of the financial results, including assessment of recoverability of its assets based on the internal and external information upto the date of approval of the results. The Company will continue to monitor any material changes to future economic conditions.
• 1. The Company operates mainly in one business segment i.e. Paints.
• 1. Other Income includes insurance claim of Rs. 6.04 crore received by the company in respect of its Nasik Plant fire under Reinstatement Policy.
• 1. Previous year's/ quarter's/ period's figures have been rearranged/ regrouped wherever considered necessary.

Date: June 26, 2021

For and on behalf of the Board

|— Ashok Kumar Gupta

Shalimar Paints Ltd.

Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram ~ 122001, Haryana & SHALIMAR | Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 32, Gurugram ~ 122001, Haryana. PAINTS Call: +91 124461 46600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 Email Id: askus(@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611