	SHALIMAR
	PAINTS
	November 2020 10,

The Secretary	Department Listing
Limited BSE	Exchange National Stock of India Ltd.
Department Corporate Relationship	Exchange Plaza, se Floor,
Phiroze Jeejeebhoy Towers	G-Block Plot No., C/1,
25th Street Floor, Dalal	Bandra Complex, Bandra Kurla
Mumbai- 400001	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 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 on the same.

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

Ashish Kumar Bagri 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 Fs +91 124 461 6659 | E: [email protected] | www.shalimarpaints.com | CIN: L24222HR1902PLC065611

STATE BANK OF INDIA

Shalimar Paints Limited, Stainless Steel Centre, 44 floor, Plot No -50, Sector 32, Gurgaon -122 001

SBIIFB AND/AGM&RM/AMT-IV/2012-21/166 Date: 31.10.2020

Dear Sir,

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY.

With reference to above please find enclosed report of the monitoring agency as on 30.09.2020 for the Rights Issue proceeds in the prescribed format.

Yours faithfully,

pen & Relationship Manager

@ bank.sbi t & 491 22 2681 9700 ater faa prrzat, ate, aiteifire faa erat, ath Industrial Finance Branch, Andheri,

+91 22 2682 3370 / 2682 1310 102, AEC, 194, Wt Tat. Het, 102, Hea, 194, Hew a 102, Natraj, 194, Sir M.V. Road, Hh +91 22 2683 3001 / 2683 1648 1g. ant-dal stag, art cad), Tz ahaa deer, th (DD, W.E. Highway-Metro Junction,

[email protected] HS fae - - 400 069. yad each - 400 069. Andheri {E), Mumbai - 400 069.

SCHEDULE XI - FORMAT OF REPORT TO BE SUBMITTED BY THE MONITORING AGENCY [See regulation 82(2) and 82(3)]

Report of the Monitoring Agency Name of the issuer: Shalimar Paints Limited

For quarter ended: September 30" 2020.

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, the amount allocated in some of the Objects has been modified. In view of additional Working Capital requirement, there is increase in the allocation of funds towards Long Term Working Capital Requirement — The major Object of the Issue. Further, the same is adjusted through reduction in estimated cost of Setting up of Paints manufacturing plant at Nashik including Regional Distribution Centre (RDC) at Nashik.

(b) Range of Deviation*: The Company received Rs. 20,087.24 Lakhs from the proceeds of the Rights Issue ia 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 Working Capital requirements and reduction in estimated cost of Setting up of Paints manufacturing plant at Nashik including Regional Distribution Centre (RDC) at Nashik, the utilisation for Long Term Working Capital has increased by 3.21%.

Declaration:

We declare that this report is based on the format prescribed by the SEBI (CDR) Regulations, 2018, We further declare that this report provides a true and fair view of the utilization of the issue procecds.

We declare that we do not have any directfindirect interest in or relationship with the issuer/promoters/ directorsémanagement and also confirm that we do not perceive any conflict of interest in' such relationshipfateres( while monitoring and reporting the utilization of the issue proceeds by the issuer. However, we are one af the Bankers to the Company and have extended C rea LPR BRR RE Tap ida

Signature:

| Date: [31.10.2020] Name and designation of the Authorized Signatory: Mr Satyendra Kumar Designation of Authorized person/Signing Authority: AGM & RM Seal of the Monitoring Agency:

For TN oie OF INDIA WAr,

BERS Hea | ASS. Gen. Manager ohelifra fred amar, eet (q), dad - ae. ind. Finance Br. Andheri (E), Mumbai - 69.

1) Issuer Details:

Name of the issuer : Shalimar Paints Limited

Names of the promoter : Mr. Ratan Jindal and Hind Strategic Investments

2} 'Issue Details

3) Details of the arrangement made to ensure the

monitoring of issue proceeds:

1)	Issuer Details:
	Name of the issuer : Shalimar Paints Limited Names of the promoter : Mr. Ratan Jindal and Hind
	Strategic Investments
	which Industry/sector belongs: to it Coatings	Paint	&
'Issue Details 2}
2018	Issue Period : December 03, 2018 to December 24,
	Type of issue (public/rights) : Rights Issue
	Type of specified securities : Equity Shares of the
	Cempany

	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)
Details 3)	arrangement made the of monitoring of issue proceeds:	ensure to	the
	(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/
the Offer Document?		No
	Whether shareholder approval has been obtained Yes/
	in case of material deviations# from expenditures No
	disclosed in the Offer Document?
objects of the issue has changed?	Whether the means of finance for the disclosed	Yes/ No
	Is there any major deviation observed over the	Yes/
	earlier monitoring agency reports?	No
	Whether all Government/statutory approvals	Yes/
	related to the object(s) have been obtained?	No
	Whether all arrangements pertaining to technical Yes/		3
	assistance/collaboration are in operation?	No
	Are there any favorable events improving the	Yes/
viability of these object(s)?		No
viability of the object(s)?	Are there any unfavorable events affecting the	Yes/
	Is there any other relevant information that may	Yes/
	materially affect the decision making of the	i No i	:	i

However, the utilization in different heads of the Objects of the Issue had to be modified in view of lesser hily 2 proceeds collected in the Rights Issue due to lower subscription to the extent of 92.28% and as well as shig 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.

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

				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
$\tilde{z}$ si,	Item Head	(as per the Offer Original Cost Document)	Revised Cost *	Comments of the Monitoring Agency	Proposed financing option Reason of revision cost	Particulars of arrangements made $f_{\text{lim}}$
$\frac{1}{2}$	Reinstatement of paint manufacturing plant at Project of Nashik	ç, 5.152.1	5152.13 Revised to 5075.78 Lacs	No significant Change
	Setting up of Regional 2(b) Distribution Centre RDC) at Nashik	340,00	340 (Revised to 40.00)	The revised cost of smaller RDC would be Rs. 40 Lacs.
ŕ۱	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
ò,	$\frac{1}{2}$ 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
4	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.

$\ddot{\phantom{0}}$

(i) Cost of object(s)

$\tilde{\tilde{\mathbf{z}}}$

$\overline{\phantom{a}}$

AMI i

$\bar{\beta}$

$\omega$

Regional Distribution Capital Requirements Long Term Working paint manufacturing General Corporate Reinstatement of Item Head Centre (RDC) at plant at Nashik Setting up of Project of purposes Nashik $I$ (a) 2(b) $\frac{3}{2}$ ż. Ō1 er,	Offer Document ( proposed in the Amount as Revised)*			Amount utilized till September 30, 2020
		As at beginning of the quarter (Including Insurance claim proceeds)	During the quarter	At the end of the quarter	unutilized amount Total	Monitoring Agency Comments of the
	5152.13 Revised to 5075.78 Lacs	4.840.24		4,840.24	235.54	Utilisation as disclosed in Letter of Offer $#$
	340 (Revised to 40.00	$\begin{array}{c} \vdots \ \vdots \ \end{array}$ 40.00 $\frac{1}{2}$		40.00		As per the revised cost given Cost of $Obiect(S)$ #
	(Further Revised to 12,564.15) 12.187.80	12.564.15		12,564.15	$\mathfrak{r}$	13,500.00 Lakhs to Rs. Modification from Rs. Further revised to Rs. 12,187.80 Lakhs* 12564.15 Lakhs
	3,415.07	3.415.07		3.415.07	$\mathbf{I}$	Modification from Rs. 3.782.75 Lakhs to Rs. 3,415.07 Lakhs.
Expenses for the issue 44	92.00	92.00		92.00	$\mathbf{I}$	Utilisation as disclosed in Letter of Offer
Total	$\begin{array}{cccc}\n\bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet & \bullet$ 21,186.99	20,951.46	$\pmb{\mathfrak{t}}$	20,951.46	235.54

(ii) Progress in the object(s) -

$\frac{1}{2}$

* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced.

As on September 30, 2020. Rs. 235.54 Lakhs are outstanding which are being paid to vendors of Project.

SProvide following details under Item Head: (a) Name of the object(s):

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

(Rs. In Lacs)	Return on Investment Market Value as at the end of $quarter$ *	235.54	235.54
	(%)
	arning	$\frac{A}{A}$
	Aaturity date	$\frac{1}{2}$
	nvested Amount	235.54	235.54
ì	Type of instrument and name of the entity 1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000年的1000 i invested in ે ત્ર્	:::::: Ĭ . Balance with Bank	$\begin{array}{cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc$ Total Available balance
iii) Deployment of unutilised IPO proceeds:

Ę $\overline{L}$ $\cdots$ $\mathbf{H}$ $\star$ m/f

where the matrixet value is not feasinte, provide matrixed values found the same " " " " " " " " " "
$(iv)$ Delay in implementation of the object(s)				(Rs, In Lacs)
		Completion Date	Delay	Comments of the Board of Directors
Object(s)	per the Offer Document ÅS	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	2 Month
Setting up of Regional Distribution Centre (RDC) at Nashik		31-03-2019 Completed in March 2020 12 Month
Long Term Working Capital Requirements	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.

$\mathfrak{g}$

1) Issuer Details:

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

2) Issue Details

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

	SHALIMAR
	PAINTS
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)
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 Coatings Issue Details	Paint	&
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 Monitoring Agency	Comments the 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 earlier monitoring agency reports?	Yes/ No	No	No
Whether all Government/statutory approvals related to the object(s) have been obtained?	Yes/ No	Yes	Yes
Whether all arrangements pertaining to technical Yes/ assistance/collaboration are in operation?	No	Yes	Yes
Are there any favorable events improving the viability of these object(s)?	Yes/ No	Yes	Yes
Are there any unfavorable 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 investors?	Yes/ No	No	No

fl }

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.

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

		Particulars of arrangements made firm	$\overline{N}$	$\stackrel{\triangle}{\geq}$	$\stackrel{\triangle}{\scriptstyle\sim}$	NA	$\overline{M}$
Rs. In Lacs		Proposed financing option	No	NA	NA	NA	NA
	Comments of the Board of Directors	Reason of cost revision	No significant Change	Smaller Regional Distribution Centre (RDC) has been setup.	Requirement, the allocation for In view of Lower Subscription the additional Working Capital increased by Rs.376.35 Lakhs at 92.28% in the Rights Issue, reduced after allotment in the Rights Issue. Further, to meet Long Term Working Capital the amount allocated was to Rs. 12,564.15 Lakhs Requirements has been	In view of Lower Subscription at 92.28% in the Rights Issue, reduced after allotment in the the amount allocated was Rights Issue	NA
ed in Offer Document separately in following format)		Comments of the Monitoring Agency	No significant Change	The revised cost of smaller RDC would be Rs. 40 Lacs.	allocated was reduced after allotment in 92.28% in the Rights Issue, the amount has been increased by Rs.376.35 Lakhs Term Working Capital Requirements Requirement, the allocation for Long the Rights Issue. Further, to meet the In view of Lower Subscription at additional Working Capital to Rs. 12,564.15 Lakhs	92.28% in the Rights Issue, the amount allocated was reduced after allotment in In view of Lower Subscription at the Rights Issue	No Change in Proposed cost
		Revised Cost *	5152.13 Revised to 5075.78 Lacs	340 (Revised to 40.00)	(Further Revised to 12,564.15) 12,187.80	3,415.07	92.00	186.99 21.
(Give Item by Item Description for all the Objects Stat		(as per the Offer Original Cost Document)	5,152.13	340.00	13,500.00	3,782.75	92.00	22.866.88
		Item Head	Reinstatement of plant at Nashik manufacturing Project of paint	Distribution Centre RDC) at Nashik Setting up of Regional	Working Capital Requirements Long Term	General Corporate purposes	Expenses for the issue	T _ofa
		$\geq$ $\overline{S}$ .	1(a)	2(b)	2	3	4

$\infty$

* Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs. 1099.73 lakhs received as Insurance claim for Nashik Plant.

As on September 30, 2020, Rs. 235.54 Lakhs are outstanding which are being paid to vendors of Project.
SProvide following details under Item Head:
* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced.

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

	iii) Deployment of unutilised IPO proceeds:					(Rs. In Lacs)
$\dot{z}$ Sr.	Type of instrument and name of the entity nvested in	nvested Amount	Aaturity date	$\lceil \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} \cdot \$	Return on Investment	Market Value as at the end of uarter*
	Balance with Bank	235.54	$\overline{M}$	NA NA		235.54
	Total Available balance	235.54				235.54

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

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

$\overline{5}$

AI assistant

Shalimar Paints Ltd. Capital/Financing Update 2020

62395_rns_2020-11-10_c6d13745-5792-46fc-8604-295d3adfc92b.pdf

Reference Scrip Code- NSE-SHALPAINTS, BSE-509874

Subject- Submission of Report of Monitoring Agency

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY.

SCHEDULE XI - FORMAT OF REPORT TO BE SUBMITTED BY THE MONITORING AGENCY [See regulation 82(2) and 82(3)]

Report of the Monitoring Agency Name of the issuer: Shalimar Paints Limited