	SHALIMAR
	PAINTS
	September 01, 2026
The Secretary	Department Listing
Limited BSE	Exchange National Stock of India Ltd.
Department Corporate Relationship	Exchange Plaza, 5" Floor,
Phiroze Jeejeebhoy Towers	G-Block Plot No., C/1,
25th Street Floor, Dalal	Complex, Bandra 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 acknowledgement receipt.

This is for your information and records.

Thanking you For Shalimar Paints Limited

= a po

Ashish Kumar Bagri Chief Financial Officer

, 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. | Call: +91 124461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 | Email Id: askus{@shalimarpaints.com, Website: www.shalimarpaints.com' CIN: L24222HR1902PLC065611

Shalimar Paints Limited, Stainless Steel Centre, 4th floor, Plot No -50, Sector 32, Gurgaon -122 001

SBI/IFB AND/AGM&RM/AMT-IV/2012-21/ Date: 24.07.2020

Dear Sir,

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY.

With reference to above please find enclosed report of the monitoring agency as on 30.06.2020 for the Rights Issue proceeds in the prescribed format.

Yours faithfully,

Lhe

ren AGM & Relationship Manager"

SS +91 22 2683 3001 / 2683 1648 Wz. ania sae, sea (Fa), Ux. arh-ta dae, HS (9d), W.E. Highway-Metro Junction,

491 22 2682 3370 / 2682 1310 402, Ferra, 194, wa ant, 102, xe, 494, a a. arf, 102, Natraj, 194, Sir M.V. Road, [email protected] as - 400 069. aad - 400 069. Andheri (E), Mumbai - 400 069.

bank.sbi . & 491 22 2681 9700 stenfira: faa yar, attri, sitchen fara pirat, 8&2, Industrial Finance Branch, Andheri,

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: June 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 in view of lower subscription instead of Rs. 21,767.15 Lakhs. Accordingly, the amount allocated in some of the Objects was modified. Further, in view of additional 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 (ICDR) Regulations, 2018, We further declare that this report provides a true and fair view of the utilization of the issue proceeds.

We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/ directors/management and aiso confirm that we do not perceive any conflict of interest in such relationship/interest hil. tadponting the utilization of the issue proceeds by the issuer. However, we are on@of RE BRB RING OF Cpyiany and have extended Credit Facilities to it.

; Lb Signature: 5) Asst Manager Name and designati OTIZs . igh itty: Mr Satyendra kumat Designation of Authggiggd person Rania, Auth oggty: AGM & RM Seal of the Monitoring Agency: Date: [24.07.2020]

1) Issuer Details:

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

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)

$\ddot{\cdot}$

$\infty$

$\begin{array}{c} \mathfrak{g} \stackrel{\mathcal{L}}{=} \ \mathfrak{g} \end{array}$

	$(ii)$ Progress in the object(s) -		(Give item by item description for all the Objects stated in the Offer Document in the following format)					(Rs. In Lacs)
		Amount as		Amount utilized till June 30, 2020					Comments of the Board of Directors
$\overline{\mathbf{s}}$ r. è.	Item Head	Offer Document proposed in the (Revised)*	nsurance As at beginning of claim proceeds) the quarter ( $Including$ I	During the quarter	At the end of the quarter	unutilized amount Total	Comments of the Monitoring Agency	Reasons for idle funds	course of Proposed action
$\mathbf{l}(\mathbf{a})$	paint manufacturing Reinstatement of plant at Nashik Project of	5075.78 Lacs Revised to 5152.13	4,829.38	$10.87\,$	4,840.24	235.54	disclosed in Letter Utilisation as of Offer $#$
2(b)	Distribution Centre (RDC) at Nashik Setting up of Regional	340 (Revised to 40.00)	40.00	t	40.00	ţ	cost given Cost of As per the revised Object(S)#
$\mathcal{C}$	Long Term Working Requirements Capital	(Further Revised to $12,564.15$ 12,187.80	$-15$ 12,564		12,564.15		Modification from 12,187.80 Lakhs* Further revised to Rs. 13,500.00 Rs. 12564.15 Lakhs to Rs. Lakhs
3	General Corporate purposes	3,415.07	3,415.07		3,415.07		Modification from 3,415.07 Lakhs. Rs. 3,782.75 Lakhs to Rs.
4	Expenses for the issue	92.00	$00$ . $\mathfrak{D}$		92.00		disclosed in Letter Utilisation as of Offer
	Total	21,186.99	20,940.59	10.87	20,951.46	235.54
			* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced

$\overline{4}$

à,

FB.N

As on June 30, 2020, Rs. 235.54 Lakhs are outstanding which are being paid to vendors of Project. \$Provide following details under Item Head:
(a) Name of the object(s):

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

$\frac{1}{2}$ Earning $\left( \frac{96}{90} \right)$ Return on Investment $\left \frac{\text{Market Value as at the end of}}{\text{Area}} \right $ (Rs. In Lacs) 235.53 235.53 $\frac{A}{A}$ ∑ Z Maturity date $\frac{1}{2}$ 235.53 235.53 nvested Amount Type of instrument and name of the entity ии) рериоритени ор шнимизеа и О ргосееду. Total Available balance Balance with Bank nvested in $\frac{1}{2}$

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

$(iv)$ Delay in implementation of the object(s)				(Rs. In Lacs)
		Completion Date	Delay	Comments of the Board of Directors
Object(s)	As per the Offer Document	Actual*	$m$ onths) (no. of days/	Reason of delay	course of action Proposed
Project of Reinstatement of paint manufacturing plant at Nashik	$-03 - 2019$	Completed in May 2019 commercial production started in August 2019	2 Month
Setting up of Regional Distribution Centre (RDC) at Nashik	$-03 - 2019$	Completed in March 2020 12 Month
Long Term Working Capital Requirements	$-03 - 2019$	Completed
General Corporate purposes	$-03 - 2019$	Completed
Expenses for the issue	$-03 - 2019$	Completed
$*$ In case of continuing object(s) please specify latestical assumes a file commutation $\frac{1}{2}$

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)

	SHALIMAR
	PAINTS


Details of the arrangement made to ensure the (Give item by item description for all the objects stated in the offer document separately in		monitoring of issue proceeds:
following format)
Particulars		Reply Comments of the	Comments the
		Monitoring Agency	Board of Directors
Whether all utilization is as per the disclosures in Yes/		Yes#	Yes#
the Offer Document? Whether shareholder approval has been obtained Yes/	No		No
in case of material deviations# from expenditures No		No
disclosed in the Offer Document? Whether the means of finance for the disclosed	Yes/	No	No.
objects of the issue has changed?	No
Is there any major deviation observed over the earlier monitoring agency reports?	Yes/ No	No	No
Whether all Government/statutory approvals	Yes/	Yes	Yes
related to the object(s) have been obtained?	No
Whether all arrangements pertaining to technical Yes/ assistance/collaboration are in operation?	No	Yes _	Yes
Are there any favorable events improving the	Yes/	Yes	Yes
viability of these object(s)?	No
Are there any unfavorable events affecting the			No
	Yes/	No
viability of the object(s)? Is there any other relevant information that may	No Yes/	No	No
materially affect the decision making of the investors?	No

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.

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: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 te t =mail Id: askus{dshalimarpaints.com, Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

$\ddot{\cdot}$ $\epsilon$ Details of object(s) to be monitored:
(i) Cost of object(s)
(Give Item by Item Description for all the Objects Stated in Offer.

		Particulars of arrangements firm	$\tilde{S}$ made N _o	NA	NA	NA	MA	RAA
(Rs. In Lacs)		financing Proposed option	$_{\rm N_o}$	NA	NA	$\stackrel{\triangle}{\scriptstyle\sim}$	NA
	Comments of the Board of Directors	Reason of cost revision	No significant Change	Smaller Regional Distribution Centre (RDC) has been setup.	increased by Rs.376.35 Lakhs to Rs. amount allocated was reduced after allocation for Long Term Working Working Capital Requirement, the In view of Lower Subscription at 92.28% in the Rights Issue, the Capital Requirements has been Further, to meet the additional allotment in the Rights Issue. 2,564.15 Lakhs	amount allocated was reduced after In view of Lower Subscription at 92.28% in the Rights Issue, the allotment in the Rights Issue	MA
$\sum_{i=1}^{n} a_i$ and $a_i$ and $a_i$ are $a_i$ and $a_i$ are $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$ and $a_i$		Comments of the Monitoring Agency	No significant Change	The revised cost of smaller RDC would be Rs. 40 Lacs.	In view of Lower Subscription at 92.28% was reduced after allotment in the Rights Capital Requirements has been increased in the Rights Issue, the amount allocated by Rs.376.35 Lakhs to Rs. 12,564.15 Issue. Further, to meet the additional allocation for Long Term Working Working Capital Requirement, the Lakhs	In view of Lower Subscription at 92.28% was reduced after allotment in the Rights in the Rights Issue, the amount allocated Issue	No Change in Proposed cost
		∗ Revised Cost	5075.78 Lacs Revised to 5152.13	$\overline{c}$ 340 (Revised 40.00)	12,187.80 Revised to 12,564.15) (Further	3,415.07	92.00	21,186.99
	Original Cost	(as per the Offer Document)	5,152.13	340.00	13,500.00	3,782.75	92.00	22,866.88
		Item Head	plant at Nashik manufacturing Reinstatement Project of of paint	Centre (RDC) at Setting up of Distribution Regional Nashik	Working Capital Requirements Long Term	Corporate purposes General	Expenses for the issue	Total
		$\overline{N}$ $\overline{S}$ .	l(a)	2(b)	$\mathcal{L}$	3	4

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

TVHS

								S
	Comments of the Board of Directors	course of Proposed action	be paid as per respective PO and retention amount will Balance clause.	NA	NA	NA	$\stackrel{\triangle}{\scriptstyle\sim}$	AR PAT 7VH
(Rs. In Lacs)		Reasons for idle funds	COVID ₁₉ structural supply $\&$ delay in Due to Due to	Utilised Fully	Utilised Fully	Utilised Fully	Utilised Fully
		Comments of the Monitoring Agency	Letter of Offer # Utilisation as disclosed in	given Cost of revised cost Object(S)# As per the	13,500.00 Lakhs to Rs. 12,187.80 12564.15 Lakhs Lakhs*, Further revised to Rs. Modification from Rs.	3,782.75 Lakhs to Rs. 3,415.07 Modification from Rs. Lakhs.	Letter of Offer Utilisation as disclosed in
		unutilized amount Total	235.54	$\mathbf I$	1	I	$\mathbf{I}$	235.54
		At the end of the quarter	4,840.24	40.00	12,564.15	3,415.07	92.00	20,951.46 3
e Offer Document in the following format)	Amount utilized till June 30, 2020	During the quarter	10.87	ī		ı	f,	10.87
(Give item by item description for all the Objects stated in th		Including Insurance As at beginning of claim proceeds) the quarter	4,829.38	40.00	12,564.15	3,415.07	92.00	20,940.59
	Amount as	Offer Document proposed in the (Revised)*	5075.78 Lacs Revised to 5152.13	340 (Revised to 40.00)	12,187.80 Revised to 12,564.15) (Further	3,415.07	92.00	21,186.99
		Item Head	paint manufacturing Reinstatement of plant at Nashik Project of	Distribution Centre (RDC) at Nashik Setting up of Regional	Working Capital Requirements Long Term	General Corporate purposes	Expenses for the issue	Total
		Χo. Sr.	l(a)	2(b)	$\mathcal{L}$	3	4

$*$ In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced.
$#As$ on June 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):
(c) Location of the object(s) (if applicable):
(iii) Deployment of unutilised IPO proceeds:

(Rs. In Lacs)	Market Value as at the end of 'quarter*	235.53	235.53
	Return on Investment $\mid$ Earning $\mid$ $\binom{o_{\ell 0}}{s}$
		NA NA
	Maturity date	$\frac{A}{A}$
	rvested imount	235.53	235.53
пу Рериутет ој шпишизеа IFO proceeds.	Sr. Type of instrument and name of the entity invested in	Balance with Bank	Total Available balance
	$\frac{1}{2}$

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

		course of action Proposed	Reinstatement completed	MA	NA	$\stackrel{\triangle}{\scriptstyle\sim}$	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
$\sum_{i=1}^{n}$	Completion Date	Actual*	Completed in May 2019 commercial production started in August 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	31-03-2019
$(iv)$ Delay in implementation of the object(s)		Object(s)	Project of Reinstatement of paint manufacturing plant at Nashik	Setting up of Regional Distribution Centre (RDC) at Nashik	Long Term Working Capital Requirements	General Corporate purposes	Expenses for the issue	$$ In case of continuing object(s), plagsa spacify latest revised astimate of the completion $\pi^$

ooject(s), please specify latest/revised estimate of the completion date. ann
S

AI assistant

Shalimar Paints Ltd. Capital/Financing Update 2020

62395_rns_2020-09-01_2674a959-6144-476a-ae88-80826b86cfdf.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)]