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Shalimar Paints Ltd. Capital/Financing Update 2021
62395_rns_2021-11-13_656cd732-c413-4906-baf2-3f98dae00292.pdf
Capital/Financing Update
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November 13, 2021
BSE Limited National Stock Exchange of India Ltd Corporate Relationship Department, Exchange Plaza, 5" Floor, 1* Floor, New Trading Ring, Plot No. C/1, G- Block Rotunda Building, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai - 400 001 Mumbai — 400051
Reference Scrip Code- NSE-SHALPAINTS, BSE-509874 Subject- Submission of Report of Monitoring Agency
Dear Sir/Madam,
Please find enclosed report of Monitoring Agency 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
Mohit Donte Cc Finageial Officer
| | | | 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: Email +91 124 4616600 Fax: +91 124 461 6659 Toll Free: 1800- 103-6509 , , Id: [email protected] Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611
धारक्षेत्र स्टेट बँक भारतेव स्टेट बैंक STATE BANK OF INDIA
M/s. Shalimar Paints Ltd. Stainless Centre. 4th Floor, Sector -32, Plot No. 50, Gurgaon, Haryana-122001.
IFBA/RM-AMT-II/2021-22/
Date: 11.11.2021
Dear Sir.
SHALIMAR PAINTS LIMITED REPORT OF MONITORING AGENCY 30.09.2021
With reference to the above, please find enclosed report of Monitoring Agency as on 30.09.2021 for the Right Issue proceeds in the prescribed format.
Yours faithfully,
Assistant General Manager & RM-I
O bank.sbi
€ +91 22 2681 9700 +91 22 2682 3370 / 2682 1310 $\approx$ +91 22 2683 3001 / 2683 1648 S [email protected]
औद्योगिक दिन शाखा, अंधेरी, 102, मटराज, 194, सर एम.व्ही. मार्ग, प.टू. मार्च-मेट्रो जंक्शन, अंधेरी (पूर्व), मुंबई - 400 069.
ओझोनिक वित्त प्राप्ता, अंधेरी. 102, नटराज, 194, सर एम.व्ही. मार्ग, प.दू. मार्ग-मेट्रो जंक्शन, अंधेरी (पूर्व), मुंबई - 400 069.
Industrial Finance Branch, Ancheri, 102, Natraj, 194, Sir M.V. Road, W.E. Highway-Metro Junction, Andheri (E), Mumbai - 400 069.
SCHEDULE XI - FORMAT OF REPORT TO BE SUBMITTED BY THE MONITORING AGENCY {See regulation $82(2)$ and $82(3)$ }
Name of the issuer: Shalimar Paints Limited
Report of the Moniforing Agency
For quarter ended: September 30th 2021.
Name of the Monitoring Agency: State Bank of India, Industrial Financial Branch, Andheri East, Mumbai- 480069
(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 Leng Term Working Capital Requirement - The major Object of the Issue.
Further, the same is adjusted through reduction in estimated cost of (RT)C) 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 reduction in estimated cost of Setting up of Paints monefacturing 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 processis as certified by attached CA certificate dated 30.09.2021.
We declare that we do not have any direct/indiced interest in or relationship with the issuer/promoters/ directors/management and also confirm that we do not
perceive any conflict of interest in such relationship/interest one of the Bankers to the Company and have extended Credit Facilities to it.
$\mathbf{1}$
$b_2$ Signature: Name and designation of the Authorized Stendoryce Designation of Authorized person/Signing Authority: Seal of the Monitoring Agency: Date: [11.11.2021]
$\mathbb{I})$ – Issuer Details:
Name of the issuer : Shallmar Paints Limited Names of the promoter : Mr. Raton Jindal and Hind Simtegic Investments Industry/sector to which it belongs: Paint &
Coatings 2) Issue Betails
Issue Period : December 03, 2018 to December 24,
Type of issue (public/rights) ; Rights Issue
Type of specified securities : Equity Shares of the Company
Louisian,
IPO Gosdiag, if any : Not applicable
Issue size (Rs, In Lacs) : Rs.21.767.15 Lakiss (Final
Figure of Subscription was Rs. 20,087.24 Lakhs)
3) Details of the arrangement made to ensure the
meatitoring of issue proceeds:
(Give item by item description for all the objects stated
in the offer document separately in following format)
| Particulars 1.1.1 |
Reply | Comments of the Monitoring Agency |
Comments the Board of Directors |
|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? |
Yest No |
Yesik | |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures. disclosed in the Offer Document? |
Yesi No |
Nο | |
| Whether the means of finance for the disclosed objects of the issue has changed? |
Yesí No |
No | |
| Is there any major deviation observed over the earlier monitoring agency reports? |
Ypei No |
No |
$\overline{c}$
| Whether all Government/statutory approvals | Yest | Yes |
|---|---|---|
| related to the object(s) have been obtained? | No | |
| Whether all arrangements pertaining to technical | Yes? | Yes |
| assistance/collaboration are in operation? | No | |
| Are there any favorable events improving the | Verd | Yes. |
| viability of these object(s)? | NΛ | |
| Are there any infavorable events affecting the | Vesi | No |
| viability of the object(s)? | No | |
| Is there any other relevant information that may | Yesi | No |
| materially affect the decision making of the | Nο | |
| meestars' |
However, the utilization in different beads of the Objects of the Issue had to be modified in view of lesser proceeds collected in the Kights Issue due to lower
subscription to the extent of 92.28% and as well as slightl
$\mathsf 3$
$\frac{1}{2} \mathcal{E}$ $\hat{\mathcal{S}}_N^{\hat{\mathcal{S}}}$
$\ddot{\phantom{a}}$
4) Details of object(s) to be monitored:
(i) Cost of object(s)
| (Give Item by Hem Description for all the Objects Stated in Offer Document separately in following format) | ${Rs, ln }$ $acs}$ | ||||||
|---|---|---|---|---|---|---|---|
| SI N 12 |
fiem Hoad | Original Cost (as per the Offer Document) |
Revised Cost ® | Comments of the Monitoring Agency | Reason of crest. revision |
Proposed financine eptien. |
Comments of the Board of Directors Particulars of time. arrangements |
| i(n) | Project of Reinstatement of paint manufacturing plant at Nashik |
5,152,13 | 5152.13 Revised to 5075.78 Lacs |
No significant Change | made | ||
| 2033 | Scuing up of Regional Distribution Centre (RDC) at Nashih. |
340.00 | 340 (Revised to 40.001 |
The revised cost of smaller RDC would be Rs. 40 i.acs. |
|||
| Long Torm Working Capital Requirements |
13.500,00 | 12.187.80 (Further Revised to 12.564.153 |
In view of Lower Subscription at 92.28% in the Rights Issue, the amount allocated was reduced after allotment in the Riolits Issue. Further, to meet the additional Working Capital Requirement, the allocation for Long Term Working Capital Requirements has been increased by Rs.376.35. Lakits to Rs. 12.564.15 Lakits |
||||
| 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 allownent in the Rights Issue |
||||
| Expenses for the issue | 92.00 | 92.00 | No Chance in Proposed cost | ||||
| Total | 22.866.88 | 21,186,99 |
* Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs. 1099.73 Jakhs received as Insurance claim for Nashik Plant.
$\tilde{\gamma}$
$\ddot{4}$
| (ii) Progress in the object(s) - |
|---|
| William Brown for it am demonstration to |
| (Give fight by fight description for all the Objects stated in the Offer Document in the following format) | (Rs. In Lacs) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Amount uffized till September 30, 2021 | Comments of the Board of Directors |
||||||||
| Sr. No. |
Item Head | Amount as proposed in the Offer Document (Revised) & |
As at beginning of the quarter ( Including Insurance claim proceeds) |
During the quarter |
At the ciut of the quarter |
Total unatilized amount |
Comments of the Monitoring Agency |
Reasons for idle funds |
Proposed course of action |
| Kal | Project of Reinstatement of paint manufacturing plant at Nashik |
\$152.13 Revised to 5075.78 Lacs |
4.899.61 | 4,899.61 | 176.17 | Utilivation as disclosed in Letter of Offer# |
|||
| 2(b) | Setting up of Regional Distribution Centre (RDC) at Nashik |
340 (Revised to 40.001 |
40.00 | 40.00 | As per the revised cost given Cost of Object(S)# |
m i | $\omega_{\rm c} = \frac{1}{2} \sum_{i=1}^{2}$ | ||
| $\hat{z}$ | Long Term Working Capital Requirements |
12.187.80 (Further Revised) to 12.564.15) |
12.564.15 | 12.564.15 | Modification from Rs. 13.500.00 Lakhs to Rs. 12.187.80 Lakhs*, Further revised to Rs. 12564.15 Lakhs |
aba $\sim$ |
$\sim 95^{\circ}$ , | ||
| 2 | General Corporate рагровок. |
3.415.07 | 3.415.07 | $\mathbf{w}_i$ | 3.415.07 | Modification from Rs. 3,782.75 Lakhs to Rs. 3.415.07 Lakhs. |
|||
| $\frac{1}{2}$ | Expenses for the issue |
92.00 | 92.00 | 92.00 | Utilisation as disclosed in Letter of Offer |
||||
| Total | 21,186.99 | 21.010.83 | 21,010.83 | 176.17 |
$\sf S$
Example 26.439.77 Leading to the Objects were reduced
a In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced.
a As on September 30, 2021, Rs. 176.17 Lakhs are outst
$\label{eq:4} \begin{array}{l} \textit{SProvide following details under Item Head:} \ \textbf{(a) Name of the object(s):} \ \textbf{(b) Brief description of the object(s):} \ \textbf{(c) location of the object(s) (if applied)):} \ \textbf{(iii) Deployment of multiplied IPO proceeds:} \end{array}$
| i Sr. Na. |
Type of instrument and name of the entity invested in |
Amount invested |
Maturity date |
Earning | 3960 | Return on Investment Murket Value as at the ead of auarter* |
|---|---|---|---|---|---|---|
| Balance with Bank | 76.17 | 再入 | ΝA | M | 176.17 | |
| Total Available balance | 176.10 |
(Rs. In Lacs)
* Where the market salve is not feasible, provide NAV/NRV/Book Falue of the same
Gul Dalm in implementation of the abiastics
(iv) Delay in implementation of the object(s) |
i Rs. In Locs) | |||||
|---|---|---|---|---|---|---|
| Completion Pate | Thelay | Comments of the Board of Directors | ||||
| Object(s) | As per the Offer Document |
Actual* | ${BA, 0}$ days/ ាលាម៉ាន់ |
Reason of delay | Proposed course of action |
|
| Project of Reinstatement of paint menulacturing 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 | $31 - 03 - 2010$ | Completed | ||||
| Expenses for the issue | 31-03-2019 | Completed |
* In case of continuing object(s), please specify latest/revised estimate of the completion date.
$\epsilon$
BADIAT CHARTERED ACCOUNTANTS
307, D.R. Chambers 12/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005
Tel.: 23612579, Telefax : 01129537456 Mobile : 9810163640 E-mail: [email protected], [email protected]
YO
Shalimar Paints Limited. Corp. Office: 1st Floor. Plot No-28, Sector 32, Gurugram, Haryana-122001
Sub.: Certificate for utilisation of proceeds of Right issue during quarter ending 30th September 2021
- We have verified the unaudited books of account and other relevant records of Shallmar Paints $\frac{1}{2}$ Limited ("Company"), as at "30" September 2021", India in connection with its Rights Offer vide Its Letter of Offer and utilization of the net issue proceeds as per the object of the Issue given in the said Letter of Offer.
-
- We have verified the details of the utilization of the net issue proceeds submitted by the Company and are as per Annexure to this centricate, initiated by us for identification purposes only, based on the unaudited books of account and relevant raccids referred to in ceragraph 1 above. We have agreed the amounts included in the Amexure with the unaudited books of eccount and refevent records of the Company as at 30" September 2021. We have verified the accuracy of the Annoxure. Our responsibility is to verify the factual accuracy of the facts stated in the Annemire
-
- We conducted our procedures in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India.
-
- We have performed necessary audit so as to easure the accuracy of figures memoned in the Annexure. We also confirm that the unization of proceeds of the issue is in the with the section on "Objects of the faster mantened in the Letter of Offer.
-
- On the besis of the unemitted books of account and relevant records, information and explorations provided to us and representation from the management of the Company, we certify the utilization of the net issue proceeds as given in the accompanying Annexure.
- t/We hereby declare that this report is based on the format as prescribed by SEBI Regulations. 暮 Whe further declare that this report provides true and foir view of the utilization of issue proceeds.
- Wire declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any contrict of interest in such relevanship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.
JAIPUR OFFICE: A-55, Van Vilter Colony, Tonk Road, Jaipur - 302018 Tel. : (0141) 2590753
BADJAY y A
CHARTERS ACCOUNTANTS 307, D.R. Chambers. (2/56, D.B. Gupta Road, Karol Bagh, New Delhi-110005
Tel.: 23612570, Telefax : 01123637458 Mobile : 9810163640 E-mail jamatuhir [email protected], [email protected]
- This certificate is furnished solely for submission to State Benk of India (the Monitoring Agency) regarding the utilization of the 198 testic proceeds in terms of Clause 4.3 of the Monitoring
Agency Agreement dated 19 December 2018 between the Company and the Monitoring
Agency ("Monitoring Agency Agreement"), and is be distributed to any other partice without our prior written consent.
Capitalized terms not defined herein shall have the meaning ascribed to them in the Monitoring Agency Agreement.
For S. K. Badjatya & Co. Chartered Accountants Firm Registration Number: 0040170
(Sumeet Gupta) Partner Membership No.: 504321 UDINE DI COLLES I AMINIMATE
Date: 26th October 2021 Address: 307, D.R. Chambers. 12/56, D.B. Gupta Road, Karol Bagh, New Defni-110005.
Encl.: Annexure for Utilisation of Proceeds of Right Issue during quarter ended 30th September 21
JAIPUR OFFICE: A-55, Van Villar Colony, Tonk Road, Jaipur - 302018 Tel. : (0141) 2590753
BADJAT YA & C $\Gamma$ CHARTERED ACCOUNTANTS
Co7, D.R. Chambers 12/56, D.B. Casha Road, Karol Bagh, New Delhi-110005
Tet: 236 (2570, Telefax : 01123687456 Mobile - 9010163640
E-mail : [email protected], [email protected]
| in the contract with the commute constitution of the constitution of the constitution of the constitution of the | ||||||
|---|---|---|---|---|---|---|
| Actional Bactokht | ||||||
| Pasticulare | STATISTICS. | Print State . | - Ferstyn | For City | ||
| あいまくの | endino. | |||||
| iProject of Reinstateme 4 of years manufacturing plant at Moskik | 3849-XX | 515-738 | E - 19310 124 CA 2021 10400-2021 12400-2021 | |||
| 2 Saling up of Regional Distributor Centre (ROC) at National | 4,215,521 | 2.035.223 2.210.46 | 60.24 | |||
| Hung Torn Working Couled Receivement | ||||||
| fferinsi Cortorilla Purpoyas" : . | 72.113.85 3709.18 3.404.75 1 | |||||
| Experiment of the Issue | ||||||
| 200 L | ||||||
| 53.903.25 | - 7,802,66 |
.
Astronuta Utilisation of Proceeds of Right (sens dinho Cones
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| S. William | Total Market De JPY 2018-2018 / 2020-24 Jun 21 Ob Sep 21 Ob. | ||||
|---|---|---|---|---|---|
| Rena Lasz Rapa Allevia | -32.900 | こくえい ログ | |||
| Salaries & Magas | |||||
| 1.950.871 | 1982.05 | 通路急速学 | |||
| 2000 and Cost | |||||
| 555.73 | |||||
| Cha Capiel Experient | - 478,8031 | ||||
| C. Script | 3425.07 722657 7270.00 | ||||
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| Long Term Marking Capital Pentherman p SI 673-942 |
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For 8. K. Badjatya & Co. Chartered Accountants Firm Registration Number: 004017C
X, k ke t
li presid (Sumest Gupta) Partner. Membership No.: 504321 JOIN SETCHARASH
Date: 26th October 2023
JAIPUR OFFICE: 4-55, Van Vihar Colony, Tonk Road, Jakur - 302018 Tel.: (0141) 2590753
$58 - 22$
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 it belongs: Paint & Coatings 2) Issue Details Issue Period : December 03, 2018 to December 24. 2018 Type of issue (public/rights) : Rights Issue Type of specified securities : Equity Shares of the Company IPO Grading, if any : Not applicable Issue size (Rs, In Lacs) : Rs.21,767.15 Lakhs (Final Figure of Subscription was Rs. 20,087.24 Lakhs) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects stated in the offer document separately in following format) Particulars , Reply | Comments of the Comments the Monitoring Agency Board of Directors Whether all utilization is as per the disclosures in | Yes/ Yes# Yes# the Offer Document? No
Whether shareholder approval has been obtained | Yes/ 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 Yes/ No No earlier monitoring agency reports? 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/ Yes Yes assistance/collaboration are in operation? No Are there any favourable events improving the Yes/ Yes Yes viability of these object(s)? No Are there any unfavourable events affecting the Yes/ No No viability of the object(s)? No Is there any other relevant information that may Yes/ No No materially affect the decision making of the No investors?
Shalimar Paints Ltd.
& SHALIMAR |Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram - 122001, Har | Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 3 fam 122 Call: +91 124 4616600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 Email Id: askus(@shalimarpaints.com Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611 2, Gurugram - 122001, Haryana.
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) $\bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in \mathbb{N}} \bigcap_{n \in$
| ţ | |
|---|---|
| $\frac{1}{2}$ | |
| Ĵ | |
| Particulars of arrangements made 11111 |
$\frac{1}{2}$ | NA | NA | $\leq$ | $\stackrel{\triangle}{\geq}$ | |||
|---|---|---|---|---|---|---|---|---|
| (Rs. In Lacs) | Proposed financing option |
$\frac{1}{2}$ | NA | MA | $\tilde{X}$ | $\stackrel{\triangle}{\geq}$ | ||
| 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 the additional Working Capital In view of Lower Subscription increased by Rs.376.35 Lakhs at 92.28% in the Rights Issue, Rights Issue. Further, to meet reduced after allotment in the 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 |
MA | ||
| (Give Item by Item Description for all the Objects Stated 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 |
allocated was reduced after allotment in 92.28% in the Rights Issue, the amount In view of Lower Subscription at the Rights Issue |
No Change in Proposed cost | * Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs. 1099.73 lakhs received as Insurance claim for Nashik Plant. | |
| 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 | 21,186.99 | ||
| (as per the Offer Original Cost Document) |
5,152.13 | 340.00 | 13,500.00 | 3,782.75 | 92.00 | 22,866.88 | ||
| $(1)$ Cost of object(s) | 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 |
Total | |
| $\overline{N}$ SI. |
1(a) | 2(b) | 2 | 5 | 4 |
a
respective PO be paid as per and retention Comments of the Board of amount will Proposed course of $\sum_{i=1}^{n}$ $\widetilde{M}$ $\lesssim$ $\rm \stackrel{A}{\geq}$ Balance clause. action Directors (Rs. In Lacs) Reasons for
idle funds COVID19 Fully
Utilised Fully
Utilised Fully
Utilised Fully
Utilised supply $&$ structural delay in Due to Due to disclosed in Letter cost given Cost of Comments of the As per the revised Modification from 12,187.80 Lakhs*. Modification from disclosed in Letter Further revised to Monitoring 3,415.07 Lakhs. Rs. 13,500.00 Utilisation as Rs. 12564.15 Agency Utilisation as Rs. 3,782.75 Lakhs to Rs. Lakhs to Rs. Object(S)# of Offer # of Offer Lakhs 176.17 176.17 unutilized amount Total (Give item by item description for all the Objects stated in the Offer Document in the following format) $\overline{\phantom{a}}$ $\mathbf{I}$ At the end of 12,564.15 the quarter 40.00 92.00 4,899.61 3,415.07 21,010.83 Amount utilized till September 30, 2021 During the $\bar{1}$ $\mathbf i$ ï $\bar{\rm I}$ $\mathbf{r}$ quarter Ì Including Insurance As at beginning of claim proceeds) the quarter ( 21,010.83 12,564.15 3,415.07 4,899.61 40.00 92.00 proposed in the 340 (Revised Amount as 5075.78 Lacs Document Revised)* Offer Revised to
12,564.15) 3,415.07 21,186.99 92.00 Revised to 12,187.80 5152.13 $to 40,00)$ Further Regional
Distribution Centre General Corporate Reinstatement of (RDC) at Nashik Expenses for the
issue Working Capital manufacturing
plant at Nashik Item Head Requirements Setting up of Long Term Project of purposes Total paint Sr.
No. $1(a)$ $2(b)$ $\tilde{3}$ $\overline{\mathcal{C}}$ $\overline{4}$
(ii) Progress in the object(s) -
As on September 30, 2021, Rs. 176.17 Lakhs are outstanding which are being paid to vendors of Project.
8Provide 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):
(c) Location of the object(s) (if applicable):
| ontoyment of unutilised IPO proceeds: |
|---|
| Š ì |
|---|
| Market Value as at the end of uarter* |
176.17 | 176.17 |
|---|---|---|
| teturn on Investment (6/6) |
||
| Farning | NA INA | |
| Maturity date |
$\mathbb{A}^{\mathbb{A}}$ | |
| M 1 Avested |
176.17 | 176.17 |
| Type of instrument and name of the entity nvested in |
Balance with Bank | Total Available balance |
| Sr. No. |
* Where the market value is not feasible, provide NAV/NRV/Book Value of the same
| Comments of the Board of Directors | course of action Proposed |
Reinstatement completed |
MA | MA | $\stackrel{\triangle}{\scriptstyle\sim}$ | NA | |
|---|---|---|---|---|---|---|---|
| (Rs. In Lacs) | 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 |
Completed in March 2020 12 Month | Completed | Completed | Completed | |
| Offer Document As per the ( |
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 Jentre (RDC) at Nashik |
Long Term Working Capital Requirements |
General Corporate purposes | Expenses for the issue |
