	SHALIMAR
	PAINTS

	February 2021 10,

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

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

Shatimar Paints Ltd. Corporate Office : 1st Floor, Plot No. 28, Sector 32, Gurugram 122001, Haryana Regd. Office: Stainless Centre, 4th Floor, Plat No. 50, Sector- 32, Gurugram-122001, Haryana {india} Bz +91 124 461 6600 Fr +91 126 461 6659 & SHALIMAR E: [email protected] | www.shalimarpaints.com | CIN: L26222HR1902PLC065611

anda we ae STATE BANK OF INDIA .

Shalimar Paints Limited, Stainless Stee! Centre, Ath floor, Plot No -50, Sector 32, Gurgaon -122 001

SBI/IFB AND/AGM&RM/AMT-IV/2020-2 1/264 Date: 18.01.2021

Dear Sir,

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY.

With reference to above please find enclosed report of the monitoring agency as on 31.12.2020 for the Rights Issue proceeds in the prescribed format.

Yours faithfully,

Lr _

AGM & Relationship Manager .

1 [email protected] Wag - 400 069. fag - 400 069. Andheri (E}, Mumbai - 400 069.

@ bank.sbi . 491 22.2681 9700 siettire far viva, sei, atenfies fae var, ster, Industrial Finance Branch, Andheri, £91 22 2682 3370 / 2682 1310 102, TEM, 194, CUT. HTH, 102, Werte, 194, BUTT. Tet, 162, Natraj, 194, Sir M.V. Road, gj +94 22 2683 3001 1 2683 1648 ay. ania dager, att Eh, Wg. ant -aet steers, ake (ga), W.E. Highway-Metro Junction,

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

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

For quarter ended: December 31" 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, ihe 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 tawards 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 sone 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 Capitel has increased by | 2 3.28%.

Declaration: :

loclare that this report ix bused on the foriret pr ed Av the SEBICICDR) Regulations, 2018, We |

Dor relationship with Wie issueriproimoters' iarsfmonagement and alse confirin hat we washipfinterest while monitoring and reporti ever we are one of the Bankers ta the Company cefve any conflict of interest in such: ; on of the isst eeds by the issuer. : hove extended Credit F

d designation of f Seal of the Monitoring Ageney: 118.01.2021]

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:

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	Paint	&
Issue Details 2)
issue Period : December 03, 2018 to December 24,
2018
'Pype of issue (public/rights) : Rights Issue
Type of specified secirities : 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)	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
	No	Yes#
has been obtained + Yes/
; from expenditures No		: No

lisclosed	Yes!	No

rved over the
} ry approva
vind? xb






Whether all utilization is as per the disclosures in Yes/ the Offer Document? Whether shareholder wi nother the means Sot are W yether al

view of lesser tights Issue « due to lower "4 and as well as ment in various heads. "Nunseription to the « So

on may be defined to mean:

Deviation in the objects or purposes for which the funds have been raised

nos on ja the amount of funds actually utilized by more than 10% of the amount proj jogted i in thy fer documents mo es VW ^G

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

ŧ Į ١

	(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
$\frac{1}{2}$ $\overline{5}$	Item Head	$\frac{1}{2}$ (as per the Offer Original Cost Document)	Revised Cost ^*	Comments of the Monitoring Agency	Proposed financing option Reason of revision cos t	Particulars of firm arrangements made
$\left( \widehat{a}\right)$	Reinstatement of paint manufacturing plant at Project of Nashik	5,152.13	5152.13 Revised to 5075.78 Lacs	No significant Change
2(b)	Setting up of Regional Distribution Centre (RDC) at Nashik	340.00	340 (Revised to (40,00)	The revised cost of smaller RDC would be Rs. 40 Lacs.
$\mathcal{C}^{\mathcal{C}}$	Capital Requirements Long Tem Working	13,500.00	2,187,80 (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
τŋ,	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
₹	Expenses for the issue	Ť 92.00 $\sigma$ and $\sigma$ . Then $\sigma$	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.

$\mathbf{r}$

	(Give item by item description for all the Objects stated (ii) Progress in the object(s) -		in the Ofter Document in the following format)				(Rs. In Lacs)
			Amount utilized till December 31, 2020					Comments of the Board of Directors
Ši, $\frac{1}{2}$	Item Head	Offer Document proposed in the Amount as Revised)*	As at beginning of the quarter (Including Insurance claim $\mathbf{A}$ and $\mathbf{A}$ are the second sections. proceeds) $\ddot{\cdot}$	During the quarter	At the end of the quarter	unutilized amount Total	Monitoring Agency Comments of the
(a)	paint manufacturing Reinstatement of plant at Nashik Project of	5152.13 Revised to 5075.78 Lacs	4,840.24		4,840.24	235.54	Utilisation as disclosed in Letter of Offer #
2(b)	Regional Distribution Centre (RDC) at Setting up of Nashik	340 (Revised to (10.00) $\frac{1}{2} \left( \begin{array}{cc} 1 & 0 \ 0 & 1 \end{array} \right)$	40.00		40.00		As per the revised cost given Cost of $Object(S)$ #
$\mathcal{C}$	Capital Requirements Long Term Working	(Further Revised $\frac{1}{10}$ 12.561.15) 12,187,80	12.564.15		12,564.15		13,500.00 Lakhs to Rs. Modification from Rs. Further revised to Rs. $12,187.80$ Lakhs*. 12564.15 Lakhs
$\sim$	General Corporate purposes	3.415.07	3.415.07 $\label{eq:1} \begin{array}{lllllllllll} \hspace{-0.2cm} \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf{1} & \textbf$ $\frac{1}{2}$		3,415.07		Modification from Rs. 3,782.75 Lakhs to Rs. 3,415.07 Lakhs.
᠊ᢏ	Expenses for the issue	$\mathcal{L}(\mathcal{L})$ . The properties of the contract of the second $\mathcal{L}(\mathcal{L})$ 92.00	92.00		92.00		Utilisation as disclosed in Letter of Offer
	Total	21,186.99	20,951.46		20,951.46	235.54
			* In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced

As on December 31, 2020. Rs. 235.54 Lakhs are outstanding which are being paid to vendors of Project.

SProvide following details under hem Head.
(a) Neme of the objects):

$\overline{a}$

g
G

ejejs

$\mathbf{L}$

$\left{ \sup_{\mathbf{x}}\left( \mathbf{u}_{\mathbf{B}}\right) \in \mathbb{R}^{n} \right}$ , hhai

(b) Brief description of the object(s):
(c) Location of the object(s) (if applicable):
(iii) Deplovment of unatilised IPO proceeds:

the former were all passions that ì (iii) Deployment of unutilised IPO proceeds:	_________ --------------------------------------				(Rs, In Lacs)
Type of instrument and name of the entity invested in	nvested unount	Aaturity late			Earning $\begin{bmatrix}$ Return on Investment $\begin{bmatrix} \text{Market Value as at the end of} \ \text{num} \end{bmatrix}$
$\frac{1}{2}$ Balance with Bank : ; ; 有关的 100 (100 minutes),他们100 分类是200 minutes 有关 100 minutes ,但是200 minutes ,	1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、 235.54 $\ddot{\ddot{\ }}$	●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●● THE R. P. LEWIS CO., LANSING, MICH. 49-14039-1-120-2 $\sum_{i=1}^{n}$	$\frac{1}{2}$	1999年19月11日1月12日,1月12日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日,1月20日	医皮肤病医阿拉伯氏试验检尿糖医血管切除术医心包性医心包性医心包性医心包性医心包医心包医心包医心包炎医心包炎医心包炎医心包炎医心包炎医心 235.54 $ -$
1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、1、 Total Available balance	235.54			$\alpha \in {1,2,3,4,5}$ . The construction of the construction of the construction of the construction of the construction of the construction of the construction of the construction of the construction of the construction of	235.54

$*$ Where the market value is not feasible, provide $NA$ UNREBook Value of the same

י אין אין אין אין אין אין אין אין אין אי		ments made to have a control of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the stat
(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	$\Lambda$ ctual ^*	months) $rac{\text{of}}{\text{days}}$
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		1-03-2019 Completed in March 2020 12 Month
Long Term Working Capital Requirements	$-03.2019$	Completed
General Corporate purposes	1-03-2019	Completed
Expenses for the issue	$-03 - 2019$	Completed

* In case of continuing object(s), please specify latest/revised estimate of the completion date.

$\alpha$

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

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)
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: Coatings	Paint	&
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
		Monitoring Agency	Comments the 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 objects of the issue has changed?	Yes/ No	No	No.
Is there any major deviation observed over the	Yes/	No
earlier monitoring agency reports?	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/		Yes	Yes
assistance/collaboration are in operation?	No
Are there any favorable events improving the	Yes/	Yes	Yes
viability of these object(s)?	No
Are there any unfavorable events affecting the	Yes/	No	No
viability of the object(s)? Is there any other relevant information that may	No Yes/	No
materially affect the decision making of the investors?	No		No

^|Corporate Office : 1st 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 | Bz +91 126 461 6600 Fr +91 124 461 ⁶⁶⁵⁹ E: [email protected] | www.shalimarpaints.com | CIN: L26222HR1902PLC065611

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:

LTD $R$ PA

		(Give Item by Item Description for all the Objects State		ed in Offer Document separately in following format)	Comments of the Board of Directors	Rs. In Lacs)
$_{\rm No}$ Sl.	Item Head	(as per the Offer Original Cost Document)	Revised Cost *	Comments of the Monitoring Agency	Reason of cost revision	Proposed financing option	Particulars of arrangements made firm
1(a)	Reinstatement of plant at Nashik manufacturing Project of paint	5,152.13	5152.13 Revised to 5075.78 Lacs	No significant Change	No significant Change	$\overline{R}$	$\overline{\Sigma}$
2(b)	Distribution Centre (RDC) at Nashik Setting up of Regional	340.00	340 (Revised to 40.00)	The revised cost of smaller RDC would be Rs. 40 Lacs.	Smaller Regional Distribution Centre (RDC) has been setup.	NA	$\leq$
2	Working Capital Requirements Long Term	13,500.00	(Further Revised to $12,564.15$ 12,187.80	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	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	$\sum_{i=1}^{n}$	$\stackrel{\triangle}{\geq}$
3	General Corporate purposes	3,782.75	3,415.07	92.28% in the Rights Issue, the amount allocated was reduced after allotment in In view of Lower Subscription at the Rights Issue	In view of Lower Subscription at 92.28% in the Rights Issue, reduced after allotment in the the amount allocated was Rights Issue	NA	$\stackrel{\triangle}{\scriptstyle\sim}$
4	Expenses for the issue	92.00	92.00	No Change in Proposed cost	MA	MA	$\leq$
	Total	22,866.88	186.99 21,1
				* Including Rs.20087.26 Lakhs from Rights Issue proceeds and Rs. 1099.73 lakhs received as Insurance claim for Nashik Plant.

$\overline{1}$

(i) Cost of object(s)

								AN PAM
Comments of the Board of	Directors	course of Proposed action	be paid as per respective PO and retention amount will Balance clause.	$\mathbb{A}$	NA	NA	NA
(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	disclosed in Letter Utilisation as of Offer #	cost given Cost of As per the revised Object(S)#	Modification from $12,187.80$ Lakhs*. Further revised to Rs. 13,500.00 Rs. 12564.15 Lakhs to Rs. Lakhs	Modification from 3,415.07 Lakhs. Rs. 3,782.75 Lakhs to Rs.	disclosed in Letter Utilisation as of Offer
		unutilized amount Total	235.54	$\mathbf{I}$	$\mathbf{r}$	$\pmb{\mathfrak{t}}$	ı	235.54
		At the end of the quarter	4,840.24	40.00	12,564.15	3,415.07	92.00	20,951.46
		During the quarter	$\mathbf{I}$		$\mathbf{I}$		×	$\mathbf i$
	Amount utilized till December 31, 2020	As at beginning of Insurance claim the quarter Including proceeds)	4,840.24	40.00	12,564.15	3,415.07	92.00	20,951.46
	Amount as	proposed in the Revised)* Document Offer	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
(Give item by item description for all the Objects stated in the Offer Document in the following format)		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 issuc	Total
		Sr. Σó,	1(a)	2(b)	$\sim$	3	4

(ii) Progress in the object(s) -

$\sqrt{2}$

LTO

As on December 31, 2020, Rs. 235.54 Lakhs are outstanding which are being paid to vendors of Project. * In view of Lower Subscription in the Rights Issue, the amount allocated to the Objects were reduced.

SProvide following details under Item Head:

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

Rs. In Lacs,	Market Value as at the end of quarter* Return on Investment	235.54	235.54
	(0/6)
	$-$ arning $\vert$ .	NA NA
	Aaturity date	NA
	IVested Amount	235.54	235.54
iii) Deployment of unutilised IPO proceeds:	Type of instrument and name of the entity nvested in	Balance with Bank	Total Available balance
	Σò. Sr.

* 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*	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	The delay was due to delay in construction of plant.	Reinstatement completed
Setting up of Regional Distribution Centre (RDC) at Nashik		31-03-2019 Completed in March 2020	12 Month	Since the construction of main plant got delayed, the construction of RDC also got delayed	NA
Long Term Working Capital Requirements	31-03-2019	Completed		Completed	NA
General Corporate purposes	31-03-2019	Completed		Completed	NA
Expenses for the issue	31-03-2019	Completed		Completed	NA

* In case of continuing object(s), please specify latest/revised estimate of the completion date.

AI assistant

Shalimar Paints Ltd. Capital/Financing Update 2021

62395_rns_2021-02-10_06c3c3d3-4374-428b-a177-e95dd8364ba9.pdf

Reference Scrip Code- NSE-SHALPAINTS, BSE-509874

Subject- Submission of Report of Monitoring Agency

SHALIMAR PAINTS LIMITED REPORT OF THE MONITORING AGENCY.