Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Shalimar Paints Ltd. Capital/Financing Update 2024

Aug 9, 2024

62395_rns_2024-08-09_6be44769-b6a7-45bd-afa8-79d39b3b7e65.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [103 x 72] intentionally omitted <==

August 09, 2024

BSE Limited National Stock Exchange of India Ltd Corporate Relationship Department, Exchange Plaza, 5[th] Floor, 1st 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 BSE Scrip Code: 509874 NSE Symbol: SHALPAINTS

Sub: Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Acuite Ratings and Research Limited (“Acuite”) has revised (downgraded) the rating of the Company for long-term banking facilities as “ACUITE BB | Downgraded | Issuer not co-operating” and has reaffirmed the rating of the Company for short term banking facilities as “ACUITE A4+ | Reaffirmed | Issuer not co-operating”.

The Rating Rationale of Acuite for revision in credit rating is enclosed.

We would further like to inform you that the Company is in the process of withdrawal of rating from Acuite. Further, Acuite has not worked with the Company’s management to understand its business perspective and plan to improve performance. Accordingly, the Company refuses to accept any report which has been made unanimously by Acuite without discussion and concurrence of Company’s management.

Further, as informed vide our letter dated December 12, 2023, the credit rating agency CARE Ratings Limited had assigned the rating of the Company for long-term banking facilities and short-term banking facilities as “CARE BBB- (RWD)” and “CARE A3 (RWD)” respectively.

This is for your information and records.

Thanking you,

Yours faithfully,

For Shalimar Paints Limited

SHIKHA Digitally signed by SHIKHA RASTOGI RASTOGI Date: 2024.08.09 16:13:51 +05'30' Shikha Rastogi Company Secretary & Head - Legal

Encl.: As above

==> picture [94 x 30] intentionally omitted <==

==> picture [72 x 72] intentionally omitted <==

Press Release Shalimar Paints Limited A ugust 07, 2024

Rating Downgraded,Reaffirmed and I ssuer not co-operating

Product Quantum
(Rs. Cr)
Long Term Rating		 Short Term Rating
Bank Loan Ratings 129.22 ACUITE BB Downgraded
Bank Loan Ratings 77.78 - ACUITE A4+
Total Outstanding
Quantum (Rs. Cr)		 207.00 - -

Rating Rationale

Acuité has downgraded the long-term rating to ‘ACUITE BB’ (read as ACUITE Double B) from ‘ACUITE BB+’ (read as ACUITE Double B plus) and reaffirmed the short-term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 207 Cr. bank facilities of Shalimar Paints Limited (SPL). The rating is now being flagged as “Issuer Not Cooperating” and is based on the best available information. The rating has been downgraded on account of information risk and non submission of NDS for the last 03 months.

About the Company

SPL was incorporated in the year 1902 and is the pioneer in the Indian Paints industry managed by Ashok Gupta. The company is engaged in the manufacturing and marketing of decorative paints and industrial coatings and have four manufacturing plants located strategically at Howrah (Kolkata), Sikandrabad (Uttar Pradesh), Gummidipoondi (Tamil Nadu) and Nashik (Maharashtra). In 1989, the company was acquired by O.P. Jindal Group and Hongkong based S. S. Jhunjhunwala group. Currently, SPL is a part of Ratan Jindal faction of O.P. Jindal group and S. S. Jhunjhunwala group, both the promoter groups together holding 39.92 per cent of the shares. Further Hella Infra Market Private Limited holds 24.89% shares. It is listed on National Stock Exchange as well as Bombay Stock Exchange since 1972.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower

Acuité Ratings & Research Limited

==> picture [475 x 15] intentionally omitted <==

www.acuite.in

Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit ratingis based.

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

Rating Sensitivities

"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook: Not Applicable

Other Factors affecting Rating None

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

Key Financials

Key Financials
Particulars Unit FY 24(Actual) FY 23(Actual)
Operating Income Rs.Cr. 534.91 485.55
PAT Rs.Cr. (73.75) (36.10)
PATMargin (%) (13.79) (7.44)
Total Debt/Tangible Net Worth Times 0.28 0.42
PBDIT/Interest Times (3.55) (0.47)

Status of non-cooperation with previous CRA Not Applicable

Any other information

None

Applicable Criteria

  • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-

  • 53.htm

  • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

  • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on Complexity Levels of the Rated Instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite www.acuite.in

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

Rating History

Date
Name of
**Instruments/Facilities **		 **Term ** Amount
(Rs. Cr)		 Rating/Outlook
20Feb
2024		 Cash Credit Long
Term		 60.00 ACUITE BB+
Letter of Credit Short
Term		 37.50 ACUITE A4+ (Reaffirmed)
Cash Credit Long
Term		 17.00 ACUITE BB+
Cash Credit Long
Term		 12.00 ACUITE BB+
Letter of Credit Short
Term		 6.00 ACUITE A4+ (Reaffirmed)
Letter of Credit Short
Term		 15.00 ACUITE A4+ (Reaffirmed)
Letter of Credit Short
Term		 7.75 ACUITE A4+ (Reaffirmed)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A4+ (Reaffirmed)
Cash Credit Long
Term		 8.50 ACUITE BB+
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 7.57 ACUITE BB+
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.03 ACUITE BB+
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 1.23 ACUITE BB+
Proposed Short Term
BankFacility		 Short
Term		 0.78 ACUITE A4+ (Reaffirmed)
Cash Credit Long
Term		 5.00 ACUITE BB+
Bank
Guarantee/Letter of
Guarantee		 Short
Term
10.00		 ACUITE A4+ (Reaffirmed)
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.89 ACUITE BB+
TermLoan Long
Term		 13.00 ACUITE BB+
20
Nov		 Letter of Credit Short
Term		 37.50 ACUITE A4+ (Downgraded from ACUITE A3)
Proposed Short Term
BankFacility		 Short
Term		 0.78 ACUITE A4+ (Downgraded from ACUITE A3)
Letter of Credit Short
Term		 6.00 ACUITE A4+ (Downgraded from ACUITE A3)
Letter of Credit Short
Term		 15.00 ACUITE A4+ (Downgraded from ACUITE A3)
Letter of Credit Short
Term		 7.75 ACUITE A4+ (Downgraded from ACUITE A3)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A4+ (Downgraded from ACUITE A3)
Bank
Guarantee/Letter of
Guarantee		 Short
Term
10.00		 ACUITE A4+ (Downgraded from ACUITE A3)
Cash Credit Long
Term		 60.00 ACUITE BB+
Cash Credit Long 17.00 ACUITE BB+

Acuité Ratings & Research Limited

==> picture [475 x 15] intentionally omitted <==

www.acuite.in

||2023||Term||ACUITE BBB- | Negative)|
|---|---|---|---|---|---|
|||Cash Credit|Long
Term|12.00|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||Cash Credit|Long
Term|8.50|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|7.57|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|2.03|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|1.23|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|2.89|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||TermLoan|Long
Term|13.00|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
|||Cash Credit|Long
Term|5.00|ACUITE BB+ | Stable (Downgraded from
ACUITE BBB- | Negative)|
||24Aug
2023|Letter of Credit|Short
Term|37.50|ACUITE A3 (Reaffirmed)|
|||Proposed Short Term
BankFacility|Short
Term|0.78|ACUITE A3 (Reaffirmed)|
|||Letter of Credit|Short
Term|6.00|ACUITE A3 (Reaffirmed)|
|||Letter of Credit|Short
Term|15.00|ACUITE A3 (Reaffirmed)|
|||Cash Credit|Long
Term|60.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Cash Credit|Long
Term|17.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Cash Credit|Long
Term|12.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Cash Credit|Long
Term|8.50|ACUITE BBB- | Negative (Reaffirmed)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|7.57|ACUITE BBB- | Negative (Reaffirmed)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|2.03|ACUITE BBB- | Negative (Reaffirmed)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|1.23|ACUITE BBB- | Negative (Reaffirmed)|
|||WorkingCapital
Demand Loan (WCDL)|Long
Term|2.89|ACUITE BBB- | Negative (Reaffirmed)|
|||TermLoan|Long
Term|13.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Cash Credit|Long
Term|5.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Letter of Credit|Short
Term|7.75|ACUITE A3 (Reaffirmed)|
|||Bank Guarantee (BLR)|Short
Term|0.75|ACUITE A3 (Reaffirmed)|
|||Bank
Guarantee/Letter of
Guarantee|Short
Term|
10.00|ACUITE A3 (Reaffirmed)|
|||TermLoan|Long
Term|13.00|ACUITE BBB- | Negative (Reaffirmed)|
|||Cash Credit|Long
Term|5.00|ACUITE BBB- | Negative (Reaffirmed)|
||||Short|||

Acuité Ratings & Research Limited

==> picture [475 x 15] intentionally omitted <==

www.acuite.in

30
Dec
2022		 Letter of Credit Term
37.50		 ACUITE A3 (Reaffirmed)
Proposed Short Term
BankFacility		 Short
Term		 0.78 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 6.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 15.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 7.75 ACUITE A3 (Reaffirmed)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A3 (Reaffirmed)
Bank
Guarantee/Letter of
Guarantee		 Short
Term
10.00		 ACUITE A3 (Reaffirmed)
Cash Credit Long
Term		 60.00 ACUITE BBB-
Cash Credit Long
Term		 17.00 ACUITE BBB-
Cash Credit Long
Term		 12.00 ACUITE BBB-
Cash Credit Long
Term		 8.50 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 7.57 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.03 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 1.23 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.89 ACUITE BBB-
06Oct
2022		 Cash Credit Long
Term		 60.00 ACUITE BBB-
Cash Credit Long
Term		 17.00 ACUITE BBB-
Cash Credit Long
Term		 12.00 ACUITE BBB-
Cash Credit Long
Term		 8.50 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 7.57 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.03 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 1.23 ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 2.89 ACUITE BBB-
TermLoan Long
Term		 13.00 ACUITE BBB-
Cash Credit Long
Term		 5.00 ACUITE BBB-
Letter of Credit Short
Term		 37.50 ACUITE A3 (Upgraded from ACUITE A4+)
Proposed Short Term
BankFacility		 Short
Term		 0.78 ACUITE A3 (Upgraded from ACUITE A4+)
Letter of Credit Short
Term		 6.00 ACUITE A3 (Upgraded from ACUITE A4+)
Short

Acuité Ratings & Research Limited

==> picture [475 x 15] intentionally omitted <==

www.acuite.in

Letter of Credit Term
15.00		 ACUITE A3 (Upgraded from ACUITE A4+)
Letter of Credit Short
Term
7.75		 ACUITE A3 (Upgraded from ACUITE A4+)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A3 (Upgraded from ACUITE A4+)
Bank
Guarantee/Letter of
Guarantee		 Short
Term
10.00		 ACUITE A3 (Upgraded from ACUITE A4+)
13Jul
2022		 Letter of Credit Short
Term		 37.50 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Proposed Short Term
BankFacility		 Short
Term		 0.31 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Letter of Credit Short
Term		 6.00 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Letter of Credit Short
Term		 15.00 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Letter of Credit Short
Term		 7.75 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Bank
Guarantee/Letter of
Guarantee		 Short
Term
10.00		 ACUITE A4+ (Downgraded & Issuer not co-
operating* from ACUITE A3)
Cash Credit Long
Term		 60.00 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
Cash Credit Long
Term		 22.00 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
Cash Credit Long
Term		 12.00 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
Cash Credit Long
Term		 8.50 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
TermLoan Long
Term		 4.88 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
TermLoan Long
Term		 15.11 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 6.00 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
WorkingCapital
Demand Loan (WCDL)		 Long
Term		 1.20 ACUITE BB+ (Downgraded & Issuer not co-
operating* from ACUITE BBB-
12Feb
2021		 Proposed Long Term
BankFacility		 Long
Term		 4.51 ACUITE BBB- (Withdrawn)
Bank Guarantee (BLR) Short
Term		 10.00 ACUITE A3 (Reaffirmed)
Bank Guarantee (BLR) Short
Term		 3.00 ACUITE A3 (Withdrawn)
Bank Guarantee (BLR) Short
Term		 0.75 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 37.50 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 6.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 15.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short
Term		 7.75 ACUITE A3 (Reaffirmed)
Proposed Short Term
BankFacility		 Short
Term		 0.31 ACUITE A3 (Reaffirmed)

Acuité Ratings & Research Limited

==> picture [475 x 15] intentionally omitted <==

www.acuite.in

||Cash Credit|Long
|
60.00|ACUITE BBB- | Stable (Reaffirmed)|
|---|---|---|---|---|
||Cash Credit|L~~T~~o~~e~~n~~rm~~g
Term|22.00|ACUITE BBB- | Stable (Reaffirmed)|
||Cash Credit|Long
Term|12.00|ACUITE BBB- | Stable (Reaffirmed)|
||Cash Credit|Long
Term|8.50|ACUITE BBB- | Stable (Reaffirmed)|
||TermLoan|Long
Term|4.88|ACUITE BBB- | Stable (Reaffirmed)|
||TermLoan|Long
Term|15.11|ACUITE BBB- | Stable (Reaffirmed)|
||WorkingCapital
Demand Loan (WCDL)|Long
Term|6.00|ACUITE BBB- | Stable (Assigned)|
||WorkingCapital
Demand Loan (WCDL)|Long
Term|1.20|ACUITE BBB- | Stable (Assigned)|
|25Jan
2021|Cash Credit|Long
Term|60.00|ACUITE BBB- | Stable (Assigned)|
||Cash Credit|Long
Term|22.00|ACUITE BBB- | Stable (Assigned)|
||Cash Credit|Long
Term|12.00|ACUITE BBB- | Stable (Assigned)|
||Cash Credit|Long
Term|8.50|ACUITE BBB- | Stable (Assigned)|
||Proposed Long Term
BankFacility|Long
Term|4.51|ACUITE BBB- | Stable (Assigned)|
||TermLoan|Long
Term|4.88|ACUITE BBB- | Stable (Assigned)|
||TermLoan|Long
Term|15.11|ACUITE BBB- | Stable (Assigned)|
||Bank Guarantee (BLR)|Short
Term|10.00|ACUITE A3 (Assigned)|
||Bank Guarantee (BLR)|Short
Term|3.00|ACUITE A3 (Assigned)|
||Bank Guarantee (BLR)|Short
Term|0.75|ACUITE A3 (Assigned)|
||Letter of Credit|Short
Term|37.50|ACUITE A3 (Assigned)|
||Letter of Credit|Short
Term|6.00|ACUITE A3 (Assigned)|
||Letter of Credit|Short
Term|15.00|ACUITE A3 (Assigned)|
||Letter of Credit|Short
Term|7.75|ACUITE A3 (Assigned)|

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

Annexure - Details of instruments rated

Lender’s
Name		 ISIN Facilities DateOf
**Issuance **		 Coupon
Rate		 Maturity
Date		 Complexity
Level		 Quantum
(Rs. Cr.)		 Rating
Union Bank
of India
Not
avl. /
Not
appl.
Bank Guarantee
(BLR)		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 0.75 ACUITE A4+
 Reaffirmed
State Bank
of India
Not
avl. /
Not
appl.
Bank
Guarantee/Letter
of Guarantee
Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 10.00 ACUITE A4+
 Reaffirmed
IDFC First
Bank
Limited		 Not
avl. /
Not
appl.
Cash Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 5.00 ACUITE BB
Downgraded
HDFC
BankLtd		 Not
avl. /
Not
appl.
Cash Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 17.00 ACUITE BB
Downgraded
Punjab
National
Bank		 Not
avl. /
Not
appl.
Cash Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 12.00 ACUITE BB
Downgraded
Union Bank
of India
Not
avl. /
Not
appl.
Cash Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 8.50 ACUITE BB
Downgraded
State Bank
of India
Not
avl. /
Not
appl.
Cash Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 60.00 ACUITE BB
Downgraded
State Bank
of India
Not
avl. /
Not
appl.
Letter of Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 37.50 ACUITE A4+
 Reaffirmed
HDFC Not
avl./		 Letter of Credit Not avl. / Notavl.
/Not		 Notavl.
/Not		 Simple 6.00 ACUITE A4+
 Reaffirmed

Acuité Ratings & Research Limited

www.acuite.in

==> picture [475 x 15] intentionally omitted <==

BankLtd Not
appl.		 Not appl. appl. appl. co-
operating*
Punjab
National
Bank		 Not
avl. /
Not
appl.
Letter of Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 15.00 ACUITE A4+
Union Bank
of India
Not
avl. /
Not
appl.
Letter of Credit		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 7.75 ACUITE A4+
Not
Applicable		 Not
avl. /
Not
appl.
Proposed Short
Term Bank Facility
Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 0.78 ACUITE A4+
IDFC First
Bank
Limited		 Not
avl. /
Not
appl.
TermLoan		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 31Dec
2024		 Simple 13.00 ACUITE BB
Union Bank
of India
Not
avl. /
Not
appl.
Working Capital
Demand Loan
(WCDL)		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 1.23 ACUITE BB
Union Bank
of India
Not
avl. /
Not
appl.
Working Capital
Demand Loan
(WCDL)		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 2.89 ACUITE BB
State Bank
of India
Not
avl. /
Not
appl.
Working Capital
Demand Loan
(WCDL)		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 7.57 ACUITE BB
Punjab
National
Bank		 Not
avl. /
Not
appl.
Working Capital
Demand Loan
(WCDL)		 Not avl. /
Not appl.
Notavl.
/ Not
appl.		 Notavl.
/ Not
appl.		 Simple 2.03 ACUITE BB

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

Contacts

Contacts
Analytical Rating Desk
MohitJain
Senior Vice President-Rating Operations
Tel: 022–49294017
[email protected]		 Varsha Bist
Associate
Vice
President-Rating
Administration
Tel: 022-49294011
[email protected]
Abhishek Singh
Analyst-Rating Operations
Tel: 022-49294065
[email protected]

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

==> picture [475 x 15] intentionally omitted <==

Acuité Ratings & Research Limited

www.acuite.in

More from Shalimar Paints Ltd.

Audit Report / Information 2026
May 28
Audit Report / Information 2026
May 28
Earnings Release 2026
May 28
Regulatory Filings 2026
May 22
Proxy Solicitation & Information Statement 2026
May 15
Regulatory Filings 2026
May 15
Proxy Solicitation & Information Statement 2026
May 14
Proxy Solicitation & Information Statement 2026
May 14
Board/Management Information 2026
May 11
Board/Management Information 2026
May 11
View all filings →