Credit rating agency, CARE has reaffirmed ‘A’ rating to Shalimar Paints’ Long term Bank Facilities worth Rs 70.00 crore and ‘A1’ rating to company’s Short term Bank Facilities worth Rs 7.95 crore.
The rating agency has also reaffirmed ‘A/ A1’ rating to the company’s Long/Short term Bank Facilities worth Rs 57.30 crore.
The company has received the said rating on the back of its long track record, diversified product portfolio with presence in both decorative and industrial paint segments, established brands and continuous focus on R&D, multi-location presence, strong dealer network across the country, reputed clientele in the industrial paints segment, low debt-equity ratio and sustained financial performance in FY12 and H1FY13.
Shalimar Paints incorporated in 1902, is one of the leading paints manufacturing companies in India. The company has a colour bank of 9000 shades.
