Demand Forecasting of

Sales for Asian Paints

Ltd.

SUBMITTED BY:

GROUP NO. 2
KAPIL SARIN (08/06)
SAURABH KAPOOR (10/06)

MANISH TEKRIWAL (20/06)

VINISH JOHN JOSEPH (54/06)
AMAN SHARMA (164/06)

CERTIFICATE
The real life project Demand Forecasting of
Sales for ASIAN PAINTS LTD, submitted by:
Group 2, Section: B, PGPM / 2006, is a record
of work carried out by the group under my
guidance and supervision.

Prof. Sangeeta Chhabra

LBSIM, Delhi.

CONTENTS
1. Acknowledgement
2. Objective
3. Introduction of paints
4. What is paint?
5. Paint industry in India
6. Sensitivity Factors
7. Overseas Expansion
8. Major market players
9. Research methodology
10.
Analysis of questions
11.
Demand analysis
12.
Findings & Limitations
13.
Bibliography
14.
Annexure

ACKNOWLEDGEMENT

We want to express our sincere thanks and

gratitude to our real life project guide professor
Mrs. Sangeeta Chhabra, who has been of
immense support and guidance in enabling us to
do this project. His deep understanding and
valuable insights have been of great help in the
successful completion of our project.
We would also like to thank all those people,
without whose help and support, we would not
have been able to do justice to the project.

OBJECTIVE
To understand the various economic
indicators affecting demand of Asian
Paints India Ltd.
To forecast the sales figures.

INTRODUCTION

Introduction to Paints
Paint: A historical background

Story of paint is considered to be as old as the history of human

civilization. The origin of paint has been traced back to the prehistoric
period. the cave dwellers those times expressed their artistic abilities
by daubing colored mud on walls , of their caves painting pictures of
food giving animals as well ass their fellow men. Primitive painting
was done with different ends in view. Some was done to ensure good
fortune while some to hold evil spirits at bay or to honor the dead in
their graves. These prehistoric paintings have been located in the
caves of Altimara in Spain and lasasue in France. These prehistoric
paints were made by mixing colures mud and water. Animal fat was
used as binder. They used their fingers and sticks as brushes.
The Egyptian during 3000 BC painted their houses of tail pieces
about happening of those days. Battles, priestly rites etc. they used
yellow, red, blue, black & white colors. The tombs were supposed to
have been painted to welcome the soul when it comes back to
reenter the body which was kept well protected by secret
preservatives.
It was by 18th century that people realized the need for a long lasting
paint rather than frequent repainting. Paint factories started operating.
paint was a costly product of hard labor by master craft man , who
reared & mixed their own raw materials from a secret formula handed
over from generation to generation , which was now ready for the
mass production stage .

The 20th century revolutionized the concept of paint & paint

application. The ever increasing demand of paint necessitated the
introductions of new synthetic pigments & binders and new
application technology. Keeping in line with the development of
technology in other areas, the development of paint technology in the
last quarter century also surpassed the development in all the
previous years put together. The new technology has transformed an
ancient art into a modern science.

Modern Perceptive
Modern houses are made of concrete and bricks which are porous in
nature and allow water penetrate. Concrete is highly alkaline by
nature and hence protects the reinforcement made of steel form
corrosion. However carbon di oxide from the atmosphere reacts with
the alkali in the cement forming calcium carbonate which gradually
reduce the alkalinity of concrete exposing the reinforcement to the
attack o corrosion. This cannot happen in dry conditions; but in the
presence of water coming trough plaster the reinforcement get
corroded and weaken the structure. Since corroded material occupies
more volume than the steel, they push the plaster out culminating in
cracking and flaking.
The painting of an exterior wall serves both the purpose of preventing
carbon dioxide and water penetration into the inner parts of concrete
protecting the reinforcements and structure.

A well formulated paint fortified with effective biocides protects the

surface from the attack of micro organisms like fungi and algi
maintaining its original beauty.
One important point to be remembered while painting is that no paint
file is stronger than the surface on which it is applied. Surface defects
like rising, dampness, leakages, cracks, microbial growth etc. should
be well attended to before taking up the painting job. Post painting
remedial measures are always cumbersome and do not offer
permanent solutions. Incidentally, the causes of paint failures are the
factors without which life is impossible o earth. They are the
panchamahabhutas earth, water air, heat, light and of course there
are the man made hazards like industrial environment ad gasses.
Once you get on the job of painting you will realize

that the time

spent on the preparation of surface is more than that required for the
actual application of the paint. In total analysis this exercise is worth
while because most of the paint failures arise from the poor surface
preparation. This first step before any painting is the thorough
inspection of the building, checking for peeling paint, cracks,
leakages, rusty nail heads and microbial growth. In short the success
or otherwise of any painting job will be decided by the above factors.

What is a Paint?
Paint can be defined as a fluid material which when spread over a
surface in the form of a thin layer, will form a solid adherent and

cohesive opaque film. Paints are used in building industry for various
purposes.
Purposes such as: As a preservative to steel, timber, and metal surface
To provide smooth finishes to surfaces and emanate freshness
in buildings
To provide aesthetic appeal and increase beauty of the building
Nowadays,

color

combinations

are

used

as

tools

of

architectural expression. It is possible to contrast and hide

objects by proper selection of paints.
Paints also have close psychological effects, selection of colors in
living rooms; study rooms, work areas etc, and have imperative
effects on minds of users
The fluid paint consists of four major ingredients:Paint

Pigment

Binder

Thinner or Solvent Additives

Pigments, binder or film former, and solvent or thinner, and the

relative proportions of these ingredients can be varied to produce
films with any desired physical and application characteristics.
The functions of major ingredients are as follows:-

1) Pigment
A pigment can be defined as a finely divided powder which can be
dispersed in media of various types to produce paints is insoluble
in the medium.
Some of the important properties of pigments are as follows: Color
For decorative effect or aesthetic appeal.
Tinting strength
An ability of a colored pigment to tint a white base to desired
shade (pastel shade) is referred to as tinting strength. Ability of
the white to resist tinting is refers to as reducing strength which
is applicable to whites. In short the weight of colored pigment
required by a given weight of white to produce a given depth of
tint is an indication of the tinting strength. Tinting strength varies
with particle size.
Opacity
This is known as hiding or obliterating power and can be
defined as the ability of a pigment to hide or obliterate a surface
when dispersed in a medium and spread in a uniform film over
the surface. The hiding power depends on the difference in
refractive index of pigments and mediums: wider the difference
better is the opacity.

 Fastness to light
The ability to retain its color when exposed to light is referred as
light fastness of the pigments. When assessing light fastness
properties of a pigment, it is essential to ensure that the organic
binder is unaffected.
Resistance to heat
Many paint films encounter heat either during stoving process,
which may be in the region of 120 -50 degree C for periods of
few minutes to an hour as they may be applied to surfaces
which remain at high temperatures for long periods . So it is
essential that the pigments used in such paints should have
resistance to these temperatures.
2) Binder & Resins
To bind or cement the pigment particles into a coherent film and
to
adhere to the substrate. In modern paints, the mechanical and
resistive
properties of the film are controlled very largely by the binder .this
is a
film forming material of the paint and can be aptly referred as the
heat of
the paint. Durability of the paint depends on the quality and the
quantity

of binder used.
The proper selection binder plays in important role in paint
formulation.
Many film properties depend on the binder.
The binder helps: To convert from the liquid coating to a solid dry film (on
application)
To provide gloss to the coating
To make the coating adhere to the surface
To give elasticity to film
To provide resistance to water , chemicals and abrasion
To disperse the pigments and extenders
To hold the pigment in suspension
The choice of binder for the paint depends on the end use of the
paint.
There are a wide variety of binders available to be used in paint
industry.

Alkyd resins
Amino resins
Epoxy resins
Polyamide resins
Vinyl resins

 Cellulosic resins
Acrylic resins
3) Thinner or solvent
This is used to render the pigment/ binder mixture sufficiently fluid for
the transfer from one tin/ vessel to another and also or application to
a surface in the form of a uniform film. The shiner should then
evaporate completely to leave a film consisting of pigmented binder
only .choice of solvent influences viscosity, drying and flow and
leveling .when solvent evaporates into the air, it becomes loss. it is
not surprising , therefore that there is much interest in coating that a
re wither solvent free or contain a solvents that reacts chemically o
become part of the film .
An individual solvent or combinations of solvents are used in making
thinners for the paints.
Thinners should be colorless so as not to affect the color of the
paint to which it is added
They should be completely evaporate and form no part of the
dried paint film
They should act only upon the medium and not react with the
pigments to cause precipitation
They should not be powerful enough to disturb or soften up
previous coatings
They should be free from residues which may affect the film

It might be thought that as solvents are not present in the film they
do not add to the quality of the finish, but in fact, the choice and
proportion of solvent components can have a profound effect on
gloss, flow and appearance of the coating and may even affect
flexibility, hardness and chemical resistance of the final dried film.
Thinner is common on use include a wide rage of organic solvents
hydrocarbons, alcohol, ketomes, etc and water (in latex emulsion and
water soluble paints)
4) Additives
Additives constitute that group of products which

is

used

in

relatively small amounts to give a coating one or more desirable

properties. They act essentially the same way as other raw materials
used in formulating surface coating. Just as one introduces pigments
to impart opacity or color and vehicles to provide flexibility, gloss or
durability, one employs additives to provide mildew resistance, non
setting properties or other properties.
Properties that are controlled through the use of additives
Viscosity can be increased or decreased
Settling can be prevented
Skinning can be prevented
Drying can be accelerated
Loss of drying can be prevented

 Foaming or bubbling can be eliminated

Paint Industry in India

The market size of the paint industry in India is around Rs 60bn. of
which

decorative or architectural paints form 70% and industrial

paints just 30% were as

the ratio of decorative paints vis--vis

industrial paints in developed countries is generally 50:50.

Industrial Paints
Industrial segment constitutes automobile and other segments such
as sales to Government, Railways, Powder Coating paints and
Marine paints and with a slated annual growth of 10 to 12 per cent

forms an is an important sector of paint industry. However the growth

of the industrial segment is directly related to industry growth and
overall economic recovery and with liberalization and a well
performing economy which is growing at an average of 6% annually,
Indian paint industry is expected to perform well and this will have a
positive impact on the industrial paint segment.
Industrial paints include powder coatings, high performance coating
and automotive and marine paints. But two-thirds of the industrial
paints produced in the country are automotive paints and with a burst
in the passenger car sales the segment cashed on this opportunity.
The two-wheeler industry has also registered a good show in the
current year. The commercial vehicles segment, a star performer last
year with 33 per cent growth, is expected to average a growth of only
15 per cent provides a market to capitalize.
In India Goodlass Nerolac Paints Limited (GNPL) dominates the
industrial paints segment with 41 per cent market share. It has a
lions share of 70 per cent in the OEM passenger car segment, 40 per
cent share of two wheeler OEM market and 20 per cent of
commercial vehicle OEM market. GNPL also controls 20 per cent of
the consumer durables segment with clients like Whirlpool and
Godrej GE. Here Asian Paints India Limited (APIL) ranks second with
a 15 per cent market share. Berger and ICI are the other players in
the sector with 10 per cent and 9 per cent shares respectively.
Shalimar too, has an 8 per cent share

In spite of being a high revenue generator rate and having high

growth rate industrial paints dont form a major part of profits as this
segment, forms high volume-low margin business as prices are
negotiated and profits line shrink.

Decorative Paints
In India, around 80% of the demand for decorative paint is from the
housing sector and is highly price-sensitive and also cyclical.
Monsoon is a slack season while the peak business period is Diwali
festival time, when most people repaint their houses. In the
decorative segment, it is the distribution network that counts while in
the industrial segment the deciding factor are technological

superiority and tie-up with automobile manufacturers for assured

business.
The Indian market of decorative paints is dominated by Asian paints
holding 38 per cent market share with its products such as Tractor,
Apcolite, Utsav, Apex and Ace which are entrenched in the market.
GNPL, the number-two in the decorative segment, with a 14 per cent
market share. Berger and ICI have 9 per cent and 8 per cent shares
respectively in this segment followed by J&N and Shalimar with 1 and
6 per cent shares.

Market Profile
The leaders in the organized paint industry are Asian Paints (India)
Ltd. (APIL), Goodlass Nerolac Paints Ltd. (GNPL), Berger Paints,
Jenson & Nicholson Ltd. (J&N) and ICI (India) Ltd.
Asian Paints is the industry leader with an overall market share of
45% in the organized paint market. It has the largest distribution
network among the players and its aggressive marketing has earned
it strong brand equity. The Berger Group and ICI share the second
slot in the industry with market shares of 10% & 9%, respectively.
GNPL has a market share of 17% in the organized sector.
The market can be further split into decorative paints and industrial
paints. The demand for decorative paints is highly price-sensitive and
also cyclical. Monsoon is a slack season while the peak business
period is Diwali festival time, when most people repaint their houses.
The industrial paints segment, on the other hand, is a high volumelow margin business. In the decorative segment, it is the distribution
network that counts while in the industrial segment the deciding factor
are

technological

superiority

and

tie-up

with

automobile

manufacturers for assured business.

APIL dominates the decorative segment with a 45% market share.
The company has more than 15,000 retail outlets and its brands
Tractor, Apcolite, Utsav, Apex and Ace are entrenched in the market.
GNPL, the number-two in the decorative segment, with a 17 per cent
market share too, has now increased its distribution network to
10,700 outlets to compete with APIL effectively. Berger and ICI have

10 per cent and 9 per cent shares respectively in this segment

followed by J&N and Shalimar with 1 and 7 per cent shares.
The share of industrial paints in the total paint consumption of the
nation is very low compared to global standards. It accounts for 30
per cent of the paint market with 70 per cent of paints sold in India for
decorative purposes. In most developed countries, the ratio of
decorative paints vis--vis industrial paints is around 50:50. But, with
the decorative segment bottoming out, companies are increasingly
focusing on industrial paints. The future for industrial paints is bright.
In the next few years, its share would go up to 50 per cent, in line with
the global trend.
GNPL dominates the industrial paints segment with 41 per cent
market share. It has a lions share of 70 per cent in the OEM
passenger car segment, 40 per cent share of two wheeler OEM
market and 20 per cent of commercial vehicle OEM market. It
supplies 70 per cent of the paint requirement of Maruti, Indias largest
passenger car manufacturer, besides supplying to other customers
like Telco, Toyota, Hindustan Motors, Hero Honda, TVS-Suzuki,
Mahindra & Mahindra, Ashok Leyland, Ford India, PAL Peugeot and
Bajaj Auto. GNPL also controls 20 per cent of the consumer durables
segment with clients like Whirlpool and Godrej GE. The company is
also venturing into new areas like painting of plastic, coil coatings and
cans. APIL, the leader in decorative paints, ranks a poor second after
Goodlass Nerolac in the industrial segment with a 15 per cent market
share. But with its joint venture Asian-PPG Industries, the company is

aggressively targeting the automobile sector. It has now emerged as

a 100 per cent OEM supplier to Daewoo, Hyundai, Ford and General
Motors and is all set to ride on the automobile boom. Berger and ICI
are the other players in the sector with 10 per cent and 9 per cent
shares respectively. Shalimar too, has an 8 per cent share.

Sensitivity Factors
Various factors that have influenced the pricing of paints are
summarized below:
The industry is raw-material intensive. Of the 300 odd raw materials,
nearly half of them are imported petroleum products. Thus, any deficit
in global oil reserves affects the bottom-line of the players.
The major raw materials titanium dioxide, phthalic anhydride and
peutarithrithol constitute 50 per cent of the total cost. Besides, this,
there are other raw materials such as castor, linseed and soybean
oils, turpentine. The raw materials cost sums up to a whopping 70 per
cent. Any increase in the prices of these raw materials could
adversely affect paint prices.
Most of the paint majors have to import nearly 30 per cent of their raw
material requirements thus changes in import policies can affect the
industry.
The prices of packing materials such as HDPE, BOPP and tinplate
have reduced considerably. However, the decision of the Central
Government to ban import of tinplate waste could lead to a spurt in
the prices of the tinplate in the near future.

Technology Collaborations

All the paint majors have tie-ups with global paint leaders for
technical know-how. Asian Paints has formed a JV with PPG
Industries Inc to service the automotive OEMs.
Berger has a series of tie-ups for various purposes. It has a technical
tie-up with Herbets Gmbh of Germany in addition to its joint venture
with Becker Industrifag. With the agreement with Herbets coming to
an end in 2001, Berger has now allied with the Japanese major
Nippon Paints to boost its OEM turnover since the Indian roads are
being flooded with Japanese automobiles. It also has an agreement
with Orica Australia Pvt. Ltd. to produce new generation protective
coatings. The company also has tie-ups with Valspar Corp and
Teodur BV for manufacturing heavy duty and powder coatings.
Incidentally, ICI makes paints with the technical support of Herbets,
which has been recently acquired by by E I Du Pont de Nemours of
the US. Interestingly, Du Pont, which is a leader in automotive
coatings in the US, has a technical tie-up with Goodlass Nerolac for
the manufacture of sophisticated coatings for the automotive sector.
Goodlass also has technical collaborations with Ashland Chemcials
Inc, USA, a leader in the petrochemical industry, Nihon Tokushu
Toryo Co and Oshima Kogyo Co Ltd, Japan.

Overseas Expansion
If the global Goliaths are foraying into the Indian paints market
aggressively, the Indian paint companies are also spreading their
wings. Asian Paint exports its paints to over 15 countries. It also has
joint ventures in Fiji, Tonga, Nepal, Vanuatu, Solomon Islands,
Australia, Oman and Mauritius. In October 1999 it acquired 76 per
cent equity stake in Delmege Gorsyth & Co (Paints) Ltd, the second
largest paint company in Sri Lanka with a 12 per cent market share in
Sri Lankas Paint Industry. Within a short span of just five years, the
company has emerged as the number one player in these markets.

Major Market Players

The paint Industry can be further classified into organized and
unorganized sector.

Decorative Paints:
Decorative paints form 75% of the Paint Industry in India.
Industrial Paints:
Industrial paints form 25% of the Paint Industry in India.

Organized sector :Organized sector forms 70 % of the market of Indian paint industry.
Some of the major players are :
Asian Paints
Berger Paints
Goodlass Nerolac
ICI India
Unorganized sector:Unorganized sector forms 30% of the paint industry market share by
nearly 2000 small scale units. But with time the share of the
unorganized sector in the paint market has been shrinking. This is
primarily due to a shift in consumer preference for branded goods.
Reduction in excise differentials from 40% to 16% between SSI and
the organized sector between 1991 & 1999 has also helped the shift.
This will result in increased dominance by the major paint companies.
Paints can be classified on the basis of the base used:1. Cement Paints:- Paints using hydraulic cement as base.
2. Distempers:- Paints using whiting as base and water as
vehicle.
3. Emulsions:- Paints using plastics as base.
4. Enamel Paints:- Paints using metal oxides as base and
varnish as carrier.

5. Oil based Paints:- Conventional paints using vegetable oils

as base.

Organizational Structure at Asian Paints

Ltd
Head Office

DM
Office

Plants

Regional
Office

RDC

Depot
Fig(a)
Continuous line shows flow of instruction/authority

Dashed line shows flow of information

Figure(a) shows the hierchy structure in Asian Paints.The Head

Office at the highest level and the Depot is at the lowest level.

Research Methodology
Type of study: Qualitative
The data collected through the research is analyzed qualitatively and
then the final conclusion is drawn on basis of study.
Research design: Descriptive
Research approach: Survey Method
Data collection: This study is based on both primary and secondary
data.
For primary data, questionnaires were used & dealers of Asian Paints
were visited.
Sample Size: 30
Sampling technique: Convenient & Judgmental sampling.

Analysis

1) Factors influencing dealers to keep

Royale

Conclusion: Brand name & the demand for the product (Royale
Imulsion) are the 2 major factors that influence the dealers to keep
Royale at their outlet.

2) Other Interior Emulsions kept

Conclusion: Nerolac was the preferred brand after Asian Paints.

3) Does Advertisements bring more

customers?

Conclusion: 70% of the dealers had the perception that

advertisements brought them more customers for a particular brand.

4) Is Royale a seasonal product?

Conclusion: 57% of the dealers surveyed said that though the

demand for paints is seasonal, but for Royale, the demand is almost
constant throughout the year.

5) Who constitutes the major customer

for Royale?

Conclusion: 50% of the dealers said that major customers were

families with a car.

6) What is the average lifting weight by a

customer?

Conclusion: By and large, the average lifting weight was more than
5 litres by a customer, as a 10x10 foot room requires 4L of paint.

Trend Analysis

Conclusion: By using the Microsoft Excel we can also Forecast the

values of Paints sale for Asian Paints for future years. For Example
the forecasted paint sales for the year 2006-07 are Rs.2416.333
Crores.

Findings:
The Sales is on the growth path, as there is no
decline in last five years.
Advertisements affect the buying behavior of
consumers.
Contractors play a key role is purchasing Royale.
The customers are mainly from Upper segment.
Brand name plays an important role in consumer
minds.

Limitations:
The company was not ready to provide all the data

and their sources as they are considered to be

confidential.
The dealers were not cooperative in their
response.

Bibliography

1. http://www.asianpaints.com/
2. http://www.apaints.com/
3. http://www.domainb.com/
4. http://www.indiainfoline.com/
5. http://www.domain-b.com/

Annexure:

G94722 877491 877491 257.58 1507

AMRIT TRADERS

F-49,Main Road

Jagatpuri

G94777
G94786
G94702
G94708
G98503
G94751
G94731
G98556
G94704
G94703
G94711
G94712
G94783
C07503
G94705
G94713
G94781
G94767
G94728

873208
874119
878449
878364
878388
875839
874072
876672
878715
878869
875648
875105
241188
241093
878937
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874089
879022
874157

873208
874119
878449
878364
878388
875839
874072
876672
878715
878869
875648
875105
241188
241093
878937
875853
874089
879022
874157

157.93 1505
148.90 1505
130.97 1508
125.28 1508
117.57 1508
114.17 1506
113.48 1505
108.06 1507
102.35 1508
102.10 1508
100.01 1506
96.05 1506
95.91 1505
95.55 1507
95.08 1508
93.00 1506
91.60 1505
89.31 1508
87.51 1505

G94709
G94733
G94720
C00577
G94782
G98355
G94734
D00196
G98505
G94795

878296
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878296
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81.48 1508
80.47 1505
77.06 1506
75.12 1507
75.00 1505
70.60 1506
68.74 1505
66.00 1507
64.63 1508
62.28 1507

G94715 874812 874812 61.49 1506

G98357 241003 241003 57.88 1506

D00207 240961 240961 54.42 1508
G94714 875877 875877 51.37 1506

C00640
G98551
G94779
C00540
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G94721
G94791
C00390
D00255
C00275

247398
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241175
875624
875587
876115
876863
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874324
873246
249788

247398
877446
241175
875624
875587
876115
876863
877194
874324
873246
249788

51.31 1507
50.20 1507
49.94 1505
49.54 1506
48.31 1506
48.05 1506
46.94 1507
45.80 1507
43.53 1505
43.06 1505
42.75 1508

NATIONAL MARBLE & SANI. ST.

M/S MOHAN LAL & COMPANY
NOVELTY PAINT HOUSE.
Gupta Paint House
BHAI SAHAB & SONS
SATIJA PAINT & H/W STORE
HARSH PAINTS CORPORATION
POONAM PAINTS
VARDHMAN TRADERS
MURLI DHAR BALDEV RAJ
GOLDEN PAINTS & H/W
MADAN MARBLE & PAINT HOUSE
AMBEJI PAINT & H/W
CITY PAINTS
MAHAVIRA TRADING CO.
SHRI RAM MAHAVIR PARSAD
DARBAR PAINT HOUSE
M/S.PAWAN PAINT & H/W STORE
J.P.JAIN & SONS
SAHIB PAINTS & SANITARY
WARES.
SARVODYA TRADERS
SAPRA PAINTS PVT. LTD.
MITTAL TRADING CO.
TANEJA PT. &H/W
JAGADAMBA TRADERS
AGGARWAL SALES CORP.
AMBA SANITORY STORE
RASILA PAINT
AGARWAL H/W & PAINT STORE
HANSA SANITARY & HARDWARE
STORE
SHYAM PAINTS H/W & SANITARY
STORE
SUDARSHAN PAINTS PVT.LTD
UNIVERSAL SANITARY STORE
AMBAY PAINTS & HARDWARE
STORE
GULSHAN PAINTS & HARDWARE
DREAM HOME
ARBRO TRADERS PVT. LTD.
GARG PAINTS
DARBAR PAINT & H/W STORE
GOYAL BUILDERS
SUPER PAINTS
HARDWARI LAL J.PRASAD
SATIJA PAINTS &SANT STORE
VIJAY TRADING COMPANY

T-1
5256,Shardanand Marg
WP-483/3
13,Harlal Mkt
Bhai Sahab Bhawan
C-111, Fateh Nagar,
C-567
A-5/23,Lal Quarter Market
134-135
62-63, Main Bzr
35/3103,
B-13
105,Samman Bazar
1449/1-A, Main loni road
10, Shiva Market
4B/5B
Opp. Tanga stand
1985/1, Railway road,
202-A

Chirag Dlhi Chk

GP-105,Maurya Enclave
G-11
B-116/1
D-1/135,
198/1
A-46
Shop No. 5, Ravidas Market
Thane Road
I-20,
114,Main Bazar

Pitampura

RZ-240

Village Saidan

No. 5, Rishi Nagar

Shop. No. 99
4-87/42

Gali Krishna Mandir

Shiv Market
National Market

254, karkardooma
67A,
WZ-309, Nangal Raya,
B 1&2
Shop No. 2
296, Vijay Path,
E/8,
111-113 Samman Bazar
23/2 MAIN BAZAR
102-103 Shiva Market

Shiv Market
Nahapur village
Clock Tower
Wazir Nagar
Krishna Nagar
Shiva Market
Edward Lines
Saraswati Marg
Ganesh Nagar
Jangpura,
durhapuri, Shahadra
Pritam Pura
Jwala Heri
Qutab Road
Narela
Katra Baryan

New Kondli
Ramesh Market
Dashrath Puri
Gurudwara Road,
Bhajanpura
MAHENDRA PARK,
Laxminagar

Main Market
Vikas Marg
192 M-Block Market

Village Saidan
Plot no. 19,Furniture Bloc
Yamunavihar Road,
Opp. Govt School
Bhogal
YUSUF SARAI.
Pitam Pura

G94766 879220 879220 42.23 1508

G94707 878203 878203 41.74 1508
G98353 875556 875556 37.82 1506

C06197
G94792
C01090
G98557

241103
877200
252291
877545

241103
877200
252291
877545

37.45 1507
30.19 1507
28.79 1507
27.36 1507

Sabharwal Paints & H/W Store

SHREE MAHAVIR PAINTS
C.B.AGGARWAL & COMPANY

C- 8/6
No. 7684,
17/9,Old Rajinder Nagar
S.NO. 6,vashya Panchayati
S.K PAINTS & H/W STORE
Dharamshala
R. R. PAINT & HARDWARE STORE C-35,
GANESH PAINTS & H/W
B-4A
JAIN PAINTS & H/W STORE
X/2572, Raghuhar Pura

Sector - 7,
Clock Tower

Main Road
Madhu Vihar,
Karawal Nagar Road,
Near Gali No.8