Demand Forecasting of Sales for Asian Paints Ltd.

SUBMITTED BY:

GROUP NO. 2
KAPIL SARIN SAURABH KAPOOR MANISH TEKRIWAL VINISH JOHN JOSEPH (08/06) (10/06) (20/06) (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
Acknowledgement 1. Objective 2. Introduction of paints 3. What is paint? 4. Paint industry in India 5. Sensitivity Factors 6. Overseas Expansion 7. Major market players 8. Research methodology 9. Analysis of questions 10. Demand analysis 11. Findings & Limitations 12. Bibliography 13. 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.

INTRODUCTIO N

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 Additives

Binder

Thinner or Solvent

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 volume-low 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 tieup 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:
257.5 8 1507 157.9 3 1505 148.9 0 1505 130.9 7 1508 125.2 8 1508 117.5 7 1508 114.1 7 1506 113.4 8 1505 108.0 6 1507 102.3 5 1508 102.1 0 1508 100.0 1 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 81.48 1508 80.47 1505

87749 G94722 877491 1 87320 G94777 873208 8 87411 G94786 874119 9 87844 G94702 878449 9 87836 G94708 878364 4 87838 G98503 878388 8 87583 G94751 875839 9 87407 G94731 874072 2 87667 G98556 876672 2 87871 G94704 878715 5 87886 G94703 878869 9 87564 G94711 875648 8 87510 G94712 875105 5 24118 G94783 241188 8 24109 C07503 241093 3 87893 G94705 878937 7 87585 G94713 875853 3 87408 G94781 874089 9 87902 G94767 879022 2 87415 G94728 874157 7 87829 G94709 878296 6 G94733 874171 87417

AMRIT TRADERS 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

F-49,Main Road 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,

Jagatpuri Chirag Dlhi Chk

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 Pitampura

MADAN MARBLE & PAINT HOUSE B-13 AMBEJI PAINT & H/W CITY PAINTS MAHAVIRA TRADING CO. SHRI RAM MAHAVIR PARSAD DARBAR PAINT HOUSE 105,Samman Bazar 1449/1-A, Main loni road 10, Shiva Market 4B/5B Opp. Tanga stand

M/S.PAWAN PAINT & H/W STORE 1985/1, Railway road, J.P.JAIN & SONS SAHIB PAINTS & SANITARY WARES. SARVODYA TRADERS 202-A GP-105,Maurya Enclave G-11

G94720

C00577

G94782

G98355

G94734

D00196

G98505

G94795

G94715

G98357

D00207

G94714

C00640

G98551

G94779

C00540

G94717

G98365

G94721

G94791

C00390

D00255

C00275

G94766

1 87515 875150 0 24648 246483 3 87370 873703 3 87623 876238 8 87326 873260 0 87705 877057 7 87843 878432 2 87702 877026 6 87481 874812 2 24100 241003 3 24096 240961 1 87587 875877 7 24739 247398 8 87744 877446 6 24117 241175 5 87562 875624 4 87558 875587 7 87611 876115 5 87686 876863 3 87719 877194 4 87432 874324 4 87324 873246 6 24978 249788 8 87922 879220 0

77.06 1506 75.12 1507 75.00 1505 70.60 1506 68.74 1505 66.00 1507 64.63 1508 62.28 1507 61.49 1506 57.88 1506 54.42 1508 51.37 1506 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 42.23 1508

SAPRA PAINTS PVT. LTD. MITTAL TRADING CO. TANEJA PT. &H/W JAGADAMBA TRADERS AGGARWAL SALES CORP. AMBA SANITORY STORE RASILA PAINT

B-116/1 D-1/135, 198/1 A-46 New Kondli Ramesh Market Dashrath Puri

Shop No. 5, Ravidas Market Gurudwara Road, Thane Road I-20, Bhajanpura MAHENDRA PARK, Laxminagar Village Saidan Gali Krishna Mandir Shiv Market National Market Main Market Vikas Marg 192 M-Block Market 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 C- 8/6 Village Saidan

AGARWAL H/W & PAINT STORE 114,Main Bazar HANSA SANITARY & HARDWARE STORE RZ-240 SHYAM PAINTS H/W & SANITARY STORE No. 5, Rishi Nagar SUDARSHAN PAINTS PVT.LTD UNIVERSAL SANITARY STORE AMBAY PAINTS & HARDWARE STORE Shop. No. 99 4-87/42 254, karkardooma

GULSHAN PAINTS & HARDWARE 67A, 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 Sabharwal Paints & H/W Store

Plot no. 19,Furniture B Yamunavihar Road, Opp. Govt School Bhogal YUSUF SARAI. Pitam Pura Sector - 7,

87820 G94707 878203 3 87555 G98353 875556 6 24110 C06197 241103 3 87720 G94792 877200 0 25229 C01090 252291 1 87754 G98557 877545 5

41.74 1508 37.82 1506 37.45 1507 30.19 1507 28.79 1507 27.36 1507

SHREE MAHAVIR PAINTS C.B.AGGARWAL & COMPANY S.K PAINTS & H/W STORE R. R. PAINT & HARDWARE STORE GANESH PAINTS & H/W JAIN PAINTS & H/W STORE

No. 7684,

Clock Tower

17/9,Old Rajinder Nagar S.NO. 6,vashya Panchayati Dharamshala Main Road C-35, B-4A X/2572, Raghuhar Pura Madhu Vihar, Karawal Nagar Road, Near Gali No.8