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
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 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-à-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 lion’s 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 don’t form a major part of
profits as this segment, form’s 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-à-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 lion’s 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, India’s 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
Lanka’s 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 Plants
Office

Regional RDC
Office
 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:

87749 257.5
G94722 877491 1 8 1507 AMRIT TRADERS F-49,Main Road Jagatpuri
87320 157.9
G94777 873208 8 3 1505 NATIONAL MARBLE & SANI. ST. T-1 Chirag Dlhi Chk
87411 148.9
G94786 874119 9 0 1505 M/S MOHAN LAL & COMPANY 5256,Shardanand Marg
87844 130.9
G94702 878449 9 7 1508 NOVELTY PAINT HOUSE. WP-483/3 Shiv Market
87836 125.2
G94708 878364 4 8 1508 Gupta Paint House 13,Harlal Mkt Nahapur village
87838 117.5
G98503 878388 8 7 1508 BHAI SAHAB & SONS Bhai Sahab Bhawan Clock Tower
87583 114.1
G94751 875839 9 7 1506 SATIJA PAINT & H/W STORE C-111, Fateh Nagar,
87407 113.4
G94731 874072 2 8 1505 HARSH PAINTS CORPORATION C-567 Wazir Nagar
87667 108.0
G98556 876672 2 6 1507 POONAM PAINTS A-5/23,Lal Quarter Market Krishna Nagar
87871 102.3
G94704 878715 5 5 1508 VARDHMAN TRADERS 134-135 Shiva Market
87886 102.1
G94703 878869 9 0 1508 MURLI DHAR BALDEV RAJ 62-63, Main Bzr Edward Lines
87564 100.0
G94711 875648 8 1 1506 GOLDEN PAINTS & H/W 35/3103, Saraswati Marg
87510
G94712 875105 5 96.05 1506 MADAN MARBLE & PAINT HOUSE B-13 Ganesh Nagar
24118
G94783 241188 8 95.91 1505 AMBEJI PAINT & H/W 105,Samman Bazar Jangpura,
24109
C07503 241093 3 95.55 1507 CITY PAINTS 1449/1-A, Main loni road durhapuri, Shahadra
87893
G94705 878937 7 95.08 1508 MAHAVIRA TRADING CO. 10, Shiva Market Pritam Pura
87585
G94713 875853 3 93.00 1506 SHRI RAM MAHAVIR PARSAD 4B/5B Jwala Heri
87408
G94781 874089 9 91.60 1505 DARBAR PAINT HOUSE Opp. Tanga stand Qutab Road
87902
G94767 879022 2 89.31 1508 M/S.PAWAN PAINT & H/W STORE 1985/1, Railway road, Narela
87415
G94728 874157 7 87.51 1505 J.P.JAIN & SONS 202-A Katra Baryan
87829 SAHIB PAINTS & SANITARY
G94709 878296 6 81.48 1508 WARES. GP-105,Maurya Enclave Pitampura
G94733 874171 87417 80.47 1505 SARVODYA TRADERS G-11
 1
87515
G94720 875150 0 77.06 1506 SAPRA PAINTS PVT. LTD. B-116/1
24648
C00577 246483 3 75.12 1507 MITTAL TRADING CO. D-1/135, New Kondli
87370
G94782 873703 3 75.00 1505 TANEJA PT. &H/W 198/1 Ramesh Market
87623
G98355 876238 8 70.60 1506 JAGADAMBA TRADERS A-46 Dashrath Puri
87326
G94734 873260 0 68.74 1505 AGGARWAL SALES CORP. Shop No. 5, Ravidas Market Gurudwara Road,
87705
D00196 877057 7 66.00 1507 AMBA SANITORY STORE Thane Road Bhajanpura
87843
G98505 878432 2 64.63 1508 RASILA PAINT I-20, MAHENDRA PARK,
87702
G94795 877026 6 62.28 1507 AGARWAL H/W & PAINT STORE 114,Main Bazar Laxminagar
87481 HANSA SANITARY & HARDWARE
G94715 874812 2 61.49 1506 STORE RZ-240 Village Saidan
24100 SHYAM PAINTS H/W & SANITARY
G98357 241003 3 57.88 1506 STORE No. 5, Rishi Nagar Gali Krishna Mandir
24096
D00207 240961 1 54.42 1508 SUDARSHAN PAINTS PVT.LTD Shop. No. 99 Shiv Market
87587
G94714 875877 7 51.37 1506 UNIVERSAL SANITARY STORE 4-87/42 National Market
24739 AMBAY PAINTS & HARDWARE
C00640 247398 8 51.31 1507 STORE 254, karkardooma Main Market
87744
G98551 877446 6 50.20 1507 GULSHAN PAINTS & HARDWARE 67A, Vikas Marg
24117
G94779 241175 5 49.94 1505 DREAM HOME 192 M-Block Market
87562
C00540 875624 4 49.54 1506 ARBRO TRADERS PVT. LTD. WZ-309, Nangal Raya,
87558
G94717 875587 7 48.31 1506 GARG PAINTS B 1&2 Village Saidan
87611
G98365 876115 5 48.05 1506 DARBAR PAINT & H/W STORE Shop No. 2 Plot no. 19,Furniture B
87686
G94721 876863 3 46.94 1507 GOYAL BUILDERS 296, Vijay Path, Yamunavihar Road,
87719
G94791 877194 4 45.80 1507 SUPER PAINTS E/8, Opp. Govt School
87432
C00390 874324 4 43.53 1505 HARDWARI LAL J.PRASAD 111-113 Samman Bazar Bhogal
87324
D00255 873246 6 43.06 1505 SATIJA PAINTS &SANT STORE 23/2 MAIN BAZAR YUSUF SARAI.
24978
C00275 249788 8 42.75 1508 VIJAY TRADING COMPANY 102-103 Shiva Market Pitam Pura
87922
G94766 879220 0 42.23 1508 Sabharwal Paints & H/W Store C- 8/6 Sector - 7,
 87820
G94707 878203 3 41.74 1508 SHREE MAHAVIR PAINTS No. 7684, Clock Tower
87555
G98353 875556 6 37.82 1506 C.B.AGGARWAL & COMPANY 17/9,Old Rajinder Nagar
24110 S.NO. 6,vashya Panchayati
C06197 241103 3 37.45 1507 S.K PAINTS & H/W STORE Dharamshala Main Road
87720 R. R. PAINT & HARDWARE
G94792 877200 0 30.19 1507 STORE C-35, Madhu Vihar,
25229
C01090 252291 1 28.79 1507 GANESH PAINTS & H/W B-4A Karawal Nagar Road,
87754
G98557 877545 5 27.36 1507 JAIN PAINTS & H/W STORE X/2572, Raghuhar Pura Near Gali No.8