Shalimar Paints Ltds credit rating by CARE Ratings remains stable at CARE BBB- (RWD) for long-term and CARE A3 (RWD) for short-term banking facilities, while Acuite Ratings downgraded it to ACUITE C and ACUITE A4 respectively but the company refutes this downgrade, asserting no defaults and maintaining adequate liquidity with Rs. 12.50 crore in fixed deposits and Rs. 19.50 crore in unused cash credit as of September 30, 2024.