Business
information report
1. Summary Information
|
Country |
India |
||
|
Company Name |
AKZO NOBEL INDIA LIMITED |
Principal Name 1 |
Mr. N Kaviratne CBE |
|
Status |
Good |
Principal Name 2 |
Mr. A Jain |
|
Registration # |
21-021516 |
||
|
Street Address |
Geetanjali Apartment, 1st
floor, 8-B, Middleton Street, Kolkata – 700 071, West Bengal, India |
||
|
Established Date |
12.03.1954 |
SIC Code |
-- |
|
Telephone# |
91-33-22267462 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-22277925 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Paints |
|
|
# of employees |
1716 (Approximately) |
Product Name 2 |
Speciality
Chemicals |
|
Paid up capital |
Rs. 368,343,310/- |
Product Name 3 |
Catalysts |
|
Shareholders |
Promoter and
Promoter Group - 72.96 % Public - 27.04 % |
Banking |
HDFC Bank |
|
Public Limited Corp. |
Yes |
Business Period |
59 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(58) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
England |
Imperial Chemical Industries Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5000,000,000 |
Current Liabilities |
5258,000,000 |
|
Inventories |
3334,000,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
3563,000,000 |
Other Liabilities |
2412,000,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7670,000,000 |
|
Invest& other Assets |
10183,000,000 |
Retained Earnings |
13931,000,000 |
|
|
|
Net Worth |
14410,000,000 |
|
Total Assets |
22080,000,000 |
Total Liab. & Equity |
22080,000,000 |
|
Total Assets (Previous Year) |
15399,000,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
19878,000,000 |
Net Profit |
2018,000,000 |
|
Sales(Previous yr) |
10968,000,000 |
Net Profit(Prev.yr) |
1766,000,000 |
MIRA INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AKZO NOBEL INDIA LIMITED AKZO NOBEL COATINGS INDIA PRIVATE LIMITED AMALGAMATED WITH AKZO NOBEL
INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
ICI INDIA LIMITED |
|
|
|
|
Registered
Office : |
Geetanjali
Apartment, 1st floor, 8-B, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.03.1954 |
|
|
|
|
Com. Reg. No.: |
21-021516 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 368.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24292WB1954PLC021516 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04848E MUMI05763C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6297A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Marketing of Paints, Speciality Chemicals, Catalysts, Nitrocellulose, Rubber
Chemicals, Pharmaceuticals, Adhesives and Industrial Starch. |
|
|
|
|
No. of Employees
: |
1716 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 57600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and a reputed company having fine track record. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company
appears to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
Geetanjali
Apartment, 1st floor, 8-B, Middleton Street, Kolkata – 700071,
West Bengal, India |
|
Tel. No. |
91-33-22267462 |
|
Fax No. |
91-33-22277925 |
|
E-Mail |
|
|
Website |
|
|
|
|
|
Corporate
Office / Factory : |
DLF Cyber Terraces, Building No 5, Tower A, 20th Floor Cyber City, DLF Phase III Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-2540400 |
|
Fax No.: |
91-124-2540849 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Located at · Mohali,
· ·
Thane, |
|
|
|
|
Headquarters
: |
Located at Gurgaon, Haryana |
|
|
|
|
Research and Technology : |
Thane, Maharashtra |
|
|
|
|
Research and
Technology Centre : |
Located at Thane, |
|
|
|
|
Branches : |
National Starch And Chemicals Plot
No. 1/1 TTC Industrial Area, |
|
Tel. No.: |
91-22-27787352-53 |
|
Fax No.: |
91-22-27780025 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. N Kaviratne CBE |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. A Jain |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. P S Basu |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. G Armstrong |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. S Govil |
|
Designation : |
Alternate Director to Mr G Armstrong |
|
|
|
|
Name : |
Mr. R Gopalakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. R S Karnad |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr S Misra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Uppal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R Guha |
|
Designation : |
Secretary |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Remuneration and Nominations Committee : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
34044335 |
72.96 |
|
|
34044335 |
72.96 |
|
Total
shareholding of Promoter and Promoter Group (A) |
34044335 |
72.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1856256 |
3.98 |
|
|
27890 |
0.06 |
|
|
276 |
0.00 |
|
|
3094003 |
6.63 |
|
|
827406 |
1.77 |
|
|
600 |
0.00 |
|
|
600 |
0.00 |
|
|
5806431 |
12.44 |
|
|
|
|
|
|
3066628 |
6.57 |
|
|
|
|
|
|
3440208 |
7.37 |
|
|
177499 |
0.38 |
|
|
125213 |
0.27 |
|
|
10964 |
0.02 |
|
|
82926 |
0.18 |
|
|
6086 |
0.01 |
|
|
25237 |
0.05 |
|
|
6809548 |
14.59 |
|
Total Public
shareholding (B) |
12615979 |
27.04 |
|
Total (A)+(B) |
46660314 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
46660314 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Paints, Speciality Chemicals, Catalysts, Nitrocellulose, Rubber Chemicals, Pharmaceuticals, Adhesives and Industrial Starch. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1716 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and
Associates Chartered
Accountant |
|
Address : |
Building No.10, 8th Floor, Tower-B, DLF Cyber City, Phase-II,
Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-2549191 |
|
Mobile No.: |
91-124-2549101 |
|
|
|
|
Holding Company: |
Imperial Chemical Industries Limited, England |
|
|
|
|
Ultimate Holding
Company: |
Akzo Nobel N.V., Netherlands |
|
|
|
|
Fellow subsidiaries
: |
|
CAPITAL STRUCTURE
After 09.08.2012
Authorised Capital : Rs. 1266.900
Millions
Issued, Subscribed and Paid-up Capital : Rs. 466.603 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126690000 |
Equity Shares |
Rs.10/- each |
Rs. 1267.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36834331 |
Equity Shares |
Rs.10/- each |
Rs. 368.000 Millions |
|
|
|
|
|
Footnotes
(i) Of the above equity shares, 21,967,644 shares (2010-11: 20,776,213 shares) are held by Imperial Chemical Industries Limited, England, the holding Company. The ultimate holding Company is Akzo Nobel N.V., Netherlands and does not hold any shares in the Company directly.
(ii) During the current year and in the previous year, there has been no movement in the number of equity shares outstanding. This does not consider the shares pending allotment in accordance with the Scheme of Amalgamation (Refer to note 2). In accordance with the terms of the Scheme of Amalgamation, 11,125,983 shares of Rs 10 each, fully paid-up, will be issued and, therefore, presently have been shown as “Share capital pending allotment” in the Balance Sheet.
(iii) The Company has only one class of equity shares, having a par value of Rs 10 per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividend in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
(iv) Shares in the Company held by each shareholder holding more than 5% of equity share capital:
|
Shareholders |
31.03.2012 |
|
|
|
No. of shares |
% of shares held |
|
Imperial Chemical Industries Limited, England |
21,967,644 |
59.64% |
|
Asian Paints Limited |
2,010,626 |
5.46% |
(v) Number of equity shares of Rs 10 each bought back in the five years immediately preceeding the Balance Sheet date, aggregates to 4,036,281 (2010-11: 4,036,281).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
368.000 |
368.000 |
368.000 |
|
|
2] Share Application Money |
111.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
13931.000 |
10548.000 |
9553.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14410.000 |
10916.000 |
9921.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
26.000 |
41.000 |
21.000 |
|
|
|
|
|
|
|
|
TOTAL |
14436.000 |
10957.000 |
9942.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3563.000 |
1419.000 |
1381.000 |
|
|
Capital work-in-progress |
148.000 |
145.000 |
23.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10035.000 |
9850.000 |
9602.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
3334.000
|
1532.000 |
972.000
|
|
|
Sundry Debtors |
2260.000
|
701.000 |
808.000
|
|
|
Cash and Bank Balances |
739.000
|
303.000 |
143.000
|
|
|
Other Current Assets |
270.000
|
1.000 |
0.000
|
|
|
Loans and Advances |
1731.000
|
1448.000 |
801.000
|
|
Total
Current Assets |
8334.000
|
3985.000 |
2724.000 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4161.000
|
2253.000 |
2023.000
|
|
|
Other Current Liabilities |
1097.000
|
492.000 |
213.000
|
|
|
Provisions |
2386.000
|
1697.000 |
1552.000
|
|
Total
Current Liabilities |
7644.000
|
4442.000 |
3788.000 |
|
|
Net Current Assets |
690.000
|
(457.000) |
(1064.000) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14436.000 |
10957.000 |
9942.000 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19878.000 |
10968.000 |
9386.000 |
|
|
|
Other Income |
1123.000 |
987.000 |
1047.000 |
|
|
|
TOTAL (A) |
21001.000 |
11955.000 |
10433.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
10126.000 |
|
|
|
|
|
Purchase of stock-in-trade |
1868.000 |
782.000 |
8210.000 |
|
|
|
Employee benefits expense |
1473.000 |
696.000 |
|
|
|
|
Other expenses |
5269.000 |
3166.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(604.000) |
(268.000) |
|
|
|
|
Exceptional items—income |
0.000 |
(113.000) |
|
|
|
|
TOTAL (B) |
18132.000 |
9524.000 |
8210.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2869.000 |
2431.000 |
2223.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.000 |
15.000 |
11.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2830.000 |
2416.000 |
2212.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
366.000 |
217.000 |
212.0000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
2464.000 |
2199.000 |
2000.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
446.000 |
433.000 |
407.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2018.000 |
1766.000 |
1593.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6276.000 |
6071.000 |
5924.000 |
|
|
|
|
|
|
|
|
|
Add |
Acquired on
amalgamation |
2075.000 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1040.000 |
790.000 |
760.0000 |
|
|
|
Proposed Dividend |
959.000 |
663.000 |
589.000 |
|
|
|
Tax on Proposed Dividend |
156.000 |
108.000 |
98.000 |
|
|
|
Provision for dividend no longer required written back |
|
0.000 |
(1.000) |
|
|
BALANCE CARRIED
TO THE B/S |
8214.000 |
6276.000 |
6071.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (FOB basis) |
444.000 |
20.000 |
0.000 |
|
|
|
Reimbursement of expenses |
50.000 |
0.000 |
0.000 |
|
|
|
Service income |
215.000 |
0.000 |
0.000 |
|
|
|
Others |
13.000 |
15.000 |
5.000 |
|
|
TOTAL EARNINGS |
722.000 |
35.000 |
5.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2933.000 |
1042.000 |
671.000 |
|
|
|
Capital Goods |
50.000 |
21.000 |
8.000 |
|
|
|
Finished goods |
0.000 |
121.000 |
120.000 |
|
|
|
Components and spare parts |
58.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
3041.000 |
1184.000 |
799.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
42.08 |
47.94 |
42.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5630.100 |
5234.100 |
6051.600 |
|
Total Expenditure |
5097.200 |
4870.800 |
5553.200 |
|
PBIDT (Excl OI) |
532.900 |
363.300 |
498.400 |
|
Other Income |
355.500 |
272.600 |
241.200 |
|
Operating Profit |
888.400 |
635.900 |
739.600 |
|
Interest |
06.300 |
03.900 |
04.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
882.100 |
632.000 |
734.700 |
|
Depreciation |
93.400 |
100.100 |
97.500 |
|
Profit Before Tax |
788.700 |
531.900 |
637.200 |
|
Tax |
179.800 |
83.800 |
130.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
608.900 |
448.100 |
506.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
608.900 |
448.100 |
506.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.61
|
14.77 |
15.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.40
|
20.05 |
21.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.71
|
40.69 |
48.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
0.90 |
0.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BUSINESS ENVIRONMENT
GDP growth in fiscal year 2011-12 is estimated at below 7% (previous year 8.4%). Signs of slowdown are visible in the economy as reflected in the low growth of just around 3% in Index of Industrial Production (IIP) for the year 2011-12 (previous year 8%). Coatings market growth in 2012-13 is expected to slow down, with several challenges posed by factors like increase in rates of Excise and Service Tax and hardening of US dollar, putting
pressure on costs and business profitability.
FINANCE AND ACCOUNTS
Total revenue for the year at Rs 21001.000 million crossed the psychologically significant level of Rs 20 billion for the first time in the Company’s history, thanks to the robust growth achieved by the Decorative Paints business and the amalgamation of three AkzoNobel group companies with our Company. Profit before tax for the year at Rs 2464.000 million is higher than previous year by 12%, though it is not comparable due to the amalgamation referred to above and changes in exceptional/non-recurring items. Keeping in view the current year’s performance and other relevant factors, the Board has recommended a dividend of Rs 20.00 per share for the year 2011-12 (Rs 18.00 for the previous year), which will be paid after the approval of the members at the forthcoming Annual General Meeting.
SIGNIFICANT
DEVELOPMENTS
AMALGAMATION
The amalgamation of M/s Akzo Nobel Car Refinishes India (Private) Limited, Akzo Nobel Chemicals (India) Limited and Akzo Nobel Coatings India (Private) Limited after all necessary approvals and sanction by the jurisdictional High Courts was completed on 18 May 2012. As per the scheme of amalgamation, the Accounts covered in this report include the results of the amalgamating companies with effect from 1 April 2011 being the ‘Appointed Date’ for the amalgamation.
In terms of the scheme of amalgamation, equity shares of the Company to be issued to the shareholders of the amalgamating companies will rank pari passu with the existing shares of the Company including for the purpose of determining entitlement to the Dividend for the year 2011-12. Post this issue, promoter holding in the Company will go up to 68.9%. As a result of the amalgamation and share issue as aforesaid, the capital structure of the
Company has changed/will change as follows:
|
Particulars |
Pre-amalgamation |
Post-amalgamation |
|
Authorised capital |
416.900 |
1,266.900 |
|
Paid-up capital |
368.400 |
479.600 |
The Board is delighted to welcome the new shareholders to the Akzo Nobel India fold and look forward to their
support to the Company in its endeavours to enhance shareholder value.
Arising from the amalgamation, the Company will be reporting its financials under two business segments, viz.
Coatings and Others (mainly Chemicals).
SHARE BUYBACK
A share buyback programme through Tender Offer process was initiated by the Board on 21 May 2012, subject to necessary regulatory and other approvals. Under this programme, a maximum of 1.3 million shares will be bought
back by the Company at a price of Rs 920 per share from the non promoter shareholders. The total cost of this buyback assuming full acceptance will be Rs 1196.000 million plus incidental costs. The buyback is expected to be completed by end July 2012.
MANAGEMENT DISCUSSION
AND ANALYSIS
Coatings
Coatings segment recorded a turnover of Rs 20297.000 million, which is not comparable with the previous year’s Rs 11,733 million, on account of amalgamation. Segment profit was Rs 1,403 million vs previous year’s Rs 1209.000 million, reflecting the continuing investment in penetrating new markets, strengthening the brands and capability building to support future growth and cost pressures.
Decorative Paints
The topline growth in the business was in line with industry growth. Some of the initiatives which supported
the growth are:
Launch of global innovations in the super-premium segment such as Dulux Guardian with anti-bacterial properties
Launch of Dulux WeatherShield Max with SunReflect (promise of keeping homes cooler by up to 5 degrees)
Launch of best-in-class offers such as Dulux Promise and ICI Magik in the lower price tier, which has helped establish due connect with the distribution channel
Launch of the global ‘Let’s colour’ campaign on Dulux mother-brand in the second half of 2011 with strong media spends and on-ground activation.
The year also saw innovative ad campaigns to improve the preference for the Company’s brands. The media strategy focused on improving media efficiencies, innovative extensions of the campaign, with focus on regional media, advertising around festivals and airing smaller edits, but with greater frequency to maximise impact.
The above initiatives have helped in reinforcing the image of Dulux as an ‘Innovator’. Our Company has continued to judiciously invest in enhancing its capacity at different sites. Hyderabad Works expansion saw a 30% rise in overall waterborne paints capacity, with best-in-class energy efficiency and zero effluent technology. The plant is automated end-to-end with high productivity and consistent product quality.
A new Greenfield site at Gwalior, Madhya Pradesh, has been acquired and work has commenced to establish an integrated Coatings facility.
As a measure to ensure seamless access to the global RandD of AkzoNobel in development of new products, knowhow and technologies to the business, a framework of royalty has been approved by the Board during the year. The arrangement entails a royalty charge of approx 1% of sales for the first two years, going up to approx 2% thereafter. The Board believes that the benefits flowing from the arrangement will pay for themselves over a period.
Automotive and
Aerospace Coatings (A and AC)
A and AC business continued the growth momentum and recorded impressive growth during the year. Strong focus on demand generation, value-added services and product upgradation resulted in the growth ahead of market, though the industry witnessed a slowdown in the demand in the later part of the year. Initiatives such as Great Finishers Club and end-user retention programmes were sustained during the year.
Performance Coatings (incorporating
Marine, Protective, Powder, Coil and Packaging Coatings)
Our Marine Coatings business comprises coatings for deep sea and inland marine vessels at new construction, or for maintenance that protect against corrosion and abrasion and provide resistance to organic fouling. The business registered robust performance in the deep segment and the coastal and Navy but is faced with a shrinking demand in new-build construction due to the global economic situation resulting in postponement of deliveries of new build ships and vessels. Notable users of the business’ products include the Indian Coast Guard vessels.
Our Protective Coatings business offers corrosion and fire protection solutions across a range of industries like oil and gas, infrastructure projects such as airports and stadia, power generation, mining and minerals and original equipment manufacturers, to name a few. The business showed consistent growth in revenue during the year. Notable projects which have used the business’ products include the grandstand at the Buddh International Circuit at India’s first Formula1 Grand Prix race.
Coil Coatings sales were depressed during the year mainly due to capacity constraints. The business continued pursuing its growth plans, through development of high gloss superior mar-resistant Top Coats for appliances and addition of new capacity of 8 million litres per annum of Coil Coating added at the Bangalore site during the year.
Powder Coating is an environment friendly “Green technology” catering to customers across industries like Automotive, Architectural, Domestic appliances, etc. During the year, top line growth in the business was in line with industry, driven by conversion of liquid coatings customers to powder coatings, leveraging its eco-friendly nature, simplicity of application and cost benefits. Some of the products achieved Platinum Lead certification from SMaRT for sustainable materials rating. The business also launched a new product Mixolite, a rapid service model to cater to the trade coater market.
Chemicals
Chemicals segment recorded a turnover of Rs 873.000 million, which is not comparable with the previous year’s Rs 188 million, on account of amalgamation. Segment profit was Rs 122.000 million vs previous year’s Rs 37.000 million.
Functional Chemicals Business reported strong growth, backed by a turnaround in the manufacturing sector in the early part of the year, with significant presence in Petrochemical, Pharmaceutical and rubber applications. As part of ongoing efforts, a few new products were introduced; the business is also working with its key customers for introducing new technology for ‘Continuous Initiator Dosing’ for PVC.
Surface Chemistry Business recorded robust growth during the year, on the back of strong demand in Personal Care segment. The business has also invested in a new lab to support the Asphalt business to co-develop technical solutions to meet customer requirements.
Going forward, our Company will continue to closely monitor the global trends in the availability and price movements of all key inputs and shall strive to safeguard the supply lines of critical materials like titanium dioxide, pigments, solvents, thinners, peroxides, chlorides, etc. Cost reduction and value enhancement projects are also being pursued to counter inflation/ensure supply security. However, sharp depreciation in rupee against US dollar could negate the effects of some of the above actions and put further pressure on margins. The Company follows a Risk Management policy under which all material foreign currency exposures are hedged through forward covers, to protect against unexpected swings in exchange rates.
Taking a holistic view of cost management, our Company has embarked on ‘Project Dynamo’ to review the cost structure across the organisation and identify action plans to reap the benefits of cost and revenue synergies
arising from the amalgamation.
Notwithstanding the constraints, our Company will stay focused on growing ahead of the market, with particular emphasis on delighting its consumers, through superior technical inputs and solutions and continuous efforts to expand footprint in the relevant markets.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
(a) Claims against the Company not acknowledged as debt |
50.000 |
|
(b) Sales tax matters under appeal |
123.000 |
|
(c) Excise matters in dispute/under appeal |
88.000 |
|
(d) Industrial relations and other matters under dispute |
2.000 |
|
(e) Bank guarantees (third parties, etc) |
91.000 |
|
(f) Income Tax matters in dispute/under appeal* |
|
*The Income Tax assessments for the Company have been completed up to the financial year ended 31 March 2007. Arising from such assessments and appellate orders, the demands aggregate to Rs 1675.000 million (2010-11: Rs 1545.000 million) and the refunds aggregate to Rs 1296.000 million (2010-11: Rs 1356.000 million). The Company as well as the Income Tax department have filed appeals on these matters. Pending decision in the appeals, neither the refunds nor the liability for the demands have been recognized in the accounts. The Company, based on its assessment of such cases, is of the view that the final outcome is not likely to have significant liabilities.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31
DECEMBER 2012
(Rs. In
millions)
|
Particular |
Quarter Ended |
Year to date of nine months ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
Uuaudited |
Uuaudited |
Uuaudited |
|
Income from operations |
|
|
|
|
(a) Net sales (net of excise duty) |
5940.500 |
5112.500 |
16550.700 |
|
(b) Other operating income |
111.100 |
121.600 |
365.100 |
|
Total income from operations (net) |
6051.600 |
5234.100 |
16915.800 |
|
2 Expenses |
|
|
|
|
(a) Cost of materials consumed |
2682.700 |
2513.200 |
7780.200 |
|
(b) Purchase of stock-in-trade |
487.000 |
519.400 |
1522.100 |
|
(c) Changes in inventories of finished goods, work-in-progress |
430.500 |
4.700 |
592.500 |
|
and stock-in-trade |
|
|
|
|
(d) Employee benefits expense |
409.000 |
465.500 |
1334.900 |
|
(e) Depreciation and amortisation expense |
97.500 |
100.100 |
291.000 |
|
(f) Other expenses |
1544.000 |
1368.000 |
4291.500 |
|
Total expenses |
5650.700 |
4970.900 |
15812.200 |
|
3 Profit from operations before other income. finance costs and exceptional items (1-2) |
400.900 |
263.200 |
1103.600 |
|
4 Other Income |
241.200 |
272.600 |
869.300 |
|
5 Profit from ordinary activities before finance costs and exceptional items (3+4) |
642.100 |
535.800 |
1972.900 |
|
6 Finance cost |
(4.900) |
(3.900) |
(15.100) |
|
7 Profit from ordinary activities after finance costs but before exceptional Items (5+6) |
637.200 |
531.900 |
1957.800 |
|
8 Exceptional Items |
- |
- |
- |
|
9 Profit from ordinary activities before tax (7+8) |
637.200 |
531.900 |
1957.800 |
|
10 Tax expense - Current tax |
131.500 |
83.300 |
397.800 |
|
- Deferred tax |
(0.600) |
0.500 |
(3.300) |
|
11 Net profit from ordinary activities after tax (9-10) |
506.300 |
448.100 |
1563.300 |
|
12 Paid - up equity share capital (ordinary shares of Rs 10/- each) (Note 2) |
466.600 |
466.600 |
466.600 |
|
13 Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
|
14 Basic and diluted Earnings per share (of Rs. 10 each) (not annualised) |
10.85 |
9.53 |
33.11 |
|
Particular |
Quarter Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
|
|
|
Uuaudited |
Uuaudited |
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
Number of shares |
12,615,979 |
12,615,979 |
|
|
Percentage of shareholding |
27.04% |
27.04% |
|
|
B PROMOTER AND PROMOTER GROUP SHAREHOLDING |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
|
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
Number of shares |
34,044,335 |
34,044,335 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
|
|
Percentage of shares (as a % of the total share capital of the company) |
72.96% |
72.96% |
|
PARTICULARS OF
INVESTOR COMPLAINTS
|
|
Nine months ended 31 December 2012 |
|
Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter # |
-- 10 8 2 |
SEGMENT WISE REVENUE. RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND
NINE MONTHS ENDED 31 DECEMBER 2012
(Rs. In millions)
|
Particular |
Quarter Ended |
Year to date of nine months ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
Uuaudited |
Uuaudited |
Uuaudited |
|
1 Segment Revenue |
|
|
|
|
Coatings |
5823.200 |
5019.900 |
16246.700 |
|
Others |
228.400 |
214.200 |
669.100 |
|
Total income from operations (net) |
6051.600 |
5234.100 |
16915.800 |
|
Coatings |
402.000 |
237.400 |
1079.600 |
|
Others |
24.800 |
38.000 |
81.200 |
|
Total |
426.800 |
275.400 |
1160.800 |
|
Finance Cost |
(4.900) |
(3.900) |
(15.100) |
|
Other un-allocable income net of (un-allocable expenditure) |
215.300 |
260.400 |
812.100 |
|
|
637.200 |
531.900 |
1957.800 |
|
|
|
|
|
|
Exceptional items |
|
|
|
|
Profit before tax |
637.200 |
531.900 |
1957.800 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
Coatings |
4328.800 |
5334.500 |
|
|
Others |
461.400 |
445.700 |
|
|
Unallocated |
10004.300 |
8508.600 |
|
|
Total |
14794.500 |
14288.800 |
|
Foot Notes:
Segment Revenue, Results and Capital Employed include the respective amounts identifiable to each of the segments. Other un-allocable items in Segment Results include income from investment of surplus funds of the Company and unallocable corporate expenses.
-''Unallocated' in Capital Employed includes un-allocable corporate assets, liabilities and investments.
Notes:
The above results have been approved by the Board of Directors at its meeting held on 14 February 2013. The statutory auditors of the Company have carried out a Limited Review of the financial results for the quarter and nine months ended 31 December 2012 and a modified (emphasis of matter without qualification) report has been issued with reference to para 2 below. The same has been filed with the stock exchange and is available on the website of the Company.
The Scheme of amalgamation ('Scheme') of Akzo Nobel Coatings India Private Limited, Akzo Nobel Car Refinishes India Private Limited and Akzo Nobel Chemicals (India) Limited (collectively referred to as 'transferor companies') with the Company became effective from 18 May 2012 with an Appointed Date of 1 April 2011. Accordingly, the results for the year ended 31 March 2012 included the results of the transferor companies for that year. Their income from operations and profit before tax for the year ended 31 March 2012 amounted to Rs. 6,250 million and Rs. 241 million respectively.
The results for the quarters ended 30 June 2012, 30 September 2012 and 31 December 2012 include the results of the transferor companies for the relevant periods, whereas, the results for the quarter and nine months ended 31 December 2011 were as reported at the relevant times and have not been restated. Accordingly, the figures reported under the aforesaid quarters (including in respect of segments) are not comparable.
FIXED ASSETS
- Land
- Buildings
- Plant and machinery
- Motor vehicles
- Furniture and fixtures
- Office equipment
- Data processing equipment
PRESS RELEASE
HOLD AKZO NOBEL INDIA; TARGET RS 848: SPA RESEARCH
FEBRUARY 18, 2013
SPA Research has recommended hold rating on Akzo Nobel India (Akzo) with a target price of Rs 848, in its February 18, 2013 research report.
"Akzo's sales were slightly lower than our expectation at INR 6,052mn in Q3FY13 due to sluggish performance in industrial paints segment. Sales were backed by volume growth of 7-8%. Industrial paint segment of the company which comprises of coating (~67% of industrial business), car-refinishes (~ 19%) and chemical business (~14%) was impacted by slower macro-economic environment. Expected pick-up in macro-economy and investment cycle in FY14 would revive sales growth in Industrial paints business and improve demand scenario for decorative paints business.
Akzo registered sequential improvement in EBIDTA margin by 129bps to 8.24% in Q3FY13. Despite QoQ fall in gross profit margin by 146bps (due to higher cost inventory), EBIDTA margin expansion came on the back of sequential fall in employee cost by 12%. Reduction in employee incentives, partial reduction in work-force and changes in other employee related expenses resulted in drop in the employee cost. Pressure on the gross margin is expected to ease off going ahead when the impact of softening in RM cost would kick in from Q4FY13 onwards.
Industrial paints business of the company remained under pressure in terms of sales and margins on the back of sluggish macro-economic environment, weighing down overall sales. However, we expect it to registered improved performance in FY14 backed by revival in economic scenario and lower RM cost inflation aided by appreciation in INR against USD. After acquisition of industrial paint business, Akzo has become a strong player in non-auto industrial paints segment offering wide variety of products across different industry verticals. New product launches in mid-tier segment of decorative paints would help company to expand its market presence and sustain its market share amid heightened competition. We therefore have changed our recommendation from Sell to Hold. We retain our 12months target price of INR 848 (22x FY14E operational EPS + surplus cash)," says SPA Research report.
AKZO NOBEL INDIA
GROWTH IN ALL SEGMENTS
14 FEBRUARY 2013
Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results of the company for the (third) quarter ended December 31, 2012.The current quarter’s performance is not directly comparable with the corresponding quarter of the last financial year since the current quarter reflects the performance of the recently merged company.
Unaudited
Financial results - Performance Highlights
AKZO NOBEL INDIA LIMITED (Q3 FY 2012-13 as against Q3 FY
2011-12)
- Net sales for the quarter is 5941 million rupees as against 3688 million rupees; a QoQ growth of 61%
- Earnings from Operations at 401 million rupees as against 210 million rupees; a QoQ growth of 90%
- Other Income for the quarter at 241 million rupees against 155 million rupees, due to staggered maturity of investments.
- Profit after tax (PAT) for the quarter is 506 million rupees as against 293 million rupees; a QoQ increase of 73%.
Comments
Amit Jain,
Managing Director, Akzo Nobel India:
“Innovative and value-added products launched across coatings segments during the quarter helped drive revenue and margin growth. Earnings from operations grew ahead of revenue due to the operational efficiency initiative which is being implemented in key business units.”
About Akzo Nobel India Limited:
The Company was promoted by Imperial Chemical Industries (ICI) Group of UK and has been present in India for over 100 years and a significant player in the Paints industry. Over the years, it has witnessed sustained expansion, growth and transformation. In 2008, Akzo Nobel N.V. became owner of the entire equity share capital of ICI, UK., by virtue of which the Company became a member of the AkzoNobel Group. Akzo Nobel India manufactures and markets paints, coatings and specialty chemicals. In 2012, three AkzoNobel Group companies in India, namely, Akzo Nobel Car Refinishes India Private Limited, Akzo Nobel Chemicals (India) Limited, Akzo Nobel Coatings India Private Limited got merged with Akzo Nobel India Limited, thereby expanding the Company’s presence in a wide range of coatings covering Decorative, Powder, Marine and Protective, Automotive and Aerospace, Coil and Specialty Plastics.
Dulux is the most popular brand of its Decorative coatings business while the Performance Coatings business provides solutions to many industries and sectors including automotive, consumer electronics, power, aviation, shipping and leisure craft, construction, oil and gas, water and waste water, food and beverages, etc. Its chemicals business in India sells more than 30 products grouped under organic peroxides, metal alkyls and Polymer additives to pharmaceutical companies, polymer producers, composite and rubber industry. Every year, we try and introduce new products in India to further strengthen our position as an innovative specialty chemicals company.
With employee strength of over 1700, Akzo Nobel India has manufacturing sites, offices and distribution network spread across the country. Its commitment to Health, Safety, Environment and Security (HSEandS) has been amongst the best in class globally, with due care being taken to protect the people and the environment.
DULUX GUARDIAN - INDIA’S FIRST IMSL TESTED ANTI – BACTERIAL PAINT
12 DECEMBER 2012
The first of its kind
premium interior emulsion paint with anti-bacterial properties, proven
effective against six disease causing bacteria
New Delhi, December 11, 2012: AkzoNobel, the world’s largest paints and coating
company and the maker of Dulux Paints in India, has launched Dulux Guardian, a
unique anti-bacterial paint that promotes a more hygienic environment at home.
The first of its kind interior emulsion paint with advanced anti-bacterial
properties, Dulux Guardian is proven to be effective against six disease
causing bacteria that can be found in homes, hotels, restaurants,
hospitals, nursing homes, etc. These bacteria, such as MRSA, E.coli and
Salmonella, can cause health problems like blood poisoning, respiratory
infections, and intestinal infections.
Dulux Guardian also provides a higher coverage when compared to any regular
emulsion paint, hence is cost effective and provides great value for money.
Also, it emits very low odour and has a low VOC level, making it safer for
consumers and the environment. Dulux Guardian also provides superior
stain resistance and washability that keeps the walls hygienic, dirt free and
beautiful-looking for longer.
Pushkar Jain, Marketing Manager, Dulux, Akzo Nobel India, said,
“Our innovation journey to achieve a more sustainable environment is
challenging and exciting. We are constantly working to provide our consumers with
an integrated response to sustainability challenges. Dulux Guardian is one such
innovation.”
“Application of Dulux Guardian creates a tough and durable finish on the walls;
a finish that is resistant to common household stains whilst actively
inhibiting bacterial growth, thereby keeping the walls clean and more hygienic.
Moreover, in addition to the twin benefit of superior stain resistance and
washability, Guardian offers a luxurious soft sheen.” Mr. Jain added.
Dulux Guardian is available in pack sizes of 1 litre, 4 litres, 10 litres and
20 litres. The pack of 1 litre of Dulux Guardian is priced at Rs 340-380.
DULUX ACCENTUATES ITS “VELVET TOUCH” WITH PEARL GLO
6 DECEMBER 2012
New campaign with
Farhan Akhtar uses the transformative power of colour to signify the equation
of accelerated success
AkzoNobel, the world’s largest paints and coatings company and the maker of
Dulux, has in India, launched a campaign to promote its new product, ‘Velvet
Touch Pearl Glo’.
The campaign, which will feature across both, print and television, has the
versatile Farhan Akhtar, essaying a role, closest to what he is in real life –
a man who has evolved across many genres of creativity, is looking to achieve
more, attuned to his internal rhythm and inflow with the colours of life.
Says Pushkar Jain, Category Manager Interiors, Brand and Digital, Dulux, Akzo Nobel India, “The campaign aims to build a distinct positioning for Dulux Velvet Touch Pearl Glo in the premium, super luxury paints category – as a product that catalyses success in life through the transformative power of colour.”
“Just as oysters transform irritants into precious pearls, so also success transforms individuals into those who express themselves creatively at all times, renewing themselves and those whose lives they touch. Hence, the name, Dulux Velvet Touch Pearl Glo and the choice of Farhan Akhtar as the man with the Velvet Touch.”
Farhan Akhtar, Actor, Director, Singer and Brand Champion, Dulux Velvet Touch,
says, “Sometimes, the struggles in life wear down your sheen. You need moments
and methods, that can inspire, re-energise and transform you. I believe in what
Dulux is saying about this paint. The script has energy and colour is
infectiously motivating. The TVC is about renewed spaces, brighter colours and
renewed visions.”
Prasoon Joshi, Executive Chairman, CEO and Chief Creative Officer, McCann Worldgroup India, says, “The creative challenge for us was to interpret the global Dulux positioning of ‘Renewal’ in the Indian cultural environment, for which we created the communication which manifests how the glow of Velvet Touch on a person’s walls inspires the person to keep striving, thus making the brand a catalyst for renewal in the person’s life. Farhan Akhtar epitomizes renewal where his own journey is one of constantly reinventing himself and therefore he proved to be an ideal ambassador for the brand as well as the philosophy.”
Campaign details:
·
Creative
Agency:
McCann
· Director for the
film: Ravi
Udayawar
· Script
writer Prasoon
Joshi
· Production
House:
RU
Films
· Media
Planning: Maxus,
GroupM
·
Language: English,
Hindi, Tamil, Bengali and Malayalam
·
Duration: 65
secs
Brief note on the script:
The essence of the script is about Farhan Akhtar portraying a Sutradhar –
taking us through stories of people having experienced a certain level of
success in life.
He derives the credibility of being a story-teller (Sutradhar) from his own
story – of being a successful actor, an equally respected director and a
talented singer. A man with a velvet touch, always being inspired to do more
and to express his creative rhythms, the colours of his multi-faceted
personality.
Three distinct human stories are narrated by Farhan – each capturing a
different manifestation of renewal and transformation. In each, the power of
colour is showcased in its physiological, psychological and philosophical
dimensions to reflect the glow of success.
About Dulux Velvet Touch Pearl Glo
Dulux Velvet Touch range uses ‘vivid’, a state of the art technology that
delivers a soft sheen and velvety smoothness, which is unique to every Velvet
Touch product. Ideal for homes that want a rich, luxurious feel, Dulux Velvet
Touch is an inspirational product that offers a unique rich coating and a pearl
like glow that is guaranteed to make walls stand out; creating beautiful homes.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared by
: |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.