MIRA INFORM REPORT
|
Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN PAINTS LIMITED (w.e.f. 02.06.2005) |
|
|
|
|
Formerly Known
As : |
ASIAN PAINTS INDIA LIMITED |
|
|
|
|
Registered Office
: |
6-A, Shanti Nagar, Santacruz (East), Mumbai – 400055, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.10.1945 |
|
|
|
|
Com. Reg. No.: |
11-004598 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 959.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24220MH1945PLC004598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA00665A /
NGPA00953B / PNEA01615F / MUMA08600E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA3622K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Paints. |
|
|
|
|
No. of Employees
: |
5870 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 144000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflects Asian Paints leadership position in the domestic
paints sector, healthy operating margin, and robust financial risk profile,
marked by healthy capital structure and strong liquidity position. Trade relations are reported as fair. Business is active. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term ratings = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk |
|
Date |
31.10.2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
31.10.2013 |
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 : |
6-A, Shanti Nagar, Santacruz (East), Mumbai – 400055, Maharashtra,
India |
|
Tel. No.: |
91-22-56958000/
39818000/ 39818990/ 39818387 |
|
Fax No.: |
91-22-56958803/
8888/ 8107/ 39818888/ 39818787 |
|
E-Mail : |
compliance.officer@asianpaints.com
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 3/ 2, MIDC,
Taloja, Raigad - 410 208,
Plot No. 2702, GIDC Industrial Area, Ankleshwar - 393 002,
B-5 and 10, Sipcot
Industrial Complex, Cuddalore - 607 005, Tamil Nadu, |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Ashwin C. Choksi |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
M. Com. |
|
Date of Appointment : |
01.01.1965 |
|
|
|
|
Name : |
Mr. K.B.S. Anand |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Appointment : |
01.04.2012 |
|
|
|
|
Name : |
Mr. Ashwin S Dani |
|
Designation : |
Vice Chairman and Managing Director |
|
Qualification : |
B. Sci (Hons.), B. Sci (Tech.), M.S. |
|
Date of Appointment : |
01.10.1968 |
|
|
|
|
Name : |
Mr. Malav Dani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra C
Choksi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amar A Vakil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Amrita Vakil |
|
Designation : |
Additional Director (w.e.f. 14th May, 2014) |
|
|
|
|
Name : |
Mrs. Vibha Paul
Rishi |
|
Designation : |
Additional Director (w.e.f. 14th May, 2014) |
|
|
|
|
Name : |
Mr. Dipankar Basu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak M.
Satwalekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. A. Shah |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Dr. Swaminathan Sivaram |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. S Ramadorai |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. M. K. Sharma |
|
Designation : |
Additional Director |
|
Date of Appointment : |
25.10.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Merchant |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
|
|
|
Audit Committee: |
|
|
|
|
|
Shareholders Grievance/ Investors Grievance Committee: |
|
|
|
|
|
Nomination and Remuneration Committee: |
|
|
|
|
|
Corporate Social Responsibility Committee: |
|
|
|
|
|
Shareholders’ Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
102185327 |
10.65 |
|
|
404194305 |
42.14 |
|
|
506379632 |
52.79 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
506379632 |
52.79 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
9516221 |
0.99 |
|
|
400499 |
0.04 |
|
|
79904923 |
8.33 |
|
|
172323740 |
17.97 |
|
|
262145383 |
27.33 |
|
|
|
|
|
|
54581968 |
5.69 |
|
|
|
|
|
|
113004054 |
11.78 |
|
|
9402291 |
0.98 |
|
|
13684462 |
1.43 |
|
|
13684462 |
1.43 |
|
|
190672775 |
19.88 |
|
Total Public
shareholding (B) |
452818158 |
47.21 |
|
Total (A)+(B) |
959197790 |
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) |
959197790 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Paints. |
GENERAL INFORMATION
|
No. of Employees : |
5870 (Approximately) |
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|
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|
Bankers : |
Not Available |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
Shah and Company Chartered
Accountants |
|
Auditor 2 : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
|
|
|
Joint Venture: (In which the Company has 50% equity interest) : |
i) PPG Asian Paints Private Limited (Formerly known as Asian PPG
Industries Limited) Subsidiary of Asian PPG Industries Limited: a) Faaber Paints Private Limited b) PPG Asian Paints Lanka Private Limited ii) Asian Paints PPG Private Limited (Formerly known as Asian Paints
PPG Limited) |
|
|
|
|
Subsidiaries : |
Direct Subsidiaries :
|
|
|
|
|
Subsidiaries : |
Indirect Subsidiaries (Subsidiaries of the wholly owned subsidiary,
Asian Paints (International) Limited,
Subsidiaries of Berger International Limited :
Subsidiary of Enterprise Paints Limited :
Subsidiary of Nirvana Investments Limited :
Subsidiaries of Lewis Berger (Overseas Holdings) Limited :
Subsidiary of Universal Paints Limited :
Subsidiary of Sleek International Private Limited:
|
CAPITAL STRUCTURE
As on: 31.03.2014
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99500000 |
Equity Shares |
Rs.10/- each |
Rs.995.000 Millions |
|
50000 |
11% Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95919779 |
Equity Shares |
Rs. 10/-
each |
Rs.959.200 Millions |
|
|
|
|
|
A. Reconciliation of
the number of shares outstanding at the beginning and at the end of the year :
As on : 31.03.2014
|
Equity Shares |
No.
of Shares |
Amount
|
|
At the beginning of the period |
95919779 |
959.200 |
|
Add: Allotted during the period pursuant
to section 81(1A) of the Companies Act,1956. |
-- |
-- |
|
Outstanding
at the end of the period |
95919779 |
959.200 |
B. Details of
Shareholders holding more than 5% equity shares in the company :
Equity Shares
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Smiti Holding and Trading Company Private Limited, |
54084120 |
5.64 |
|
ISISHolding and Trading Company Private Limited, |
52884120 |
5.51 |
|
Geetanjali Trading and Investments Private Limited, |
49267440 |
5.14 |
|
Life Insurance Corporation of |
61530363 |
6.41 |
Terms/rights attached
to equity shares
The Company has only one class of shares referred to as equity shares having a par value of Rs. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend.
The Board of Directors at its meeting held on 21st October, 2013 declared an interim dividend of Rs. 1.10 (Rupee one and paise ten only) per equity share of Rs. 1 each. A final dividend of Rs. 4.20 (Rupees four and paise twenty only) per equity share has been recommended by the Board of Directors at its meeting held on 14th May, 2014, subject to the approval by the shareholders at the ensuing Annual General Meeting. If approved, the total dividend (interim and final dividend) for the financial year 2013-14 will be Rs. 5.30 per equity share of Rs. 1 each (Rs. 46 per equity share of face value Rs. 10 each was paid as dividend for the previous year). The total dividend appropriation for the year ended 31st March, 2014 amounted to Rs. 5903.900 millions including corporate dividend tax of Rs. 820.200 millions. (Previous year Rs. 5155.200 millions including corporate dividend tax of Rs. 740.2009 millions).
As per the Companies act 1956, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
959.200 |
959.200 |
959.200 |
|
(b) Reserves & Surplus |
35050.100 |
29263.400 |
23918.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
36009.300 |
30222.600 |
24877.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
395.100 |
462.600 |
521.100 |
|
(b) Deferred tax
liabilities (Net) |
1770.700 |
1433.300 |
807.500 |
|
(c)
Other long term liabilities |
1.200 |
5.000 |
36.200 |
|
(d)
long-term provisions |
802.400 |
765.800 |
651.600 |
|
Total
Non-current Liabilities (3) |
2969.400 |
2666.700 |
2016.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
1105.100 |
|
(b)
Trade payables |
14988.400 |
12141.200 |
10346.800 |
|
(c)
Other current liabilities |
7475.200 |
7193.800 |
6063.300 |
|
(d)
Short-term provisions |
5374.800 |
4237.400 |
3550.700 |
|
Total
Current Liabilities (4) |
27838.400 |
23572.400 |
21065.900 |
|
|
|
|
|
|
TOTAL |
66817.100 |
56461.700 |
47960.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
19732.100 |
20749.100 |
9877.900 |
|
(ii)
Intangible Assets |
389.900 |
269.800 |
212.500 |
|
(iii)
Capital work-in-progress |
379.500 |
525.500 |
6028.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
5481.900 |
3597.000 |
2792.200 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
946.400 |
910.600 |
1805.200 |
|
(e)
Other Non-current assets |
63.200 |
0.300 |
0.000 |
|
Total
Non-Current Assets |
26993.000 |
26052.300 |
20716.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4820.000 |
1050.000 |
2630.000 |
|
(b)
Inventories |
16650.500 |
14807.900 |
12644.200 |
|
(c)
Trade receivables |
7123.600 |
6338.800 |
5002.400 |
|
(d)
Cash and cash equivalents |
7453.600 |
5515.700 |
5009.700 |
|
(e)
Short-term loans and advances |
2015.400 |
1627.200 |
1005.000 |
|
(f)
Other current assets |
1761.000 |
1069.800 |
952.600 |
|
Total
Current Assets |
39824.100 |
30409.400 |
27243.900 |
|
|
|
|
|
|
TOTAL |
66817.100 |
56461.700 |
47960.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from sale of
goods and services |
103,002.200 |
89099.700 |
79247.000 |
|
|
Other Operating Revenue |
1185.600 |
501.000 |
394.600 |
|
|
Other Income |
1736.600 |
1261.200 |
1414.900 |
|
|
TOTAL (A) |
105924.400 |
90861.900 |
81056.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
57587.100 |
51254.800 |
47227.400 |
|
|
Purchases of
Stock-in-Trade |
2565.800 |
1741.100 |
1386.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(753.400) |
(1361.700) |
(1150.700) |
|
|
Employees benefits
expense |
4824.300 |
4045.900 |
3416.300 |
|
|
Other expenses |
22191.300 |
18447.600 |
15244.400 |
|
|
Exceptional Item |
99.600 |
0.000 |
0.000 |
|
|
TOTAL (B) |
86514.700 |
74127.700 |
66124.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
19409.700 |
16734.200 |
14932.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
260.800 |
305.600 |
308.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
19148.900 |
16428.600 |
14624.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2123.200 |
1269.800 |
994.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
17025.700 |
15158.800 |
13629.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
5335.100 |
4658.800 |
4045.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
11690.600 |
10500.000 |
9583.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
10000.000 |
7000.000 |
6000.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
5786.700 |
2344.800 |
4124.600 |
|
|
Dividend |
5083.700 |
4412.300 |
3836.900 |
|
|
Tax on Dividend |
820.200 |
742.900 |
622.400 |
|
|
BALANCE CARRIED TO THE
B/S |
10000.000 |
10000.000 |
7000.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
Earnings of Own Product at FOB Value |
316.200 |
261.900 |
211.600 |
|
|
Export
of Traded Goods at FOB Value |
10.800 |
7.900 |
3.700 |
|
|
Royalty |
233.200 |
196.100 |
145.400 |
|
|
Others Receipt Including Recoveries from
Subsidiaries |
84.500 |
83.600 |
61.800 |
|
|
TOTAL EARNINGS |
644.700 |
549.500 |
422.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
16839.200 |
12478.900 |
9579.400 |
|
|
Components and Stores
parts |
20.800 |
45.800 |
62.200 |
|
|
Capital Goods |
170.000 |
2175.000 |
1434.500 |
|
|
TOTAL IMPORTS |
17030.000 |
14699.700 |
11076.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
12.19 |
10.95 |
99.92 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.04 |
11.56 |
11.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.53 |
17.01 |
17.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.93 |
28.96 |
34.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.50 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.02 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.29 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
959.200 |
959.200 |
959.200 |
|
Reserves & Surplus |
23918.600 |
29263.400 |
35050.100 |
|
Net worth |
24877.800 |
30222.600 |
36009.300 |
|
|
|
|
|
|
long-term borrowings |
521.100 |
462.600 |
395.100 |
|
Short term borrowings |
1105.100 |
0.000 |
0.000 |
|
Total borrowings |
1626.200 |
462.600 |
395.100 |
|
Debt/Equity ratio |
0.065 |
0.015 |
0.011 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79247.000 |
89099.700 |
103002.200 |
|
|
|
12.433 |
15.603 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79247.000 |
89099.700 |
103002.200 |
|
Profit |
9583.900 |
10500.000 |
11690.600 |
|
|
12.09% |
11.78% |
11.35% |
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 |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Sales tax deferment scheme - State of Andhra Pradesh |
328.600 |
369.800 |
|
|
|
|
|
Total |
328.600 |
369.800 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/745/2014 |
Failing Date:- |
27/03/2014 |
Reg. No.:- |
ITXA/775/2014 |
Reg. Date:- |
08/04/2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S. ASIAN PAINTS (INDIA) LIMITED |
||||
|
Petn.Adv:- |
PADMA DIVAKAR (0) |
Resp. Adv.: |
ATUL KARSANDAS JASANI (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||
|
Last Date:- |
09/06/2014 |
||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The fiscal year ended 31st March 2014 proved to be a challenging year with the Indian economy witnessing sustained slowdown across sectors. While the economic growth for the year is expected to have marginally improved to 4.9% from the lows of 4.5% witnessed in 2012-13, it is still a far cry from the above 8% growths witnessed during most part of 2004 to 2011. The recovery in 2013-14 is largely on the back of revival in agriculture growth due to a steady monsoon. However, recovery in the other areas of the economy appears to be feeble with no clear signs of recovery. Industry continued to be in the midst of a slowdown. This was inspite of a push from the Government to clear the hurdles plaguing infrastructure sector projects as this has clearly not resulted in any action on the ground level. On the demand side, the consumption growth remained weak amid elevated inflation and subdued income growth.
The first half of the year also saw the Rupee in a free fall under pressure from the worsening deficits, current account deficit as well as the fiscal deficit. Coupled with fears of large fund outflows due to the expected Fed tapering, the Rupee breached the ` 68 level to the US Dollar in August, 2013. A slew of measures taken by RBI and the Central Government saw the current account situation improving significantly which helped the Rupee to recover from its all-time lows during the later part of the year. The elevated levels of inflation since 2010- 11 continued to be a cause of concern for the economy and although the inflation levels eased off over the last quarter of the year, the stickiness in inflation did not provide much room for RBI to lower the interest rates and prime pump the economy.
Considering the overall sluggish environment, the domestic paint demand was comparatively resilient although not as good as expected. Demand from the rural areas was relatively better than the urban markets. While, the retail demand was encouraging, the industrial market remained stagnant. Lack of public spending in infrastructure sector and weak private sector investments affected the industrial product demand. Commodity prices remained stable during the year with crude trading in a very narrow range throughout the year. However, sharp volatility in the Rupee affected the overall procurement prices. In the international markets, the environment was equally challenging with some of the markets feeling the continued impact of politica.
OUTLOOK
The macroeconomic environment has shown offshoots of recovery, specifically in the second half of 2013-14. Most of the indicators in the developed markets point to growth stability,
Which in turn should support the developing and emerging markets. Even in India, there are signs that the growth has bottomed out with the marginal improvement recorded in the later half of 2013-14. Going forward, the key to a sustainable recovery would be reviving the investments especially in the private sector through continued efforts to clear the stalled projects. It would be interesting to watch out for the key policy actions from the new Central Government as this would be crucial for reviving the critical growth drivers in the economy. A matter of concern on the horizon is the latest set of reports on possibility of increased chances of weak ‘El Nino conditions’ in India leading to deficient rainfall. This could consequently pose a downward risk to the agricultural output and thereby impact the recovery. In the international markets, political stability would be crucial for recovery in some of the key markets where the Company operates.
As always, the Company looks forward to do well in the year ahead and is optimistic of its abilities to address the set of opportunities and challenges that the coming year will present.
RESULTS OF
OPERATIONS
Net revenue from Operations on standalone basis increased to Rs. 104187.800 millions as against Rs. 89600.700 millions in the previous year - a growth of 16.3%. The profit after tax for the current year is Rs. 11690.600 millions as against Rs. 10500.000 millions in the previous year - a growth of 11.3%.
On Consolidated basis the Company achieved net revenue of Rs. 127148.100 millions as against Rs. 109386.100 millions – a growth of 16.2%. Net profit after minority interest for the current year is Rs. 12188.100 millions as against Rs. 11138.800 millions in the previous year - a growth of 9.4%.
CONTINGENTLIABILITIES
AND COMMITMENTS:
Rs in Millions
|
Contingent
Liabilities : |
31.03.2014 |
|
Guarantee given on behalf of Company’s dealers in respect of loans
granted to them by a bank for acquiring dealer tinting systems. |
-- |
|
Letters of comfort/support to banks on behalf of some of its subsidiaries.
The Company has also issued a letter to the board of a subsidiary informing
its commitment to continue extending letters of comfort for banking
facilities (as included in the above) for a period upto 15th May,
2014. |
2332.600 |
|
Claims against
the Company not acknowledged as debts |
|
|
Tax matters in dispute under appeal |
788.500 |
|
Others |
120.700 |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Scientific Research:
o Equipment
o Buildings
- Furniture and Office Equipment
- Vehicles
- Leased Assets: Equipment
- Trademark
- Software
CMT REPORT (Corruption, Money Laundering & 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 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. 60.14 |
|
|
1 |
Rs. 102.83 |
|
Euro |
1 |
Rs. 82.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
78 |
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 &
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.