MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN PAINTS LIMITED (w.e.f. 02.06.2005) |
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Formerly Known
As : |
ASIAN PAINTS INDIA LIMITED |
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Registered Office
: |
6-A, Shanti Nagar, Santacruz (East), Mumbai – 400055, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.10.1945 |
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Com. Reg. No.: |
11-004598 |
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Capital Investment
/ Paid-up Capital : |
Rs. 959.200 Millions |
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CIN No.: [Company Identification
No.] |
L24220MH1945PLC004598 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA00665A /
NGPA00953B / PNEA01615F / MUMA08600E |
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PAN No.: [Permanent Account No.] |
AAACA3622K |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of
Paints. |
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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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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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.
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 |
01.07.2014 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
01.07.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-3981800)
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
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|
Website : |
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Factory : |
·
Plot No. 1, IMT, Sector 30 B, PO ·
Plot A1, MIDC, Khandala Industrial Area, Taluka
Khandala, Satara - 412 802, ·
Taloja Plant (Industrial Paints): Plot No. 3/ 2, MIDC,
Taloja, Raigad - 410 208, ·
Phthalic Plant: Plot No. 2702, GIDC Industrial Area, Ankleshwar - 393 002, ·
Penta Plant: 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: |
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|
|
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Shareholders Grievance/ Investors Grievance Committee: |
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|
|
|
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Nomination and Remuneration Committee: |
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Corporate Social Responsibility Committee: |
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Shareholders’ Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
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 |
|
|
|
|
|
|
|
|
9314640 |
0.97 |
|
|
409378 |
0.04 |
|
|
78874907 |
8.22 |
|
|
175089312 |
18.25 |
|
|
263688237 |
27.49 |
|
|
|
|
|
|
55574211 |
5.79 |
|
|
|
|
|
|
111101137 |
11.58 |
|
|
9006762 |
0.94 |
|
|
13447811 |
1.40 |
|
|
13447811 |
1.40 |
|
|
189129921 |
19.72 |
|
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 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
4,72,200 |
0.05 |
0 |
0.00 |
0.00 |
0.00 |
|
2 |
Anay Rupen Choksi |
77,750 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
3 |
Ashay Ashish Choksi |
1,25,380 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
4 |
Ashish Ashwin Choksi |
8,86,460 |
0.09 |
0 |
0.00 |
0.00 |
0.00 |
|
5 |
Ashwin Chimanlal Choksi |
7,85,700 |
0.08 |
0 |
0.00 |
0.00 |
0.00 |
|
6 |
Binita Ashish Choksi |
1,31,700 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
7 |
Druhi Ashish Choksi |
1,00,000 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
8 |
Jigish Shailesh Choksi |
19,95,180 |
0.21 |
0 |
0.00 |
0.00 |
0.00 |
|
9 |
Mahendra Chimanlal Choksi |
21,96,180 |
0.23 |
0 |
0.00 |
0.00 |
0.00 |
|
10 |
Manish Mahendra Choksi |
23,88,540 |
0.25 |
0 |
0.00 |
0.00 |
0.00 |
|
11 |
Margi Rupen Choksi |
1,05,500 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
12 |
Nysha Rupen Choksi |
50,000 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
13 |
Prafullika Shailesh Choksi |
21,42,560 |
0.22 |
0 |
0.00 |
0.00 |
0.00 |
|
14 |
Rhea Manish Choksi |
7,02,000 |
0.07 |
0 |
0.00 |
0.00 |
0.00 |
|
15 |
Richa Manish Choksi |
1,80,450 |
0.02 |
0 |
0.00 |
0.00 |
0.00 |
|
16 |
Rita Mahendra Choksi |
9,80,000 |
0.10 |
0 |
0.00 |
0.00 |
0.00 |
|
17 |
Rupal Anant Bhat |
19,23,770 |
0.20 |
0 |
0.00 |
0.00 |
0.00 |
|
18 |
Rupen Ashwin Choksi |
9,28,607 |
0.10 |
0 |
0.00 |
0.00 |
0.00 |
|
19 |
Shailesh Chimanlal Choksi |
43,40,900 |
0.45 |
0 |
0.00 |
0.00 |
0.00 |
|
20 |
Urvashi Ashwin Choksi |
8,38,110 |
0.09 |
0 |
0.00 |
0.00 |
0.00 |
|
21 |
Vishal Shailesh Choksi |
29,51,220 |
0.31 |
0 |
0.00 |
0.00 |
0.00 |
|
22 |
Ashwin Ramanlal Gandhi |
43,25,790 |
0.45 |
637000 |
14.73 |
0.07 |
0.00 |
|
23 |
Ashwin S Dani |
20,84,870 |
0.22 |
0 |
0.00 |
0.00 |
0.00 |
|
24 |
Chandanben Chhotalal Shah |
20,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
25 |
Hasit A Dani |
40,04,800 |
0.42 |
0 |
0.00 |
0.00 |
0.00 |
|
26 |
Hiren Ashwin Gandhi |
15,84,450 |
0.17 |
0 |
0.00 |
0.00 |
0.00 |
|
27 |
Ina Ashwin Dani |
5,15,920 |
0.05 |
0 |
0.00 |
0.00 |
0.00 |
|
28 |
Ishwara Hasit Dani |
4,10,710 |
0.04 |
0 |
0.00 |
0.00 |
0.00 |
|
29 |
Jalaj Ashwin Dani |
16,00,200 |
0.17 |
0 |
0.00 |
0.00 |
0.00 |
|
30 |
Malav A Dani |
33,05,510 |
0.34 |
0 |
0.00 |
0.00 |
0.00 |
|
31 |
Meghna Satyen Gandhi |
75,000 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
32 |
Mudit Jalaj Dani |
1,59,800 |
0.02 |
0 |
0.00 |
0.00 |
0.00 |
|
33 |
Satyen Ashwin Gandhi |
16,08,880 |
0.17 |
0 |
0.00 |
0.00 |
0.00 |
|
34 |
Shubhlakshmi Hasit Dani |
59,500 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
35 |
Smiti Jalaj Dani |
1,39,110 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
36 |
Vaibhavi Hiren Gandhi |
75,000 |
0.01 |
0 |
0.00 |
0.00 |
0.00 |
|
37 |
Vita J Dani |
4,35,260 |
0.05 |
0 |
0.00 |
0.00 |
0.00 |
|
38 |
Abhay Arvind Vakil |
2,84,50,310 |
2.97 |
0 |
0.00 |
0.00 |
0.00 |
|
39 |
Amar Arvind Vakil |
1,30,31,170 |
1.36 |
0 |
0.00 |
0.00 |
0.00 |
|
40 |
Amrita Amar Vakil |
25,66,680 |
0.27 |
0 |
0.00 |
0.00 |
0.00 |
|
41 |
Asha Subhash Gujarathi |
14,23,400 |
0.15 |
0 |
0.00 |
0.00 |
0.00 |
|
42 |
Bhairavi Abhay Vakil |
22,47,000 |
0.23 |
0 |
0.00 |
0.00 |
0.00 |
|
43 |
Dipika Amar Vakil |
20,26,130 |
0.21 |
0 |
0.00 |
0.00 |
0.00 |
|
44 |
Nehal Abhay Vakil |
23,71,280 |
0.25 |
0 |
0.00 |
0.00 |
0.00 |
|
45 |
Ragini Varun Vakil |
5,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
46 |
Varun Amar Vakil |
22,30,590 |
0.23 |
0 |
0.00 |
0.00 |
0.00 |
|
47 |
Vivek Abhay Vakil |
31,26,760 |
0.33 |
0 |
0.00 |
0.00 |
0.00 |
|
48 |
Castle Investment & Industries Private Limited |
1,54,57,470 |
1.61 |
0 |
0.00 |
0.00 |
0.00 |
|
49 |
Centaurus Trading And Investments Pvt Ltd |
74,08,940 |
0.77 |
270000 |
3.64 |
0.03 |
0.00 |
|
50 |
Doli Trading And Investments Private Limited |
93,63,440 |
0.98 |
0 |
0.00 |
0.00 |
0.00 |
|
51 |
Elf Trading & Chemicals Manufacturing Limited |
21,08,160 |
0.22 |
0 |
0.00 |
0.00 |
0.00 |
|
52 |
Jaldhar Investments And Trading Company Pvt Ltd |
1,24,28,250 |
1.30 |
0 |
0.00 |
0.00 |
0.00 |
|
53 |
Lyon Investment & Industries Private Limited |
1,43,42,060 |
1.50 |
0 |
0.00 |
0.00 |
0.00 |
|
54 |
Rupen Investment & Industries Private Limited |
1,87,42,825 |
1.95 |
225000 |
1.20 |
0.02 |
0.00 |
|
55 |
Satyadharma Investments And Trading Company Private Limited |
1,83,34,280 |
1.91 |
0 |
0.00 |
0.00 |
0.00 |
|
56 |
Sudhanava Investments And Trading Company Private Limited |
1,91,08,760 |
1.99 |
7575000 |
39.64 |
0.79 |
0.00 |
|
57 |
Tru Trading And Investments Private Limited |
1,21,76,500 |
1.27 |
0 |
0.00 |
0.00 |
0.00 |
|
58 |
Dani Finlease Limited |
10,930 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
59 |
Geetanjali Trading And Investments Private Limited |
4,92,67,440 |
5.14 |
46437860 |
94.26 |
4.84 |
0.00 |
|
60 |
Gujarat Organics Limited |
2,28,10,730 |
2.38 |
0 |
0.00 |
0.00 |
0.00 |
|
61 |
Hiren Holdings Private Limited |
6,01,400 |
0.06 |
0 |
0.00 |
0.00 |
0.00 |
|
62 |
Isis Holding And Trading Company Private Limited |
5,28,84,120 |
5.51 |
21440000 |
40.54 |
2.24 |
0.00 |
|
63 |
Omega Properties Private Limited |
33,63,750 |
0.35 |
0 |
0.00 |
0.00 |
0.00 |
|
64 |
Rayirth Holding And Trading Company Private Limited |
13,29,500 |
0.14 |
0 |
0.00 |
0.00 |
0.00 |
|
65 |
Dani Charitable Foundation |
2,53,620 |
0.03 |
0 |
0.00 |
0.00 |
0.00 |
|
66 |
Smiti Holding And Trading Company Private Limited |
5,40,84,120 |
5.64 |
24765000 |
45.79 |
2.58 |
0.00 |
|
67 |
Suprasad Investments And Trading Company Private Limited |
1,87,160 |
0.02 |
0 |
0.00 |
0.00 |
0.00 |
|
68 |
Asteroids Trading And Investments Private Limited |
1,08,18,530 |
1.13 |
0 |
0.00 |
0.00 |
0.00 |
|
69 |
Elcid Investments Limited |
2,83,13,860 |
2.95 |
0 |
0.00 |
0.00 |
0.00 |
|
70 |
Jalaj Trading and Investment Company Private Limited |
1,07,76,620 |
1.12 |
0 |
0.00 |
0.00 |
0.00 |
|
71 |
Lambodar Investments And Trading Company Limited |
60,15,130 |
0.63 |
0 |
0.00 |
0.00 |
0.00 |
|
72 |
Murahar Investments And Trading Company Limited |
57,43,670 |
0.60 |
0 |
0.00 |
0.00 |
0.00 |
|
73 |
Nehal Trading And Investments Private Limited |
1,11,02,530 |
1.16 |
0 |
0.00 |
0.00 |
0.00 |
|
74 |
Sadavani Investments And Trading Company Private Limited |
43,200 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
75 |
Sapan Investments Private Limited |
43,200 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
76 |
Suptaswar Investments And Trading Company Limited |
65,58,310 |
0.68 |
0 |
0.00 |
0.00 |
0.00 |
|
77 |
Unnati Trading And Investments Private Limited |
1,04,72,600 |
1.09 |
0 |
0.00 |
0.00 |
1.09 |
|
78 |
Vikatmev Containers Limited |
43,200 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
50,63,79,632 |
52.79 |
101349860 |
20.01 |
10.57 |
1.09 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corpn.Of India |
61524363 |
6.41 |
6.41 |
|
|
2 |
Ojasvi Trading Private Limited |
46987850 |
4.90 |
4.90 |
|
|
3 |
Oppenheimer Developing Markets Fund |
18057135 |
1.88 |
1.88 |
|
|
4 |
Aberdeen Global Indian Equity (Mauritius) Limited |
16341977 |
1.70 |
1.70 |
|
|
|
Total |
142911325 |
14.90 |
14.90 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corpn. of India |
61524363 |
6.41 |
6.41 |
|
|
|
Total |
61524363 |
6.41 |
6.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Paints. |
GENERAL INFORMATION
|
No. of Employees : |
5870 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
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 : ·
Asian Paints ( ·
Asian Paints (International) Limited, ·
Asian Paints Industrial Coatings Limited, ·
Multifacet Infrastructure ( ·
Maxbhumi Developers Limited, ·
AP Coatings Limited, |
|
|
|
|
Subsidiaries : |
Indirect Subsidiaries (Subsidiaries of the wholly owned subsidiary,
Asian Paints (International) Limited, ·
Asian Paints (South Pacific) Limited, ·
Asian Paints ( ·
Asian Paints (S.I.) Limited, ·
Asian Paints ( ·
Asian Paints (Lanka) Limited, ·
Asian Paints ( ·
Asian Paints (Middle East) LLC Sultanate of ·
SCIB Chemicals S.A.E. Egypt ·
Samoa Paints Limited, ·
Berger International Limited, Singapore Subsidiaries of Berger International Limited : ·
Berger Paints Singapore Pte Limited ·
Enterprise Paints Limited, United Kingdom ·
Universal Paints Limited, ·
Lewis Berger (Overseas Holdings) Limited, Subsidiary of Enterprise Paints Limited : ·
Nirvana Investments Limited, Subsidiary of Nirvana Investments Limited : ·
Berger Paints Emirates Limited, U.A.E Subsidiaries of Lewis Berger (Overseas Holdings) Limited : ·
Berger Paints Jamaica Limited, ·
Berger Paints Trinidad Limited, ·
Berger Paints Barbados Limited, Subsidiary of Universal Paints Limited : ·
Berger Paints Subsidiary of Sleek International Private Limited: · Kitchen Grace (India) 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
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
81.800 |
78.400 |
NA
|
|
|
|
|
|
|
Total |
81.800 |
78.400 |
NA
|
|
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1738/2012 |
Failing Date:- |
23/05/2012 |
Lodging. No.:- |
ITXA/1597/2009 |
Reg. No:- |
ITXA/4738/210 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX (LTD) |
Respondent:- |
M/S. ASIAN PAINTS (INDIA) LIMITED |
||||
|
Petn.Adv:- |
SURESH KUMAR (0) |
Resp. Adv.: |
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
NOTICE OF MOTION (TAX) |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|
||||
|
Last Date:- |
14/01/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE JP DEVADHAR HON’BLE SHRI JUSTICE MS SANKLECHA |
||||||
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 |
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 |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE YEAR QUARTER
30.06.2014
(Rs. In Millions)
|
|
Quarter Ended |
|
30.06.2014 (unaudited) |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
27068.600 |
|
b) Other operating income |
338.700 |
|
Total
income from Operations(net) |
27407.300 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
14242.300 |
|
b) Purchases of stock in trade |
1125.800 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
194.200 |
|
d) Employees benefit expenses |
1505.500 |
|
e) Power and fuel |
547.000 |
|
f) Depreciation and amortization expenses |
5443.900 |
|
g) Other expenditure |
23058.700 |
|
3. Profit from operations before other income and
financial costs |
4348.600 |
|
4. Other income |
489.200 |
|
5. Profit from ordinary activities before finance costs |
4837.800 |
|
6. Finance costs |
42.600 |
|
7. Profit before exceptional Items and Tax |
4795.200 |
|
6. Exceptional Items |
251.600 |
|
9. Profit before tax |
4543.600 |
|
10.Tax expenses |
1455.200 |
|
11.Net
Profit for the Period |
3088.400 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
959.200 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
3.22 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
452818158 |
|
- Percentage of shareholding |
47.21 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
101349860 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
20.01 |
|
Percentage of shares (as a % of total share capital of the
company) |
1057 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
405029772 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
79.99 |
|
Percentage of shares (as a % of total share capital of the
company) |
42.22 |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE: A final dividend of Rs. 4.20 (Rupees Four and Raise Twenty Only) per equity share of the face value of each for the financial year 2013-2014 was approved by the shareholders at the Annual General Meeting held on June 26, 2014 and the same was paid on June 30, 2014.
Other Income for the quarter ended June 30, 2013 and year ended March 31, 2014
included dividend of Rs. 257.500 Millions received from its wholly owned
subsidiary, Asian Paints International Limited, Mauritius.
a. The Company has discontinued the manufacturing activities at its Bhandup
Plant with effect from May 05, 2014. A "Voluntary Retirement / Separation
Scheme" along with an alternate option of relocation to other
factories/establishments of the Company was offered to all the workmen at the
plant in the month of April, 2014. All workmen have accepted either the
Voluntary Retirement/Separation Scheme or relocation to another
factory/establishment of the Company. The liability on account of the above
would be Rs. 251.600 Millions and the same is recognized as an
"Exceptional item" in the Statement of Profit and Loss for the
quarter ended June 30, 2014.
The Company had made a provision for impairment of Rs. 99.600 Millions on
certain fixed assets at its Bhandup Plant and the same was disclosed as an
"Exceptional Item" in the results for the quarter and year ended
March 31, 2014.
The Company has acquired the entire front end sales business including brands,
network and sales infrastructure of Ess Ess Bathroom Products Private Limited
effective June 01, 2014 for a consideration of Rs. 364.800 Millions. As a
result of this transaction, intangible Assets consisting of Goodwill of Rs.
385.800 Millions and Brand of Rs. 42.800 Millions has been recognised in the
Financials during the quarter ended June 30, 2014. The above results for the
quarter ended June 30, 2014 include the results of this business and the same
is being published as a separate segment under "Home Improvement" as
per the requirement of Accounting Standard 17 - "Segment Reporting"
as specified in the Companies (Accounting Standards) Rules, 2006 (as amended).
With effect from August 01, 2013, the face value of the Company's equity share has been subdivided from Rs. 10 each to 10 (ten) equity shares of Rs. 1 each fully paid up. In compliance with the Accounting Standard 20 - Earnings Per Share (EPS), the Company has given effect to the said sub-division of shares in computing the earnings per share for all comparative periods.
The figures of previous periods have been regrouped, wherever required.
The above results were reviewed and recommended by the Audit Committee on July
21, 2014 and subsequently approved by the Board of Directors at its meeting
held on July 22, 2014.
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended 30.06.2014 (unaudited) |
|
|
|
|
1.
Segment Revenue |
|
|
a. Paints |
27523.800 |
|
b. Home Improvement |
30.800 |
|
Net
sales/income from operations |
27554.600 |
|
|
|
|
2.
Segment Result |
|
|
Profit
(Loss) before tax and interest from each segment |
|
|
a. Paints |
4794.600 |
|
b. Home Improvement |
(13.100) |
|
Total |
4781.500 |
|
Less
: Finance Costs |
42.600 |
|
Unallocated net off unallocable income |
195.300 |
|
Total Profit before tax |
4543.600 |
|
|
|
|
3.
Capital Employed |
|
|
a. Paints |
24457.400 |
|
b. Home Improvement |
716.900 |
|
Unallocable assets less
liabilities |
13923.400 |
|
Total
Capital Employed |
39097.700 |
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.60.09.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
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.