MIRA INFORM REPORT
|
Report No. : |
329675 |
|
Report Date : |
30.06.2015 |
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, Maharashtra |
|
Tel. No.: |
91-22-56958000/
39818000/ 39818990/ 39818387 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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 Million |
|
|
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CIN No.: [Company Identification
No.] |
L24220MH1945PLC004598 |
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|
|
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IEC No.: |
0388010789 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA00665A /
NGPA00953B / PNEA01615F / MUMA08600E |
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|
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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
: |
The subject is engaged in the business of manufacturing,
selling and distribution of paints, coatings, products related to home décor,
bath fittings and providing related services |
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|
No. of Employees
: |
Information declined by the management
|
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 120000000 |
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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 and its robust financial risk profile marked by healthy capital
structure and strong net profit margin. Trade relations are reported as fair. 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term ratings = AAA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
27.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
27.11.2014 |
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-39818000)
LOCATIONS
|
Registered Office : |
6 - A, Shanti Nagar, Santacruz (East), Mumbai – 400055, Maharashtra,
India |
|
Tel. No.: |
91-22-56958000/
39818000/ 39818990/ 39818387 |
|
Fax No.: |
91-22-39818888 |
|
E-Mail : |
compliance.officer@asianpaints.com
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|
Website : |
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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 31.03.2015
|
Name : |
Mr. Ashwin C. Choksi |
|
Designation : |
Chairman and Managing Director |
|
Address: |
Flat No.1, First Floor, Wyoming, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Qualification : |
M. Com. |
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Date of Appointment : |
01.01.1965 |
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DIN No.: |
00009095 |
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Name : |
Mr. K.B.S. Anand |
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Designation : |
Managing Director and Chief Executive Officer |
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Date of Appointment : |
01.04.2012 |
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|
Name : |
Mr. Ashwin S Dani |
|
Designation : |
Vice Chairman and Managing Director |
|
Address: |
Home Villa, 48, Krishna Sanghi Path, Mumbai - 400007, Maharashtra, India |
|
Qualification : |
B. Sci (Hons.), B. Sci (Tech.), M.S. |
|
Date of Appointment : |
01.10.1968 |
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DIN No.: |
00009126 |
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|
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Name : |
Abhay Arvind Vakil |
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Designation : |
Additional Director |
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Address: |
Geetanjali, 9th Gamadia Road, Off Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
22.07.2014 |
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DIN No.: |
00009151 |
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Name : |
Mr. Malav Dani |
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Designation : |
Director |
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|
Name : |
Mr. Mahendra C
Choksi |
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Designation : |
Director |
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Address: |
C - 1801/1802, Beaumonde, Appasaheb Marathe Marg, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
27.11.1992 |
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DIN No.: |
00009367 |
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Name : |
Mr. Amar A Vakil |
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Designation : |
Director |
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Name : |
Mrs. Amrita Vakil |
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Designation : |
Additional Director |
|
Address: |
Geetanjali, 9 A Gamadia Road, Off Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
14.05.2014 |
|
DIN No.: |
00170725 |
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|
|
|
Name : |
Mrs. Vibha Paul
Rishi |
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Designation : |
Additional Director (w.e.f. 14th May, 2014) |
|
Address: |
812 Aralias, 12th Floor, Block - 8, Golf Link, DLF City - V, Gurgaon - 122002, Haryana, India |
|
Date of Appointment : |
14.05.2014 |
|
DIN No.: |
05180796 |
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|
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Name : |
Mr. Dipankar Basu |
|
Designation : |
Director |
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Address: |
602, Glen Eagle, G.D. Ambekar Marg, Mumbai - 400012, Maharashtra, India |
|
Date of Appointment : |
15.04.2000 |
|
DIN No.: |
00009653 |
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|
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|
Name : |
Mr. Mahendra Shah |
|
Designation : |
Director |
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Address: |
3a, Darbhanga Mansion, 12, Carmichael Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
16.06.2001 |
|
DIN No.: |
00009786 |
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|
|
|
Name : |
Mr. Deepak M.
Satwalekar |
|
Designation : |
Director |
|
Address: |
Flat No. 401, 4th Floor, The Orchid, 12th Road, Plot No. 252, Near Madhu Park, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
30.05.2000 |
|
DIN No.: |
00009627 |
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|
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Name : |
Mr. R. A. Shah |
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Designation : |
Additional Director |
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|
|
|
Name : |
Dr. Swaminathan
Sivaram |
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Designation : |
Additional Director |
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Address: |
Apartment No. 10 , Gulmohar Glory-5, Gulmohar Park ITI Road Aundh, Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
06.06.2001 |
|
DIN No.: |
00009900 |
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|
|
|
Name : |
Mr. S Ramadorai |
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Designation : |
Additional Director |
|
Address: |
Flat No.1, First Floor, Wyoming, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
00000002 |
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|
|
|
Name : |
Mr. M. K. Sharma |
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Designation : |
Additional Director |
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Address: |
192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala East, Mumbai - 400037, Maharashtra, India |
|
Date of Appointment : |
25.10.2012 |
|
DIN No.: |
00327684 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Merchant |
|
Designation : |
Chief Financial Officer and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B+C) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
102208177 |
10.66 |
|
|
403922685 |
42.11 |
|
|
253620 |
0.03 |
|
|
253620 |
0.03 |
|
|
506384482 |
52.79 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
506384482 |
52.79 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
14613887 |
1.52 |
|
|
1444591 |
0.15 |
|
|
68447684 |
7.14 |
|
|
173542340 |
18.09 |
|
|
258048502 |
26.90 |
|
|
|
|
|
|
56918201 |
5.93 |
|
|
|
|
|
|
116063960 |
12.10 |
|
|
8271889 |
0.86 |
|
|
13510756 |
1.41 |
|
|
13510756 |
1.41 |
|
|
194764806 |
20.30 |
|
Total Public
shareholding (B) |
452813308 |
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 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the business of manufacturing,
selling and distribution of paints, coatings, products related to home décor,
bath fittings and providing related services |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the
management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditor 1: |
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Name : |
BSR and Associates Chartered Accountants |
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Auditor 2 : |
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|
Name : |
Shah and Company Chartered
Accountants |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture: (In which the Company has 50% equity interest) : |
i)
PPG Asian Paints Private 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) |
|
|
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Subsidiaries : |
Direct Subsidiaries :
|
|
|
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|
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 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
995000000 |
Equity Shares |
Rs.1/- each |
Rs.995.000 Million |
|
50000 |
Preference shares |
Rs.100/- each |
Rs.5.000 Million |
|
|
Total |
|
Rs. 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
959197790 |
Equity Shares |
Rs.1/- each |
Rs.95.919
Million |
|
|
|
|
|
- Reconciliation of the number of shares outstanding at the
beginning and at the end of the year :
|
Equity Shares |
No.
of Shares |
Amount
|
|
At the beginning of the period |
959197790 |
95.919 |
|
Add: Allotted during the period pursuant
to section 81(1A) of the Companies Act, 1956. |
-- |
-- |
|
Outstanding
at the end of the period |
959197790 |
95.919 |
Pursuant to the approval of the members at the 67th Annual General Meeting of the Company held on 24th June, 2013 to the sub-division of the Equity Shares of the Company, each Equity Share of face value of Rs. 10 each was sub-divided to 10 (ten) Equity Share of Rs. 1 each. The effective date for the said sub-division was 1st August, 2013.
b) 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 dividends 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.
c) Details of
Shareholders holding more than 5% equity shares in the Company@
|
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 |
46839707 |
4.88 |
@ As per the of the Company, including its register of members.
As per the Companies Act, 2013, 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.
The Board of Directors at its meeting held on 17th September, 2014 declared an interim dividend of Rs. 1.80 (Rupee one and paise eighty only) per equity share of Rs. 1 each. A final dividend of Rs. 4.30 (Rupees four and paise thirty only) per equity share has been recommended by the Board of Directors at its meeting held on 18th May, 2015, 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 2014-15 will be Rs. 6.10 per equity share of Rs. 1 each (Rs. 5.30 per equity share of Rs. 1 each was paid as total dividend for the previous year). The total dividend appropriation for the year ended 31st March, 2015 amounted to Rs. 6980.700 Million Including corporate dividend tax of Rs. 1129.500 Million. (Previous year Rs. 5903.900 Million Including corporate dividend tax of Rs. 820.200 Million).”
LISTING DETAILS:
|
|
BSE : 500820 NSE : ASIANPAINT ISIN : INE021A01026 |
|
Stock Exchange Place : |
The Stock
Exchange, Mumbai National Stock
Exchange of India Limited |
|
Listed Date : |
Not Available |
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
959.200 |
959.200 |
959.200 |
|
(b) Reserves &
Surplus |
41343.400 |
35050.100 |
29263.400 |
|
(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) |
42302.600 |
36009.300 |
30222.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
320.900 |
395.100 |
462.600 |
|
(b) Deferred tax
liabilities (Net) |
1677.800 |
1770.700 |
1433.300 |
|
(c) Other long term
liabilities |
0.000 |
1.200 |
5.000 |
|
(d) long-term provisions |
852.500 |
671.200 |
765.800 |
|
Total Non-current
Liabilities (3) |
2851.200 |
2838.200 |
2666.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
13130.800 |
14988.400 |
12141.200 |
|
(c) Other current
liabilities |
8327.100 |
7856.800 |
7193.800 |
|
(d) Short-term provisions |
6120.300 |
5506.000 |
4237.400 |
|
Total Current Liabilities
(4) |
27578.200 |
28351.200 |
23572.400 |
|
|
|
|
|
|
TOTAL |
72732.000 |
67198.700 |
56461.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18864.200 |
19732.100 |
20749.100 |
|
(ii) Intangible Assets |
790.700 |
389.900 |
269.800 |
|
(iii) Capital
work-in-progress |
1395.400 |
379.500 |
525.500 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7757.200 |
7271.900 |
3597.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2095.400 |
946.400 |
910.600 |
|
(e) Other Non-current
assets |
136.400 |
66.000 |
0.300 |
|
Total Non-Current Assets |
31039.300 |
28785.800 |
26052.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
11180.600 |
9439.600 |
1050.000 |
|
(b) Inventories |
18021.800 |
16650.500 |
14807.900 |
|
(c) Trade receivables |
7288.700 |
7123.600 |
6338.800 |
|
(d) Cash and cash
equivalents |
618.100 |
1041.200 |
5515.700 |
|
(e) Short-term loans and
advances |
2054.300 |
2397.000 |
1627.200 |
|
(f) Other current assets |
2529.200 |
1761.000 |
1069.800 |
|
Total Current Assets |
41692.700 |
38412.900 |
30409.400 |
|
|
|
|
|
|
TOTAL |
72732.000 |
67198.700 |
56461.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from sale of
goods and services |
114856.700 |
103002.200 |
89099.700 |
|
|
Other Operating Revenue |
1631.600 |
1185.600 |
501.000 |
|
|
Other Income |
1868.200 |
1736.600 |
1261.200 |
|
|
TOTAL (A) |
118356.500 |
105924.400 |
90861.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
61917.200 |
57587.100 |
51254.800 |
|
|
Purchases of
Stock-in-Trade |
3805.600 |
2565.800 |
1741.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1324.300) |
(753.400) |
(1361.700) |
|
|
Employees benefits
expense |
6069.400 |
4824.300 |
4045.900 |
|
|
Other expenses |
25915.200 |
22191.300 |
18447.600 |
|
|
Exceptional Item |
135.300 |
99.600 |
0.000 |
|
|
TOTAL (B) |
96518.400 |
86514.700 |
74127.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
21838.100 |
19409.700 |
16734.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
271.300 |
260.800 |
305.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21566.800 |
19148.900 |
16428.600 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2231.100 |
2123.200 |
1269.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
19335.700 |
17025.700 |
15158.800 |
|
|
|
|
|
|
|
Less |
TAX (H) |
6061.700 |
5335.100 |
4658.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
13274.000 |
11690.600 |
10500.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
10000.000 |
10000.000 |
7000.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
6293.300 |
5786.700 |
2344.800 |
|
|
Dividend |
5851.200 |
5083.700 |
4412.300 |
|
|
Tax on Dividend |
1129.500 |
820.200 |
742.900 |
|
|
Total (M) |
13274.000 |
11690.600 |
7500.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
10000.000 |
10000.000 |
10000.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
Earnings of Own Product at FOB Value |
360.200 |
316.200 |
261.900 |
|
|
Export
of Traded Goods at FOB Value |
11.400 |
10.800 |
7.900 |
|
|
Royalty |
240.100 |
233.200 |
196.100 |
|
|
Others Receipt Including Recoveries from
Subsidiaries |
105.900 |
84.500 |
83.600 |
|
|
TOTAL EARNINGS |
717.600 |
360.200 |
316.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
16607.400 |
16839.200 |
12478.900 |
|
|
Components and Stores
parts |
36.800 |
20.800 |
45.800 |
|
|
Capital Goods |
188.600 |
170.000 |
2175.000 |
|
|
TOTAL IMPORTS |
16832.800 |
17030.000 |
14699.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
13.84 |
12.19 |
99.92 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
74.800 |
81.800 |
78.400 |
|
Cash generated from operations |
18206.300 |
18821.900 |
14844.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.56 |
11.35 |
11.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.01 |
18.84 |
18.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.41 |
28.59 |
28.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.47 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.35 |
1.29 |
STOCK
PRICES
|
Face Value |
Rs.1/- |
|
Market Value |
Rs.735.70/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
959.200 |
959.200 |
959.200 |
|
Reserves & Surplus |
29263.400 |
35050.100 |
41343.400 |
|
Net worth |
30222.600 |
36009.300 |
42302.600 |
|
|
|
|
|
|
long-term borrowings |
462.600 |
395.100 |
320.900 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
78.400 |
81.800 |
74.800 |
|
Total borrowings |
541.000 |
476.900 |
395.700 |
|
Debt/Equity ratio |
0.018 |
0.013 |
0.009 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
89099.700 |
103002.200 |
114856.700 |
|
|
|
15.603 |
11.509 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
89099.700 |
103002.200 |
114856.700 |
|
Profit |
10500.000 |
11690.600 |
13274.000 |
|
|
11.78% |
11.35% |
11.56% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
|
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 |
||||||
COMPANY BACKGROUND
Asian Paints Limited (The ‘Company’) Is A Public Limited Company Incorporated Under The Indian Companies Act, 1913. The Company Is Engaged In The Business Of Manufacturing, Selling And Distribution Of Paints, Coatings, and Products Related To Home Décor, Bath Fittings And Providing Related Services.
OVERVIEW OF THE
ECONOMIC ENVIRONMENT
2014-15 has been a year marked by excitement and its share of challenges. The decisive political mandate accorded in the general elections set the stage for surging hopes for a rapid economic turnaround of the Indian economy. While many macro-economic indicators have improved during the course of the year, the journey to realize the growth potential of the economy is slow and challenging.
On the macro front, the biggest comfort came from the sharp drop in crude prices. For a large net importer like India, the decline in crude prices has helped in controlling the trade deficit and easing inflation. Headline inflation as measured by CPI has eased by almost 360 bps to 5.9% in 2014-15. Even the trade deficit is largely unchanged from 2013-14 despite weak export growth, helped by the soft commodity prices, especially crude and
Contained gold demand. Improving numbers related to the housing and real estate sector do not indicate a very positive trend either.
Macro indicators and sentiment driven pick-up in reform momentum have resulted in renewed portfolio investment
Interest in the economy. The consistent portfolio inflows coupled with prudent management by the Central Bank has resulted in a relatively stable exchange rate environment. The improving numbers related to the housing and
Real estate sector do not indicate a very positive trend either.
Macro factors have resulted in improvement in the overall growth with GDP growth in 2014-15 estimated at 7.4% against 6.9% in 2013-14.
While the headline indicators point towards steady improvement, the recovery on the ground has been rather slow. Lower inflation has not resulted in significant improvement in demand conditions. The demand conditions have been quite challenging across sectors as borne out by the slow improvement in industrial production. Some of the other key underlying drivers like credit growth and fixed capital formation also highlight a very sluggish environment. Similarly prices. The Company has undertaken a price reduction in the last quarter of 2014-15 to pass on this benefit to the consumers.
OUTLOOK AND RISKS
The recent trend in macro indicators clearly point towards improving fundamentals of the domestic economy. The Central Government has also shown its intent in furthering the reform momentum to revive investments And improve governance. The global commodity cycle is expected to be benign with consumption demand From the Chinese economy slowing down. Taking cues from the inflationary trend, the Reserve Bank of India has Already eased the monetary cycle and is expected to bring out more interest rate cuts going forward. All this Favorable factors coupled with some of the important developmental reforms that are being pursued by the Central Government like the tax, reform and push for infrastructure spending will set the stage for further pick-up in economic activity in 2015-16. This should augur well for your Company’s business across decorative paints, industrial coatings and home improvement. The extended Diwali festival season and expected benign raw material prices should also support growth. A cause of concern is the forecast for below average monsoon released by the Indian Meteorological Department (IMD) which could impact the inflation expectations and hurt the economic recovery. This could have a potential adverse impact on the demand conditions for your Company’s
Products. Another potential risk factor to the optimistic outlook could be any significant flare-up in crude prices which have bounced back strongly over the last month. Recent weeks have also highlighted the interlinkage of the global financial markets with data releases from US and Europe leading to increased volatility in the domestic exchange rate. Such volatile environment could have an adverse impact on the optimistic outlook.
On the International front, the Eurozone continues to face challenges, specifically on the debt front in Greece.
There are also increasing expectations put further pressure on the global commodities. Some of the markets,
Where the Company operates, are under economic slowdown and growth is not expected to pick up in a marked
Manner across your Company’s international operations in the near future. A lot would also depend on the political environment in some of the key markets like Egypt, Nepal and Bangladesh.
The foray in the home improvement business is in its initial stages and the Company is constantly learning and
Navigating its path as it takes steps to scale up the business. And like any new course, it will have its share of hits and misses. The Company would continue to leverage on its distribution strengths to make this business a meaningful contributor over the coming years.
Over the long term, India continues to offer lot of opportunities that would continue to fuel the growth in the domestic paint industry for both, decorative as well as industrial products. The current lower per capita consumption of paints in the that the US Fed would start raising rates during the course of the year. Both these factors can dictate capital flow across markets, including India and could have significant impact on the global currency markets. China, the largest global growth engine, is also slowing down and this could country coupled with rising aspirations of the large, younger generation offer tremendous growth opportunities for the decorative products. These rising aspirations of the well-informed younger generation would also spur the Home Improvement category. At the same time, with continued focus on infrastructure development and with the Government’s push for the “Make-in- India” play, even the industrial products could see a sustained growth phase
In future. A large and growing market like India is bound to draw competition interest and your Company believes in its ability to address these opportunities and challenges to deliver strong and consistent performance in the coming years.
Certain statements in Management Discussion and Analysis describing the Company’s objectives, projections,
Estimates and expectations may be “forward-looking statements” within the meaning of applicable laws and regulations. Actual results and actions might differ materially from those either expressed or implied.
OVERVIEW OF COMPANY’S
FINANCIAL PERFORMANCE
Net revenue from operations on standalone basis increased to Rs. 116488.300 Million as against Rs. 104187.800 million in the previous year – a growth of 11.8%. The performance for the current year is after considering results of bath business acquired in June, 2014.
Cost of goods sold as a percentage to net revenue from operations decreased to 55.3% as against 57.0% in the previous year. The decrease is on account of reduction in key raw material prices, specifically in the second half of the year, on the back of significant drop in crude prices.
Employee cost as a percentage to net revenue from operations increased to 5.2% (Rs. 6069.400 million) as against 4.6% (Rs.4824.300 million) in the previous year. The increase is mainly on account of falling bond yields during the year which adversely impacted the provision for retirement benefits.
Other expenses as a percentage to net revenue from operations increased to 22.2% (Rs.25915.200 million) as against 21.3% (Rs.22191.300 million) in the previous year. The Company was carrying a provision of Rs.140.400 million in respect of the diminution in carrying value of its investment in Asian Paints (International) Limited (APIL), Mauritius in the earlier years. Based on the assessment of the fair value of the investment in APIL as at
31st March, 2015, the aforesaid provision for diminution has been reversed in the current year. The same is included in “Exceptional items” in the Statement of Profit and Loss. The details of “Exceptional items” are given in Note 51 to the Standalone Financial Statements and Note 28 to the Consolidated Financial Statements.
The Profit after Tax for the current year is Rs. 13274.000 million as against Rs.11690.600 million in the previous year – a growth of 13.5%. The growth in profit is mainly driven by softening of input prices during the second half of the year. On a consolidated basis, your Company achieved net revenue of Rs. 141828.100 million as against Rs. 127148.100 million – a growth of 11.5%. Net profit after minority interest for the group for the current year is Rs. 13951.500 million as against Rs. 12188.100 million in the previous year – a growth of 14.5%.
There are no material changes and commitments affecting the financial position of your Company which have occurred between the end of the financial year 2014-15 and the date of this Report.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWING |
|
|
|
Deferred payment liability: Sales tax deferment scheme - State of Andhra Pradesh |
286.200 |
328.600 |
|
Total |
286.200 |
328.600 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80066019 |
20/03/2003 * |
381,577,364.00 |
PRADESHIYA INDUSTRIAL CORPORATION OF U.P.LTD |
PICUP BHAWAN, GOMTI NAGAR,
LUCKNOW, UTTAR PRADESH |
- |
|
2 |
80066018 |
04/01/2001 * |
2,100,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP, CENTRAL
BRANCH, MUMBAI, |
- |
* Date of charge modification
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, India Prisons Service,
Interpol, etc.
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.63.92 |
|
UK Pound |
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--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.