Asian Paints

INTRODUCTION
Asian Paints Limited is an Indian chemicals company headquartered in Mumbai, India.[3] It

manufactures paints for decorative and industrial use. Asian Paints is India's largest paint
company and Asia's third largest paint company, with a turnover of Rs 96.32 billion. Besides
Asian Paints, the group operates around the world through its subsidiaries Berger International
Limited, Apco Coatings Limited, SCIB Paints and Taubmans.
Asian Paints manufactures and markets industrial and decorative coatings. Along with that the
company also provides home painting services and solutions. The company's key products and
brands include the following:
Decorative paints: Interior wall paints, Exterior wall paints, Wood surface paints, Metals
surface paints.
Industrial coatings: Protective coatings, Floor coatings, Road markings.
Ancillaries: Wall primer, Acrylic Wall Putty, Exterior Wall Putty, Wood Primer.
Asian paints made a foray in automotive paints in the year 1997 with a joint venture with PPG
Industries. The joint venture is called PPG Asian paints.[7] The company manufactures body
coatings and plastic coatings.
Paint brands owned by the company are: Ace & Apex, Apcolite, Apex, Apex Ultima, Asian Paints,
Colour Next, Premium Gloss Enamel, Royale, Royale Play, Touchwood, Tractor Emulsion, Utsav.
ECONOMY AND SECTOR ANALYSIS 2013-14

Indian economy showed substantial slowdown and recorded a meager growth of 4.9%, a far cry
from the earlier levels of 8%. The recovery in the economy was due to timely monsoons
resulting in agricultural growth but industry showed no signs of recovery. In the demand side,
consumption growth remained weak and inflation high.
Rupee depreciated heavily on fears of large fund outflows, excess demand for dollars lead to
the rupee depreciation. Although inflation reduced slightly, stickiness in inflation prevented
Reserve Bank of India to lower the interest rates (which would have increased liquidity in the
economy and increased inflation).
The paint industry remained comparatively resilient but was not as good as expected. Demand
in rural areas was comparatively better than in urban areas. Heavy rains in South India slowed
down the paint operations in the infrastructure sector.
ANALYSING ASIAN PAINTS WITH RESPECT TO

OTHER COMPANIES (2013-14)
RATIO ANALYSIS
1. CURRENT RATIO
The current ratio is an indication of a firm's market liquidity and ability to meet creditor's
demands. Acceptable current ratios vary from industry to industry and are generally
between 1.5 and 3 for healthy businesses. If a company's current ratio is in this range, then
it generally indicates good short-term financial strength. If current liabilities exceed current
assets (the current ratio is below 1), then the company may have problems meeting its
short-term obligations. If the current ratio is too high, then the company may not be
efficiently using its current assets or its short-term financing facilities. This may also indicate
problems in working capital management.
ASIAN PAINTS
1.288511
NEROLAC
1.59
DULUX
0.736462094
BERGER PAINTS
0.97
SHALIMAR PAINTS
0.9
CURRENT RATIO
Asian Paints
Nerolac
Dulux
Berger
Shalimar
Here we see that Nerolac lead the industry in terms of having the best Current Ratio. Asian
Paints are second in the industry. A healthier ratio should have been at least 1.5 so Asian paints
should work on increasing its current assets with respect to its current liabilities.
ASIAN PAINTS
VERTICAL ANALYSIS
BALANCE SHEET
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Net worth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum.
Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Current Liabilities
Provisions
2014
2013
2012
2011
2010
2.634846
2.634846
0
0
96.27985
0
98.91469
0.18267
0.902638
1.085308
100
0
0
79.8832
24.60966
3.125428
3.125428
0
0
95.35096
0
98.47639
0.302377
1.221237
1.523613
100
0
0
91.35587
22.86854
3.611446
3.611446
0
0
90.05497
0
93.66642
0.640437
5.693148
6.333584
100
0
0
62.48155
24.49059
4.703229
4.703229
0
0
92.1523
0
96.85552
1.148839
1.995636
3.144475
100
0
0
79.00267
27.16566
5.908187
5.908187
0
0
90.00868
0
95.91687
1.576214
2.506914
4.083129
100
0
0
73.56838
29.99242
55.27354
1.042456
28.2985
45.7376
19.56796
20.47445
85.78002
13.14676
0
98.92678
68.48733
1.712273
14.65289
48.2496
20.65415
18.47039
87.37415
11.81517
0
99.18932
37.99096
31.14834
20.41491
47.60617
18.83434
16.97816
83.41867
13.60015
1.88366
98.90248
51.83701
3.30089
50.73721
52.55142
17.97936
0.994386
71.52517
13.28201
0.009316
84.81649
43.57596
23.45043
43.34374
47.00556
20.41441
1.760383
69.18036
14.88626
0.001232
84.06785
0
0
0
0
0
66.573 67.73954 72.63479 74.10674 75.70264
16.96828 16.30227 15.82191 16.58486 18.73533
Total CL & Provisions

Net Current Assets
Miscellaneous Expenses
Total Assets
83.54128 84.04181 88.4567 90.69161 94.43798

15.3855 15.14751 10.44578 -5.87511 -10.3701
0
0
0
0
0
100
100.00
100.00
100.00
100.00
Here we see that Total Debts have fallen over the years whereas cash balances of the firm have
increased. Also, Total Current assets have increased whereas current liabilities show a decline. Loans
and advances have remained stable over the years.
PROFIT AND LOSS STATEMENT

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other
Manufacturing
Expenses
Selling and Admin
Expenses
Miscellaneous
Expenses
Preoperative Exp
Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary
items
PBT (Post Extra-ord
Items)
Tax
2014
100%
0
100
1.571201
0.723117
102.2943
0
58.01697
1.100417
4.630389
0
2013
100%
0
100
1.406088
1.960721
103.3668
0
59.75456
1.133007
4.509625
0
2012
100%
8.888011
91.11199
0.989453
1.57319
93.67463
0
53.24896
0.812855
3.758566
0.843054
2011
100%
8.814439
91.18556
0.99909
2.174588
94.35924
0
52.62506
0.910749
4.173321
0.848357
2010
100%
7.358705
92.64129
2.599373
2.25799
97.49866
0
51.19406
0.811689
4.534448
0.902644
0 18.30253 18.38406 19.32814
19.91702 19.31741 0.402324 0.389118 0.300479

0
83.66479
17.05833
18.62953
0.250317
18.37922
2.037859
0
16.34136
0
84.7146
17.24612
18.65221
0.340627
18.31158
1.415339
0
16.89624
0
77.36829
15.31689
16.30634
0.305053
16.00129
1.088585
0
14.9127
0.026041
77.33067
16.02948
17.02857
0.225548
16.80302
1.304146
0
15.49888
0.05825
77.07146
17.82782
20.42719
0.329646
20.09755
1.04831
0
19.04924
0.124782
16.34136 16.89624 14.93874 15.55713 19.17402

5.120657 5.192773 4.452376 4.857418 5.806952
Reported Net Profit

Total Value
Addition
Preference
Dividend
Equity Dividend
Corporate Dividend
Tax
Per share data
(annualised)
Shares in issue
(lakhs)
Earning Per Share
(Rs)
Equity Dividend (%)
Book Value (Rs)
11.2207 11.70347 10.48637 10.69971 13.36707

25.64782 24.96004 24.11933 24.70561 25.8774
0
4.879362 4.91802 4.198201 4.236817 4.469727

0.787232 0.828048 0.681008 0.691689 0.747831
100%
92.06433
0.117
100%
100%
100%
10.6914 10.49523 13.24022
16.5548
1.22017
100%
1.09329 1.115453 1.393489
5.086968 5.127233 4.37666 4.417089 4.659921

0.360311 3.511932 2.837826 2.842535 2.801993
Here we see that the sales have increased but the gap between Total income and expenses have
remained constant over the years. Operating profit has not grown and Profit after taxes has fallen as
compared to the level five years back.
TREND ANALYSIS
BALANCE SHEET
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accum.
Depreciation
Net Block
2014
1
1
2013
1
1
2012
1
1
2011 2010
1
1
1
1
2.398556 2.002559 1.636803 1.286115
2.312409
0.259867
0.807371
0.596017
2.242327
1.268491
0.915592
1
0.967416
1.256198
1
1
1
1
1
2.434799 2.347416 1.389421 1.34899

1.839895 1.441357 1.335859 1.137802
1
1
2.84426 2.971037 1.426286 1.494346
1.940805
0.362642
0.920885
0.705385
1.890361
1.597578
0.664713
3.715233
2.537638
1.635962

Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
0.09968
1.463983
2.181841
2.149353
26.07978
2.780368
1.980305
0
2.638656
0.138028
0.63906
1.940391
1.912561
19.83415
2.387508
1.500372
0
2.230384
2.172988
0.770538
1.656865
1.509338
15.77817
1.972666
1.494621
2501.5
1.924644
0.176823
1.470477
1.404408
1.106357
0.709587
1.298776
1.120821
9.5
1.267385
1
1
1
1
1
1
1
1
1
1.971905 1.691515 1.569664 1.229716

2.030838 1.64487 1.381563 1.11201
1.983597 1.682261 1.532347 1.206364
-3.3268 -2.76123
-1.6479 0.711689
1
1
1
1
2.242327 1.890361 1.635962 1.256198
We observe that the net worth of the company has increased 2.3 times compared to the base year.
Total assets increased 2.24 times and total liabilities 2.4 times but, Net current assets have declined by
3.3 times so the gap between current assets and current liabilities has worsened.
PROFIT AND LOSS

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing
Expenses
Selling and Admin
Expenses
2014
1.798174
0
1.941007
1.086913
0.575862
1.88662
2011
1.250341
1.49769
1.230694
0.480579
1.204158
1.210081
2010
1
1
1
1
1
1
2.037826 1.807345 1.640679 1.285291

2.437806 2.161386 1.57963 1.402934
1.83622 1.539946 1.307464 1.150763
0
0 1.473231 1.175143
1
1
1
1
2013
1.548423
0
1.671417
0.837594
1.344569
1.641618
2012
1.577364
1.905176
1.551325
0.600425
1.098983
1.515498
0 1.493665 1.189269
Miscellaneous
Expenses
Preoperative Exp
Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord
Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend
Tax
Per share data
(annualised)
Shares in issue (lakhs)
Earning Per Share
(Rs)
Equity Dividend (%)
Book Value (Rs)
119.1907 99.54624 2.112005 1.619184
1.952004
1.72056
1.639928
1.365445
1.644431
3.495555
1.254546
1.124216
1.042313
0.855497
1.045377
1.555482
1
1
1
1
1
1
0
0 0.329184 0.583679
1.532521 1.364478 1.228946 1.014483
1
1
1.585657 1.384652 1.209416 1.04589

1.509438 1.355713 1.237431 1.000839
1.78222 1.493531 1.470201 1.193723
1
1
1
1.892915 1.714517 1.436418 1.156474
9.999979
1
1
1
0.150978 1.355834 1.237553 1.000867
1
1
1.962963 1.703704 1.481481 1.185185

0.231229 1.940745 1.597536 1.268432
1
1
1.701979
1.497899
1.413875
1.6
1.410822
2.09055
1.583439
1.355203
1.259157
1.459686
1.255867
1.637965
We observe that the sales have increased 1.7 times and total income by 1.8. Operating profit increased
1.7 times and PAT by 1.5. However, Earnings per share recorded a meager 0.15 growth from the base
year.
RATIO ANALYSIS
RATIOS
2014
Net profit margin
Gross profit margin
Net working capital turnover
Asset Turnover
Fixed asset turnover
Days of Cash
Return on investment
Return on Equity
Current ratio
Quick ratio
Cash ratio
Debt to asset
Long term debt to capital structure
0.112207
0.637478
14.90
2.861956
5.177805
26.11212
0.321132
0.324655
1.288511
0.601481
0.307549
0.010853
0.082462
2013
2012
2011
2010
0.117035
0.653972
14.89
2.923311
4.268397
23.06184
0.342129
0.347422
1.289854
0.577573
0.272668
0.015236
0.088235
0.104864
0.732158
29.07
3.441035
9.05751
19.766
0.36084
0.385239
1.148467
0.493049
0.233747
0.063336
0.081265
0.106997
0.729541
-125.47
3.552227
6.852685
1.120523
0.380078
0.392417
0.965164
0.256033
0.013418
0.031445
0.103578
0.133671
0.689745
-50.69
3.568866
8.18999
1.943414
0.477053
0.497361
0.913843
0.29292
0.023254
0.040831
0.117376
Net profit margin and Gross profit margin both show a slight decline. Net working capital turnover has
improved significantly but same cannot be said for asset and fixed asset turnover ratios which both
show a decline. Days of Cash have improved significantly whereas return on investment and equity show
a slight decline. Liquidity ratios show improvement and solvency ratios are fairly stable.
NEROLAC
VERTICAL ANALYSIS
BALANCE SHEET
Sources Of Funds
Total Share Capital
Reserves
Net worth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accum.
Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Current Liabilities
2014
2013
2012
2011
2010
3.653807
3.653807
0
0
92.84019
0
96.494
0.061021
3.444979
3.506
100
0
0
4.002317
4.002317
0
0
91.5052
0
95.50751
0.066841
4.425646
4.492488
100
0
0
4.760096
4.760096
0
0
89.14779
0
93.90789
0.261456
5.830654
6.09211
100
0
0
5.396285
5.396285
0
0
86.34457
0
91.74085
0.812096
7.447054
8.25915
100
0
0
3.052787
3.052787
0
0
84.48913
0
87.54191
3.798142
8.659946
12.45809
100
0
0
90.06244 84.80237 74.65795 67.61996 72.23267

28.39224
61.6702
3.265284
3.828708
43.77623
30.83849
3.720227
78.33495
5.800354
0
27.28339
57.51898
9.171457
4.500691
39.66475
31.19216
4.461328
75.31824
6.649288
0
39.65111
35.00685
15.85037
16.20898
40.07508
31.69456
5.227223
76.99686
5.929426
0
39.76108
27.85889
10.3711
37.23264
35.45822
26.06144
3.974405
65.49407
6.372667
0
39.45967
32.773
1.861124
45.48482
28.029
26.32193
4.653376
59.0043
6.087449
0
84.1353 81.96753 82.92629 71.86674 65.09175

0
0
0
0
0
45.62448 44.35557 39.71294 36.40351 34.60014
Provisions
Net Current Assets
Total Assets
7.27502 8.803084 10.27956 10.92586 10.61056

52.8995 53.15865 49.99249 47.32937 45.21069
31.2358 28.80888 32.9338 24.53737 19.88106
0
0
0
0
0
100
100.00
100.00
100.00
100.00
increased. Also, Total Current assets and current liabilities have increased. Loans and advances have
remained stable over the years.

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other
Manufacturing
Expenses
Selling and Admin
Expenses
Miscellaneous
Expenses
Preoperative Exp
Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary
items
2014
100%
2013
100%
2012
100%
2011
100%
2010
100%
0
100
0.327484
2.558372
102.8859
0
70.74706
2.113906
4.307702
0
100
4.594591
2.038773
106.6334
0
70.63873
1.592091
4.135657
9.542708
90.45729
0.841107
2.009183
93.30758
0
59.75804
1.152506
3.542655
9.404819
90.59518
1.945299
2.816472
95.35695
0
59.30996
1.341655
3.715722
7.962124
92.03788
1.017898
2.399947
95.45572
0
56.90543
1.326767
3.857058
0 0.186508 0.898046 0.930664
0 14.75267 15.85559 17.32608
13.91063 13.90664 1.941272 0.615677

0
91.0793
11.47907
11.80655
0.014266
11.79229
2.060012
0
9.732274
0
0
90.27312
11.76565
16.36024
0.0007
16.35954
1.649152
0
14.71039
0
81.33365
11.13283
11.97394
0.002981
11.97095
1.866735
0
10.10422
0
81.73665
11.675
13.6203
0.049334
13.57097
1.979392
0
11.59158
0.6928
0
81.03879
13.39903
14.41693
0.083177
14.33375
2.244752
0
12.089
0 0.004307 0.006417 0.057311
PBT (Post Extra-ord

Items)
Tax
Reported Net Profit
Total Value
Addition
Preference
Dividend
Equity Dividend
Corporate Dividend
Tax
Per share data
(annualised)
Shares in issue
(lakhs)
Earning Per Share
(Rs)
Equity Dividend (%)
Book Value (Rs)
9.732274 14.71039 10.10853 11.59799 12.14631

3.18354 4.48222 2.956298 3.335085 3.751059
6.548734 10.22817 7.151896 8.261705 8.393729
20.33224 19.63439 21.57561 22.42669 24.13387
0
1.87931
0
0
0
0
2.07518 1.963798 2.161488 2.049997
0.319559 0.352865 0.318687 0.350555 0.340314

0
17.08498 18.86565 17.85307 21.61568 13.66631

1.215147 1.898047 1.327088 1.532976 3.115063
3.487248 3.850705 3.644025 4.010926 7.60761
8.371931 8.353229 6.535393 6.818574 14.54575
remained constant over the years. Operating profit has not grown and Profit after taxes has fallen as
TREND ANALYSIS
BALANCE SHEET
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
2014
2013
2012
2011 2010
1.999629
1.999629
0
0
1.835843
0
1.841554
0.026842
0.664617
0.470176
1.670707
1.999629
1.999629
0
0
1.651883
0
1.66401
0.026842
0.779464
0.550009
1.525227
1.999629
1.999629
0
0
1.353131
0
1.375676
0.088279
0.86344
0.627114
1.28242
1.999629
1.999629
0
0
1.156073
0
1.18549
0.241873
0.972793
0.749955
1.13123
1
1
1
1
1
1
1
1
1
1
1
Gross Block
2.083115 1.790628 1.325513
1.05898
Less: Accum.
Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
1.202124
3.143855
2.931223
0.140634
2.60936
1.957396
1.335686
2.218069
1.591924
#DIV/0!
1.054572
2.676863
7.516129
0.150919
2.158382
1.807419
1.462269
1.946918
1.665984
#DIV/0!
1.288675
1.369867
10.92209
0.457015
1.833616
1.544218
1.440604
1.67352
1.249163
#DIV/0!
1.139859
0.9616
6.303713
0.925985
1.431054
1.120024
0.966164
1.255639
1.18422
#DIV/0!
1
1
1
1
1
1
1
1
1
1
2.159511
#DIV/0!
2.203045
1.145511
1.954851
2.624922
#DIV/0!
1.670718
1.920645
#DIV/0!
1.955246
1.2654
1.793345
2.21013
#DIV/0!
1.525215
1.633834 1.24896
#DIV/0!
#DIV/0!
1.471959 1.190178
1.242447 1.164834
1.418095 1.18423
2.124437 1.39616
#DIV/0!
#DIV/0!
1.282454 1.131219
1
1
1
1
1
1
1
1
Total assets increased 1.67 times and total liabilities 2.2 times ,Net current assets have by 2.6 times.
PROFIT AND LOSS

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing
Expenses
Selling and Admin
Expenses
Miscellaneous
2014
2013
2012
2011
2010
1.599804
0
1.738202
0.514699
1.70541
1.724331
#DIV/0!
1.988939
2.54893
1.786719
1.448803
0
1.574138
6.539611
1.230769
1.618455
#DIV/0!
1.798451
1.738532
1.553452
1.530976
1.834894
1.504684
1.265072
1.281699
1.496523
#DIV/0!
1.607722
1.329893
1.40618
1.264481
1.493598
1.24466
2.416542
1.483939
1.263173
1
1
1
1
1
1
1.317912
1.27867
1.218146
1
1
1
0 0.306812 1.220163
0
0 1.303583 1.157163
32.12225 29.08199 4.289898 1.123719
1
1
Expenses
Preoperative Exp
Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
PBT (Post Extra-ord
Items)
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Corporate Dividend
Tax
Per share data
(annualised)
Earning Per Share
(Rs)
Equity Dividend (%)
Book Value (Rs)
#DIV/0!
1.798016
1.370567
1.310139
0.27439
1.316149
1.468143
#DIV/0!
1.287926
0
#DIV/0!
1.613894
1.27219
1.644093
0.012195
1.653563
1.064392
#DIV/0!
1.762964
0
#DIV/0!
1.536546
1.272039
1.271547
0.054878
1.278607
1.273159
#DIV/0!
1.279619
0.115044
#DIV/0!
1.27537
1.101783
1.194611
0.75
1.197191
1.115002
#DIV/0!
1.212452
0.141593
1
1
1
1
1
1
1
1
1
1
1.281849
1.357761
1.248157
1.347799
#DIV/0!
1.466601
1.754645
1.731206
1.765438
1.178691
#DIV/0!
1.466601
1.274124
1.206598
1.304471
1.368688
#DIV/0!
1.466601
1.207399
1.124256
1.244592
1.175034
#DIV/0!
1.333251
1
1
1
1
1
1
1.502235 1.502235 1.433681 1.302534
#DIV/0!
2
#DIV/0!
2
#DIV/0!
2
#DIV/0!
2
1
1
0.624064 0.882774 0.652231 0.622273

0.733333 0.733333 0.733333 0.666667
0.920781 0.832008 0.687866 0.592748
1
1
1
We observe that the sales have increased 1.5 times and total income by 1.7. Operating profit increased
1.3 times and PAT by 1.2. However, Earnings per share has shown a decline from the base year.
RATIO ANALYSIS
Net profit margin

Gross profit margin
Net working capital turnover
Asset Turnover
Fixed asset turnover
Days of Cash
Return on Equity
Current ratio
Quick ratio
Cash ratio
Debt to asset
Long term debt to capital structure
RATIOS
2014
2013
2012
2011
2010
6.52
10.17
7.86
9.03
9.04
9.41
10.11
10.24
10.7
12.11
-9.87
-8.71
-15.63
-10.95
-8.82
2.24
2.31
2.56
2.4
2.23
2.38
2.51
3.24
3.37
2.86
6.35
7.68
7.91
6.41
8.26
0.14
0.22
0.19
0.21
0.19
0.26
0.18
0.25
0.26
0.16
1.59
1.54
1.66
1.52
1.3
0.76
0.8
0.84
0.74
0.79
8.68
0.67
2.42
0.46
1.63
0.04
0.04
0.06
0.08
0.12
0.04
0.05
0.06
0.09
0.11
DULUX PAINTS
Share Capital
Reserves & Surplus
Current Liabilities
Current Liabilities
Provisions
Total Current Liabilities
total
Assets
Non-current Assets
Gross Block
(-) Acc. Depreciation
Net Block
Current assets
Investments
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
NET CURRENT ASSETS
TOTAL ASSETS
VERTICAL ANALYSIS
2013-2014 2012-2013 2012-2011 2011-2010 2010-2009
5.50837462 4.2250973 3.32408 3.371198 3.709303
94.4916254 95.774903 96.57183 96.49139 96.1395
75.076669 56.030037 38.5982 26.99707 24.40278
65.4163718 52.528725 16.55795 15.54599 15.64358
140.493041 108.55876 55.15614 42.54306 40.04637
100
100
100
100
100
106.735079 66.135891 48.39695 34.34408 35.2283

47.4640245 34.036008 23.67106 21.34481 21.30834
59.2710545 32.099882 24.62179 12.86185 13.76877
3.60934183
74.1448455
38.240151
36.282142
8.51615947
20.4293465
103.467799
-37.025242
100
9.5630146
85.696191
28.490003
22.763051
7.7535511
22.19307
81.199674
-27.359088
100
1.603053
69.63914
23.13671
15.68355
5.156142
15.21166
59.18806
4.031922
100
3.27959
90.23452
14.03444
6.421766
2.775742
12.79773
36.02968
-6.51337
100
0.231831
96.7846
9.797399
8.14434
1.441387
9.726842
29.10997
-10.9364
100
increased. Also, Total Current assets have increased whereas current liabilities show a decline.
INCOME STATEMENT
VERTICAL ANALYSIS
2013-2014 2012-2013 2012-2011 2011-2010 2010-2009
Sales Turnover
Excise Duty
NET SALES
Other Income
TOTAL INCOME
100
100 109.312 109.1157 107.0331
0
0 9.311966 9.11568 7.033051
100
100
100
100
100
0
0
0
0
0
102.34501 106.18728 100.9908 103.5422 102.0177
Manufacturing Expenses
0.64105215
Material Consumed
57.090864
Personal Expenses
8.01935564
Selling Expenses
0
Administrative Expenses
26.312089
Expenses Capitalised
Provisions Made
TOTAL EXPENDITURE
92.0633608
Operating Profit
7.93663923
EBITDA
10.2816494
Depreciation
1.80735349
Other Write-offs
EBIT
8.47429588
Interest
0.06203731
EBT
8.41225857
Taxes
2.20025642
Profit and Loss for the Year 6.21200215
REPORTED Profit After Tax 6.21200215
Shares in Issue (Lakhs)
19.2977377
Earning Per Share - Annualised
1.33132057
(Rs)
0.6541219
58.234767
7.8539427
0
24.811828
2.830999
57.36313
7.431374
13.85168
9.377686
1.552308
47.31236
5.391793
27.04153
7.695483
2.113759
46.46426
5.005765
26.71983
7.359723
91.554659 90.85486 88.99348 87.66334

8.4453405 9.145139 11.00652 12.33666
14.632616 10.13599 14.54876 14.35434
1.7293907 1.85026 1.79176 2.036895
12.903226
0.3987455
12.50448
2.7016129
9.8028674
9.8028674
20.905018
2.1008065
8.285729
0.197159
8.08857
2.254689
5.833881
10.20171
18.6209
2.76983
12.757
0.123854
12.63314
4.054166
8.578978
14.58179
30.41367
3.958385
12.31745
0.105688
12.21176
3.910453
8.301307
15.30553
35.39008
4.155457
remained constant over the years. Operating profit has declined and Profit after taxes has fallen as
TREND ANALYSIS
BALANCE SHEET
Share Capital
Reserves & Surplus
Current Liabilities
Current Liabilities
Provisions
Total Current Liabilities
total
Assets
Non-current Assets
Gross Block
(-) Acc. Depreciation
Net Block
Current assets
Investments
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
NET CURRENT ASSETS
TOTAL ASSETS
TREND ANALYSIS
2013-2014 2012-2013 2012-2011 2011-2010 2010-2009
1 0.974948 1.30163
1
1
0.756754 0.760707 1.321181 1.10432
1
1
1.027773 1.113448 1.887343 1.217266
1
0.955219 2.433361 1.406011 1.093428
1
0.992666 1.509688 1.711456 1.16889
1
0.767032 0.767037 1.320081 1.100292
1
1
1
1
1.237893 1.048179 1.860229 1.072675
1
1.069644 1.102902 1.463948 1.102176
1
1.416291
1 2.527066 1.027818
1
1
0.289499 4.575758 0.645251 15.56522
1
0.66364 0.943896 1.018782 1.025828
1
1.029533 0.944511 2.17624 1.576132
1
1.222576 1.113274 3.223966 0.867574
1
0.842474 1.153432 2.452145 2.118881
1
0.706074 1.119069 1.569077 1.447668
1
0.977382 1.052292 2.168574 1.361842
1
1.038029 -5.20482 -0.81716
0.6553
1
0.767032 0.767037 1.320081 1.100292
1
Total assets has remained same.Net current assets have increased so the gap between current assets
and current liabilities has declined.
INCOME STATEMENT
TREND ANALYSIS
2013-2014 2012-2013 2012-2011 2011-2010 2010-2009
INCOME:
Sales Turnover
Excise Duty
NET SALES
Other Income
TOTAL INCOME
1.083289 1.032234 1.636247 1.186266

0
0 1.668478 1.508197
1.083289 1.128355 1.633309 1.163624
0
0
0
0
1.044091 1.186414 1.593062 1.181013
Manufacturing Expenses
1.061644
Material Consumed
1.06201
Personal Expenses
1.106104
Selling Expenses
0
Administrative Expenses
1.14879
Expenses Capitalised
Provisions Made
TOTAL EXPENDITURE
1.089308
Operating Profit
1.018037
EBITDA
0.761176
Depreciation
1.132124
Other Write-offs
EBIT
0.711458
Interest
0.168539
EBT
0.728771
Taxes
0.882255
Profit and Loss for the Year 0.686472
REPORTED Profit After Tax
0.686472
Shares in Issue (Lakhs)
1
Earning Per Share - Annualised (Rs)
0.6865
0.260714
1.145501
1.192517
0
2.985445
2.978723
1.980279
2.251149
0.836641
1.990343
0.854545
1.184864
1.253359
1.177634
1.21671
1.137047
1.042012
1.628928
1.054645
1.667471 1.18128
1.357089 1.038162
1.137911 1.179384
1.686636 1.023585
1.757169
2.282051
1.744375
1.352018
1.896014
1.084242
1.266764
0.855813
1.060841
2.6
1.045752
0.90835
1.110683
1.142695
1
1.142887
1.205148
1.363636
1.203777
1.206388
1.202546
1.1086
1
1.108439
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
We observe that the sales have increased 0.05 times and total income has decreased by 0.14. Operating
profit decreased by 0.03 and PAT has also decreased by 0.40. However, Earnings per share also dived a
meager 0.27 .
RATIO ANALYSIS
RATIO ANALYSIS
NET PROFIT MARGIN
2013-2014
0.062120022
2012-2013
0.098028674
CASH RATIO
0.113432836
0.138382044
DAYS OF CASH
10.89912734
14.01456093
RETURN ON
INVESTMENT(ROI)
CURRENT RATIO
0.177164426
0.197955306
0.736462094
0.747978998
QUICK(ACID TEST)RATIO
0.464276719
0.485540462
GROSS PROFIT MARGIN

ASSET TURNOVER RATIO
FIXED ASSET TURNOVER
Return On Capital
Employed
6.71
1.75
3.05
26.05
7.29
1.56
2.84
11.38
2012-2011
0.10201708
7
0.13358504
1
13.7098731
1
0.14004163
8
1.07310015
1
0.65362355
3
9.21
1.16
3.23
14.17
2011-2010
0.14581785
2
0.10281642
3
9.13178102
6
0.16178087
2
0.84689922
5
0.51701119
7
10.29
1.06
2.98
12.94
2010-2009
0.153055342
0.059066501
5.01489239
0.160568491
0.72690662
0.482255223
9.53
1.05
2.78
11.57
Net profit margin and Gross profit margin both show a slight decline. Asset turnover ratio has increased
and fixed asset turnover ratios have also increased. Days of Cash have declined significantly whereas
return on investment shows a slight decline.
BERGER PAINTS
RS. Cr.
BALANCE SHEET
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accumulated. Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deferred Credit
Current Liabilities
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 months
12
months
12
months
12
months
12
months
69.3
69.3
0
0
1,062.59
0
1,131.89
299.6
3.2
302.8
1,434.69
69.26
69.26
0
0
915.17
0
984.43
147.68
155.34
303.02
1,287.45
69.2
69.2
0
0
775.4
0.9
845.5
71.8
98
169.8
1,015.30
69.21
69.21
0.88
0
651.99
0.93
723.01
78.53
0.03
78.56
801.57
69.21
69.21
0
0
556.04
0.98
626.23
24.41
0.05
24.46
650.69
879.43
331.01
548.42
132.22
187.29
618.7
383.21
163.07
1,164.98
128.01
0
1,292.99
0
627.09
601.98
280.3
321.68
171.23
90.58
576.91
324.55
222.54
1,124.00
131.34
0
1,255.34
0
469.91
518.8
246.8
272
98.6
79.6
513.9
305
19
837.9
67.1
157.4
1,062.40
0
433.3
419.49
215.33
204.16
76.79
117.59
403.92
240.29
28.95
673.16
55.62
93.98
822.76
0
375.71
371.74
186.15
185.59
31.6
170.2
299.33
204.73
25.99
530.05
50.58
11.57
592.2
0
276.31
Provisions
Net Current Assets
Total Assets
Contingent Liabilities
Book Value (RS)
99.14
726.23
566.76
0
1,434.69
345.24
32.67
81.47
551.38
703.96
0
1,287.45
462.29
28.43
64
497.3
565.1
0
1,015.30
424.1
24.4
44.01
419.72
403.04
0
801.58
84.11
20.84
52.59
328.9
263.3
0
650.69
49.3
18.07
Total debt has decreased over the years.total current assets are decreased and total current liabilities
have also decreased.
VERTICAL ANALYSIS
BALANCE SHEET
Total Share Capital

Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accumulated.
Depreciation
Net Block
Investments
Sundry Debtors
Loans and Advances
Fixed Deposits
Deferred Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (RS)
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
0.048303
0.048303
0
0
0.740641
0
0.788944
0.208826
0.00223
0.211056
1
0
0.612976
0.230719
0.382257
0.053796
0.053796
0
0
0.710839
0
0.764636
0.114707
0.120657
0.235364
1
0
0.467575
0.217717
0.249858
0.068157
0.068157
0
0
0.763715
0.000886
0.832759
0.070718
0.096523
0.167241
1
0
0.510982
0.243081
0.267901
0.086342
0.086342
0.001098
0
0.813381
0.00116
0.901981
0.097969
3.74E-05
0.098006
0.999988
0
0.523329
0.268632
0.254697
0.106364
0.106364
0
0
0.854539
0.001506
0.962409
0.037514
7.68E-05
0.037591
1
0
0.571301
0.286081
0.28522
0.092159
0.130544
0.431243
0.267103
0.113662
0.812008
0.089225
0
0.901233
0
0.437091
0.069102
0.506193
0.39504
0
1
0.240637
0.022771
0.132999
0.070356
0.448103
0.252087
0.172853
0.873044
0.102016
0
0.975059
0
0.364993
0.06328
0.428273
0.546786
0
1
0.359074
0.022082
0.097114
0.0784
0.506156
0.300404
0.018714
0.825273
0.066089
0.155028
1.04639
0
0.42677
0.063036
0.489806
0.556584
0
1
0.417709
0.024032
0.095798
0.146698
0.503905
0.29977
0.036116
0.839791
0.069388
0.117243
1.026423
0
0.468712
0.054904
0.523616
0.502807
0
1
0.10493
0.025999
0.048564
0.261568
0.460019
0.314635
0.039942
0.814597
0.077733
0.017781
0.910111
0
0.424642
0.080822
0.505463
0.404647
0
1
0.075766
0.027771
TREND ANALYSIS
BALANCE SHEET
Mar '14
Mar '13
Mar '12
Sources Of Funds
Total Share Capital
1.000578
1.000578
1.000867 0.999856 1
1.000867 0.999856 1
1
1

Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
1.161085
0
1.149792
2.028711
0.0206
0.999274
1.114366
1.180255
0
1.164317
2.056825
1.585102
1.78457
1.268049
1
1
1
1
1
1
1
Gross Block
Less: Accumulated.
Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
1.460896
1.180913
1.704862
1.160332 1.23674 1.12845 1

1.135737 1.146148 1.156755 1
1.182647 1.332288 1.100059 1
0.772178
2.067675
1.072438
1.180743
0.732767
1.036459
0.974646
0
1.029992
1.736613
1.13794
1.122611
1.064098
11.71263
1.341449
1.957377
0
1.181608
1.284021
0.676928
1.272282
1.2693
0.656304
1.244726
1.206401
1.674824
1.291264
2.430063
0.690893
1.349414
1.173692
1.11389
1.269993
1.099644
8.122731
1.389328
1
1
1
1
1
1
1
1
1
Deferred Credit
Current Liabilities
Provisions
1.33449
1.21689
1.317113
0.805103
1.084491
1.272969
1.108747
1.245726
1.153283
1.454215
1.184838
1.402094
1.359741
0.836851
1.276133
1.530725
1
1
1
1
Total Assets
1.114366
0.746804
1.149138
1.268049 1.266623 1.231892 1

1.09005 5.042207 1.706085 1
1.165164 1.170825 1.153293 1
1.189282
0.967742
1.169417
0.9143
3266.667
2.161405
1.266639
Mar '11
1.17256
0.94898
1.154544
3.217124
0.6
3.211774
1.231877
Mar '10
Book Value (RS)
Networth has shown increase over the years. Total debt has first increased and then declined.
INCOME STATEMENT
Profit & Loss account of Berger Paints
India
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Preoperative Expenditure Capitalized
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
PBT (Post Extra-ordinary Items)
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Corporate Dividend Tax
------------------- in Rs. Cr. ------------------Mar '14

12 months
Mar '13
12
months
Mar '12
12
months
Mar '11
12
months
Mar '10
12
months
3,384.82
0
3,384.82
30.59
27.19
3,442.60
3,024.21
0
3,024.21
30.76
41.49
3,096.46
2,901.20
251.3
2,649.90
22.6
85.4
2,757.90
2,288.35
203.12
2,085.23
40.28
68.49
2,194.00
1,822.42
135.76
1,686.66
24.22
10.45
1,721.33
2,084.70
33.61
158.74
0
0
745.32
0
3,022.37
389.64
420.23
34.26
385.97
58.27
0
327.7
0
327.7
93.45
234.25
937.67
0
76.23
12.95
1,919.93
28.04
139.96
0
0
641.45
0
2,729.38
336.32
367.08
27.67
339.41
46.28
0
293.13
0
293.13
83.33
209.8
809.45
0
62.33
10.6
1,787.30
25.1
121.1
29.8
433.7
57
0
2,454.00
281.3
303.9
18.1
285.8
37.6
0
248.2
0
248.2
70.8
177.4
666.7
0
48.5
7.8
1,400.83
22.61
107.97
27.82
341.03
40.49
0
1,940.75
212.97
253.25
12.18
241.07
29.98
0
211.09
0
211.09
62.81
148.31
539.92
0
44.99
7.37
1,093.30
17.86
90.12
23.42
263.06
33.02
0
1,520.78
176.33
200.55
4.75
195.8
26.41
0
169.39
0
169.39
49.26
120.14
427.47
0
38.07
6.32
Per share data (annualized)

Earning Per Share (RS)
Equity Dividend (%)
Book Value (RS)
3,464.81
6.76
110
32.67
3,462.90
6.06
90
28.43
3,461.53
5.12
70
24.4
3,460.72
4.29
65
20.84
3,460.72
3.47
55
18.07
Sales turnover shows a declining trend. Earnings per share has decreased and operating profit has also
shown a decline in all 5 years
VERTICAL ANALYSIS
INCOME STATEMENT
Sales Turnover
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Preoperative Expenditure
Capitalized
Total Expenses
PBDIT
PBDT
Depreciation
Other Written Off
Profit Before Tax
PBT (Post Extra-ordinary Items)
Tax
Mar '14
12
months
1
0
1
0.009037
0.008033
1.01707
0
0.615897
0.00993
0.046898
0
0
0.220195
0
Mar '13
13
months
1
0
1
0.010171
0.013719
1.023891
0
0.634853
0.009272
0.04628
0
0
0.212105
0
Mar '12
14
months
1.094834
0.094834
1
0.008529
0.032228
1.040756
0
0.674478
0.009472
0.0457
0.011246
0.163667
0.02151
0
Mar '11
15
months
1.097409
0.097409
1
0.019317
0.032845
1.052162
0
0.671787
0.010843
0.051778
0.013341
0.163546
0.019418
0
Mar '10
16
months
1.08049
0.08049
1
0.01436
0.006196
1.020555
0
0.648204
0.010589
0.053431
0.013885
0.155965
0.019577
0
0.892919
0.115114
0.124151
0.010122
0.11403
0.017215
0
0.096815
0
0.096815
0.027609
0.90251
0.111209
0.12138
0.009149
0.112231
0.015303
0
0.096928
0
0.096928
0.027554
0.926073
0.106155
0.114684
0.00683
0.107853
0.014189
0
0.093664
0
0.093664
0.026718
0.930713
0.102133
0.121449
0.005841
0.115608
0.014377
0
0.101231
0
0.101231
0.030121
0.901652
0.104544
0.118904
0.002816
0.116087
0.015658
0
0.100429
0
0.100429
0.029206
Reported Net Profit

Preference Dividend
Equity Dividend
Per share data (annualized)
Equity Dividend (%)
Book Value (RS)
0.069206
0.277022
0
0.022521
0.003826
0
1.023632
0.001997
0.032498
0.009652
0.069373
0.267657
0
0.02061
0.003505
0
1.145059
0.002004
0.02976
0.009401
0.066946
0.251594
0
0.018303
0.002944
0
1.306287
0.001932
0.026416
0.009208
0.071124
0.258926
0
0.021576
0.003534
0
1.659635
0.002057
0.031172
0.009994
0.07123
0.253442
0
0.022571
0.003747
0
2.051818
0.002057
0.032609
0.010713
TREND ANALYSIS
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
1.119241
0
1.119241
0.994473
0.655339
1.111786
1.0424
0
1.141254
1.361062
0.485831
1.12276
1.267813
1.2372
1.270795
0.561072
1.246897
1.257019
1.255666
1.49617
1.236307
1.663088
6.554067
1.274596
1
1
1
1
1
1
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing
Expenses
1.085821
1.198645
1.134181
0
1.074207
1.117131
1.155739
0
1.275886
1.110128
1.121608
1.071172
1.281286
1.265957
1.198069
1.187874
1
1
1
1
0
1.16193
0
1.271736 1.296396 1
11.25351 1.407755 1.226227 1
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
1.107347
1.158539
1.144791
1.238164
1.137179
1.259075
1.112217
1.195592
1.207897
1.528729
1.187579
1.230851
Profit Before Tax
1.117934 1.181023 1.175802 1.246177 1
PBT (Post Extra-ord Items)
1.117934 1.181023 1.175802 1.246177 1
1.26446
1.320843
1.2
1.486043
1.185548
1.254169
1.276154
1.207792
1.262777
2.564211
1.231205
1.135176
1
1
1
1
1
1
Tax
Reported Net Profit
1.121445 1.176977 1.127209 1.275071 1

1.11654 1.182638 1.196143 1.234476 1
1.158404 1.214114 1.234813 1.263059 1
Equity Dividend
1.223007 1.285155 1.078017 1.18177 1

1.221698 1.358974 1.058345 1.166139 1

Equity Dividend (%)
Book Value (RS)
1.000396
1.115512 1.183594
1.222222 1.285714
1.149138 1.165164
1.000234
1.193473
1.076923
1.170825
1
1.236311
1.181818
1.153293
1
1
1
1
Sales turnover has first declined and then increased. Total income has first increased and then
decreased.Earning per share has increased and operating profit has shown an increase over the years
except the last year.
RATIO ANALYSIS
Net Profit Margin (%)
Gross Profit Margin (%)
Current Ratio
Quick Ratio
Debt Equity Ratio
Fixed Assets Turnover
Ratio
Total Assets Turnover
Ratio
Earnings per share
6.85
9.78
0.97
0.93
0.27
3.91
6.86
9.59
1.25
1.23
0.31
5.09
6.61
9.19
1.44
1.1
0.2
5.19
6.99
8.77
1.43
0.99
0.11
5.06
7.02
8.88
1.57
0.88
0.04
4.63
2.38
2.36
2.63
2.63
2.63
6.76
6.06
5.12
4.29
3.47
Net profit margin shows slight increase and Gross profit margin show a slight decline. Asset turnover
ratio has increased and fixed asset turnover ratios have also increased.
SHALIMAR PAINTS
VERTICAL ANALYSIS
Balance sheet
Sources Of Funds
Total Share Capital
Preference Share Application Money
Employee Stock Opiton
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accum. Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
2014
2013
2012
2011
2010
2.323442864
2.323442864
0
0
0
0
43.66110839
0
45.98455125
47.87886219
6.130456106
54.00931829
99.99386954
0
50.59465424
27.66061795
22.93403629
4.830799411
0.122609122
80.90362923
94.70328592
9.293771457
184.9006866
12.02795488
0
196.9286415
0
119.5071113
5.308974988
124.8160863
2.861241129
2.861241129
0
0
0
0
45.25139665
0
48.11263778
51.88736222
0
51.88736222
100
0
60.1766571
31.70013589
28.47652121
0.686999849
0.150988978
79.88071871
104.3409331
10.01056923
194.232221
5.37520761
0
199.6074287
0
117.9752378
10.94670089
128.9219387
3.341267742
3.341267742
0
0
0
0
41.44406242
2.565458873
47.35078903
51.6089218
1.040289165
52.64921097
100
0
71.90337653
37.44159393
34.4617826
0.273296306
0.176320197
73.27867407
99.62972759
9.389050516
182.2974522
5.095653707
0
187.3931059
0
117.5967557
4.743013312
122.339769
3.965679607
3.965679607
0
0
0
0
40.66129539
3.118133305
47.7451083
50.50748143
1.747410275
52.2548917
100
0
80.1820655
40.95427435
39.22779115
0.167416553
0.209270692
65.76331485
96.065711
10.64141467
172.4704405
7.198911792
0.031390604
179.7007429
0
114.0106728
5.336402637
119.3470754
3.821720278
3.821720278
0
0
0
0
32.44932943
3.136029041
39.40707875
57.17454875
3.418372492
60.59292125
100
0
67.80276293
36.26096602
31.54179691
0.050418473
0.201673893
50.99324392
79.2074216
13.82474539
144.0254109
8.036704649
0
152.0621156
0
82.13169305
1.744479177
83.87617223
Net Current Assets

Group Share in Joint Venture
Total Assets
72.11255517 70.68548996
0
0
0
0
100
100
65.05333686 60.35366747 68.18594333

0
0
0
0.035264039 0.041854138 0.020167389
100
100
100
The share capital forms just 2.32% of the total sources of fund on 14-15 which has reduced
from last year in absolute terms.
The reserves and surpluses in 14-15 reduced to 43.44% of the sources of fund as last years
figure of 45.25% . Thus it can be inferred that the decrease in sources of fund has been due to a
decrease in reserves and surpluses.
The unsecured loans as a percentage of total capital rises to 6.13% in 14-15 from 0% in 13-14.
From this we may conclude that company liable to pay outsiders loan as it is not self
dependent on its own funds.
The gross block of fixed assets as a percentage of the total sources of funds fell from 60.17 in
13-14 to 50.59 in 14-15.
Thus even the net block of fixed assets fell from 22.93% to 28.47%, as it is continuing to
decrease from last year in absolute terms.
Depreciation as a percentage as a percentage of total application of funds fell from 31%in 1314 to 27% in 14-15 as it continuing to decrease from last year in absolute terms.
Investments decreases from .150% to .122% in 14-15.
Inventories formed 80.90% in 14-15 as compared to 79.88% last year which is continusely
increases from last years in absolute terms.
Loans and advances both increased in absolute as well as in percentage terms.
VERTICAL ANALYSIS
Operating
Income
Expenses
Material
consumed
Manufacturing
expenses
Personnel
expenses
Selling expenses
2014
2013
2012
2011
2010
100
0
100
0
100
0
100
0
100
0
67.00932 65.93278 62.71807 61.44572 65.86047

0.877061 0.970295 1.036846 0.971614 0.957239
5.415142 5.200946 5.624706 5.372452 4.804201
#VALUE!
15.29242 17.22303 17.67411 17.77644
Adminstrative
expenses
19.52356 4.806249 6.824874 7.386441 5.242311
Expenses
capitalised
#VALUE!
Cost of sales
92.82508 92.20064 93.42753 92.84762 94.63766
Operating profit
7.174922 7.799363 6.572468 7.152383 5.362341
Other recurring
income
0.030178 0.016446 0.457796 0.503497 0.630158
Adjusted PBDIT
Financial
expenses
#VALUE!
#VALUE!
7.2051 7.815808 7.030264
#VALUE!
#VALUE!
7.65588 5.992498
3.12724 2.625141 2.071218 2.068421 1.899475
Depreciation
0.724282 0.883955 0.841355 0.919903 1.020255
Other write offs
#VALUE!
Adjusted PBT
3.353578 4.308768 4.117691 4.667556 3.072768
Tax charges
0.877061 1.334156 1.229863 1.393463 0.834209
Adjusted PAT
2.478404 2.972556 2.887828 3.274093
Non recurring
items
-0.39986
#VALUE!
#VALUE!
-0.55249
-1.17029
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2.24156
Other non cash

adjustments
Reported net
profit
2.078539 2.972556 2.887828 2.721607 1.068267
Earnigs before
appropriation
3.902448 4.536951 4.486402 4.297417 2.433608
Equity dividend
Preference
dividend
#VALUE!
0.779114 0.749796 0.772936 0.342086
#VALUE!
#VALUE!
Dividend tax
Retained
earnings
#VALUE!
0.125398 0.121254 0.130637 0.057014
#VALUE!
#VALUE!
#VALUE!
3.902448 3.634495 3.615352 3.391122 2.034509
Cost of goods sold remained almost same as a percentage of net sales over last year.
All expenses are increased as a percentage of net sales over last year. This shows decreasein
efficiency in resource utilisation and production over last year.
Profits fell to 2.07% of net sales in 14-15 from 2.97% in 13-14. This is also a result of an
decrease in overall efficiency.
Current tax expenditure as a percentage of net sales fell from 1.33 in 13-14 to .877 in 14-15.
The lower tax expenditure could a result from reduction in profits.
TREND ANALYSIS
Balance Sheet
Sources Of Funds
Total Share Capital
Preference Share Application Money
Employee Stock Opiton
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Less: Accum. Depreciation
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
#DIV/0!
1
1
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.188188
#DIV/0!
1.176997
1.136331
#DIV/0!
1.281827
1.231391
#DIV/0!
1.035378
1.074542
0.991782
8.659341
1
1.247236
1.117719
1.143288
1.172303
2.755618
#DIV/0!
1
1
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.275048
0
1.186557
1.174069
0
1.150871
1.167769
#DIV/0!
0.977317
0.988698
0.964953
2.935484
1
1.272979
1.222989
1.24507
1.244221
1.231834
#DIV/0!
1
1
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.209727
0.97651
1.177076
1.212762
0.706587
1.195835
1.186879
#DIV/0!
1.064335
1.085079
1.042678
1.9375
1
1.322514
1.230912
1.047198
1.254505
0.840116
#DIV/0!
1
1
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1.207582
0.958199
1.167605
0.851323
0.492625
0.831087
0.963699
#DIV/0!
1.139649
1.088432
1.198529
3.2
1
1.242832
1.16881
0.741794
1.154029
0.863237
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Group Share in Joint Venture
Total Assets
#DIV/0!
1.214939
#DIV/0!
1.247456
0.597241
1.192247
1.256328
#DIV/0!
#DIV/0!
1.231466
#DIV/0!
1.243884
#DIV/0!
1.171527
2.695167
1.230597
1.268871
#DIV/0!
0
1.167769
0
1.237685
#DIV/0!
1.224211
1.054902
1.21664
1.2793
#DIV/0!
1
1.186879
#DIV/0!
1.138859
#DIV/0!
1.337753
2.947977
1.371243
0.853002
#DIV/0!
2
0.963699
Total assets increased 1.17 times and total liabilities 1.23 times but, Net current assets have declined by
1.25 times so the gap between current assets and current liabilities has worsened.
TREND ANALYSIS
Profit And Loss Statement
Sales Turnover
Excise Duty
Net Sales
Other Income
2014
2013
2012
2011
1.002913 1.197454 1.116261 1.069701
2010
1
0 1.129283 1.330958 0.769674
1.089896 1.203756 1.099858 1.102536
-10.2778
0.1
0.521939 1.750549 1.734772
-0.77179
Total income
1.05926 1.216453 1.118655 1.167725
Raw Materials
1.066994 1.290282 1.143297 1.116452
Power & Fuel

Cost
1.128641 1.078534 1.190031 1.146429
Stock
Adjustments
-24.5 0.043243
Employee
1.134783 1.113066 1.151469 1.232979
Cost
Other
0 1.666667
1 0.923077
Manufacturing
Expenses
Selling and
Admin
Expenses
0 1.070809 1.079763 1.103024
Miscellaneous
Expenses
7.479046
Preoperative
ExpCapitalised
#DIV/0!
Total
Expenses
Operating
Profit
PBDIT
Interest
PBDT
Depreciation
Other Written
Off
Profit Before
Tax
Extra-ordinary
items
0.73617 0.964597 1.788073
#DIV/0!
#DIV/0!
#DIV/0!
1.068092 1.207663 1.120849 1.143686
1.003164
1.01142 1.470885
1.337438 1.089306 1.624533

1.525687 1.101316 1.200632
1.258853 1.08437 1.900308
1.264706 1.005917 0.994118
1
1
1
1
0.949487
1.298356
0.772979
0.893023
#DIV/0!
1.42755
#DIV/0!
#DIV/0!
#DIV/0!
0.748329 1.257658 1.101919 2.387046

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1
1
1
PBT (Post
Extra-ord
Items)
0.748329 1.257658 1.101919 2.387046
Tax
Reported Net
Profit
Total Value
Addition
0.716487 1.305835 0.970703 1.841727

0.762102 1.239075
1.167 2.808989
1
1
1.071216 1.029654 1.075576 1.203128
Preference
Dividend
Equity
Dividend
Corporate
Dividend Tax
#DIV/0!
#DIV/0!
1
1
0 1.244898 1.020833 2.526316
4.999472
Earning Per
Share (Rs)
0.152356 1.239455
Book Value
(Rs)
#DIV/0!
0 1.250825 1.066901 2.491228
Shares in issue
(lakhs)
Equity
Dividend (%)
#DIV/0!
1.16654 2.807651
1.25 1.066667
2.5
0.246501 1.198077 1.191106 1.185645
We observe that the sales have increased to 1.002 times and total income by 1.05. Operating profit increased 1.003
times and PAT by .76. However, Earnings per share recorded a meager 0.15 growth from the base year.
RATIO ANALYSIS
RATIOS
2014
Net profit Margin
Gross profit Margin
Asset Turnover Ratio
Fixed Assets Turnover Ratio
Return on equity
Current Ratio
Quick Ratio
Long Term Debt Equity Ratio
2013
2012
2011
2010
2.03 2.97 2.87

2.7 1.06
6.45 6.91 5.73 5.67 4.34
3.67 3.96 4.95 4.79 4.96
3.59 3.96 5.31
3.7 3.39
6.75 10.91 10.28 10.46 3.58
21.06 25.46 22.63 24.52 17.24
0.9 0.86 0.83 0.82 0.81
0.93 0.93 0.93 0.95
1.2
0.09 0.03 0.04 0.09
Net profit margin and Gross profit margin both show a slight decline. Asset and fixed asset turnover
ratios both show a decline. return on investment and equity show a huge decline.

Asian Paints

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Asian Paints

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INTRODUCTION

Asian Paints Limited is an Indian chemicals company headquartered in Mumbai, India.[3] It

ECONOMY AND SECTOR ANALYSIS 2013-14

ANALYSING ASIAN PAINTS WITH RESPECT TO

Total CL & Provisions

83.54128 84.04181 88.4567 90.69161 94.43798

PROFIT AND LOSS STATEMENT

0 18.30253 18.38406 19.32814

19.91702 19.31741 0.402324 0.389118 0.300479

16.34136 16.89624 14.93874 15.55713 19.17402

Reported Net Profit

11.2207 11.70347 10.48637 10.69971 13.36707

4.879362 4.91802 4.198201 4.236817 4.469727

10.6914 10.49523 13.24022

1.09329 1.115453 1.393489

5.086968 5.127233 4.37666 4.417089 4.659921

2.398556 2.002559 1.636803 1.286115

2.434799 2.347416 1.389421 1.34899

2.84426 2.971037 1.426286 1.494346

Capital Work in Progress

1.971905 1.691515 1.569664 1.229716

2.242327 1.890361 1.635962 1.256198

PROFIT AND LOSS

2.037826 1.807345 1.640679 1.285291

119.1907 99.54624 2.112005 1.619184

1.585657 1.384652 1.209416 1.04589

1.892915 1.714517 1.436418 1.156474

1.962963 1.703704 1.481481 1.185185

90.06244 84.80237 74.65795 67.61996 72.23267

84.1353 81.96753 82.92629 71.86674 65.09175

7.27502 8.803084 10.27956 10.92586 10.61056

PROFIT AND LOSS STATEMENT

0 0.186508 0.898046 0.930664

0 14.75267 15.85559 17.32608

13.91063 13.90664 1.941272 0.615677

0 0.004307 0.006417 0.057311

PBT (Post Extra-ord

9.732274 14.71039 10.10853 11.59799 12.14631

0.319559 0.352865 0.318687 0.350555 0.340314

17.08498 18.86565 17.85307 21.61568 13.66631

2.083115 1.790628 1.325513

PROFIT AND LOSS

1.502235 1.502235 1.433681 1.302534

0.624064 0.882774 0.652231 0.622273

Net profit margin

106.735079 66.135891 48.39695 34.34408 35.2283

91.554659 90.85486 88.99348 87.66334

1.083289 1.032234 1.636247 1.186266

GROSS PROFIT MARGIN

Total Share Capital

Preference Share Capital

1.160332 1.23674 1.12845 1

1.268049 1.266623 1.231892 1

Book Value (RS)

------------------- in Rs. Cr. ------------------Mar '14

Per share data (annualized)

Reported Net Profit

Profit Before Tax

1.117934 1.181023 1.175802 1.246177 1

PBT (Post Extra-ord Items)

1.117934 1.181023 1.175802 1.246177 1

1.121445 1.176977 1.127209 1.275071 1

1.223007 1.285155 1.078017 1.18177 1