our resolve to
transform
Annual Report 2014-15
Contents
01
Board of Directors
Report on Corporate
75
Governance
02
Chairmans Letter
14
Performance Highlights
General Shareholder
Information
Business Responsibility
Report
Management Discussion
16
and Analysis
30
33 Boards Report
89
96
106
161
Standalone Financial
Statements
Consolidated
Financial Statements
Board of
Directors
Ashwin Choksi
Chairman
Ashwin Dani
Vice Chairman
Abhay Vakil
Additional Director
K.B.S. Anand
Mahendra Choksi
Non-Executive Director
Malav Dani
Non-Executive Director
Non-Executive Director
Dipankar Basu
Independent Director
Deepak Satwalekar
Independent Director
Dr. S. Sivaram
Independent Director
Mahendra Shah
Independent Director
S. Ramadorai
Independent Director
M.K. Sharma
Independent Director
Company Secretary
JAYESH MERCHANT
JALAJ DANI
JAYESH MERCHANT
President - HR,
International & Chemicals
MANISH CHOKSI
AMIT SYNGLE
President - Technology,
Sales & Marketing
Auditors
B S R & Co. LLP
Chartered Accountants
01
Chairmans Letter
Dear Shareholders,
It gives me immense pleasure to write to you at the end of
an exciting year a year that had its share of opportunities
and challenges. The year began with sky-high expectations
of economic recovery resulting from the decisive political
mandate but as the year progressed, it was increasingly evident
that the pace of recovery would be much more gradual. Many
domestic growth indicators improved during the year helped
by the Governments intent to push reforms and promote
investments. The lower crude oil and commodity prices also
02
Ashwin Choksi
03
Reinforcing
our resolve to
transform
04
fittings segment.
05
Innovation - Doing
things differently
06
Innovation seldom
means doing
different things,
it means doing
things differently
waterproofing
solutions,
07
People + Passion
= Possibilities
08
When
one
combines
people
and
passion.
Thus,
the
Company
09
10
11
12
25.9
1,950.9
26.1
212.3
27.1
223.1
Finance Costs
Depreciation
177.1
47.7
2,050.2
1,671.2
0.01:1
52,559
39.6
2,105.0
1,893.8
0.01:1
77,820
Fixed Assets
Investments
5,555
87,997
5,897
54,813
5,236
31.5
460.0
10.9
47,139
0.02:1
872.5
2,154.4
54.1
143.3
2,926.3
95.9
38.1
54.0
1,050.0
16.9
1,515.9
11.2
16.9
1,515.9
127.0
30.6
1,673.4
25.1
2,249.4
57.6
5,163.4
12.5
8,960.1
10,405.0
2012-2013^
60,537
4,937
25.9
400.0
10.0
31,056
0.07:1
913.8
1,611.9
168.2
80.8
2,391.9
95.9
42.9
59.3
958.4
17.1
1,362.9
21.4
17.1
1,362.9
99.5
30.8
1,493.2
23.4
1,866.1
59.6
4,746.3
25.7
7,964.2
9,064.3
2011-2012^
59,280
4,640
20.6
320.0
8.1
24,238
0.03:1
1,034.8
1,096.9
65.7
75.5
1,879.4
95.9
43.9
62.1
775.2
17.7
1,122.3
4.0
17.7
1,122.3
94.5
15.4
1,232.2
24.2
1,532.0
57.6
3,646.9
23.4
6,336.1
7,202.0
2010-2011^
48,290
4,382
16.2
270.0
*8.1
19,593
0.04:1
703.7
1,088.2
68.6
47.9
1,461.3
95.9
58.4
78.2
774.5
21.5
1,104.7
25.5
95.6
21.0
1,079.2
60.7
13.8
1,153.7
24.8
1,275.0
55.3
2,840.2
20.0
5,134.1
5,753.5
2009-2010
49,074
4,260
11.4
175.0
*3.8
7,539
0.07:1
234.8
711.8
74.5
47.9
998.6
95.9
35.8
51.3
362.4
12.8
545.9
(5.9)
(2.0)
12.9
551.8
57.2
10.4
619.4
25.8
1,103.8
60.9
2,606.9
24.9
4,278.7
5,003.4
2008-2009
47,573
3,924
9.7
170.0
3.9
11,510
0.09:1
422.9
539.2
94.7
31.5
832.6
95.9
44.9
60.5
375.2
16.4
563.2
36.7
16.4
563.2
43.8
8.3
615.2
26.5
908.0
57.1
1,956.1
21.2
3,426.5
4,062.8
2007-2008
49,032
3,868
7.8
130.0
2.8
7,336
0.17:1
334.4
346.5
125.7
22.1
648.2
95.9
39.8
52.9
272.0
14.6
412.0
22.1
14.6
412.0
45.4
6.9
464.3
26.1
736.7
58.7
1,660.7
21.6
2,827.0
3,360.7
2006-2007
48,820
3,681
6.5
125.0
*2.0
6,178
0.15:1
274.6
324.7
91.1
28.5
526.4
95.9
31.3
49.7
186.8
13.1
303.9
(33.6)
22.9
14.5
337.5
45.5
3.8
386.8
26.5
616.5
58.2
1,351.7
18.7
2,324.3
2,777.4
2005-2006
(` in Crores except per share data, numbers of employees, numbers of shareholders and ratios)
Number of Shareholders
Number of Employees
OTHER INFORMATION
1,47,143
37.5
44.1
Dividend (%)
*12.2
530.0
*13.8
610.0
Market Capitalisation
Debt-Equity Ratio
167.8
95.9
3,505.0
95.9
Borrowings
Share Capital
35.3
51.7
4,134.3
33.9
CAPITAL ACCOUNT
49.9
16.3
1,169.1
16.6
% to Net Revenue
1,327.4
(9.9)
(13.5)
Exceptional items
1,702.6
13.0
13.7
1,933.6
16.4
16.7
% to Net Revenue
1,712.5
1,947.1
% to Net Revenue
27.5
57.0
2,197.3
Overheads
% to Net Revenue
2,701.6
5,940.0
6,439.8
Material Cost
55.3
16.3
11.8
3,198.5
10,418.8
11,648.8
12,042.6
13,484.0
2013-2014^
2014-2015^
Gross Revenue
REVENUE ACCOUNT
34.8
265.9
Finance Costs
Depreciation
31.8
1,423.6
0.06 : 1
1,587.8
0.09 : 1
Investments
Debt-Equity Ratio
35.3
11.6
0.07 : 1
778.8
2,456.0
251.0
154.4
3,288.4
95.9
36.3
50.3
1,113.9
15.1
1,655.2
13.8
15.1
1,655.2
154.6
36.7
1,846.5
25.5
2,793.6
58.6
6,413.0
13.6
10,938.6
12,488.1
2012-2013@
28.7
10.3
0.12 : 1
750.7
1,876.1
341.1
92.8
2,652.6
95.9
40.1
54.3
988.7
15.1
1,454.1
15.4
15.1
1,454.1
121.1
41.0
1,616.2
24.2
2,328.2
60.2
5,795.3
24.7
9,632.2
10,778.0
2011-2012@
22.8
8.8
0.11 : 1
922.0
1,316.0
233.4
85.2
2,091.5
95.9
43.3
58.9
843.2
16.3
1,259.7
0.3
16.3
1,259.7
113.1
23.2
1,396.1
24.9
1,919.6
57.9
4,474.6
15.6
7,722.3
8,610.8
2010-2011@
17.8
*8.7
0.13 : 1
624.1
1,280.1
229.2
56.2
1,614.1
95.9
57.4
74.4
835.6
18.8
1,257.0
1.2
103.2
18.8
1,255.9
83.6
28.5
1,367.9
25.4
1,695.6
56.2
3,758.0
22.3
6,680.9
7,314.5
2009-2010#
12.5
*4.1
0.26 : 1
78.4
905.1
308.6
53.3
1,107.3
95.9
36.4
46.5
397.8
11.3
616.9
(1.2)
(3.2)
11.3
618.1
74.4
26.3
718.8
26.1
1,425.5
61.7
3,370.6
24.0
5,463.9
6,229.8
2008-2009
10.2
*4.3
0.28 : 1
276.7
691.7
275.2
39.1
886.5
95.9
46.5
56.3
409.2
14.3
631.4
(6.8)
45.8
14.5
638.3
59.2
21.2
718.6
26.6
1,170.6
58.5
2,577.6
20.1
4,407.2
5,075.9
2007-2008
8.1
*2.9
0.39 : 1
192.7
493.2
306.2
26.8
681.9
95.9
39.5
45.9
281.0
11.7
430.2
(7.8)
24.9
11.9
437.9
61.1
18.9
518.0
27.0
989.9
59.9
2,199.4
21.5
3,670.0
4,259.9
2006-2007
6.7
*2.2
0.4 : 1
164.1
451.9
261.3
34.1
550.3
95.9
35.0
42.2
212.1
11.4
343.0
(7.6)
18.9
11.6
350.6
60.6
11.4
422.7
27.7
838.3
59.3
1,792.1
17.4
3,021.0
3,510.0
2005-2006
2,491.8
2,610.2
Fixed Assets
*12.7
249.2
418.2
Borrowings
49.4
187.8
179.9
*14.5
95.9
3,943.3
Share Capital
95.9
32.8
47.6
1,218.8
4,646.4
CAPITAL ACCOUNT
45.3
1,395.2
14.4
% to Net Revenue
14.6
(9.9)
(27.6)
Exceptional items
1,834.3
11.4
14.1
2,076.9
14.5
14.8
1,844.2
2,104.4
% to Net Revenue
% to Net Revenue
28.0
57.7
2,405.1
Overheads
% to Net Revenue
3,376.2
7,340.7
7,971.5
Material Cost
56.2
16.2
11.5
3,975.9
12,714.8
14,182.8
14,567.2
16,279.0
2013-2014@
2014-2015@
Gross Revenue
REVENUE ACCOUNT
13
Performance
Highlights
Management
Discussion and Analysis
Serving the
Community
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
1,673
1,493
18.75%
18.86%
2,197
18.68%
1,232
8,960
7,964
13.5%
6,336
Operations growth
10,419
11,649
11.8%
2014-15
2013-14
2012-13
1,733
1,815
1,484
1,280
1,327
1,097
1,050
775
958
PAT
` in Crores
$ 12bn
2011-12
EBITDA
1,169
52.6%
2010-11
2014-15
2013-14
2012-13
2011-12
` 6.1
2010-11
Market Capitalisation
14
2014-15
2013-14
2012-13
2011-12
2010-11
2014-15
2013-14
2012-13
2011-12
2010-11
77,820
47,139
16.5%
54.4%
1.9%
22.1%
31,056
24,238
52,559
13.84
12.19
10.95
Market Capitalisation
` in Crores
8.08
9.99
5.1%
Cost of Goods Sold
Employee Cost
Other Expenses
2014-15
2013-14
2012-13
2011-12
2010-11
2014-15
2013-14
2012-13
2011-12
2010-11
Depreciation
2011
2012
2013
2014
2015
1,057.2
1,009.0
2,101.9
2,012.2
1,965.5
7.0%
1.6%
11.8%
31.0%
6.0
7.9
4.3
5.2
5.9
48.6%
1,833
2,349
2,866
3,362
3,959
62
59
54
52
50
15
Management
Discussion
and Analysis
16
Brand asianpaints
stands for inspiring
dcor and partnering
with consumers
in creating their
beautiful homes
Wood Finishes
In the wood finishes category, the high end
finishes like Polyester and Polyurethane
(PU) launched in collaboration with
Renner Italia of Italy have performed
well across markets. Aquadur, waterbased PU, has been well accepted in the
market. The Company has extended the
concept of inspiration dcor even in the
wood finishes category by launching full
range of clear and opaque colours across
different products and exclusive special
effects in wood and glass coatings.
Wall Coverings
Brand asianpaints stands for inspiring
dcor and partnering with consumers in
creating their beautiful homes. In order to
provide cutting edge inspirational dcor
to consumers, your Company launched
a full range of Wall Coverings under the
brand Nilaya by Royale Play. Nilaya
range of wallpapers has one of the
largest variety compiled in partnership
with the leading manufacturers in
the world and comprises of designer
handcrafted range, paintable range,
thematic collections and decals. Nilaya
17
Performance
Highlights
Management
Discussion and Analysis
Serving the
Community
Boards
Report
Corporate
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Standalone
Financial Statements
Consolidated
Financial Statements
18
9,000
A sharp rise in the number of
in-store colour consultancy
customers to more than 9,000 during
the year
2,000+
Colour consultation customers
at Ezycolour Store, Kolkata
1,25,000+
Customers benefitted across Colour
Ideas Stores
200+
Colour Ideas Stores
30,000+
Colour World dealers across
the country
19
Performance
Highlights
Management
Discussion and Analysis
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Consolidated
Financial Statements
20
An outside view of the new manufacturing facility of Asian Paints (Middle East) LLC,
subsidiary in Sultanate of Oman
INTERNATIONAL OPERATIONS
The overall business conditions for your
Companys International operations
were challenging with many key markets
feeling the impact of subdued growth.
The political turmoil in Egypt, your
Companys largest overseas subsidiary,
stabilized during the year after three years
of instability. However, the depreciation of
the Egyptian Pound in excess of 8% and
shortage of dollars affected operations.
The decline in crude prices in the second
half of the year impacted economic
growth in units in Oman, Bahrain and
Trinidad. The Bangladesh unit witnessed
political unrest beginning January 2015
after being fairly stable for the first three
quarters of the year. After enjoying a
fairly stable political environment and
economy for most part of the year,
the Nepal unit witnessed disturbances
arising out of a political deadlock in
promulgation of the new constitution
starting January 2015. The devastation
brought out by the recent earthquake
in Nepal would have an impact on your
Companys operations in Nepal and
would require sustained efforts to pull
through. The business sentiments in the
Caribbean region were subdued due to
the impact of widespread chikungunya
disease and also on account of drought
in Jamaica.
Memorandum of
Understanding signed with
Government of Andhra
Pradesh for setting up of a
facility for manufacturing of
paints and intermediates
Steps taken for setting
up paint manufacturing
facility and operations as
part of greenfield foray into
Indonesia
Your
Company
expanded
its
international footprint by acquiring a
51% controlling stake in Kadisco Paint
& Adhesive Industry Share Company
(Kadisco), Ethiopia through its wholly
owned subsidiary Berger International
Limited, Singapore in the month of
February 2015. Kadisco is one of
the leading paint companies in
Ethiopia, engaged in manufacturing
and selling of decorative paints,
industrial paints, automotive paints,
other coatings and adhesives in
Ethiopia.
During 2014-15, your Company took
steps for setting up paint manufacturing
facility and operations as part of a
greenfield foray into Indonesia. Your
Company has received approval for
setting up the said manufacturing
facility with a capacity of 24,550 MT
per annum. PT Asian Paints Indonesia
was incorporated as a wholly owned
subsidiary of Berger International Ltd.,
Singapore for the said purpose. Land
for the manufacturing facility is identified
and the process of acquisition of land is
in progress.
During the year, Berger International
Limited, Singapore became a wholly
owned subsidiary of Asian Paints
(International)
Limited,
Mauritius
effective 31st July 2014 on completion of
the selective capital reduction.
Your Company has worked to strengthen
its position in the international
subsidiaries by focusing on key business
enablers such as increasing the reach
in both the general trade network and
Colour World activations, plugging
product portfolio gaps, improving service
levels to the network, driving expansion
in the existing export territories and
ensuring that the Company continues
to drive the culture of customer
centricity through various initiatives.
In February 2015,
your Company
through its wholly
owned subsidiary
Berger International
Limited, expanded its
international footprint
by acquiring 51%
controlling stake
in Kadisco Paint &
Adhesive Industry
Share Company, a
leading paint company
in Ethiopia
21
Performance
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Management
Discussion and Analysis
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Standalone
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Consolidated
Financial Statements
HOME IMPROVEMENT
BUSINESS
Your Companys vision is to move from
being only a paints company to being
a provider of complete dcor solutions
to help customers create their dream
homes.
Your Company embarked on this journey
in 2013-14 with the acquisition of 51%
stake in the Sleek group which caters
to the organized modern kitchen space.
Your Company is taking several initiatives
to streamline the acquired businesses,
bring in operational efficiencies and
improve the scale of business.
The vision moved a step further,
with a foray in the Bath space with
the acquisition of the front end sales
business of Ess Ess Bathroom Products
Private Limited, a quality player in the
bath fittings segment, in June 2014,
along with its brands, network and sales
infrastructure.
Kitchen Business
At Sleek, the two models of business,
providing full kitchen solutions to
consumers and providing storage
accessories
and
components
to
carpenters/contractors for setting up
consumer kitchens, are being taken
forward.
Your Company has added a new range
of hardware to complete the product
portfolio and has expanded the dealer
network for full kitchens and for storage
components, accessories and hardware
in several states. This expansion of
network has tried to leverage the
existing dealer network for paints with
several paint dealers opening stores for
kitchens and components. While this
22
INDUSTRIAL BUSINESS
Automotive Coatings: PPG
Paints Private Limited (PPG-AP)
Asian
23
Performance
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Financial Statements
Members of the Board of Directors and Senior Executives of the Company at the manufacturing facility at Khandala, Maharashtra
OTHERS
The profits from your Companys
manufacturing
operations
for
intermediates - Phthalic Anhydride
and Pentaerythritol, were in line with
expectations. These operations were set
up as backward integration initiatives,
primarily to cater to the in-house demand
for these materials. During the financial
year 2014-15, 69% of Phthalic Anhydride
and 51% of Pentaerythritol produced was
transferred for internal consumption.
During the year, the capacity at the
Pentaerythritol facility at Cuddalore,
Tamil Nadu was increased by 22% to
6720 MT per annum. Energy efficiency
improvement programs implemented
at the Phthalic Anhydride facility earned
the plant recognition from the Indian
Chemical Council (1st prize), Bureau of
Energy Efficiency, Ministry of Power, New
Delhi (Certificate of Merit) and Gujarat
24
HUMAN RESOURCES
One of the principal anchors of
your Companys ability to cope with
challenging business environment is its
strong culture of customer centricity,
innovation and people focus. Your
Company has embarked on several
initiatives to strengthen its Employee
Relations. Your Company has a longstanding practice of developing talent
from within by providing on-the-joblearning opportunities and career
development platforms to all including
front line employees of the organization.
Your Companys commitment to the
development of employees is best
reflected in how individual development
conversations and the People Review
Programs are being institutionalized
INFORMATION TECHNOLOGY
A Diversity
focused initiative
called SWARA, has
been launched to
promote inclusivity
and enable employees
from different
backgrounds, cultures
and life stages to
perform to the best of
their potential
25
Performance
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Consolidated
Financial Statements
RESEARCH AND
DEVELOPMENT
Your Company has laid special emphasis
on R&D and initiated various programs to
accelerate innovation in order to build a
robust new product pipeline for sustained
growth and profitability. Accordingly, the
entire project portfolio of R&D has been
restructured around four technology
horizons to ensure that appropriate focus
and priorities are allocated to defend and
extend existing business as well as create
new business for future growth.
Your Company has formed a seven
member
Technology
Council
comprising of the MD & CEO, PresidentTechnology, Vice President-Technology
and four external members, two each
from India and USA. Three external
members are eminent scientists and
Professors of high repute from academia/
university and the fourth member is an
industry professional and a management
consultant. The Technology Council
acts as a think tank for your Company
in matters related to technology and
will help the company management
to refine its technology plans, help
identifying new business opportunities
based on disruptive technologies,
provide
guidance
in
formulating
strategies for innovation and intellectual
property management, establishing
26
connections
with
academia
and
external partners for collaborative
projects, talent scouting and many
others.
The outcome of all these initiatives
have resulted in accelerated new
product delivery. During 2014-15, your
Company has launched sixteen (16) new
products in the decorative segments
and seven (7) in the industrial segment.
A complete range of products to offer
full solution to tile segment has been
introduced. The entire Royale Play
segment has been made green as per
the requirements of the Green Seal
Standard GS-11. In the industrial
product portfolio, your Company
has successfully launched cellulosic
intumescent coatings in the UAE and
Bahrain market.
Recently, the prestigious high end
premium interior product Royale Aspira
has been approved for GS-11 certification
by US Green Building Council (USGBC)
after an extensive audit of formulation
and manufacturing processes at plant
carried by a team of auditors from
USGBC.
During 2014-15,
your Company has
launched sixteen (16)
new products in the
decorative segments
and seven (7) in the
industrial segment
Performance
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Management
Discussion and Analysis
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Your Company
believes in its ability
to address these
opportunities and
challenges to deliver
strong and consistent
performance in the
coming years
Boards
Report
Corporate
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28
Standalone
Financial Statements
Consolidated
Financial Statements
statements
Discussion
and
in
Management
Analysis
describing
statements
within
Royale Aspira
Royale Sensations
Galaxy
Royale Play
Apcolite Premium
Emulsion
Tractor Emulsion
Tractor Acrylic
Distemper
Exterior Paints
Apex Ultima
Apcolite Satin
Royale Luxury
Apex Duracast
Pebble Tex
Ace Emulsion
Apcolite Gloss
Tractor Enamel
Wood Finishes
Woodtech Insignia
Woodtech PU Palette
Woodtech Polyester
Emporio PU
Woodtech Aquadur PU
29
Serving the
Community
Asian Paints focus on inclusive growth
drives the Company to touch and
improve lives by contributing towards the
communities it operates in. This dedicated
commitment towards inclusive growth
is manifested through your Companys
Corporate Social Responsibility (CSR)
initiatives undertaken around the plant
facilities as well as across many cities in
India. While the conscious endeavour
around the manufacturing areas is to
develop communities through initiatives in
the areas of Education, Health & Hygiene,
and Water Management, your Companys
efforts in cities has resulted in thousands
of painters and contractors benefiting
through our Vocational Training Programs.
CSR EFFORTS AT
MANUFACTURING LOCATIONS
Around the areas of the manufacturing
locations, Asian Paints pursuit of
sustainable development programs
30
5.89
4.40
4.38
Education
Health
Water
Vocational Training
Asian Paints Limited
EDUCATION
Guided by the mantra of evolving lives
through education, your Company
remained steadfast in its effort to provide
better access to education for local
children.
Cognizant that rural areas need
special focus, as awareness level
about the necessity of education is
still low and requisite infrastructure
is absent or poor, your Company
places high priority to the cause of
education in these regions. The
support
provided
at
each
and
every stage of childs educational
cycle has not only enabled to improve
literacy levels in various sections
of the society but has also improved
retention.
Salient measures undertaken:
including
Emphasis
on holistic development
by encouraging participation in
sports,
promoting
personality
development, conducting English
speaking classes, teaching selfdefence techniques, etc.
Training
girls
in
self-defence
techniques
Conducting
health check-up to
increase awareness on good health
Engaging with teachers and parents Adopting Centre Arpan which looks
to make education exciting and
interesting
31
Performance
Highlights
Management
Discussion and Analysis
Serving the
Community
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Partnering
with
non-profit
organisations to support health
and hygiene awareness, treatment
programs
Ongoing
Regular
free
medical
camps
providing diagnosis, treatment and
medicines
Setting
up
and
rehabilitation centres
managing
Promoting
awareness
about
sanitation and constructing toilets
WATER MANAGEMENT
Your
Company
recognises
the
importance of water management
stewardship in pursuit of its goal of
environment sustainability. Several water
conservation and harvesting initiatives
have been undertaken by your Company
to enhance its positive water footprint.
Installation
Promoting
integrated watershed
development in areas around
manufacturing locations
32
Boards Report
Dear Members,
Your Directors have pleasure in presenting the 69th Annual Report of your Company for the financial year ended 31st March, 2015.
FINANCIAL RESULTS
The financial performance of your Company for the year ended 31st March, 2015 is summarized below:
(` in crores)
Standalone
Year ended Year ended
31.03.2015 31.03.2014
Consolidated
Growth Year ended Year ended
(%) 31.03.2015 31.03.2014
Growth
(%)
11,648.83
10,418.78
11.8
14,182.81
12,714.81
11.5
2,197.34
1,950.93
12.6
2,405.12
2,132.11
12.8
27.13
26.08
34.76
42.22
223.11
212.32
265.92
245.66
1,947.10
1,712.53
13.7
2,104.44
1,844.23
14.1
13.53
9.96
27.57
9.96
1,933.57
1,702.57
13.6
2,076.87
1,834.27
13.2
606.17
533.51
649.54
571.51
1,327.40
1,169.06
13.5
1,427.33
1,262.76
32.18
43.95
1,327.40
1,169.06
13.5
1,395.15
1,218.81
1,000.00
1,000.00
1,000.00
1,000.00
2,327.40
2,169.06
2,395.15
2,218.81
172.66
105.51
172.66
105.51
412.46
402.86
412.46
402.86
Less : Depreciation
Profit Before Exceptional Items & Tax
Exceptional Items
Profit Before Tax
Less : Tax Expense
Profit After Tax
Less: Minority Interest
Dividend Interim
Proposed Final
13.0
14.5
Tax on Dividend
112.95
82.02
112.95
82.02
629.33
578.67
697.08
628.42
1,000.00
1,000.00
1,000.00
1,000.00
33
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
CONSOLIDATED ACCOUNTS
The consolidated financial statements of your Company for
the financial year 2014-15, are prepared in compliance with
applicable provisions of the Companies Act, 2013, Accounting
Standards and Listing Agreement as prescribed by the Securities
and Exchange Board of India (SEBI). The consolidated financial
statements have been prepared on the basis of audited financial
statements of the Company, its subsidiary and associate
companies, as approved by their respective Board of Directors.
SUBSIDIARIES
A separate statement containing the salient features of
financial statements of all subsidiaries of your Company forms
part of consolidated financial statements in compliance with
Section 129 and other applicable provisions, if any, of the Companies
Act, 2013. The financial statements of the subsidiary companies and
related information are available for inspection by the members at
the Registered Office of your Company during business hours on all
days except Saturdays, Sundays and public holidays upto the date
of the Annual General Meeting (AGM) as required under Section 136
of the Companies Act, 2013. Any member desirous of obtaining a
copy of the said financial statements may write to the Company
Secretary at the Registered Office of your Company. The financial
statements including the consolidated financial statements, financial
statements of subsidiaries and all other documents required to be
attached to this report have been uploaded on the website of your
Company (www.asianpaints.com).
The financial performance of each of the subsidiaries and
joint venture companies included in the consolidated financial
statements of your Company is set out in the Annexure [A] to
this Report. Additional details of the performance and operations
of the subsidiaries and joint venture companies along with details
of the acquisitions and investments made by your Company and
its subsidiaries during the financial year in Ethiopia, Indonesia
and acquisition of Bath business are set out in the Management
Discussion and Analysis which also forms part of this Report.
34
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
DIVIDEND
During the financial year 2014-15, your Company declared and
paid an interim dividend of ` 1.80 (Rupee one and paise eighty
only) per equity share of the face value of ` 1 (Rupee one) each
in the month of September, 2014. In addition, your Directors
recommend payment of ` 4.30 (Rupees four and paise thirty
only) per equity share of the face value of ` 1 (Rupee one) each
as final dividend for the financial year 2014-15, for the approval
of the shareholders at the ensuing AGM. If approved, the total
dividend (interim and final dividend) for the financial year
2014-15 will be ` 6.10 (Rupees six and paise ten only) per equity
share of the face value of `1 (Rupee one) each as against the
total dividend of ` 5 .30 (Rupees five and paise thirty only) per
equity share of the face value of ` 1 (Rupee one) paid for the
previous financial year 2013-14.
TRANSFER TO RESERVES
Your Company proposes to transfer ` 629.33 crores to the
general reserve. An amount of ` 1,000 crores is proposed to be
retained in the Statement of Profit and Loss.
PUBLIC DEPOSITS
During the financial year 2014-15, your Company has not
accepted any deposit within the meaning of Sections 73 and 74
of the Companies Act, 2013 read together with the Companies
(Acceptance of Deposits) Rules, 2014.
INDUSTRIAL RELATIONS
As informed in the last years Annual Report, your Company
has discontinued manufacturing activities at its plant situated at
Bhandup in Mumbai, Maharashtra with effect from 5th May, 2014.
Shri K.B.S. Anand, Managing Director & CEO and Shri Jayesh
Merchant, CFO & Company Secretary are the Key Managerial
Personnel of your Company in accordance with the provisions
of Sections 2(51), 203 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
35
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
(f)
DECLARATION OF INDEPENDENCE
Your Company has received declarations from all the Independent
Directors confirming that they meet the criteria of independence
as prescribed under the provisions of Companies Act, 2013 read
with the Schedules and Rules issued thereunder as well as Clause
49 of the Listing Agreement.
36
Auditors
At the 68th AGM of your Company, M/s. Shah & Co.,
Chartered Accountants (Firm Registration No. 109430W) and
M/s. B S R & Co., LLP, Chartered Accountants (Firm Registration
No. 101248W/W-100022) were appointed as the Joint Auditors
to hold office till the conclusion of the 69th AGM of your Company.
During the financial year under review, your Company received
a letter from Shri Ashish Shah, Partner, M/s. Manubhai & Shah,
Chartered Accountants (Formerly Partner of M/s. Shah & Co.,
Chartered Accountants) informing that M/s. Shah & Co., Chartered
Accountants had merged with M/s. Manubhai & Shah, Chartered
Accountants with effect from 1st December, 2014. The letter also
stated that on account of the aforesaid merger, M/s. Shah & Co.,
Chartered Accountants, had ceased to exist as an entity under the
regulations issued by Institute of Chartered Accountants of India
(ICAI).
The Board of Directors at its meeting held on 20th December,
2014, on the recommendations of the Audit Committee,
in accordance with the provisions of Section 139 (8) of the
Companies Act, 2013 appointed M/s. B S R & Co. LLP, Chartered
Accountants, remaining Auditor, to continue to act as the sole
Auditor of your Company till the conclusion of the 69th AGM.
The Board places on record its appreciation for the contributions
of erstwhile M/s. Shah & Co., Chartered Accountants during their
tenure as the Auditors of your Company.
M/s. B S R & Co. LLP, Chartered Accountants, who retire at the
ensuing AGM of your Company are eligible for re-appointment.
Your Company has received written consent and a certificate
stating that they satisfy the criteria provided under Section 141
of the Companies Act, 2013 read with the Companies (Audit and
Auditors) Rules, 2014 and that the appointment, if made, shall be
in accordance with the applicable provisions of the Companies
Act, 2013 and rules issued thereunder. As required under Clause
49 of the Listing Agreement, M/s. B S R & Co. LLP, Chartered
Accountants, have also confirmed that they hold a valid certificate
issued by the Peer Review Board of ICAI.
The Audit Committee and the Board of Directors recommend
the appointment of M/s. B S R & Co. LLP, Chartered Accountants,
as the Auditors of your Company for the financial year
2015- 16 till the conclusion of the next AGM. The Auditors Report
for the financial year 2014-15, does not contain any qualification,
reservation or adverse remark.
Cost Auditor
The Board of Directors had appointed M/s. RA & Co., Cost
Accountants, as the Cost Auditor of your Company for the
financial year 2014-15 to conduct the audit of the cost records
of your Company.
As per Section 148 and other applicable provisions, if any, of the
Companies Act, 2013 read with Companies (Audit and Auditors)
Rules, 2014, the Board of Directors of your Company has
appointed M/s. RA & Co., Cost Accountants as the Cost Auditor
for the financial year 2015-16 on the recommendations made by
the Audit Committee. The remuneration proposed to be paid to
the Cost Auditor, subject to the ratification by the members at the
ensuing AGM, would be not exceeding `4,50,000 (Rupees four
lakhs and fifty thousand only) excluding taxes and out of pocket
expenses, if any.
Your Company has received consent from M/s. RA & Co., Cost
Accountants, to act as the Cost Auditor of your Company for the
financial year 2015-16 along with a certificate confirming their
independence.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act,
2013 read with the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, your Company has
appointed Dr. K.R. Chandratre, Practicing Company Secretary to
conduct the Secretarial Audit of your Company. The Secretarial
Audit Report is annexed herewith as Annexure - [C] to this
Report. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.
Name of entity
Amount as at
31st March,
2015
0.01
0.03
0.50
30.45
113.07
0.12
15.55
0.05
119.48
81.43
30.47
0.50
41.30
0.12
0.01
433.09
37
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Amount
as at
1st April,
2014
14.42
Amount
as at
18th May,
2015
0.10
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business
and is committed to managing the risks in a proactive and
efficient manner. Your Company periodically assesses risks in
the internal and external environment, along with the cost of
treating risks and incorporates risk treatment plans in its strategy,
business and operational plans.
Your Company, through its risk management process, strives to
contain impact and likelihood of the risks within the risk appetite
as agreed from time to time with the Board of Directors.
As per the requirements of Clause 49 of the Listing Agreement,
your Company has constituted a Risk Management Committee
to oversee the risk management efforts in the Company under
the Chairmanship of Shri M.K. Sharma, Independent Director.
The details of the Committee along with its charter are set out
in the Corporate Governance Report forming part of this Report.
During the financial year 2014-15, the Board of Directors have
approved the risk management policy and the risk appetite
for your Company as proposed by the Management and
recommended by the Risk Management Committee.
There are no risks which in the opinion of the Board threaten the
existence of your Company. However, some of the risks which
may pose challenges are set out in the Management Discussion
and Analysis which forms part of this Report.
VIGIL MECHANISM
Your Company is committed to highest standards of ethical, moral
and legal business conduct. Accordingly, the Board of Directors
38
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
General
a)
b) Your Company does not have any ESOP scheme for its
employees/Directors.
APPRECIATION
Your Directors wish to convey their gratitude and place on record
their appreciation for all the employees at all levels for their hard
work, solidarity, cooperation and dedication during the year.
Your Directors sincerely convey their appreciation to customers,
shareholders, vendors, bankers, business associates, regulatory
and government authorities for their continued support.
39
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
A)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Foreign Subsidiaries
Berger Paints Jamaica Ltd.
Berger Paints Trinidad Ltd.
Berger Paints Barbados Ltd.
Berger Paints Emirates LLC
Asian Paints (Middle East) LLC
Berger Paints Bahrain W.L.L.
SCIB Chemicals S.A.E.
Asian Paints Lanka Ltd.
Asian Paints (Nepal) Pvt. Ltd.
Asian Paints (Bangladesh) Ltd.
Samoa Paints Ltd.
Asian Paints (South Pacific) Ltd.
Asian Paints (Tonga) Ltd.
Asian Paints (S.I.) Ltd.
Asian Paints (Vanuatu) Ltd.
Berger Paints Singapore Pte. Ltd.
Kadisco Paint and Adhesive Industry
Share Company#
PT Asian Paints Indonesia+
Berger International Ltd.
Asian Paints (International) Ltd.
Enterprise Paints Ltd.
Nirvana Investments Ltd.
Universal Paints Ltd.
Lewis Berger (Overseas Holdings) Ltd.
Indian Subsidiaries
Asian Paints Industrial Coatings Ltd.
Sleek International Pvt. Ltd.
Kitchen Grace (India) Pvt. Ltd.
Maxbhumi Developers Ltd.
Multifacet Infrastructure (India) Ltd.
Joint Ventures^
Asian Paints PPG Pvt. Ltd.
PPG Asian Paints Pvt. Ltd.
Faaber Paints Pvt. Ltd.@
PPG Asian Paints Lanka Pvt. Ltd.@
18.
19.
20.
21.
22.
23.
24.
B)
1.
2.
3.
4.
5.
C)
1.
2.
3.
4.
Current
Period
Turnover
Previous
Period
Growth
(%)
101.19
59.49
53.30
222.01
109.13
92.24
428.73
92.22
157.32
268.56
6.79
88.27
7.75
13.86
5.40
93.23
26.99
95.59
60.84
50.44
187.99
96.05
86.89
462.96
84.12
137.94
218.60
6.24
95.90
7.52
16.33
6.61
86.95
NA
5.86
(2.22)
5.67
18.10
13.62
6.16
(7.39)
9.63
14.05
22.85
8.81
(7.96)
3.06
(18.49)
(18.31)
7.22
-
4.32
2.91
4.66
4.56
6.15
12.27
45.42
(1.89)
22.39
12.56
1.02
14.50
1.40
4.90
0.56
(1.36)
7.52
4.44
4.11
4.18
2.62
9.52
12.20
58.69
0.41
23.26
15.25
1.15
14.13
0.89
6.06
1.03
3.07
NA
(2.77)
(29.20)
11.48
74.05
(35.40)
0.57
(22.61)
(3.74)
(17.64)
(11.30)
2.62
57.30
(19.14)
(45.63)
-
3.66
2.18
4.19
4.56
5.44
12.27
31.70
(2.15)
17.55
7.34
0.77
11.85
1.20
4.89
0.56
(1.06)
5.53
3.02
2.87
3.67
2.62
8.44
12.20
43.68
(0.41)
18.20
8.74
0.84
11.55
0.63
6.02
1.03
2.47
NA
21.19
(24.04)
14.17
74.05
(35.55)
0.57
(27.43)
(3.57)
(16.02)
(8.33)
2.60
90.48
(18.77)
(45.63)
-
5.62
NA
6.23
(9.79)
(0.08)
3.40
26.79
*
*
14.11
2.03
NA
19.57
20.46
*
*
6.74
2.58
(82.63)
30.94
109.35
(21.32)
(0.08)
2.67
25.67
*
*
14.11
1.42
NA
19.15
19.05
*
*
6.74
1.81
(86.06)
34.75
109.35
(21.55)
8.28
121.81
9.65
-
8.50
81.08
18.25
-
(2.59)
43.39
(47.41)
-
0.23
(16.73)
2.23
(0.96)
(0.01)
(1.57)
(3.58)
1.99
(0.05)
*
12.06
-
0.38
(16.73)
2.23
(0.96)
(0.01)
(1.72)
(3.71)
0.39
(0.05)
*
471.79
-
289.64
952.88
33.06
3.79
246.79
847.4
32.35
3.72
17.36
12.45
2.22
1.88
(5.57)
67.26
3.56
0.30
(6.3)
36.8
2.22
0.66
82.77
60.36
(54.57)
(5.57)
53.88
2.30
0.18
(6.3)
29.02
1.71
0.43
85.67
34.50
(58.14)
Notes:
1. ^ Considered 100%
2. @ Subsidiaries of PPG Asian Paints Private Limited.
3. * Amount less than ` 1 lakh.
4. Indian rupees equivalent of the foreign currency translated at the exchange rate as at 31st March, 2015 for current period and as at 31st March,
2014 for the previous period.
5. # Amounts for the period 9th February, 2015 to 31st March, 2015. (Refer Note 27 C (c) of Consolidated Financial Statements).
6. + PT Asian Paints Indonesia was incorporated on 23rd December, 2014. (Refer Note 27 C (d) of Consolidated Financial Statements).
7. Figures in brackets indicate de-growth.
40
Total
Remuneration (`)
Ashwin Choksi
3,790,000
7.14
Ashwin Dani
3,785,000
7.13
Abhay Vakil
3,370,000
6.35
61,017,095
114.94
2,920,000
5.50
335,000
0.63
Malav Dani
2,640,000
4.97
Amrita Vakil
2,550,000
4.80
Dipankar Basu
3,420,000
6.44
Mahendra Shah
3,320,000
6.25
Deepak Satwalekar
3,060,000
5.76
375,000
0.71
S. Sivaram
2,500,000
4.71
S. Ramadorai
2,380,000
4.48
M.K. Sharma
3,300,000
6.22
2,450,000
4.62
K.B.S. Anand
Mahendra Choksi
Amar Vakil *
R.A. Shah *
Notes:
1. The information provided above is on standalone basis.
2.* Shri Amar Vakil and Shri R. A. Shah ceased to be Directors of the Company on 26th June, 2014. Accordingly, the remuneration shown above is
for part of the financial year 2014-15.
3. The aforesaid details are calculated on the basis of remuneration for the financial year 2014-15.
4.The remuneration to Directors includes sitting fees paid to them for the financial year 2014-15. The sitting fees were increased from ` 20,000 to
`50,000 for attending Board and Audit Committee meetings and to ` 30,000 for attending other Committee Meetings.
5. Median remuneration of the Company for all its employees is ` 530,865 for the financial year 2014-15.
41
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
B. Details of percentage increase in the remuneration of each Director and CFO & Company Secretary in the financial
year 2014-15 are as follows:
(Amount in `)
Name
2014-15
2013-14
Increase
(%)
Remuneration (in `)
Ashwin Choksi
Director
3,790,000
3,260,000
16
Ashwin Dani
Director
3,785,000
2,675,000
41
Abhay Vakil
Director
3,370,000
1,580,000
K.B.S. Anand
61,017,095
52,141,294
17
Mahendra Choksi
Director
2,920,000
2,220,000
32
Amar Vakil
Director
335,000
1,900,000
Ina Dani
Director
1,100,000
Malav Dani
Director
2,640,000
900,000
Amrita Vakil
Director
2,550,000
Tarjani Vakil
Director
380,000
Dipankar Basu
Director
3,420,000
2,520,000
36
Mahendra Shah
Director
3,320,000
2,360,000
41
Deepak Satwalekar
Director
3,060,000
2,180,000
40
R.A. Shah
Director
375,000
1,980,000
S. Sivaram
Director
2,500,000
1,920,000
30
S. Ramadorai
Director
2,380,000
1,900,000
25
M.K. Sharma
Director
3,300,000
2,060,000
60
Director
2,450,000
Jayesh Merchant
25,406,762
21,610,074
18
Notes:
1. * Percentage increase in remuneration not reported as they were holding Directorship for the part of the financial year 2013-14 and/or 2014-15
and remuneration is proportionately adjusted.
2. The remuneration to Directors includes sitting fees paid to them for the financial year 2014-15. The sitting fees were increased from ` 20,000 to
` 50,000 for attending Board and Audit Committee meetings and to ` 30,000 for attending other Committee Meetings. The commission to the
Directors has been increased commensurate with the increase in the responsibility and accountability of Directors considering their involvement
in strategy, compliances and constant changes in the regulatory environment.
3.
42
The remuneration to Directors is within the overall limits approved by the shareholders.
Increase
(%)
15
972
3237
1688
5897
2014-15 2013-14
As on Increase/
As on
31st March 31st March (decrease)
(%)
2015
2014
59
45
31
77,820
52,559
48
11,649
10,419
Growth
(%)
12
1,947
1,713
14
Note:
1,327
1,169
14
F.
2014-15
861,344
2013-14 Increase
(%)
758,087
14
61,017,095 52,141,294
25,406,762 21,610,074
17
18
43
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
44
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
L.
Statement containing the particulars of employees in accordance with Rule 5 (2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014:
1. List of employees of the Company employed throughout the financial year 2014-15 and were paid remuneration
not less than `60 lakhs per annum:
Name
Designation
Aashish Kshetry
Amit Syngle
Andrew Williams
Anirudha Deshmukh
Remuneration Qualification
(`)
13,728,999 B.E., MMS
8,902,915 B.Tech., PGDM
21,860,968 B.E., MBA
6,125,891 B.Sc., PGD Programme
in Communications
10,398,340 B.E., PGDM
Experience Joining
(years)
Date
26
4-Jun-1992
47
19
12-May-1999
40
27
1-Jun-1990
49
20
23-Dec-2003
43
Wipro Ltd.
19
6-Jun-1996
42
Bhushan Pradhan
6,007,696 B.Sc.
24
10-Jun-2013
48
C.L. Sethunathan
6,902,000 B.Com.
26
18-Jun-1990
48
Enkay Telecommunications
(India) Pvt. Ltd.
Deepak Bhosale
21
3-Jun-1998
43
Harish Lade
22
6-Jun-1996
43
6,220,306 M.Com., CA
13
18-Nov-2002
35
33
3-May-1982
55
I.K. Jaiswal
Jaideep Kanse
20
1-Dec-1997
45
Jalaj Dani*
22
18-Jan-1999
45
Jayesh Merchant
31
1-Nov-2002
57
UTV Software
Communications Ltd.
Joseph Eapen
18
5-Jun-2000
39
6,312,185 B.Tech.
28
28-Mar-1990
52
Jyoti Ltd.
36
1-Jun-1979
60
Kishor Deshmukh
31
1-Jul-1996
54
M.R. Parasuram
28
22-Mar-1988
51
37
17-Sep-1999
59
Manish Choksi#
27
17-Sep-1992
48
Mohan Venkatesh
32
9-Dec-1982
53
6,992,648 B.Sc.
N. Gopalakrishanan
29
1-Jun-1987
52
P. Sridhar
7,020,294 B.Tech.
30
30-Dec-1991
52
P. Sriram
18
12-Jan-1998
41
Pragyan Kumar
19
6-Jun-1996
42
R.J. Jeyamurugan
R.N. Choudhari
24
15-Nov-1991
50
34
11-Jun-1984
56
26
2-Jun-1989
49
Rajesh Menon
21
12-May-1999
43
Rohit Malkani
Marketing Manager
19
21-Jul-2000
41
S. Shekar
Divisional Manager
8,481,110 B.Com.
37
8-Feb-1984
57
27
25-Jan-1993
50
24
18-Mar-1993
45
Mukand Ltd.
28
15-Oct-2013
54
25
2-Jun-1993
46
S. Vasant Kumar
Sameer Salvi
Sanjeev Ahuja
Satish Kulkarni
10,384,993 B.E.
45
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Name
Designation
Sireesh Rao
Marketing Manager
Boards
Report
Corporate
Governance
Business
Responsibility Report
Remuneration Qualification
(`)
6,085,286 B.Sc., PGDBM
Standalone
Financial Statements
Experience Joining
(years)
Date
14
15-Jun-2001
Consolidated
Financial Statements
Sumit Midha
Divisional Manager
19
15-Mar-2000
39
Suneel Alshi
34
22-May-1995
58
Tom Thomas
29
1-Jun-1990
52
34
1-Jan-2004
60
10,874,342 M.Sc., Ph D
V. Ravi
27
1-Aug-1988
50
V. Srivatsan
9,060,057 B.Sc.
28
28-Jun-1987
49
V. Subramanian
Vandan Tarika
34
23-Sep-1985
56
21
4-Jun-1997
42
Bharat Petroleum
Corporation Ltd.
Vijaykumar Bhatt
7,535,898 B.E., ME
30
31-Oct-1988
53
Yogesh Pethkar
16
7-Jul-2003
37
Notes:
1.
* Shri Jalaj Dani is related to Shri Ashwin Dani and Shri Malav Dani, Non-Executive Directors of your Company.
2.
# Shri Manish Choksi is related to Shri Ashwin Choksi and Shri Mahendra Choksi, Non-Executive Directors of your Company.
3. @ The contractual terms of Shri K.B.S. Anand are governed by the resolution passed by the shareholders in the 68th AGM of your Company held on 26th June, 2014.
The remuneration includes commission for the financial year 2013-14 paid during the financial year 2014-15.
4. Except for Shri Jalaj Dani and Shri Manish Choksi, none of the employees mentioned above are related to any of the Directors of your Company within the meaning
of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
5.
None of the employees mentioned above hold more than 2% of the shares of your Company, along with their spouse and dependent children.
6.
All appointments are contractual and terminable by notice on either side.
7. Remuneration includes salary, bonus, commission, various allowance, contribution to provident fund and superannuation fund and taxable value of perquisites but
excluding provision for gratuity and leave encashment.
2. Employees employed for the part of the year and were paid remuneration during the financial year 2014-15 at a rate
which in aggregate was not less than ` 5 lakhs per month:
Name
Designation
Remuneration Qualification
(`)
Ashish Jajoo
Marketing Manager
5,750,901 PGDM
14
15-Jun-2001
38
Emrana Sheikh
22
27-Feb-2015
43
Jaideep Nandi
(w.e.f. 01.08.2014)
7,277,874 B.E.
25
1-Jun-1990
50
N. Subramanian Iyer
34
23-Jun-1986
60
Rajat Avasthi
Marketing Manager
19
6-Jun-1996
42
Vivek Subramanian
(upto 13.06.2014)
7,082,845 B.Tech.
28
11-May-1987
51
Experience Joining
(years)
Date
Notes:
1. None of the employees mentioned above are related to any of the Directors of the Company within the meaning of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
2.
None of the employees mentioned above hold more than 2% of the shares of your Company, along with their spouse and dependent children.
3.
4. Remuneration includes salary, bonus, commission, various allowance, contribution to provident fund and superannuation fund and taxable value of perquisites but
excluding provision for gratuity and leave encashment.
46
(f)
47
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
I further report thatThe Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors
48
Place: Pune
Date: 18th May, 2015
L24220MH1945PLC004598
24
Date
10
Month
1945
Year
49
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
50
Holding/
Company Identification
Number / Global Location Subsidiary/
Number Associate
U24220MH2001PLC133523 Subsidiary
% of Applicable
Shares Section of
Held Companies
Act, 2013
100
2 (87)
U45400MH2007PLC175925 Subsidiary
100
2 (87)
U45209PY2007PLC002057
Subsidiary
100
2 (87)
U31300MH1993PTC070859 Subsidiary
51
2 (87)
U29299PN1998PTC012659 Subsidiary
100
2 (87)
1644 /40
Subsidiary
51
2 (87)
25043556
Subsidiary
100
2 (87)
41467 (826)/2000
Subsidiary
89.78
2 (87)
PB 1218
Subsidiary
99.18
2 (87)
1571133
Subsidiary
49
2 (87)
218/001
Subsidiary
54.07
2 (87)
1000429
Subsidiary
75
2 (87)
01013
Subsidiary
100
2 (87)
100096
Subsidiary
60
2 (87)
70224
Subsidiary
80
2 (87)
1025
Subsidiary
60
2 (87)
Holding/
Company Identification
Number / Global Location Subsidiary/
Number Associate
% of Applicable
Shares Section of
Held Companies
Act, 2013
100
2 (87)
199307986G
Subsidiary
193900021Z
Subsidiary
100
2 (87)
11658-1
Subsidiary
100
2 (87)
45742
Subsidiary
100
2 (87)
2714
Subsidiary
100
2 (87)
1804
Subsidiary
51
2 (87)
B-88(C)
Subsidiary
70
2 (87)
TIN: 0000015683
Subsidiary
51
2 (87)
09.03.1.20.97207
Subsidiary
100
2 (87)
480042
Subsidiary
100
2 (87)
43644
Subsidiary
100
2 (87)
45691
Subsidiary
100
2 (87)
39647
Subsidiary
100
2 (87)
U24200MH1997PTC105961 Associate
50
2(6)
U24110MH2011PTC220557 Associate
50
2(6)
51
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
IV. SHAREHOLDING PATTERN (Equity share capital break-up as percentage to total equity)
A. Category-wise Shareholding:
Category of
Shareholders
A
1)
a.
b.
c.
d.
e.
f.
Demat
Promoters
Indian
Individuals/ HUF
102185327
Central Govt.
State Govt.(s)
Bodies Corporate 404194305
Banks/FI
Any other
(specify)
i. Trusts
Sub-Total (A) (1)
506379632
2) Foreign
a. NRI Individuals
-
b. Other Individuals
c. Bodies Corporate
d. Banks/ FI
e. Any other
(specify)
Sub-Total (A) (2)
Total Shareholding
of Promoter(s)
(A)=(A) (1) + (A) (2) 506379632
B Public Shareholding
1) Institutions
i. Indian
54527378
ii. Overseas
52
Physical
Total
% of
total
shares
Demat
Physical
Total
%
Change
during the
year
% of
total
shares
- 102185327
- 404194305
-
10.65 102208177
42.14 403922685
-
- 102208177
- 403922685
-
10.65
42.11
-
0.00
0.00
0.00
(0.03)
0.00
0.00
- 506379632
253620
52.79 506384482
253620
- 506384482
0.03
52.79
0.03
0.00
- 506384482
52.79
0.00
- 506379632
52.79 506384482
486360
8500
-
9516221
400499
-
0.99
0.04
-
14127527
1436091
-
486360
8500
-
14613887
1444591
-
1.53
0.15
-
0.54
0.11
-
1000
79904923
8.33
68446684
1000
68447684
7.14
(1.19)
2490 172323740
-
17.97 173539850
-
2490 173542340
-
18.09
-
0.12
-
498350 262145383
27.33 257550152
498350 258048502
26.91
(0.42)
5.93
0.24
54590
54581968
5.69
56864091
54110
56918201
Category of
Shareholders
b.
Demat
Physical
Total
Individuals
ii. Individual
Shareholders
holding
nominal share
capital in
excess of ` 1
lakh
c. Others (specify)
i. Non-Resident
10939632 2744830 13684462
Indian
ii. Overseas
Corporate
Bodies
iii. Foreign
Nationals
iv. Clearing
Members
v. Trust
% of
total
shares
Demat
Physical
Total
% of
total
shares
0.98
1.43
7929829
%
Change
during the
year
12.10
0.32
342060
8271889
0.86
(0.12)
11140566 2370190
13510756
1.41
(0.02)
20.30
47.21
0.42
0.00
100.00
0.00
53
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
B. Shareholding of Promoters:
Sr.
No.
Shareholders Name
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
54
Sr.
No.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
Shareholders Name
55
Performance
Highlights
Sr.
No.
Serving the
Community
Management
Discussion and Analysis
Shareholders Name
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
1.09
0.00 10472600
1.09
0.00
0.00
0.00
52.79
0.00
25200
9.82 506384482
0.00
52.79
0.00
6.89
0.00
0.00
* The % of shares pledged/encumbered represents % of shares pledged/encumbered as a % of the total shares of the Company.
The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011.
1.
2.
3.
4.
5.
6.
7.
8.
56
Sudhanava Investments
and Trading Co. Pvt. Ltd.
Date*
Increase/ Reason
Cumulative
(Decrease)
Shareholding during the
in
year (01.014.014 to
shareholding
31.03.2015)
No. of % of total
Shares
Shares
of the
Company
(105500) Transfer
0.00
105500 Transfer
1034107
0.11
4850 Transfer
1589300
0.17
2.97
(5000) Transfer
2230590
0.23
5000 Transfer
5000
0.00
1.96
1.96
18824825
19108760
01.08.2014
05.12.2014
1.96 31.03.2015
1.99 01.04.2014
1.99
1.98
19026760
01.08.2014
28.11.2014
1.98 31.03.2015
9.
Shareholding
Date*
Increase/ Reason
Cumulative
(Decrease)
Shareholding during the
in
year (01.014.014 to
shareholding
31.03.2015)
No. of % of total
Shares
Shares
of the
Company
(18000) Transfer
25200
0.00
(253620) Transfer
0.00
253620 Transfer
253620
0.03
* Date of transfer has been considered as the date on which the beneficiary position was provided by the Depositories to your Company
D. Shareholding pattern of top ten shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. Shareholders Name
No.
1.
Life Insurance
Corporation of India
Shareholding
46839707
Date*
4.88
25.04.2014
20.06.2014
04.07.2014
11.07.2014
15.08.2014
22.08.2014
29.08.2014
05.09.2014
12.09.2014
19.09.2014
17.10.2014
24.10.2014
31.10.2014
07.11.2014
14.11.2014
21.11.2014
28.11.2014
05.12.2014
12.12.2014
16.01.2015
23.01.2015
30.01.2015
06.02.2015
13.02.2015
31.03.2015
Increase/
(Decrease)
in
shareholding
Reason
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
(5000)
(1000)
(10000)
(611)
(135202)
(678180)
(761255)
(1453642)
(1642670)
(210000)
(45583)
(293010)
(789614)
(543397)
(941856)
(313347)
(149074)
(529971)
(30324)
(1496969)
(1804585)
(1513971)
(1206088)
(135307)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
61525363
61524363
61514363
61513752
61378550
60700370
59939115
58485473
56842803
56632803
56587220
56294210
55504596
54961199
54019343
53705996
53556922
53026951
52996627
51499658
49695073
48181102
46975014
46839707
6.41
6.41
6.41
6.41
6.40
6.33
6.25
6.10
5.93
5.90
5.90
5.87
5.79
5.73
5.63
5.60
5.58
5.53
5.53
5.37
5.18
5.02
4.90
4.88
57
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
2.
Boards
Report
Shareholding
Corporate
Governance
Date*
Business
Responsibility Report
Increase/
(Decrease)
in
shareholding
3.
4.
5.
58
Oppenheimer Developing
Markets Fund
46987850
22235219
4610800
16720000
10770000
6842503
Standalone
Financial Statements
Reason
Consolidated
Financial Statements
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
46987850
Nil
movement
during the
year
4.90
4.90
2.32
31.03.2015
01.04.2014
(295802)
(2316261)
(1075641)
(490380)
(134446)
(611122)
(1009314)
(738416)
(1747729)
(356388)
(1351299)
(394566)
(282261)
(617755)
(1147258)
(854527)
(1258239)
(1312602)
(1630413)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
21939417
19623156
18547515
18057135
17922689
17311567
16302253
15563837
13816108
13459720
12108421
11713855
11431594
10813839
9666581
8812054
7553815
6241213
4610800
2.29
2.05
1.93
1.88
1.87
1.80
1.70
1.62
1.44
1.40
1.26
1.22
1.19
1.13
1.01
0.92
0.79
0.65
0.48
0.48
1.74
16.05.2014
23.05.2014
30.05.2014
06.06.2014
08.08.2014
15.08.2014
22.08.2014
29.08.2014
05.09.2014
19.09.2014
30.09.2014
03.10.2014
17.10.2014
24.10.2014
31.10.2014
12.12.2014
19.12.2014
31.12.2014
16.01.2015
31.03.2015
01.04.2014
(378023)
(377000)
(123000)
(599396)
(798992)
(443589)
(450000)
(850000)
(700000)
(750000)
(480000)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
16341977
15964977
15841977
15242581
14443589
14000000
13550000
12700000
12000000
11250000
10770000
1.70
1.66
1.65
1.59
1.51
1.46
1.41
1.32
1.25
1.17
1.12
1.12
0.71
09.05.2014
18.07.2014
25.07.2014
17.10.2014
24.10.2014
31.10.2014
20.02.2015
13.03.2015
20.03.2015
27.03.2015
31.03.2015
31.03.2015
01.04.2014
18.04.2014
25.04.2014
02.05.2014
06.06.2014
13.06.2014
(199280)
(484370)
(144230)
(183294)
(657206)
Transfer
Transfer
Transfer
Transfer
Transfer
6643223
6158853
6014623
5831329
5174123
0.69
0.64
0.63
0.61
0.54
6.
Copthall Mauritius
Investment Ltd.
Shareholding
Increase/
(Decrease)
in
shareholding
Reason
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
19.09.2014
30.09.2014
03.10.2014
10.10.2014
24.10.2014
31.10.2014
07.11.2014
14.11.2014
21.11.2014
31.03.2015
01.04.2014
(791454)
(548416)
(214824)
(263772)
(73812)
(964226)
(713559)
(649500)
(954560)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
4382669
3834253
3619429
3355657
3281845
2317619
1604060
954560
0
0.46
0.40
0.38
0.35
0.34
0.24
0.17
0.10
0.00
04.04.2014
11.04.2014
18.04.2014
25.04.2014
02.05.2014
09.05.2014
16.05.2014
23.05.2014
30.05.2014
06.06.2014
13.06.2014
20.06.2014
30.06.2014
04.07.2014
11.07.2014
18.07.2014
25.07.2014
01.08.2014
08.08.2014
15.08.2014
22.08.2014
29.08.2014
05.09.2014
12.09.2014
19.09.2014
30.09.2014
03.10.2014
10.10.2014
17.10.2014
24.10.2014
31.10.2014
07.11.2014
14.11.2014
21.11.2014
28.11.2014
05.12.2014
12.12.2014
178637
53741
18149
151000
138396
(233)
59400
84626
12512
198805
118524
300
(2766)
44900
13403
(113000)
3200
1200
4650
3200
(16930)
16300
(61024)
89139
(65580)
10191
1400
(2625)
(600)
20020
150076
266211
(30300)
47292
22210
45800
(35022)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
6238618
6292359
6310508
6461508
6599904
6599671
6659071
6743697
6756209
6955014
7073538
7073838
7071072
7115972
7129375
7016375
7019575
7020775
7025425
7028625
7011695
7027995
6966971
7056110
6990530
7000721
7002121
6999496
6998896
7018916
7168992
7435203
7404903
7452195
7474405
7520205
7485183
0.65
0.66
0.66
0.67
0.69
0.69
0.69
0.70
0.70
0.73
0.74
0.74
0.74
0.74
0.74
0.73
0.73
0.73
0.73
0.73
0.73
0.73
0.73
0.74
0.73
0.73
0.73
0.73
0.73
0.73
0.75
0.78
0.77
0.78
0.78
0.78
0.78
Date*
0
6059981
0.00
0.63
59
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
7.
8.
60
Vanguard Emerging
Markets Stock Index
Fund, A Series of
Vanguard International
Equity Index Fund
Boards
Report
Corporate
Governance
Consolidated
Financial Statements
Reason
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
(4874)
107500
(85280)
(6800)
79700
208670
279638
(294856)
6649
(168799)
52300
879
(46053)
(39081)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
7480309
7587809
7502529
7495729
7575429
7784099
8063737
7768881
7775530
7606731
7659031
7659910
7613857
7574776
0.78
0.79
0.78
0.78
0.79
0.81
0.84
0.81
0.81
0.79
0.80
0.80
0.79
0.79
0.79
0.58
19.12.2014
31.12.2014
09.01.2015
16.01.2015
23.01.2015
30.01.2015
06.02.2015
13.02.2015
20.02.2015
27.02.2015
06.03.2015
13.03.2015
20.03.2015
27.03.2015
31.03.2015
01.04.2014
(309230)
(80354)
(183871)
(670729)
(76855)
(527385)
(206586)
(253656)
(70982)
(927249)
(686196)
(624593)
(917953)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
5226409
5146055
4962184
4291455
4214600
3687215
3480629
3226973
3155991
2228742
1542546
917953
0
0.54
0.54
0.52
0.45
0.44
0.38
0.36
0.34
0.33
0.23
0.16
0.10
0.00
0.00
0.56
25.04.2014
02.05.2014
06.06.2014
13.06.2014
19.09.2014
30.09.2014
03.10.2014
10.10.2014
24.10.2014
31.10.2014
07.11.2014
14.11.2014
21.11.2014
31.03.2015
01.04.2014
04.04.2014
11.04.2014
18.04.2014
23.05.2014
11.07.2014
25.07.2014
01.08.2014
22.08.2014
12.09.2014
28.11.2014
05.12.2014
31.12.2014
09.01.2015
25600
31348
4492
11520
22400
25600
40960
16000
17920
17920
16000
(288000)
(26240)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
5436998
5468346
5472838
5484358
5506758
5532358
5573318
5589318
5607238
5625158
5641158
5353158
5326918
0.57
0.57
0.57
0.57
0.57
0.58
0.58
0.58
0.58
0.59
0.59
0.56
0.56
Date*
0
5411398
Standalone
Financial Statements
Increase/
(Decrease)
in
shareholding
Shareholding
7574776
5535639
Business
Responsibility Report
9.
Government of Singapore
Shareholding
Date*
5278918
5398145
5788617
4300000
0.55
0.56
0.60
0.45
16.01.2015
23.01.2015
06.02.2015
13.02.2015
31.03.2015
31.03.2015
01.04.2014
04.04.2014
11.04.2014
02.05.2014
30.05.2014
06.06.2014
13.06.2014
20.06.2014
30.06.2014
04.07.2014
11.07.2014
25.07.2014
01.08.2014
29.08.2014
05.09.2014
12.09.2014
03.10.2014
10.10.2014
17.10.2014
24.10.2014
31.10.2014
07.11.2014
21.11.2014
28.11.2014
05.12.2014
12.12.2014
19.12.2014
31.12.2014
16.01.2015
23.01.2015
06.02.2015
13.02.2015
20.02.2015
06.03.2015
27.03.2015
31.03.2015
01.04.2014
08.08.2014
12.09.2014
19.09.2014
21.11.2014
Increase/
(Decrease)
in
shareholding
Reason
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
(11520)
(10880)
(3200)
(12800)
(9600)
Transfer
Transfer
Transfer
Transfer
Transfer
5315398
5304518
5301318
5288518
5278918
0.55
0.55
0.55
0.55
0.55
155748
(99987)
(103127)
(82094)
(80515)
(991682)
(14275)
(29412)
(10334)
(2842)
150413
12403
(35771)
(38384)
2875
20361
36614
(2969)
(2322)
62731
124728
(3810)
109761
217174
9425
(4504)
(25762)
88849
57299
(587361)
1209536
221418
4892
21396
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
5553893
5453906
5350779
5268685
5188170
4196488
4182213
4152801
4142467
4139625
4290038
4302441
4266670
4228286
4231161
4251522
4288136
4285167
4282845
4345576
4470304
4466494
4576255
4793429
4802854
4798350
4772588
4861437
4918736
4331375
5540911
5762329
5767221
5788617
0.58
0.57
0.56
0.55
0.54
0.44
0.44
0.43
0.43
0.43
0.45
0.45
0.44
0.44
0.44
0.44
0.45
0.45
0.45
0.45
0.47
0.47
0.48
0.50
0.50
0.50
0.50
0.51
0.51
0.45
0.58
0.60
0.60
0.60
(25000)
(39542)
(10458)
(90000)
Transfer
Transfer
Transfer
Transfer
4275000
4235458
4225000
4135000
0.45
0.44
0.44
0.43
61
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
4592000
4238058
4481021
Consolidated
Financial Statements
Reason
Cumulative
Shareholding during
the year (01.04.14
to 31.03.15)
No. of % of total
Shares
Shares
of the
Company
(35000)
(100000)
(151956)
(38044)
Transfer
Transfer
Transfer
Transfer
4100000
4000000
3848044
3810000
0.43
0.42
0.40
0.40
0.40
0.00
28.11.2014
20.03.2015
27.03.2015
31.03.2015
31.03.2015
01.04.2014
0.58
0.41
11.04.2014
18.04.2014
25.04.2014
02.05.2014
09.05.2014
16.05.2014
23.05.2014
30.05.2014
06.06.2014
13.06.2014
20.06.2014
30.06.2014
04.07.2014
31.03.2015
01.04.2014
150266
52000
930000
597000
272625
81962
134000
390412
906515
533515
25585
794175
718350
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
150266
202266
1132266
1729266
2001891
2083853
2217853
2608265
3514780
4048295
4073880
4868055
5586405
0.02
0.02
0.12
0.18
0.21
0.22
0.23
0.27
0.37
0.42
0.42
0.51
0.58
0.48
0.44
03.10.2014
10.10.2014
09.01.2015
13.02.2015
27.02.2015
06.03.2015
31.03.2015
01.04.2014
400000
400000
720000
(320000)
(200000)
(375000)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
4367000
4767000
5487000
5167000
4967000
4592000
0.46
0.50
0.57
0.54
0.52
0.48
0.47
30.06.2014
04.07.2014
11.07.2014
18.07.2014
19.09.2014
28.11.2014
12.12.2014
06.03.2015
31.03.2015
7298
24445
125521
20110
38229
67765
30800
(71205)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
4245356
4269801
4395322
4415432
4453661
4521426
4552226
4481021
0.44
0.45
0.46
0.46
0.46
0.47
0.47
0.47
Date*
5586405
3967000
Standalone
Financial Statements
Increase/
(Decrease)
in
shareholding
Shareholding
3810000
0
Business
Responsibility Report
* Date of transfer has been considered as the date on which the beneficiary position was provided by the Depositories to the Company.
62
No. of shares at
the beginning of
the year
(01.04.14)/end
of the year
(31.03.15)
Directors
1. Ashwin Choksi
2.
Ashwin Dani
3.
Abhay Vakil
(w.e.f. 22.07.2014)
% of total
shares
of the
Company
785700
0.08 01.04.2014
785700
2084870
0.08 31.03.2015
0.22 01.04.2014
2084870
28450310
28468310
2196180
0.22 31.03.2015
2.97 22.07.2014
20.03.2015
2.97 31.03.2015
0.23 01.04.2014
2196180
3305510
0.23 31.03.2015
0.34 01.04.2014
3305510
13031170
0.34 31.03.2015
1.36 01.04.2014
13031170
2566680
1.36 26.06.2014
0.27 14.05.2014
4.
Mahendra Choksi
5.
Malav Dani
6.
Amar Vakil
(upto 26.06.2014)
7.
Amrita Vakil
(w.e.f. 14.05.2014)
8.
K.B.S. Anand*
2566680
270
0.27 31.03.2015
0.00 01.04.2014
9.
Dipankar Basu
270
0
0.00 31.03.2015
0.00 01.04.2014
0
0
0.00 31.03.2015
0.00 01.04.2014
0
0
0.00 31.03.2015
0.00 01.04.2014
0
18090
0.00 31.03.2015
0.00 01.04.2014
18090
0
0.00 26.06.2014
0.00 01.04.2014
0
0
0.00 31.03.2015
0.00 01.04.2014
0.00 31.03.2015
14. S. Ramadorai
Increase/ Reason
(Decrease)
in
shareholding
Cumulative
Shareholding during the
year
(01.04.14 to 31.03.15)
No. of
Shares
% of total
Shares
of the
Company
785700
0.08
2084870
0.22
28468310
2.97
2196180
0.23
0 Nil movement
during the year
0 Nil movement
during the year
18000 Transfer
0 Nil movement
during the year
0 Nil movement
during the year
3305510
0.34
0 Nil movement
during the
period
13031170
0.01
0 Nil movement
during the
period
2566680
0.27
0 Nil movement
during the year
270
0.00
0 Nil holding/
movement
during the year
0.00
0 Nil holding/
movement
during the year
0.00
0 Nil holding/
movement
during the year
0.00
0 Nil movement
during the
period
18090
0.00
0 Nil holding/
movement
during the year
0.00
0 Nil holding/
movement
during the year
0.00
63
Performance
Highlights
Serving the
Community
Sr. Name
No.
Management
Discussion and Analysis
Boards
Report
Shareholding
No. of shares at
the beginning of
the year
(01.04.14)/end
of the year
(31.03.15)
0
Corporate
Governance
Date@
0.00 01.04.2014
0.00 31.03.2015
270
0.00 01.04.2014
2.
270
0
0.00 31.03.2015
0.00 01.04.2014
0.00 31.03.2015
Consolidated
Financial Statements
Cumulative
Shareholding during the
year
(01.04.14 to 31.03.15)
% of total
shares
of the
Company
0.00 31.03.2015
0.00 14.05.2014
Jayesh Merchant
Standalone
Financial Statements
Increase/ Reason
(Decrease)
in
shareholding
0
0
Business
Responsibility Report
No. of
Shares
% of total
Shares
of the
Company
0.00
0.00
270
0.00
0.00
0 Nil holding/
movement
during the year
0 Nil holding/
movement
during the
period
0 Nil movement
during the year
0 Nil holding/
movement
during the year
Notes:
@
Date of transfer has been considered as the date on which the beneficiary position was provided by the Depositories to the Company.
* Shri K.B.S. Anand, Managing Director & CEO has been included in the list of Directors as well as KMP.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` in Crores)
Secured
Loans
(excluding
deposits)
Unsecured
Loans
Deposits
Total
indebtedness
10.71
10.71
0.06
(4.06)
(4.00)
36.98
36.98
-
(4.12)
(4.12)
47.69
47.69
0.06
(8.18)
(8.12)
6.71
6.71
32.86
32.86
NIL
39.57
39.57
The above includes interest free loans under Sales Tax deferment schemes of various states as given in Note 4 of standalone financial statements.
64
1.
2.
3.
4.
5.
Name of the
Managing Director
K.B.S. Anand
25,458,500
9,471,395
24,000,000
0.124
2,087,200
61,017,095
964,813,072
* Remuneration paid to the Managing Director is within the ceiling provided under Section 196 of the Companies Act, 2013.
2. Non-Executive/Promoter Directors:
Name of Director
Fee for attending board/
committee meetings
Ashwin Choksi
270,000
Ashwin Dani
450,000
450,000
Abhay Vakil@
Mahendra Choksi
520,000
20,000
Amar Vakil+
Malav Dani
440,000
Amrita Vakil
350,000
Total (2)
Total (1+2)
Commission
Others#
Total
2,600,000
2,400,000
2,600,000
315,000
2,200,000
2,200,000
2,400,000
2,200,000
3,420,000
3,320,000
3,060,000
375,000
2,500,000
2,380,000
3,300,000
2,450,000
20,805,000
Commission
Others#
Total
2,800,000
2,600,000
2,200,000
2,400,000
315,000
2,200,000
2,200,000
720,000
735,000
720,000
-
-
-
-
3,790,000
3,785,000
3,370,000
2,920,000
335,000
2,640,000
2,550,000
19,390,000
40,195,000
192,962,614
65
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
2.
3.
4.
5.
Particulars of Remuneration
Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under Section 17(3) Income-tax Act, 1961
Stock Option
Sweat Equity
Commission
- as % of profit
Others - Contribution to Provident and other funds
Total
22,358,541
1,615,501
1,432,720
25,406,762
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES (under the Companies Act, 2013):
No penalties/punishment/compounding of offences were levied under the Companies Act, 2013.
NA
NIL
Place: Mumbai
Date: 18th May, 2015
66
Ashwin Choksi
Chairman
https://www.asianpaints.com/pdfs/company-info/aboutus/
corporate-citizenship/csr_policy_approved_by_board.pdf
Nature of Directorship
Non-Executive Director/ Promoter
Non-Executive Director/
Independent
Non-Executive Director/Promoter
Managing Director & CEO
67
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
(c) Manner in which the amount spent during the financial year is detailed below:
CSR projects /
activities
Sector in
which the
Project is
covered
Education
Promoting education
by providing
educational materials,
setting up of
libraries, toy libraries,
scholarships, coaching
classes, computer
hardware and software
for smart classes,
building infrastructure
at schools, organising
workshops for
enhancing skills, etc.
Promoting healthcare Health &
Hygiene
and sanitation by
conducting projects
and programs, making
available safe drinking
water to community,
preventive healthcare
and medical camps,
infrastructure
support for cancer
diagnosis, calibration
of healthcare
equipment at hospitals,
construction of sanitary
facilities viz., toilets,
etc.
68
Location where
Amount
project is undertaken:
outlay
State (Local Area/
(budget)
District)
Project /
Program
wise
Tamil Nadu
(Cuddalore, Tiruvallur
District) Maharashtra
(Khandala, Satara
District, Bhandup,
Mumbai District)
Gujarat (Ankleshwar,
Bharuch District),
Uttar Pradesh (Kasna,
Gautam Buddha
Nagar District),
Haryana (Rohtak
District)
Maharashtra
(Khandala, Satara
District), Gujarat
(Ankleshwar, Bharuch
District), Uttar
Pradesh (Kasna,
Gautam Buddha
Nagar District),
Haryana (Rohtak,
District),Tamil Nadu
(Tiruvallur District)
Telangana
(Patancheru, Medak
District)
5.53
4.65
1. Direct 2. Overheads*
Expenditure
4.14
0.20
4.33
0.07
(` in Crores)
Cumulative
Amount
Expenditure spent: Direct
upto the
or through
reporting implementing
period
agency**
4.34
Direct and
through
implementing
agency
4.40
Direct and
through
implementing
agency
CSR projects /
activities
Sector in
which the
Project is
covered
Location where
Amount
project is undertaken:
outlay
State (Local Area/
(budget)
District)
Project /
Program
wise
Vocational Maharashtra
Livelihood
(Mumbai, Nagpur,
enhancement projects Training
Aurangabad &
Program
in the form of basic
Pune District),
and specialized painter
Karnataka (Bengaluru
training programme
District), Telangana
to unemployed
(Hyderabad District),
youth and painting
Tamil Nadu (Chennai
applicators/contractors
District), West Bengal
(Kolkata & Burdwan
District), Gujarat
(Ahmedabad District),
Uttar Pradesh
(Lucknow, Varanasi,
Kanpur, Ghaziabad,
Gorakhpur & Agra
District), Madhya
Pradesh (Jabalpur
& Bhopal District),
Rajasthan (Jaipur
District), Punjab
(Ludhiana District),
Kerala (Kozhikode
District), Odisha
(Bhubaneshwar
District), Uttaranchal
(Dehradun District)
Chandigarh and
Jammu & Kashmir
Water
Tamil Nadu
Ensuring
(Cuddalore, Chennai
environmental
District), Maharashtra
sustainability through
(Khandala, Satara
water recharge &
District), Gujarat
conservation projects,
(Ankleshwar, Bharuch
rain water harvesting,
District), Uttar
water - desilting
Pradesh (Kasna,
and reclamation in
Gautam Buddha
villages, Integrated
Nagar District),
Haryana (Rohtak
Water Resources
District), Telangana
Management in
(Patancheru, Medak
Community Watershed
District)
TOTAL
*
**
8.00
1. Direct 2. Overheads*
Expenditure
5.48
0.41
(` in Crores)
Cumulative
Amount
Expenditure spent: Direct
upto the
or through
reporting implementing
period
agency**
5.89
Direct
Direct and
through
implementing
agency
5.09
4.11
0.27
4.38
23.27
18.06
0.95
19.01
69
Performance
Highlights
6.
70
Serving the
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Discussion and Analysis
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Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
K.B.S. Anand
Managing Director & CEO
Mahendra Choksi
Chairman
CSR Committee
Place: Mumbai
Date: 18th May, 2015
3. Lighting :
71
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Consolidated
Financial Statements
Solar energy:
TECHNOLOGY ABSORPTION
72
Propex Matt
73
Performance
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Discussion and Analysis
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Report
74
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
D) The expenditure
Development
incurred
on
Research
and
(` in crores)
Particulars
Capital
Recurring
Total
2014-15
8.57
63.07
71.64
2013-14
4.48
52.12
56.60
ON
CORPORATE
GOVERNANCE FRAMEWORK
Your Companys Governance structure consists of Board of
Directors, its Committees and the Management.
Board Structure:
Board Leadership: Your Company has a well-balanced Board of
Directors with members from diverse backgrounds who have years
of experience and expertise in various fields. Out of 14 members
on the Board, 7 are Independent Directors who are well known
for their wealth of experience, high standards of governance and
independence. 6 out of 14 members are Non-Executive/Promoter
Directors. The Managing Director & CEO is responsible for the
overall management of the affairs of the Company under the
supervision of the Board of Directors. The Board over the period
of years, has created a culture of leadership to provide longterm vision and policy approach to improve performance and
quality of governance in your Company. It has played a primary
role in providing strategic direction to the management coupled
with giving responsibility and accountability to deliver value with
highest level of transparency and integrity.
Board Committees: Committees have been constituted
by the Board with specific terms of reference and have an
optimum representation of Board members. These Committee
members meet at such frequency as is necessary to address the
responsibilities and tasks assigned to them. Presently there are
six (6) Committees of the Board viz., Audit Committee, Nomination
and Remuneration Committee, Stakeholders Relationship
Committee, CSR Committee, Shareholders Committee and Risk
Management Committee.
Management Structure:
Your Company has a management structure which is divided into
Executive Council (EC) and Operating Council (OC). This has
brought comprehensive perspective, agility and responsiveness
within the organisation and built the existing capabilities to
enhance value creation.
Managing Director & CEO: The Managing Director & CEO
is responsible for the overall management of the affairs of the
Company under the supervision of the Board. He drives the
initiatives as approved by the Board of Directors of the Company
and provides direction to achieve the same.
Executive Council (EC): This Council is led by the Managing
Director & CEO and consists of Business heads who are in
charge of the different functions in the organisation such as
the Sales & Marketing, Supply Chain, Research & Technology,
Finance, Information Technology, International Operations,
Home Improvement, Industrial Business, Human Resources and
Chemical Business. It is in charge of driving strategic initiatives
of the Company, reviewing the overall performance including
risk management, compliance and taking decisions on major
investments of the Company. The EC meets on a regular basis to
deliberate and discuss on various matters including effectiveness
of the businesses/functions reporting to them. The members of
the EC report to the Managing Director & CEO.
Operating Council (OC): This Council consists of heads of
businesses/functions within the Company who report to the
EC members. The OC members meet at frequent intervals to
discuss and deliberate on the day to day operating efficiency and
effectiveness. They meet and discuss issues on improvement
initiatives in various areas like quality, cost efficiency, building
capabilities, improving responsiveness and responsibility towards
customers and other stakeholders.
This governance structure has led to higher level of integration
and cohesion within your Company, while continuing to enhance
your Companys ability to respond to emerging challenges.
BOARD OF DIRECTORS
Composition:
The composition of the Board is in conformity with Clause 49
of the Listing Agreement as well as the Companies Act, 2013.
The Company has a Non-Executive Chairman and an optimum
representation of Independent Directors on the Board of
Directors of the Company.
75
Performance
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Management
Discussion and Analysis
Boards
Report
No. of Directors
Non-Executive/Independent Directors
Non-Executive/Promoter Directors
Executive Director
(Managing Director & CEO)
Total
14
Independent Directors:
Your Company has at its last Annual General Meeting (AGM)
held on 26thJune, 2014, appointed Shri Dipankar Basu, Shri
Mahendra Shah, Shri Deepak Satwalekar, Dr. S. Sivaram, Shri
S. Ramadorai, Shri M. K. Sharma and Mrs. Vibha Paul Rishi as
Independent Directors pursuant to Sections 149, 152, Schedule
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
The details of nature of Directorships, relationship inter-se, number of directorships and committee chairmanships/ memberships held
by them in other public companies are detailed below:
Name of the
Director
Nature of Directorship
Ashwin Choksi
Ashwin Dani
Abhay Vakil
Non-Executive Director/ Promoter
(w.e.f. 22nd July, 2014)
K.B.S. Anand
***
Mahendra Choksi
Malav Dani
NA
NA
NA
Amrita Vakil
Dipankar Basu
Deepak Satwalekar
NA
NA
NA
S. Sivaram
Mahendra Shah
S. Ramadorai
M. K. Sharma
* Excludes directorship in Asian Paints Limited. Also excludes directorship in private limited companies, foreign companies, companies incorporated
under Section 8 of the Companies Act, 2013 and Alternate Directorships
** For the purpose of considering the limit of committee memberships and chairmanships of a Director, Audit Committee and Stakeholders
Relationship Committee of public limited companies have been considered
*** No inter se relationship with any of the Directors of the Company
76
Ashwin Choksi
Ashwin Dani
Abhay Vakil
(w.e.f. 22nd July, 2014)
K.B.S. Anand
Mahendra Choksi
Malav Dani
Amar Vakil
(up to 26th June, 2014
Amrita Vakil
Dipankar Basu
Deepak Satwalekar
R. A. Shah
(up to 26th June, 2014)
S. Sivaram
Mahendra Shah
S. Ramadorai
M. K. Sharma
Vibha Paul Rishi
Board
Attendance
Meeting details at last AGM
Held Attended
7
6
Yes
7
7
Yes
7
5
NA
7
7
7
7
7
7
7
1
Yes
Yes
Yes
No
7
7
7
7
7
6
6
1
Yes
Yes
Yes
Yes
7
7
7
7
7
6
7
3
7
5
Yes
Yes
Yes
Yes
Yes
The shareholding of the Non-Executive Directors of the Company as on 31st March, 2015 is as follows:
Name of the Director
Nature of Directorship
Ashwin Choksi
Ashwin Dani
Abhay Vakil
Non-Executive Chairman/Promoter
Non-Executive Vice Chairman/Promoter
Non-Executive Director/Promoter
Mahendra Choksi
Malav Dani
Amrita Vakil
Dipankar Basu
Deepak Satwalekar
S. Sivaram
Mahendra Shah
S. Ramadorai
M. K. Sharma
Vibha Paul Rishi
Non-Executive Director/Promoter
Non-Executive Director/Promoter
Non-Executive Director/Promoter
Non-Executive Director/Independent
Non-Executive Director/Independent
Non-Executive Director/Independent
Non-Executive Director/Independent
Non-Executive Director/Independent
Non-Executive Director/Independent
Non-Executive Director/Independent
* As per the declarations made to the Company by the Directors as to the shares held in their own name or held jointly as the first holder or held on
beneficial basis as the first holder.
Shri K.B.S. Anand, Managing Director & CEO holds 270 equity shares of the Company as on 31st March, 2015.
Board Procedures
The Board meets atleast once in a quarter to review financial
results and operations of the Company. In addition to the
above, the Board also meets as and when necessary to address
specific issues concerning the businesses of your Company. The
tentative annual calendar of Board Meetings for the ensuing year
is decided in advance by the Board.
Annual Report 2014-15
77
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Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
The Companies Act, 2013 read with the relevant rules issued
thereunder, now facilitate conducting meetings of Board and
its Committees through permitted audio-visual means or videoconferencing. Accordingly, during the year, the Board members
were, in accordance with the provisions of the Companies Act,
2013 and the Companies (Meetings of Board and its Powers)
Rules, 2014, provided with an option to participate at Board
Meetings through video conferencing mode except in respect
of those meetings wherein transactions are not permitted to be
carried out by way of video-conferencing.
The proceedings of each meetings of the Board and its
Committees are captured in accordance with the provisions of
the Companies Act, 2013 and Companies (Meetings of Board
and its Powers) Rules, 2014.
Familiarisation Programme
Your Company has put in place a structured induction and
familiarisation programme for all its Directors including the
Independent Directors. The Company through such programme
familiarizes not only the Independent Directors but any new
appointee on the Board, with a brief background of the
Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business
model, operations of the Company, etc. They are also informed
of the important policies of the Company including the Code of
Conduct for Board Members and Senior Management Personnel
78
Audit Committee
1.
b.
c.
e.
Nature of
Membership
Chairman
Member
Member
Member
Meeting details
Held Attended
9
9
9
9
9
9
9
4
c.
79
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Business
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Standalone
Financial Statements
Consolidated
Financial Statements
and
risk
The Audit Committee during the year has approved the overall
framework for RPTs, the Policy on dealing with the RPTs, the
Policy on materiality of RPTs and the criteria for granting omnibus
approval in line with the policy of dealing with RPTs in accordance
with provisions of the Companies Act, 2013 and/or Clause 49 of
the Listing Agreement. The Committee also reviews the internal
financial controls.
2.
Nature of
Membership
Chairman
Member
Member
Member
Meeting details
Held
Attended
4
3
4
4
4
4
4
4
7.
81
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Discussion and Analysis
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82
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Details of the remuneration paid to the Directors of the Company for the financial year ended 31st March, 2015 are as follows:
(Amount in `)
Name of the Director
Ashwin Choksi
Ashwin Dani
Abhay Vakil#
K.B.S. Anand
Mahendra Choksi
Malav Dani
Amar Vakil+
Amrita Vakil
Dipankar Basu
Deepak Satwalekar
R.A. Shah@
S.Sivaram
Mahendra Shah
S.Ramadorai
M.K. Sharma
Vibha Paul Rishi
Salary
1,65,60,000
Perquisites*
7,20,000
7,35,000
7,20,000
2,04,57,095
Sitting fees
2,70,000
4,50,000
4,50,000
5,20,000
4,40,000
20,000
3,50,000
8,20,000
4,60,000
60,000
3,00,000
9,20,000
1,80,000
9,00,000
2,50,000
Commission
28,00,000
26,00,000
22,00,000
2,40,00,000
24,00,000
22,00,000
3,15,000
22,00,000
26,00,000
26,00,000
3,15,000
22,00,000
24,00,000
22,00,000
24,00,000
22,00,000
Total
37,90,000
37,85,000
33,70,000
6,10,17,095
29,20,000
26,40,000
3,35,000
25,50,000
34,20,000
30,60,000
3,75,000
25,00,000
33,20,000
23,80,000
33,00,000
24,50,000
* Perquisites in case of Shri Ashwin Choksi, Shri Ashwin Dani and Shri Abhay Vakil, Non-Executive Directors include retiral benefits like pension and
medical reimbursement as per their contracts entered with the Company in their erstwhile capacity as Executive Directors which ended on 31st March,
2009. Perquisites for Shri K. B. S. Anand include Companys contribution to provident fund, super annuation fund, medical and leave travel allowance,
special allowance etc., as well as monetary value of perquisites as per Income Tax rules in accordance with Shri K. B. S. Anands contract with the Company.
# Shri Abhay Vakil was appointed as an Additional Director w.e.f. 22nd July, 2014.
+ Shri Amar Vakil retired as a Director w.e.f. 26th June, 2014.
@ Shri R. A. Shah ceased to be a Director w.e.f. 26th June, 2014.
Your Company has not granted any stock options to any of its Directors.
Nature of
Meeting details
Membership Held Attended
Chairman
2
2
Member
2
2
Member
2
2
Member
2
1
11
11
-
83
Performance
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Discussion and Analysis
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Meeting details
Held
Attended
4
4
4
4
4
4
4
4
2.
3.
Shareholders Committee
During the financial year ended 31st March, 2015, the
Shareholders Committee met eleven (11) times. The composition
of the Shareholders Committee of the Company along with the
details of the meetings held and attended by the members of the
Committee during the financial year ended 31st March, 2015 is
detailed below:
Name of the Member
Ashwin Dani
Ashwin Choksi
Abhay Vakil
(w.e.f. 22nd October, 2014)
K.B.S. Anand
Jayesh Merchant
84
Nature of
Meeting details
Membership Held Attended
Chairman
11
11
Member
11
6
Member
11
5
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Nature of
Membership
Chairman
Member
Member
Member
M. K. Sharma
S. Sivaram
K.B.S Anand
Amit Syngle *
(President Technology,
Sales & Marketing)
Member
P. Sriram *
(General Manager Internal Audit & Risk)
Meeting details
Held
Attended
1
1
1
1
1
1
1
-
Member
Member
11
11
6
11
SUBSIDIARY COMPANIES
During the financial year ended 31st March, 2015, the Company
has entered into RPTs in the ordinary course of business and
on arms length basis; and in accordance with the provisions of
the Companies Act, 2013 read with the Rules issued thereunder,
Clause 49 of the Listing Agreement and the Policy of the Company
on dealing with RPTs. During the financial year ended 31st March,
2015, there are no transactions with related parties which qualify
as a material transaction in terms of the applicable provisions of
Clause 49 of the Listing Agreement. The details of the RPTs are
set out in the Notes to Financial Statements forming part of this
Annual Report.
The details of the remuneration paid to the Key Managerial
Personnel appointed by the Company in accordance with the
provisions of Section 203 of the Companies Act, 2013 is set out
in the Boards Report forming part of this Annual Report.
https://www.asianpaints.com/pdfs/company-info/investors/
policies/policy-materiality-of-subsidiaries.pdf
85
Performance
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Discussion and Analysis
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Corporate
Governance
CEO/CFO CERTIFICATION
As required under Clause 49 (IX) of the Listing Agreement, the
CEO/CFO certificate for the financial year ended 31stMarch,2015,
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Location
Meeting Date
Time
2013-14
3.00 p.m.
No. of special
resolutions set out at
the AGM
1
10.00 a.m.
3.00 p.m.
5
Nil
2012-13
2011-12
All special resolutions set out in the notices for the Annual General
Meetings were passed by the shareholders at the respective
meetings with requisite majority.
Postal Ballot
DISCLOSURES
1.
86
4. Code of Conduct
3. Audit qualifications:
MEANS OF COMMUNICATION
1. Publication of quarterly financial results:
https://www.asianpaints.com/pdfs/company-info/investors/
policies/fair-disclosure-policy.pdf
2. Shareholder Rights:
3. Stock Exchange:
87
Performance
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Discussion and Analysis
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Governance
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Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
6. Reminders to Investors:
88
Financial Calendar
Financial year
Tentative Schedule for declaration of results during the
financial year 2015-16
First Quarter
Second Quarter and Half Yearly
Third Quarter and Nine Months
Fourth Quarter and Annual
(iii) Date of Book closure
(iv) Dividend Payment Date
For interim dividend 2014-15 of ` 1.80 per equity share
declared on 17th September, 2014
For final dividend 2014-15 recommended by the Board of
Directors at its meeting held on 18th May, 2015
(ii)
(v) The details of dividend declared and paid by the Company for the last five years are as below:
Year
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015 (interim)
Percentage (%)
270
320
400
460
530
180
Dividend Amount
(` in crores)
258.9
306.9
383.7
441.2
508.4
172.7
In ` per share
(face value of ` 1 each)*
2.70
3.20
4.00
4.60
5.30
1.80
* The dividend value per share has been adjusted to reflect the sub-division of the face value of the equity shares of the Company
from ` 10 (Rupees ten) to ` 1 (Rupee one) each in 2013-14.
Stock Code
500820
ASIANPAINT
The Company has paid the listing fees to the above Stock Exchange(s) for the financial year 2015-16.
INE021A01026
89
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Discussion and Analysis
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Standalone
Financial Statements
Consolidated
Financial Statements
The monthly high and low prices and volumes of the Companys shares at BSE and NSE for the financial year ended 31st March,
2015 are as under:
Month
High (`)
2014
April
May
June
July
August
September
October
November
December
2015
January
February
March
BSE
Low (`)
Volume
(No. of Shares)
High (`)
NSE
Low (`)
Volume
(No. of Shares)
549.65
565.00
596.75
647.20
650.10
680.00
672.90
748.25
809.25
495.15
501.30
503.20
565.50
603.00
612.60
623.10
637.20
719.50
11,46,280
20,18,905
25,58,514
19,43,240
15,28,066
27,88,391
21,13,752
27,74,861
28,24,632
550.00
563.90
597.90
649.00
651.65
680.95
673.20
749.20
809.60
494.70
501.75
503.35
565.15
602.00
612.00
621.65
637.00
719.00
1,43,80,333
2,11,94,948
2,61,51,789
1,72,92,754
1,60,11,260
2,71,20,093
2,39,49,258
3,10,04,149
3,01,31,612
922.80
856.00
848.75
747.25
784.65
769.20
50,76,549
41,18,475
23,87,220
922.50
851.10
848.20
747.00
783.40
768.10
4,23,51,677
3,35,71,240
2,37,20,629
The Chart below shows the comparison of your Companys share price movement on BSE vis--vis the movement of the BSE
Sensex for the financial year ended 31st March, 2015 (based on month end closing):
Asian Paints Share Price Movement
1000
30000
900
28000
800
26000
600
24000
500
400
22000
300
Sensex
Asian Paints
700
20000
200
Ap
r-1
4
M
ay
-1
4
Ju
n14
Ju
l-1
4
Au
g14
Se
p14
Oc
t-1
4
No
v14
De
c14
Ja
n15
Fe
b15
M
ar
-1
5
100
Asian Paints
18000
Sensex
(ix) Registrar and Transfer Agent - Sharepro Services (India) Pvt. Ltd.
Unit: Asian Paints Limited
13 AB, Samhita Warehousing Complex, 2nd Floor,
Sakinaka Telephone Exchange Lane, Off. Andheri-Kurla Road,
Sakinaka, Andheri (E), Mumbai 400 072.
Tel No.: 022-67720300/400
Fax No.: 022-2859 1568
E-mail: sharepro@shareproservices.com
Website: www.shareproservices.com
90
The share transfer activities in respect of the shares in physical mode are carried out by the Companys Registrar and Transfer
Agent (RTA). The shares lodged for transfer are processed and share certificates duly endorsed are returned within the stipulated
time, subject to documents being valid and complete in all respects.
The Board of Directors of the Company have delegated the authority to approve the transfer of shares, transmission of shares
or requests for deletion of name of the shareholder, etc., as mentioned in Clause 49 (VIII)(E)(5) of the Listing Agreement to the
designated officials of the Company. The transactions in respect of issue of duplicate share certificates, split, rematerialisation,
consolidation and renewal of share certificates are approved by the Shareholders Committee of the Board of Directors of the
Company.
A summary of all the transfers, transmissions, deletion requests, etc., so approved by the Shareholders Committee are placed
before the Board of Directors from time to time for their review. The Company obtains a half-yearly compliance certificate from
a Company Secretary in Practice as required under Clause 47 (c) of the Listing Agreement and files a copy of the said certificate
with Stock Exchanges.
Shareholders
Number
% to total
Number
% to total
50
75,299
51.17
16,13,333
0.17
51
100
21,723
14.76
18,80,244
0.20
101
200
12,164
8.27
19,46,689
0.20
201
300
5,249
3.57
13,69,507
0.14
301
400
2,668
1.81
9,63,601
0.10
401
500
3,315
2.25
15,96,514
0.17
501
1000
6,531
4.44
51,62,497
0.54
1001
5000
13,240
9.00
3,54,35,704
3.69
10000
4,082
2.77
3,20,22,672
3.34
AND ABOVE
2,872
1,47,143
1.96
100
87,72,07,029
95,91,97,790
91.45
100
UPTO
5001
10001
TOTAL
Shareholding
Total Number of
Shares
% of total no. of
shares
10,22,08,177
10.65
(b)
Bodies Corporate
40,39,22,685
42.11
(c)
Trust
Total Shareholding of Promoter and Promoter Group (A)
2,53,620
50,63,84,482
0.03
52.79
Institutions
(a)
(b)
(c)
Insurance Companies
(d)
1,46,13,887
1.53
14,44,591
0.15
6,84,47,684
7.14
17,35,42,340
25,80,48,502
18.09
26.91
91
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Business
Responsibility Report
Category of Shareholder
(2)
(a)
Bodies Corporate
Individuals
Total Number of
Shares
% of total no. of
shares
5,69,18,201
5.93
11,60,63,960
12.10
82,71,889
0.86
1,35,10,756
19,47,64,806
1.41
20.30
45,28,13,308
47.21
Total (A)+(B)
95,91,97,790
100.00
Consolidated
Financial Statements
Non-Institutions
(b)
(c)
Standalone
Financial Statements
Category-wise shareholding:
Category wise shareholding (%)
Promoters 52.79
Non-resident Individuals 1.41
Individual Shareholders 12.96
Bodies Corporate 5.93
Foreign Institutional Investors 18.09
% of total shares
Number of shareholders
% of total shareholders
98.19
1,39,789
95.00
% of Shares
1,73,53,261
1.81
NSDL
92,33,42,005
96.26
CDSL
1,85,02,524
1.93
95,91,97,790
100
Demat segment
TOTAL
92
NSDL - 96.26
Paint Plants:
Other Plants
93
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Corporate
Governance
Investors who would like to avail NECS facility and are
holding shares in physical form may send in their NECS
Mandate Form, duly filled in to the Companys Registrar
and Transfer Agent, Sharepro Services (India) Private
Limited. The NECS Mandate instruction should be under
the signature of the shareholder(s) as per the specimen
signature lodged with the Company.
Standalone
Financial Statements
Consolidated
Financial Statements
Business
Responsibility Report
Investors holding shares in dematerialized or electronic
form may check the details on record with the concerned
Disclosure in respect of equity shares transferred in the Asian Paints Limited Unclaimed Suspense Account is as
under:
Number of
Shareholders
Number of
Equity Shares
Aggregate number of shareholders and the outstanding shares lying in the Unclaimed
Suspense Account lying as on 1st April, 2014
943
3,04,800
Number of shareholders who approached the Company for transfer of shares and shares
transferred from suspense account during the year
14
12,310
Aggregate number of shareholders and outstanding shares in the suspense account lying as
on 31st March, 2015
929
2,92,490
Particulars
The voting rights on the shares in the suspense account as on 31st March, 2015 shall remain frozen till the rightful owners of such
shares claim them.
94
K.b.s. Anand
Managing Director & Ceo
the Company has obtained from all the members of the Board
and Senior Management Personnel, affirmation(s) that they have
complied with the Code of Conduct for Board Members and Senior
Management Personnel in respect of the financial year ended
31st March, 2015.
Place: Mumbai
Date: 18th May, 2015
Place: Mumbai
Date: 18th May, 2015
K.B.S. Anand
Managing Director & CEO
Jayesh Merchant
Cfo & Company Secretary,
President Industrial JVs
AUDITORS
CERTIFICATE
ON
CORPORATE
GOVERNANCE TO THE MEMBERS OF ASIAN
PAINTS LIMITED under Clause 49(XI)(A) of
the Listing Agreement
We have examined the compliance of conditions of Corporate
Governance by Asian Paints Limited (the Company), for the
year ended 31st March, 2015, as stipulated in Clause 49 of the
Listing Agreement of the Company entered into with the Stock
Exchanges in India.
The compliance of conditions of Corporate Governance is the
responsibility of the Companys management. Our examination
was limited to procedures and implementation thereof, adopted
by the Company for ensuring the compliance of the conditions of
Corporate Governance. It is neither an audit nor an expression of
opinion on the financial statements of the Company.
In our opinion and to the best of our information and according
to the explanations given to us and the representations made by
the directors and the management, we certify that the Company
has complied with the conditions of Corporate Governance as
stipulated in the above mentioned Listing Agreement.
We state that such compliance is neither an assurance as to the
future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the
Company.
For B S R & Co., LLP
Chartered Accountants
Firms Registration No: 101248W/W-100022
Bhavesh Dhupelia
Partner
Membership No: 042070
Place: Mumbai
Date: 18th May, 2015
95
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Group*
201
259
1.
2.
3.
4.
5.
6.
7.
Corporate Identity
Number (CIN)
Name of the
Company
Registered address
L24220MH1945PLC004598
96
Description
Manufacture of paints, varnishes, enamels or
lacquers
Manufacture of surfacing preparations; organic
composite solvents and thinners, and other
related products
ii.
Nil (on a
Description
Manufacture of organic and inorganic chemical
compounds n.e.c.
Manufacture of metal sanitary ware such as
bath, sinks, washbasins and similar articles
7
2
3
124
27
8
6
State
National
International
SECTION B:
COMPANY
FINANCIAL
DETAILS
OF
THE
5. Some of the areas for which expenditure in 4 above have been incurred:
Areas listed under Schedule VII to the Companies Act, 2013 Activities undertaken in the Thrust Areas for the Company
Promoting education, including special education and Education:
employment enhancing vocational skills especially among Creating infrastructure and other facilities for schools
children, women, elderly, and the differently abled and
Developing children holistically
livelihood enhancement projects
Improving the quality of life of children in the village schools
Eradicating hunger, poverty and malnutrition, promoting
Developing teachers capability at schools
preventive health care and sanitation and making available
Promoting education through various means
safe drinking water
Water:
Ensuring environmental sustainability, ecological balance,
protection of flora and fauna, animal welfare, agroforestry, Augmenting rain water harvesting and recharging the water
table
conservation of natural resources and maintaining quality of
Desilting of lakes and ponds.
soil, air and water.
SECTION
D:
INFORMATION
BUSINESS
RESPONSIBILITY
DIN
: 03518282
Name
b. Details of the BR head:
DIN
: NA
Name
: Shri Jayesh Merchant
Designation :
CFO & Company Secretary,
President Industrial JVs
Tel. No.
: 022 3981 8000
E-mail Id
: investor.relations@asianpaints.com
P5
P6
P7
P8
P9
97
Performance
Highlights
Serving the
Community
Sr. Questions
No
Management
Discussion and Analysis
Boards
Report
P4
P5
P6
P7
Y
This forms part
of the Code of
Conduct of your
Company which
is applicable to
all employees.
Y
The policy is
part of your
Companys
Environment,
Health and
Safety (EHS)
Policy.
Y
Your Company
does not have
a specific
policy, however
certain aspect
of this principle
forms part
of the CSR
Policy and the
Consumer
Policy.
Y
This forms
part of the
Code of
Conduct
of your
Company
which is
applicable
to all
employees.
Y
This forms
part of your
Companys
EHS policy.
NA
NA
2.
Has the
Policy being
formulated in
consultation
with the relevant
stakeholders?
Refer Note1
3.
6.
98
Does the
Company have
a specified
committee
of the Board/
Director/Official
to oversee the
implementation
of the policy?
Indicate the link
for the policy
to be viewed
online?
Consolidated
Financial Statements
P3
Y
Certain policies
form part of the
Code of Conduct
for employees.
There are various
policies for the
benefit of the
employees which
are issued by the
Human Resources
function of the
Company from
time to time. The
policies include
Maternity Leave
Policy, Employee
Safety Policy,
Sabbatical Policy for
employees, Group
Mediclaim Policy,
etc.
Y
5.
Standalone
Financial Statements
P2
Do you have a
policy/policies
for....
Business
Responsibility Report
P1
1.
4.
Corporate
Governance
P8
P9
Y
Y
Your
Your
Company has Company
a CSR Policy. has a
Consumer
Policy.
The spirit and content of the Code of Conduct and all the applicable laws and standards are captured in the policies articulated by your Company.
The policies are based on and are in compliance with the applicable regulatory requirements and International Standards. Please refer the detailed
report for more information.
Y
Y
Y
Y
Y
Y
Y
NA
Y
(It is signed
(It is signed
(It is signed by (It is signed
(It is signed by (It is signed (It is signed
(It is signed
the Managing
by the
by the Vice
the Managing by the Vice
by the Vice by the
by the
Director)
Managing
President President President - Managing
Director)
Managing
Director)
Human
Human
Human
Director)
Director)
Resources
Resources
Resources
Function)
Function)
Function)
As a process all the policies are noted by the Board. The Board authorises Senior Officials of the Company to authenticate the policies and make
necessary changes whenever required.
Y
Y
Y
Y
Y
Y
NA
Y
Y
The implementation and adherence to the Code of Conduct for Employees is overseen by the Human Resource and Internal Audit Function
respectively. The Corporate Social Responsibility Policy is administered by the CSR Committee in line with the requirements of the Companies
Act, 2013. The EHS Policy is overseen by the Supply Chain, Manufacturing and the Research & Technology Function. The Company has a
separate Customer Centricity Function which looks at all customer related issues.
https://www.
https://www.
These policies are
https://www.
https://www. https://www. NA https://www.
https://www.
asianpaints.com/ asianpaints.
internal policies and asianpaints.
asianpaints. asianpaints.
asianpaints.
asianpaints.
pdfs/companycom
are not displayed on com/pdfs/
com/pdfs/
com
com/pdfs/
com
info/investors/
the website of the
companycompanycompany-info/
code_of_
Company but have info/aboutus/
info/
aboutus/
conduct.pdf
been displayed on
corporateinvestors/
corporatethe intranet site of
citizenship/
code_of_
citizenship/
the Company
csr_policy_
conduct.pdf
csr_policy_
approved_by_
approved_by_
board.pdf
board.pdf
Sr. Questions
No
7.
P1
P2
P3
P4
P5
P6
P7
P8
P9
NA
NA
NA
NA
Note 1: While there may not be formal consultation with all stakeholders, the relevant policies have evolved over a period of time by
taking inputs from concerned internal stakeholders.
Note 2: While your Company has not carried out independent audit of the policies, the Internal Audit Function periodically looks at
the implementation of the policies.
2a. If answer to Sr. No. 1 against any principle is No, please explain why: (Tick upto 2 options)
Sr.
No.
Questions
p1
p2
p3
p4
p5
p6
p7
p8
p9
1.
2.
3.
4.
5.
6.
99
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
3. Governance related to BR
100
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
https://www.asianpaints.com/pro/product_listing.aspx
2014-15
2013-14
1.07
27.50
1.32
26.60
105.81
1314.85
115.95
1291.88
Your Companys products do not have any significant
impact on energy during usage by the consumer.
Your Company believes that behaviours and practices
throughout the value chain should contribute to
sustainability. As such your Company prefers to enter into
long term commitments with those suppliers who fulfill
their responsibility towards society as well as environment.
Your Company takes initiatives to improve awareness about
legal compliances, to enhance eco-friendly efficiencies and
packaging/logistics improvements at the suppliers end.
Supplier and transporter meets are held on a periodical
basis where your Company engages and encourages them
to undertake sustainable practices across supply chain.
Your Company has strategically designed its distribution
network in order to serve its dealers in the least possible
time and minimize transportation cost. This has resulted
in better warehouse and inventory management. Further,
your Company drives its distribution plan using an ERP
(Enterprise Resource Planning) system to optimize freight
cost. Your Company sources majority of its transport
requirements from local vendors at all locations. These
initiatives on one hand benefits your Company in terms of
time and cost of transportation and on the other support
environment through reduction in fuel consumption and
resultant carbon emission.
Measures for Waste Minimization are undertaken by the
Company in all its factories. Your Company is committed
to adopt best-in-class practices to reduce wastage during
conversion of raw materials to finished goods. These
measures are reviewed by the General Works Manager of
the respective factory/manufacturing facility at a monthly
interval and also by the Vice President of the Supply Chain
function on six-monthly basis. Waste generated during the
production operations is disposed/recycled in compliance
with the applicable environmental laws. Maximum efforts
are made to reduce the quantum of waste-water generated
during cleaning operations in the factories. The trade effluent
generated is treated in compliance with the applicable
environmental laws and the treated water is recycled
back into the production processes or dischargedfor
landscaping/gardening/horticulture-development purposes.
All plants of your Company are located within State Industrial
Development Corporation areas.
Your Company has begun procuring papers that contain
100% recycled content. With this change, your Company
estimates that about 100 trees will be saved from being cut
every year. Your Company also uses recycled cardboard
cartons (secondary packaging) to pack small sized paintcontainers. The jumbo packaging used for transfer of
101
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Category of Employees
Contracted Work force
Temporary Work force
Number of
Employees
9,345
254
272
2
There are recognized trade unions at the Companys
manufacturing locations and certain sales units are
affiliated to various trade union bodies. Approximately
28% of permanent employees are members of recognized
employee unions.
Your Companys policy prohibits engaging of any child
labour or involuntary labour. Thus, there are no complaints
relating to child labour, forced labour and involuntary labour.
The policies and practices related to or in any way affecting
the human resource have been designed to ensure dignity
and well-being of people engaged within our business as
well as our value chain.
The health and safety of the employees of your Company
is of paramount importance. Your Company has a Policy
on Occupational Health and Safety, to comply with all
applicable health and safety statutory regulations and
ensure zero accidents, zero dangerous occurrences and
zero notifiable diseases. It is governed by an apex body
Safety Council and by plant level and department level
Safety Committees. Your Company is equipped with
dedicated and specially trained professionals responsible
for managing safety aspects along with line management
at plants. Your Company provides regular training to all
employees at plants to safeguard them from any injuries
and accidents. The safety training workshops which are
conducted regularly for employees and workmen are also
extended to applicators.
102
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Your Company has a policy for the prevention of
sexual harassment which has been implemented at
unit level. It ensures prevention and deterrence towards
the commissioning of acts of sexual harassment and
communicates procedures for their resolution and
settlement. A Committee has been constituted in
accordance with the requirements under the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 which ensures
implementation and compliance with the Law as well
as the policy at unit level. During the year the Company
received 2 complaints on sexual harassment and took
necessary steps to resolve and close them in accordance
with applicable laws and guidelines.
Your Company provides welfare facilities like subsidized
food, rest rooms, medical check-up and medical facilities
to all its employees including contract employees working
at plants. Your Company provides Mediclaim facility under
the Group Mediclaim Policy to its employees including
employees at the manufacturing locations (based on
settlement agreements signed by the Company).
At Asian Paints, the Diversity and Inclusion journey was taken
up in the month of March, 2014. A womens network called
Swara was inaugurated, to provide a platform to women
to voice their opinions on gaps in the systems, structures
and processes. Your Company began Diversity & Inclusion
as an area of focus in the previous years. A benchmarking
study was conducted with over 20 industry peers in order to
review best practices that could be replicated in the Company.
Your Company also conducted a diagnostic exercise with a
consultant to facilitate discussion with the senior management
towards a shared understanding of a path forward.
The other employee welfare oriented initiatives taken up
during the year 2014-15 were implementation of Sabbatical
policy, Child Care Support Policy, revision of employee
safety guidelines, inauguration of a creche facility at the
Companys Research & Technology Centre at Turbhe and
organizing workshops on the subject of prevention of sexual
harassment at workplace etc.
Percentage of employees who were given safety & skill
up-gradation training in the last year are:
I
II
III
IV
Permanent Employees
Permanent Women Employees
Casual/Temporary/Contractual Employees
at plants
Employees with Disabilities
74%
64%
100%
100%
Principle 4
Your Company sources manpower for activities like
construction, maintenance etc. in its existing as well as
upcoming plants from local areas. At certain locations,
community development is also done by way of providing
basic educational facilities and skill-sets for maintenance of
livelihood to local population. The details of initiatives taken
by the Company in the area of community development
have been provided in the Corporate Social Responsibility
section of the Annual Report.
The paint manufacturing facilities have established ISO
systems (ISO 9001 and ISO 14001). As part of the ISO
14001 Environment Management system, every factory
monitors the state of the environment inside the factory.
https://www.asianpaints.com/pro/EHSPolicy.aspx
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
104
In line with your Companys commitment to
progressively explore and adopt new technologies,
the waste-management teams have engaged with
different technology-providers. Your Company
has implemented environment-friendly options
for hazardous waste disposal; started sending
hazardous waste from two of its paint manufacturing
facilities to nearby cement kilns, for co-processing.
Co-processing uses hazardous waste as AFR (Alternate
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Your Company is exploring various alternatives to
improve the contribution of renewable energy in our
total energy consumption. A roof-top solar power plant
has been commissioned at the Sriperumbudur factory
during the financial year 2014-15. Furthermore,
the Company has also initiated installation of solar
power plants at the Khandala, Rohtak and Kasna
manufacturing facilities respectively. Commissioning
of these projects is expected to be completed during
the first half of the financial year 2015-16.
Details of the measures taken to conserve energy
forms part of Boards Report in the Annual Report.
Principle 7
Businesses when engaged in influencing public and
regulatory policy, should do so in a responsible manner
Your Companys Code of Conduct lays down that full,
fair, accurate, timely and understandable information
should be shared with the regulatory bodies. Further, the
Communication Policy provides that only authorized and
appropriate officials can interact with public officials. Any
contact between the Company, its representatives and
public officials is required to be done with prior internal
approvals.
Your Company engages with public and regulatory authority
in a responsible manner and all such engagements are
a)
b)
Federation of Indian Chambers of Commerce and
Industry (FICCI)
c)
d)
105
Standalone
Financial Statements
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Act in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2015, and its profit and
its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2015
(the Order), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give in the
Annexure I a statement on the matters specified in paragraphs 3
and 4 of the said Order.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and
the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from
the directors as on 31st March, 2015 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31stMarch, 2015 from being appointed as a director in
terms of Section 164 (2) of the Act.
(f) With respect to the other matters to be included in
the Auditors Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending
litigations on its financial position in its financial statements
Refer Note 24 (a) and 40 to the financial statements;
ii. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses;
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company.
For B S R & Co. LLP
Chartered Accountants
Firms Registration No.: 101248W/W-100022
Bhavesh Dhupelia
Partner
Membership No: 042070
Mumbai
18th May, 2015
107
Performance
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Community
Management
Discussion and Analysis
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Report
Corporate
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Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
(viii) The Company does not have any accumulated losses at the
end of the financial year and has not incurred cash losses in
the financial year and in the immediately preceding financial
year.
(ix) In our opinion and according to the information and
explanations given to us, the Company has not defaulted
during the year in repayment of dues to its financial
institution and bankers. The Company did not have any
outstanding debentures during the year.
(v) The Company has not accepted any deposits from the
public in accordance with the provisions of Sections 73 to
76 of the Act and rules framed thereunder.
(xi) The Company did not have any term loans outstanding
during the year.
108
Nature of dues
Financial Year
Sales Tax
13.94
1.15
2.48
Total (A)
49.18
5.49 Tribunal
17.16
Central Excise Act 1944 Dispute relating F.Y. 1981-83, F.Y. 1994-98 and
to Excise duty
F.Y. 2004-05
1.47
1.46
6.00
F.Y. 1969-73,
F.Y. 1998-99 to 1999-00
0.09
Total (B)
Income Tax
9.02
1.13
49.98
1.03
52.14
13.67
110.34
32.61
109
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
As at
31.03.2015
(` in Crores)
As at
31.03.2014
Balance Sheet
Notes
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserves and Surplus
2
3
95.92
4,134.34
4,230.26
95.92
3,505.01
3,600.93
4
5
6
7
32.09
167.78
85.25
285.12
39.51
177.07
0.12
67.12
283.82
CURRENT LIABILITIES
Trade Payables
Other Current Liabilities
Short Term Provisions
8
9
7
1,313.08
832.71
612.03
2,757.82
7,273.20
1,498.84
785.68
550.60
2,835.12
6,719.87
10 A
10 B
1,886.42
79.07
139.54
2,105.03
775.72
209.54
13.64
1,973.21
38.99
37.95
2,050.15
727.19
94.64
6.60
1,118.06
1,802.18
728.87
61.81
205.43
252.92
4,169.27
7,273.20
943.96
1,665.05
712.36
104.12
239.70
176.10
3,841.29
6,719.87
Total
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Capital work-in-progress
Non-current Investments
Long Term Loans and Advances
Other Non Current Assets
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank balances
Short Term Loans and Advances
Other Current Assets
11
12
17
13
14
15
16
12
17
Total
Notes are an integral part of the financial statements
As per our report of even date
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director
& CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
110
Year
2014-15
(` in Crores)
Year
2013-14
12,878.80
1,393.13
11,485.67
163.16
186.82
11,835.65
11,542.02
1,241.80
10,300.22
118.56
173.66
10,592.44
20A
20B
20C
21
22
6,191.72
380.56
(132.43)
606.94
2,591.52
9,638.31
2,197.34
5,758.71
256.58
(75.34)
482.43
2,219.13
8,641.51
1,950.93
10
23
223.11
27.13
1,947.10
13.53
1,933.57
212.32
26.08
1,712.53
9.96
1,702.57
616.42
(0.96)
(9.29)
606.17
1,327.40
13.84
498.63
1.14
33.74
533.51
1,169.06
12.19
Notes
INCOME
Revenue from sale of goods and services (Net of discounts)
Less: Excise duty
Revenue from sale of goods and services (Net of discounts and excise duty)
Other Operating Revenue
Other Income
TOTAL REVENUE (I)
EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in inventories of finished goods, work-in-progress and stock-in-trade
Employee Benefits Expense
Other Expenses
TOTAL (II)
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (EBITDA) (I) - (II)
Depreciation and Amortisation Expense
Finance Costs
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX
Exceptional Items
PROFIT BEFORE TAX
Less : Tax Expense
Current Tax
(Excess)/Short tax provision for earlier years
Deferred Tax (benefit)/expense
Total Tax Expenses
PROFIT AFTER TAX
Earnings per equity share (`) Basic and diluted
(Face value of ` 1 each)
Notes are an integral part of the financial statements
18A
18B
19
51
46
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director
& CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
111
Performance
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Management
Discussion and Analysis
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Corporate
Governance
Business
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Standalone
Financial Statements
Consolidated
Financial Statements
Year
2014-15
(A) Cash Flow From Operating Activities
Profit before prior period item, tax and after exceptional item
Adjustments for :
Depreciation, Amortisation & Exceptional Item
Interest income
Dividend income
Finance costs
Provision/(Reversal of provision) for doubtful debts and advances
Bad debts written off
Net unrealised foreign exchange loss/(gain)
Profit on sale of long term investments (net)
Profit on sale of short term investments (net)
Profit on sale of assets (net)
Reversal of provision for diminution in value of long term investments
Operating Profit before working capital changes
Adjustments for :
(Increase) in trade receivables*
(Increase) in other receivables*
Decrease/(Increase) in loans and advances
(Increase) in inventories*
(Decrease)/Increase in trade and other payables*
Increase/(decrease) in provisions
Cash generated from Operating activities
Income Tax paid (net of refund)
Net Cash generated from operating activities
* After adjustments pursuant to acquisition of net current assets which are
classified as investing activities.
(B) Cash Flow from Investing Activities
Purchase of Fixed Assets
Sale of Fixed Assets
Loans to subsidiaries
Repayment of loan from subsidiaries
Purchase of front end sales business from Ess Ess Bathroom products
Pvt. Ltd. (Refer Note 47)
Purchase of long term investments - Subsidiaries
Purchase of long term investments - Joint Ventures
Purchase of long term investments - others
Purchase of short term investments - others
Sale of long term investments
Proceeds from sale of short term investments (net)
Interest received
Dividend received from subsidiaries
Dividend received from others
Net Cash used in investing activities
112
(` in Crores)
Year
2013-14
1,933.57
1,702.57
225.52
(5.19)
(71.27)
27.13
1.59
1.09
8.27
(27.54)
(2.07)
(0.33)
(14.04)
2,076.73
222.28
(4.50)
(90.55)
26.08
(0.54)
1.08
(2.86)
(9.59)
(1.18)
(3.98)
1,838.81
(8.66)
(82.56)
32.28
(130.79)
(165.92)
11.64
1,732.72
(589.15)
(79.27)
(77.61)
(37.15)
(184.26)
358.85
(4.41)
1,814.96
(444.07)
1,143.57
1,370.89
(336.28)
1.49
(0.28)
0.40
(36.48)
(163.01)
4.80
(0.14)
-
(0.50)
(242.00)
(87.00)
330.53
2.07
4.55
2.41
68.86
(119.48)
(32.00)
(864.61)
460.19
1.18
4.79
27.78
62.77
(292.23)
(617.73)
(` in Crores)
Year
2013-14
Year
2014-15
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings
Repayment of long term borrowings
Proceeds from short term borrowings *
Repayment of short term borrowings #
Finance costs paid
Dividend and Dividend tax paid
Net Cash used in financing activities
0.06
(8.17)
19.92
(39.84)
(26.69)
(671.83)
1.42
(7.84)
(24.98)
(528.25)
(726.55)
(559.65)
124.79
745.08
869.87
193.51
551.57
745.08
The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard (AS-3) on Cash Flow
Statement.
(` in Crores)
As at
31.03.2015 31.03.2014
As at
(b)
0.05
0.10
22.58
1.60
0.01
30.40
7.17
61.81
808.06
869.87
49.10
0.07
34.38
14.42
6.05
104.12
640.96
745.08
* The Company can utilise these balances only towards settlement of unclaimed dividend and fractional bonus.
(c) Previous years figures have been regrouped, wherever necessary.
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director
& CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
113
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
i.
114
iv.
Years
30
60
10-20
8
5
4
8
(e) Impairment
Factory Buildings
Buildings (other than factory buildings)
Plant
and
Equipment
(including
continuous process plants)
Furniture and Fixtures
Office Equipment and Vehicles
Information Technology Hardware
Scientific research equipment
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
1.5. Inventory
116
1.6. Investments
B. Post-employment benefits:
(i)
Provident fund scheme
The Company makes specified monthly
contributions
towards
Employee
Provident Fund scheme to a separate
trust administered by the Company. The
minimum interest payable by the trust to
the beneficiaries is being notified by the
Government every year. The Company has
an obligation to make good the shortfall, if
any, between the return on investments of
the trust and the notified interest rate.
The Company operates a defined post
retirement medical benefit plan for certain
specified employees and payable upon the
employee satisfying certain conditions.
The cost of providing defined benefits is
determined using the Projected Unit Credit
method with actuarial valuations being
carried out at each Balance Sheet date. Past
service cost is recognized immediately to the
extent that the benefits are already vested,
else is amortised on a straight-line basis
over the average period until the amended
benefits become vested. Actuarial gains and
losses in respect of the defined benefit plans
are recognized in the Statement of Profit
and Loss in the year in which they arise.
The defined benefit obligations recognized
in the Balance Sheet represent the
present value of the defined benefit
obligations as reduced by the fair value
of plan assets, if applicable. Any defined
benefit asset (negative defined benefit
obligations resulting from this calculation)
is recognized representing the present value
of available refunds and reductions in future
contributions to the plan.
The Company presents the above liabilities
as current and non-current in the balance
sheet as per actuarial valuation by the
independent actuary; however, the entire
liability towards gratuity is considered as
current as the Company will contribute this
amount to the gratuity fund within the next
twelve months.
(ii)
Gratuity scheme
The Company operates a defined benefit
gratuity plan for employees. The Company
contributes to a separate entity (a fund),
towards meeting the Gratuity obligation.
(iii)
Pension scheme
The Company operates a defined benefit
pension plan for certain specified employees
and is payable upon the employee satisfying
certain conditions, as approved by the
Board of Directors.
117
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Grants in the nature of subsidy which are nonrefundable are credited to the Statement of Profit
and Loss, on accrual basis, where there is reasonable
assurance that the Company will comply with all the
necessary conditions attached to them.
118
Authorised #
99,50,00,000 (Previous year 99,50,00,000) Equity Shares of ` 1 each
50,000 (Previous year 50,000) 11% Redeemable
Cumulative Preference shares of ` 100 each
Issued, Subscribed and Paid up capital #
95,91,97,790 (Previous year 95,91,97,790) Equity Shares of ` 1 each fully paid
As at
31.03.2015
(` in Crores)
As at
31.03.2014
99.50
0.50
99.50
0.50
100.00
100.00
95.92
95.92
95.92
95.92
a) Reconciliation of shares outstanding at the beginning and at the end of the year#
As at 31.03.2015
Equity Shares
As at 31.03.2014
No. of Shares
` in Crores
No. of Shares
` in Crores
At the beginning of the year
95,91,97,790
95.92
95,91,97,790
95.92
Add: Issued during the year
95,91,97,790
95.92 95,91,97,790
95.92
At the end of the year
# 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 ` 10 each was sub-divided to 10 (ten) Equity Share of ` 1 each. The effective date
for the said sub-division was 1st August, 2013.
The Company has only one class of shares referred to as equity shares having a par value of ` 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.
As at 31.03.2014
No. of Equity
Percentage
Shares
holding
5,40,84,120
5,28,84,120
4,92,67,440
6,15,30,363
5.64
5.51
5.14
6.41
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 ` 1.80 (Rupee one and
paise eighty only) per equity share of ` 1 each. A final dividend of ` 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 ` 6.10 per equity share of ` 1 each (` 5.30 per equity share of ` 1 each was paid as total
dividend for the previous year). The total dividend appropriation for the year ended 31st March, 2015 amounted to
` 698.07 crores including corporate dividend tax of ` 112.95 crores. (Previous year ` 590.39 crores including corporate dividend tax
of ` 82.02 crores).
Annual Report 2014-15
119
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
As at
31.03.2015
(` in Crores)
As at
31.03.2014
*
0.50
*
0.50
2,504.51
629.33
3,133.84
1,925.84
578.67
2,504.51
1,000.00
1,327.40
2,327.40
1,000.00
1,169.06
2,169.06
172.66
105.51
412.46
402.86
112.95
629.33
1,000.00
4,134.34
82.02
578.67
1,000.00
3,505.01
(a)
(b)
(c)
120
Secured
Loan taken from National Skill Development Corporation ^
Deferred payment liabilities:
Interest free loan from Financial Institution (Sales tax deferment
scheme - State of Uttar Pradesh) #
Interest free loan - State of Haryana ##
Unsecured
Deferred payment liability:
Sales tax deferment scheme - State of Andhra Pradesh ###
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015
31.03.2014
31.03.2014 31.03.2015
0.06
3.24
3.24
4.06
3.41
3.41
28.62
32.09
-
32.86
39.51
-
4.24
7.48
(7.48)
4.12
8.18
(8.18)
121
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Non-Current
As at
As at
31.03.2015
31.03.2014
As at
31.03.2015
(` in Crores)
As at
31.03.2014
(207.56)
(198.33)
(10.00)
(217.56)
(9.58)
(207.91)
39.40
0.75
8.20
1.43
49.78
(167.78)
(9.29)
28.43
0.73
0.27
1.41
30.84
(177.07)
33.74
(` in Crores)
Current
As at
As at
31.03.2015
31.03.2014
0.12
0.12
-
16.08
2.37
18.45
(18.45)
25.52
0.09
25.61
(25.61)
0.12
(` in Crores)
NOTE 7 : PROVISIONS
Long-term
As at
As at
31.03.2015
31.03.2014
Short-term
As at
As at
31.03.2015
31.03.2014
81.95
2.09
1.21
63.80
2.14
1.18
8.25
1.96
0.44
0.44
7.28
0.43
0.12
85.25
67.12
1.23
17.87
412.46
83.97
85.41
612.03
1.27
11.85
402.86
68.47
58.32
550.60
As at
31.03.2015
(` in Crores)
As at
31.03.2014
1,313.08
1,498.84
1,313.08
1,498.84
As at
31.03.2015
(` in Crores)
As at
31.03.2014
7.48
18.45
8.18
25.61
7.13
0.04
6.01
0.04
7.17
6.05
126.34
24.87
13.54
3.74
52.68
158.51
13.03
110.14
117.07
26.60
9.51
3.50
19.53
209.06
16.71
86.00
294.01
0.12
257.74
2.75
799.61
832.71
745.84
785.68
# There is no amount due and outstanding to be transferred to the Investor Education and Protection Fund (IEPF) as on 31st March, 2015.
Unclaimed Dividend, if any, shall be transferred to IEPF as and when they become due.
123
124
Gross Block
0.19
4.43
10.41
0.08
7.59
20.82
123.40
0.86
17.71
0.02
18.59
141.99
38.58
4.28
42.86
42.86
12.78
117.59
38.58
4.28
0.08
72.75
951.54
11.92
60.75
0.04
20.86
222.64
0.01
15.81
3.22
1.78
201.78
0.01
1.29
5.22
4.39
0.31
4.93
1.27
16.98
8.49
32.22
25.39
0.82
17.04
8.14
62.85
7.48
139.70
728.04
11.93
76.56
3.22
1.78
0.12
93.61
50.40 1,123.78
50.40 1,030.17
2.51
0.43
0.91
0.61
0.38
1.04
8.67
0.07
35.78
0.24
17.35
0.24
-
17.11
0.80
0.18
0.67
0.62
1.26
4.62
8.96
0.51
2.88
0.51
-
2.37
2.41#
(0.04)
6.73
6.73
0.80
0.12
0.23
5.58
30.40
19.91
21.92
0.63
16.91
1.28
37.60
0.85
40.28
35.36
2.50
0.08
0.75
79.07
13.50 1,965.49
0.75
-
12.75 1,886.42
0.18
0.55
0.62
1.03
90.16
98.05
7.03
565.22
3.34 1,004.34
Freehold Land
Plant & Equipment
Tinting Systems
Total
2.07
33.92
2.94
38.93
Depreciation/
Amortisation (B)
26.53
2.23
28.76
4.60
0.70
5.30
Impairment (C)
(` in Crores)
2.07
2.79
0.01
4.87
Net (A - B - C)
Standalone
Financial Statements
Tangible Assets
Business
Responsibility Report
0.20
173.43
63.17 3,102.77
878.79
2.50
7.20
27.43
21.91
1.12
12.49
7.91
54.54
1.19
25.99
140.20
Corporate
Governance
63.17 2,929.34
38.89
52.31
47.86
1.45
34.57
9.42
101.48
6.29
113.78
623.62
Boards
Report
3.32
0.45
1.07
0.80
0.41
1.04
9.15
2.07
90.16
105.53
0.17
711.95
44.69 1,735.72
Management
Discussion and Analysis
3.42
76.46
(` in Crores)
Serving the
Community
A. Tangible Assets :
Land :
Freehold
92.23
Leasehold
105.53
Buildings
708.70
Plant and Equipment
1,703.95
Scientific Research :
38.70
Buildings
Equipment
48.33
Furniture and Fixtures
38.52
Vehicles
2.17
Office Equipment
27.39
Leasehold improvements
10.46
Information Technology
89.81
Hardware
Assets Given on Lease
Assets given on Operating
3.32
Lease : Tinting systems
Total Tangible Assets (A) 2,869.11
B. Intangible Assets :
Trademark
11.92
Computer Software
99.88
Goodwill
Brand
Scientific Research :
0.18
Computer Software
Total Intangible Assets (B)
111.98
Total (A + B)
2,981.09
Impairment
Net
Block
As at
As at
As at
As at Additions Deductions /
31.03.15 01.04.14 during the Adjustments 31.03.15 31.03.15
year
##
Depreciation/ Amortisation*
As at
As at Additions Deductions /
As at Pursuant to Additions Deductions /
during Adjustments 31.03.15 01.04.14
during Adjustments
01.04.14 acquisition
##
the year
during the the year
##
year
(Refer Note
47)
Performance
Highlights
Consolidated
Financial Statements
# Refer Note 51 B
Trademark
Computer Software
Scientific Research :
Computer Software
Total Intangible Assets (B)
Total (A + B)
Land :
Freehold
Leasehold
Buildings
Plant and Equipment
Scientific Research :
Buildings
Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Leasehold improvements
Information Technology
Hardware
Assets Given on Lease
A. Tangible Assets :
26.55
26.55
133.42
0.18
85.56
2,862.31
106.87
2,776.75
11.92
73.46
0.60
4.65
5.84
0.47
7.70
0.41
10.41
38.10
43.68
34.04
1.92
20.22
10.05
83.30
4.34
0.01
1.80
10.47
64.51
92.22
103.73
698.57
1,646.58
3.32
38.70
48.33
38.52
2.17
27.39
10.46
89.81
11.92
99.88
0.18
0.13 111.98
14.64 2,981.09
0.13
14.51 2,869.11
1.02
1.36
0.22
0.53
3.90
92.23
105.53
0.34
708.70
7.14 1,703.95
Gross Block
As at
As at Additions Deductions /
01.04.13 during the
Adjustments 31.03.14
year
0.04
58.58
752.52
11.92
46.62
693.94
3.21
5.91
22.72
19.37
1.02
9.02
6.44
43.19
5.11
91.54
486.41
0.04
14.30
211.57
14.26
197.27
0.04
1.29
4.71
3.75
0.32
3.95
1.47
14.74
1.18
22.37
143.45
0.13
12.55
0.13
12.42
0.75
1.21
0.22
0.48
3.39
0.13
6.24
0.08
72.75
951.54
11.92
60.75
878.79
2.50
7.20
27.43
21.91
1.12
12.49
7.91
54.54
6.29
113.78
623.62
Depreciation/ Amortisation
As at
As at Additions Deductions /
01.04.13 during the
Adjustments 31.03.14
year
(` in Crores)
7.90
7.90
1.07
0.18
0.73
0.19
1.65
4.08
0.24
10.71
0.24
10.47
0.05
0.46
0.02
4.63
5.31
1.26
1.26
0.27
0.11
0.03
0.41
0.01
0.43
0.02
31.50
20.72
15.94
1.05
14.28
2.55
34.01
38.89
0.10
0.24
38.99
17.35 2,012.20
0.24
17.11 1,973.21
0.80
0.18
0.67
0.62
1.26
92.23
99.24
4.62
590.30
8.96 1,071.37
Impairment
Net Block
As at
As at
As at Additions Deductions /
Adjustments 31.03.14 31.03.14
01.04.13 during the
year #
125
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
I. Unquoted
A. Trade Investments:
Investment in Equity shares
(a) Patancheru Enviro-tech Limited
(b) SIPCOT Common Utilities Limited
(c) Narmada Clean Tech Limited
12,900
2,830
4,97,833
B. Other Investments:
1. Investment in Equity shares
(i) Subsidiary Companies
(a) Asian Paints Industrial Coatings Limited
3,04,50,000
(b) Asian Paints (International) Limited, Mauritius. 2,39,45,444
Less: Provision For Diminution
Opening provision
Reversal of provision during the year
(Refer Note 51C)
(c) Asian Paints (Nepal) Pvt. Limited, Nepal.
(d) Maxbhumi Developers Limited
[11,916 shares allotted during the year for
cash and 3,57,084 shares allotted against
outstanding loan. (Refer Note 50)]
(e) Multifacet Infrastructure (India) Limited
(f) Sleek International Private Limited
(ii) Joint Ventures
(a) PPG Asian Paints Private Limited
(b) Asian Paints PPG Private Limited
(iii) Other Entities
SKH Metals Limited
2. Investment in Government Securities
National Savings Certificates, Indira Vikas Patra and
Defence Certificates deposited with Government
Authorities [` 39,500 (Previous year ` 39,500)]
Total Non-Current Unquoted Investments (I)
126
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
100
10
0.01
0.03
0.50
0.54
0.01
0.03
0.50
0.54
10
US $ 1
30.45
113.07
-
30.45
113.07
(14.04)
113.07
0.12
15.55
99.03
0.12
0.05
14.04
(14.04)
16,27,155
4,19,000
(50,000)
NPR 10
10
50,000
62,312
10
10
0.05
119.48
278.72
0.05
119.48
249.18
2,85,18,112
52,43,961
10
10
81.43
30.47
111.90
81.43
30.47
111.90
62,500
10
0.50
391.12
0.50
361.58
391.66
362.12
Quoted
Investment in Equity Shares
Akzo Nobel India Limited
Housing Development Finance Corporation Limited
Apcotex Industries Limited
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
20,10,626
4,65,000
6,836
10
2
5
41.30
0.12
0.01
41.43
41.30
0.12
0.01
41.43
1,40,00,000
1,00,00,000
10
10
14.00
10.00
14.00
10.00
1,00,00,000
1,00,00,000
1,00,00,000
1,00,00,000
10
10
10
10
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
1,00,00,000
80,00,000
10
10
10.00
8.00
10.00
8.00
50,00,000
50,00,000
50,00,000
10
10
10
5.00
5.00
5.00
5.00
5.00
5.00
50,00,000
1,50,00,000
10
10
5.00
15.00
5.00
15.00
33,17,035
15
5.00
5.00
80,00,000
10
8.00
8.00
2,00,00,000
10
20.00
2,00,00,000
2,00,00,000
10
10
20.00
20.00
1,30,00,000
10
13.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(1,40,00,000)
10
14.00
(1,10,00,000)
10
11.00
(1,00,00,000)
10
10.00
127
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Financial Statements
Consolidated
Financial Statements
128
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(70,00,000)
10
7.00
(70,00,000)
10
7.00
(60,00,000)
10
6.00
(60,00,000)
10
6.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
5.00
(50,00,000)
10
5.00
(40,00,000)
10
4.00
(30,00,000)
10
3.00
2,00,00,000
10
20.00
20.00
50,00,000
2,00,00,000
2,00,00,000
1,10,00,000
2,10,00,000
10
10
10
10
10
5.00
20.00
20.00
11.00
21.00
5.00
20.00
20.00
11.00
21.00
80,00,000
3,10,00,000
1,00,00,000
10
10
10
8.00
31.00
10.00
8.00
31.00
10.00
1,00,00,000
10
10.00
60,00,000
2,00,00,000
10
10
6.00
20.00
80,00,000
10
8.00
2,00,00,000
10
20.00
2,00,00,000
1,00,00,000
10
10
20.00
10.00
1,00,00,000
1,50,00,000
10
10
10.00
15.00
1,00,00,000
1,00,00,000
10
10
10.00
10.00
50,00,000
1,50,00,000
1,00,00,000
10
10
10
5.00
15.00
10.00
315.00
296.00
315.00
296.00
223.00
(223.00)
-
303.00
(303.00)
-
12.25
10.07
5.32
27.64
384.07
775.72
709.41
12.25
10.07
5.32
27.64
365.07
727.19
552.90
Amount included under the head Current Investment (Refer Note 13)
3.
1,22,476
1000
1,00,000
1,000
50 10,00,000
129
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Financial Statements
Consolidated
Financial Statements
130
Long-term
As at
As at
31.03.2015
31.03.2014
(` in Crores)
Short-term
As at
As at
31.03.2015
31.03.2014
63.00
1.79
58.60
45.28
3.38
35.49
11.21
16.08
14.42
2.14
26.45
16.21
24.13
15.43
110.64
-
154.83
-
209.54
94.64
69.66
11.61
2.31
205.43
58.57
6.14
1.94
239.70
Nos.
Face value
(`)
As at
31.03.2015
(` in Crores)
As at
31.03.2014
223.00
303.00
(6,13,134)
1,000
87.02
(4,12,51,022)
10
69.46
(3,37,453)
1,000
64.44
(2,49,162)
1,000
52.32
(2,00,887)
1,000
47.50
(2,88,071)
1,000
41.31
(22,32,429)
100
38.04
(1,89,402)
Face value
(`)
1,000
As at
31.03.2015
-
(` in Crores)
As at
31.03.2014
33.36
(2,03,19,088)
10
31.06
(87,50,552)
10
30.58
(1,82,41,879)
10
30.28
1,32,06,031
10
31.59
27.14
(1,24,14,270)
(75,579)
1,000
23.59
(11,65,133)
100
22.09
(5,84,805)
100
14.05
(39,20,048)
10
10.59
(55,21,407)
10
10.02
(40,297)
1,000
8.11
2,33,907
1,000
45.33
4,83,383
1,21,50,692
54,86,803
11,91,821
2,14,131
81,48,017
2,32,43,465
100
10
100
100
1,000
10
10
12.70
23.70
147.42
23.02
33.15
31.07
42.07
47,66,498
5,25,46,750
10
10
14.04
97.30
77,88,251
2,10,967
2,34,817
1,47,404
84,211
1,28,661
6,62,60,519
10
1,000
1,000
1,000
1,000
1,000
10
17.32
40.42
59.45
33.19
26.01
28.29
101.99
808.06
640.96
Nos.
131
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Financial Statements
Consolidated
Financial Statements
NOTE 14 : INVENTORIES
(At lower of cost and net realisable value)
(a) Raw materials
Raw materials-in-transit
(b) Packing materials
(c) Finished goods
Finished goods-in-transit
(d)
(e)
(f)
total
Less : Provision for doubtful trade receivables
total
132
Nos.
Face value
(`)
As at
31.03.2015
(` in Crores)
As at
31.03.2014
1,20,00,000
10
12.00
1,43,14,097
1,68,43,069
10
10
25.00
25.00
1,32,11,855
10
25.00
87.00
1,118.06
1,118.06
1,144.87
943.96
943.96
959.82
As at
31.03.2015
496.72
44.79
541.51
35.63
1,008.49
1.04
1,009.53
91.90
52.63
70.32
0.66
70.98
1,802.18
(` in Crores)
As at
31.03.2014
509.14
69.98
579.12
36.04
892.31
1.55
893.86
77.45
40.78
37.48
0.32
37.80
1,665.05
As at
31.03.2015
(` in Crores)
As at
31.03.2014
2.99
6.71
9.70
1.69
5.15
6.84
725.88
0.07
725.95
735.65
6.78
728.87
710.67
0.04
710.71
717.55
5.19
712.36
Non-Current
As at
As at
31.03.2015
31.03.2014
(` in Crores)
Current
As at
As at
31.03.2015
31.03.2014
0.05
0.10
22.58
1.60
24.18
30.40
49.10
0.07
34.38
83.55
14.42
0.01
7.17
6.05
0.03
0.03
0.02
0.25
0.05
(0.05)
-
0.28
(0.28)
-
7.18
61.81
6.05
104.12
Non-Current
As at
As at
31.03.2015
31.03.2014
0.05
0.28
13.59
6.32
13.64
6.60
(` in Crores)
Current
As at
As at
31.03.2015
31.03.2014
1.91
1.97
81.60
79.47
17.80
16.35
7.26
5.97
5.55
8.65
6.20
0.51
0.12
122.51
57.95
4.87
5.22
5.11
252.92
176.10
133
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Standalone
Financial Statements
Consolidated
Financial Statements
Year
2014-2015
(` in Crores)
Year
2013-2014
13,431.93
51.89
13,483.82
614.94
12,868.88
11,996.59
45.99
12,042.58
506.44
11,536.14
7.83
2.09
12,878.80
4.35
1.53
11,542.02
46.04
8.03
109.06
0.03
163.16
45.56
7.03
65.89
0.08
118.56
Year
2014-2015
(` in Crores)
Year
2013-2014
2.36
0.77
2.79
5.92
0.26
1.93
3.12
5.05
0.57
2.41
15.74
53.12
71.27
27.78
16.67
46.10
90.55
33.02
0.18
33.20
27.54
2.07
0.33
7.53
31.04
0.19
31.23
9.59
1.18
3.98
-
38.70
186.82
31.51
173.66
# As at 31st March 2014, these long-term investments were classified under current investments as their maturity period was less than 12 months.
134
Year
2014-15
(` in Crores)
Year
2013-14
579.12
5,115.67
5,694.79
541.51
5,153.28
491.13
4,938.29
5,429.42
579.12
4,850.30
36.04
1,038.03
1,074.07
35.63
1,038.44
6,191.72
29.67
914.78
944.45
36.04
908.41
5,758.71
380.56
256.58
893.86
77.45
37.80
1,009.11
845.62
60.12
20.48
926.22
1,009.53
91.90
70.98
1,172.41
(163.30)
30.87
(132.43)
893.86
77.45
37.80
1,009.11
(82.89)
7.55
(75.34)
Year
2014-15
510.78
50.77
45.39
606.94
(` in Crores)
Year
2013-14
418.37
25.34
38.72
482.43
135
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Financial Statements
Consolidated
Financial Statements
Year
2014-15
37.46
109.39
84.71
(` in Crores)
Year
2013-14
29.37
114.65
63.39
18.99
23.41
41.99
84.39
136.33
32.59
4.49
6.24
36.93
75.19
19.01
3.16
0.64
1.48
7.45
4.03
-
13.16
17.56
31.14
61.86
119.34
24.94
4.24
6.66
33.95
68.52
3.70
2.43
0.25
1.62
6.71
2.89
7.20
1.08
27.66
28.84
28.62
628.82
596.72
538.86
1.09
1.59
23.77
13.05
57.93
2,591.52
2.94
22.19
28.33
24.73
521.26
504.03
483.08
1.08
(0.54)
23.76
4.20
52.35
2,219.13
136
Year
2014-2015
0.07
24.22
2.84
27.13
Year
2013-2014
0.11
24.75
1.22
26.08
Contingent Liabilities
1.
2.
Letters of comfort issued to banks on behalf of some of its operating subsidiary companies.
Claims against the Company not acknowledged as debts
i. Tax matters in dispute under appeal
ii. Others
b. Commitments
1.
2.
As at
31.03.2015
As at
31.03.2014
37.29
233.26
98.37
12.99
78.85
12.07
As at
31.03.2015
As at
31.03.2014
373.11
81.97
76.52
41.60
The Company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying
transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.
The forward exchange contracts outstanding as at 31st March, 2015 are as under:Currency
USD
As at 31.03.2015
Number of
Buy Indian Rupee
Equivalent
Contracts
Amount
(USD in (` in Crores)
millions)
-
As at 31.03.2014
Buy Indian Rupee
Equivalent
Amount
(` in Crores)
(USD in
millions)
21
10.79
65.63
Number of
Contracts
137
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Financial Statements
Consolidated
Financial Statements
Year
2014-2015
0.96
0.10
0.34
0.08
1.48
Year
2013-2014
1.13
0.10
0.32
0.07
1.62
(` in Crores)
Year
2014-2015
1,887.52
945.54
730.94
167.64
287.07
834.00
300.57
5,153.28
Year
2013-2014
1,743.26
873.84
806.55
176.17
277.51
748.42
224.55
4,850.30
Note 27 : Purchase of stock-in-trade includes paints, wall putty, wallpapers, colourworld machines, bath fitting accessories and paint
application tools.
(` in Crores)
note 28 : Stock and Turnover
Products
a) Manufactured Goods
Paints, Enamels and Varnishes
Others
b) Traded Goods
Total
Turnover
Closing
Inventory
Opening
Inventory
12,710.95
(11,445.84)
225.33
(181.35)
547.54
(415.39)
13,483.82
(12,042.58)
989.73
(883.73)
19.80
(10.13)
70.98
(37.80)
1,080.51
(931.66)
883.73
(831.07)
10.13
(14.55)
37.80
(20.48)
931.66
(866.10)
(` in Crores)
Note 29 : Stock of Work-in-Progress
Paints, Enamels and Varnishes
Others
Total
As at
31.03.2015
89.01
2.89
91.90
As at
31.03.2014
73.75
3.70
77.45
(` in Crores)
138
Year
2014-2015
1,660.74
3.68
18.86
1,683.28
Year
2013-2014
1,683.92
2.08
17.00
1,703.00
b.
Raw materials:
Imported (including value of consumption of
imported raw materials purchased through
indigenous sources)
Indigenous
Stores and spares:
Imported
Indigenous
Year 2013-2014
(` in Crores)
% to Total
1,687.50
32.75
2,084.48
42.98
3,465.78
5,153.28
67.25
100.00
2,765.82
4,850.30
57.02
100.00
1.80
35.66
37.46
4.81
95.19
100.00
1.30
28.07
29.37
4.40
95.60
100.00
Year 2013-2014
Number of
Number of
Dividend
Non-resident Equity Shares
remitted
Shareholders
held (` in Crores)
14
24,028
0.09
14
2,40,280*
0.03
*During the year 2013-14, the face value of the equity shares of the Company was sub-divided from ` 10 to ` 1 per equity share.
(` in Crores)
note 33 : Expenditure in foreign currency
a.
b.
c.
d.
e.
f.
g.
h.
Year
2014-2015
1.96
9.82
9.79
2.11
8.60
0.16
57.13
4.22
93.79
Year
2013-2014
2.01
6.40
12.20
3.23
8.19
0.48
25.27
3.74
61.52
(` in Crores)
Year
2014-2015
36.02
1.14
24.01
10.59
71.76
Year
2013-2014
31.62
1.08
23.32
8.45
64.47
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Financial Statements
Consolidated
Financial Statements
Year
2014-2015
Year
2013-2014
36.08
6.82
1.68
1.62
2.50
0.82
2.64
0.55
10.42
(0.06)
63.07
30.91
6.30
1.63
1.14
2.38
0.45
1.09
0.66
7.56
52.12
An amount of ` 0.80 crores (Previous Year ` 0.40 crores) has been recovered from the Companys Joint Venture Companies towards
Research and Development activity carried out on their behalf.
(` in Crores)
b) Capital Expenditure
- For Turbhe Research and Development facility
- For Cochin Research and Development facility (Land & civil work)
Total
Year
2014-2015
8.38
0.19
8.57
Year
2013-2014
4.27
0.21
4.48
note 36 : Interest includes income from investment in fixed deposits of ` 1.51 crores (Previous year - ` 1.43 crores) and interest received
of ` 0.73 crores (Previous year ` 0.55 crores) on account of completion/disposal of various assessments/appeals during the year.
note 37 : Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under for the
year 2014-15, to the extent the Company has received intimation from the Suppliers regarding their status under the Act.
(i) Principal amount remaining unpaid (but within due date as per the MSMED Act)
(ii) Interest due thereon remaining unpaid
(iii) Interest paid by the Company in terms of Section 16 of the Micro, Small and Medium
Enterprises Development Act, 2006, along-with the amount of the payment made to
the supplier beyond the appointed day during the period
(iv) Interest due and payable for the period of delay in making payment (which have been
paid but beyond the appointed day during the period) but without adding interest
specified under the Micro, Small and Medium Enterprises Act, 2006
(v) Interest accrued and remaining unpaid
(vi) Interest remaining due and payable even in the succeeding years, until such date
when the interest dues as above are actually paid to the small enterprises
As at
31st March 2015
11.63
-
As at
31st March 2014
8.49
-
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information
collected by the Management. This has been relied upon by the auditors.
140
Year
2014-2015
2.41
2.41
Year
2013-2014
25.75
2.03
27.78
note 39 : The Company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the
underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative
purposes.
The foreign currency exposure not hedged as at 31st March, 2015 are as under:
Currency
USD
EUR
SGD
GBP
SEK
Others
Payable
(In millions FC)
As at
As at
31st March
31st March
2015
2014
41.63
50.91
1.97
2.67
0.17
0.12
0.02
0.58
0.02
5.51
0.03
-
Receivable
(In millions FC)
As at
As at
31st March
31st March
2015
2014
11.11
10.50
0.08
0.02
-
Payable
(` In Crores)
As at
As at
31st March
31st March
2015
2014
260.16
305.04
13.22
21.98
0.79
0.57
0.21
5.75
0.02
5.06
0.17
0.14
274.57
338.54
Receivable
(` In Crores)
As at
As at
31st March
31st March
2015
2014
69.46
62.89
0.57
0.16
70.03
63.05
note 40 : Pursuant to the Accounting Standard (AS - 29) Provisions, Contingent Liabilities and Contingent Assets, the disclosure
relating to provisions made in the accounts for the year ended 31st March, 2015 is as follows:
(` in Crores)
Provision for Excise *
Year
Year
2014-2015
2013-2014
1.27
1.25
0.01
0.02
(0.03)
(0.02)
1.23
1.27
Opening Balance
Additions
Utilizations
Reversals
Closing Balance
note 41 : Disclosure as per Clause 32 of the Listing Agreement entered into with the Stock
Exchanges
Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by
such parties:
(` in Crores)
Name of the party
Maxbhumi Developers Limited
Relationship
Wholly Owned Subsidiary
The above loan was given to the subsidiary for purchase of land. (* Refer Note 50)
Figures in brackets refer to previous year.
Annual Report 2014-15
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Standalone
Financial Statements
Consolidated
Financial Statements
a.
The Company has provided tinting systems to its dealers on an operating lease basis. The lease period varies between four to
nine years. Lease rentals are payable monthly by the dealers. A refundable security deposit is collected at the time of signing
the agreement. During the year, the said lease has expired and hence no amounts are receivable as at 31st March, 2015.
b.
Future minimum lease rentals receivable as at 31st March, 2015 as per the lease agreements:
(` in Crores)
i)
ii)
iii)
As at
31st March, 2015
-
As at
31st March, 2014
0.03
0.00
0.03
The information pertaining to future minimum lease rentals receivable is based on the lease agreements entered into
between the Company and the dealers and variation made thereto. Lease rentals are reviewed periodically taking into
account prevailing market conditions.
c.
Total amount of contingent rents recognised as income NIL. (Previous Year NIL)
d.
e.
The information on gross amount of leased assets, depreciation and impairment is given in Note 10.
a.
The Company has taken certain assets such as Vehicles, Computers and Information Technology hardware on an operating
lease basis. The lease rentals are payable by the Company on a monthly or quarterly basis.
b.
Future minimum lease rentals payable as at 31st March, 2015 as per the lease agreements:
(` in Crores)
i)
ii)
iii)
142
c.
As at
31st March, 2015
8.22
10.99
19.21
As at
31st March, 2014
6.71
7.70
14.41
Lease payments recognised in the Statement of Profit and Loss for the period is ` 9.10 crores (Previous year ` 7.54 crores).
The proportion of interest of the Company in the JVs is by way of equal equity participation with PPG Industries Securities Inc., U.S.A.
b)
The aggregate amount of interests in the JVs as at 31st March, 2015 is as follows:
(` in Crores)
As at
As at
31st March, 2015 31st March, 2014
a) Details of Assets
Non-current assets
Tangible assets
Intangible assets
Capital work in progress
Goodwill on consolidation
Long-term loans and advances
Other non current assets
Current assets
Inventories
Trade receivables
Cash and bank balance
Short-term loans and advances
Other current assets
b) Details of Liabilities
Non-current liabilities
Deferred tax liability (net)
Long term provision
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
c) Details of Income
Revenue from operations
d) Expenses
Cost of materials consumed
Purchases of stock-in-trade
Changes in inventories of finished goods, work-in-progress and stock in trade
Employee benefits expense
Finance costs
Depreciation and amortization expenses
Other expenses
Tax expenses
66.65
1.34
0.44
1.43
39.65
2.22
62.19
2.16
4.96
1.43
34.74
2.33
123.35
136.48
9.11
20.68
0.29
122.73
122.15
10.24
18.98
0.46
1.69
5.75
3.21
3.87
0.35
85.32
18.89
2.37
0.93
96.01
14.53
1.92
Year
2014-2015
Year
2013-2014
637.62
561.41
342.55
64.55
(2.18)
48.97
0.21
7.41
146.50
7.37
308.29
57.33
4.60
41.26
1.58
6.68
126.99
4.26
As at
As at
31st March, 2015 31st March, 2014
e)
Other Matters
Contingent Liabilities
Capital Commitments
Other Commitments
24.43
2.82
3.83
17.95
2.05
3.16
143
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Standalone
Financial Statements
Consolidated
Financial Statements
The liability towards short-term employee benefits for the year ended 31st March, 2015 has been recognized in the Statement of
Profit and Loss.
2) Post-employment benefits:
The following disclosures are made in accordance with AS - 15 (Revised) pertaining to Defined Benefit Plans:
31st March,
2015
130.70
(128.74)
1.96
31st March,
2014
95.67
(97.81)
(2.14)
1.96
1.96
2.14
(2.14)
2.53
2.53
2.57
2.57
1.25
1.25
1.20
1.20
10.01
8.77
(8.56)
14.00
9.31
8.35
(7.91)
(4.86)
0.21
0.20
0.22
(0.07)
0.06
0.11
(0.06)
0.04
0.10
(0.14)
2.88
27.10
4.89
0.41
0.15
0.11
17.49
2.05
95.67
10.01
8.77
22.92
2.88
(9.55)
130.70
96.42
9.31
8.35
(10.71)
(7.70)
95.67
2.57
0.21
0.20
(0.45)
2.53
2.89
0.22
(0.07)
(0.47)
2.57
1.20
0.06
0.11
(0.06)
(0.06)
1.25
1.25
0.04
0.10
(0.14)
(0.05)
1.20
97.81
8.56
8.92
23.00
(9.55)
128.74
90.33
7.91
(5.86)
13.13
(7.70)
97.81
0.45
(0.45)
-
0.47
(0.47)
-
0.06
(0.06)
-
0.05
(0.05)
-
144
i)
As at
31st March,
2014
9.15%
-
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet
date for the estimated term of the obligations.
ii) Expected Rate of Return on Plan Assets: This is based on the expectation of the average long-term rate of return expected
on investments of the fund during the estimated term of the obligations.
iii) Salary Escalation Rate: The estimates of future salary increases, considered in actuarial valuation, takes into account the
inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.
As at 31st
As at 31st
As at 31st
As at 31st
As at 31st
March, 2015 March, 2014 March, 2013 March, 2012 March, 2011
130.70
95.67
96.42
84.15
77.32
128.74
97.81
90.32
80.01
69.22
(1.96)
2.14
(6.1)
(4.14)
(8.1)
(0.00)
(1.68)
0.95
0.22
0.05
(8.92)
(5.86)
3.07
0.32
(0.31)
145
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Standalone
Financial Statements
Consolidated
Financial Statements
As at 31
As at 31
As at 31
As at 31
As at 31st
March, 2015 March, 2014 March, 2013 March, 2012 March, 2011
2.53
2.57
2.89
3.07
3.19
(2.53)
(2.57)
(2.89)
(3.07)
(3.19)
(0.13)
0.05
(0.07)
0.01
0.14
st
st
st
st
(` in Crores)
As at 31st
As at 31st
As at 31st
As at 31st
As at 31st
March, 2015 March, 2014 March, 2013 March, 2012 March, 2011
1.25
1.20
1.25
1.17
1.27
(1.25)
(1.20)
(1.25)
(1.17)
(1.27)
(0.26)
(0.02)
(0.04)
(0.18)
0.09
-
Notes:
i)
The gratuity fund assets and liabilities are managed by Asian Paints (India) Limited Employees Gratuity Fund.
ii)
The Company estimates that the balance amount to be contributed to the gratuity fund during the financial year 2015-2016 will
be ` 1.96 crores and hence it is shown as current liability.
b) Provident Fund:
The Provident Fund assets and liabilities are managed by Asian Paints Office Provident Fund and Asian Paints Factory
Employees Provident Fund in line with The Employees Provident Fund and Miscellaneous Provisions Act, 1952.
The guidance on Implementing AS 15, Employee Benefits (revised 2005) issued by Accounting Standards Board (ASB)
states that benefits involving employer established provident fund, which require interest shortfalls to be recompensed, are
to be considered as defined benefit plans. The plan guarantees minimum interest at the rate notified by the Provident Fund
Authorities. The contribution by the employer and employee together with the interest accumulated thereon are payable to
employees at the time of separation from the Company or retirement, whichever is earlier. The benefit vests immediately
on rendering of the services by the employee. In terms of the guidance note issued by the Institute of Actuaries of India for
measurement of provident fund liabilities, the actuary has provided a valuation of provident fund liability and based on the
assumption provided below, there is no shortfall as at 31st March, 2015 and 31stMarch, 2014.
The Company contributed ` 9.18 crores and ` 8.79 crores towards Asian Paints Office Provident Fund during the year ended
31st March, 2015 and 31st March, 2014 respectively. The Company contributed ` 5.26 crores and ` 5.56 crores towards
Asian Paints Factory Employees Provident Fund during the year ended 31stMarch,2015 and 31st March, 2014 respectively.
The details of the Asian Paints Office Provident Fund and plan assets position as at 31stMarch, 2015 is given below:
(` in Crores)
Particulars
Present value of benefit obligation at period end
Plan assets at period end, at fair value, restricted to
Asset recognized in balance sheet
146
As at
31st March, 2015
161.75
161.75
-
As at
31st March, 2014
133.97
133.97
-
The details of the Asian Paints Factory Employees Provident Fund and plan assets position as at 31st March, 2015 and as at
31st March, 2014 are given below:
(` in Crores)
Particulars
Present value of benefit obligation at period end
Plan assets at period end, at fair value, restricted to
Asset recognized in balance sheet
As at
31st March, 2014
122.21
122.21
-
Assumptions used in determining the present value obligation of the interest rate guarantee under the Projected Unit Credit
Method (PUCM):
Particulars
Discounting Rate
Expected Guaranteed interest rate
As at
31st March, 2015
137.49
137.49
-
As at
31st March, 2015
7.78%
8.75%*
As at
31st March, 2014
9.15%
8.75%
*As against the expected guaranteed interest rate for the FY 2014-15, the rate of interest declared by Asian Paints Office Provident Fund and Asian
Paints Factory Employees Provident Fund is 9.00% p.a for the FY 2014-15.
The liability towards compensated absences (annual leave and sick leave) for the year ended 31st March, 2015 based on actuarial
valuation carried out by using Projected Accrued Benefit Method resulted in increase in liability by ` 19.12 crores. (Previous year
`3.03crores)
a.
Financial Assumptions
Discount Rate
Basic salary increases allowing for Price inflation
b. Demographic Assumptions
Mortality
Employee Turnover
Leave Availment Ratio
147
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Standalone
Financial Statements
Consolidated
Financial Statements
a)
b)
c)
Basic and diluted earnings per share in rupees (face value ` 1 per share)
Profit after tax as per Statement of Profit and Loss (` In crores)
Weighted average number of equity shares outstanding
Year
2014-2015
13.84
1,327.40
95,91,97,790
Year
2013-2014
12.19
1,169.06
95,91,97,790
i.
a)
b)
ii.
b) Subsidiaries:
Direct Subsidiaries:
Name of the Company
Asian Paints (Nepal) Private Limited
Asian Paints (International) Limited
Asian Paints Industrial Coatings Limited
Multifacet Infrastructure (India) Limited
Maxbhumi Developers Limited
Sleek International Private Limited
148
Country of
Incorporation
Nepal
Mauritius
India
India
India
India
% of Holding as on
31st March, 2015
51.00
100
100
100
100
51.00
% of Holding as on
31st March, 2014
51.00
100
100
100
100
51.00
Indirect Subsidiaries:
i)
Subsidiaries of the wholly owned subsidiary, Asian Paints (International) Limited, Mauritius
Name of the Company
Asian Paints (South Pacific) Limited
Asian Paints (Tonga) Limited
Asian Paints (S.I.) Limited
Asian Paints (Vanuatu) Limited
Asian Paints (Lanka) Limited
Asian Paints (Bangladesh) Limited
Asian Paints (Middle East) LLC
SCIB Chemicals S.A.E.
Samoa Paints Limited
Berger International Limited*
Country of
Incorporation
Singapore
Isle of Man, U.K.
Isle of Man, U.K.
U.K.
Ethiopia
% of Holding as on
31st March, 2015
100
100
100
100
51.00
% of Holding as on
31st March, 2014
100
100
100
100
-
Indonesia
100
Country of
Incorporation
Isle of Man, U.K.
% of Holding as on
31st March, 2015
100
% of Holding as on
31st March, 2014
100
Country of
Incorporation
U.A.E.
% of Holding as on
31st March, 2015
100
% of Holding as on
31st March, 2014
100
Country of
Incorporation
Bahrain
% of Holding as on
31st March, 2015
100
% of Holding as on
31st March, 2014
100
% of Holding as on
31st March, 2014
53.15
100
75.00
60.00
99.18
89.78
49.00
60.00
80.00
96.79
% of Holding as on
31st March, 2015
54.07
100
75.00
60.00
99.18
89.78
49.00
60.00
80.00
100
*During the year, Berger International Limited (BIL) has become a wholly owned subsidiary of Asian Paints (lnternational)
Limited (APIL).
Country of
Incorporation
Fiji Islands
Kingdom of Tonga
Solomon Islands
Republic of Vanuatu
Sri Lanka
Bangladesh
Sultanate of Oman
Egypt
Samoa
Singapore
149
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Financial Statements
Consolidated
Financial Statements
% of Holding as on
31st March, 2015
51.00
70.00
100
% of Holding as on
31st March, 2014
51.00
70.00
100
Country of
Incorporation
India
% of Holding as on
31st March, 2015
100
% of Holding as on
31st March, 2014
86.01
*Sleek International Private Limited (SIPL) acquired an additional stake of 13.99% in January 2015 resulting in Kitchen
Grace (India) Private Limited becoming a 100% subsidiary of SIPL.
Designation
Managing Director & CEO
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
* Shri Jalaj Dani, a relative of Companys Non-Executive Vice Chairman is also a Non-Executive Chairman of Berger International Limited,
Director on the Board of some of the subsidiary companies and one of the joint venture companies.
** Shri Manish Choksi, a relative of Companys Non-Executive Director is also on the Board of some of the subsidiary companies and one of the
joint venture companies.
150
151
152
25.46
6.31
0.49
2.16
4.31
2.41
-
1.20
-
30.61
7.74
11.02
-
3.63
1.00
-
1.24
0.46
0.04
0.25
0.25
5.41(2)
0.21
1.47
0.08
4.37
0.21
1.06
391.48
-
0.11
-
287.92
-
0.05
-
Business
Responsibility Report
1.53
5.21
-
Corporate
Governance
6.10
-
Boards
Report
27.78
-
Management
Discussion and Analysis
2.86
2.26
24.44
3.40
0.63
Key Managerial
Personnel (1)
2013-14 2014-15
26.31
-
Subsidiaries
2013-14 2014-15
32.45
26.16
Joint Venture
(` in Crores)
Serving the
Community
2014-15
Particulars
(h) Details of related party transactions during the year ended 31st March, 2015:
note 48 : Information on related party transactions as required by Accounting Standard (AS 18) on Related
Party Disclosures for the year ended 31st March, 2015. (Contd.)
Performance
Highlights
Standalone
Financial Statements
Consolidated
Financial Statements
1.47
1.06
0.23
6.93
0.49
0.12
10.57
5.16
2.14
3.00
The Company has issued letters of comfort to banks on behalf of some of its operating subsidiaries from time to time and the financial support based on such letters is limited to
`37.29 crores as on 31st March, 2015 (` 233.26 crores as on 31st March, 2014).
Remuneration paid to relatives of promoters who are under the employment of the Company pursuant to the necessary approvals from the shareholders and the Central Govt.,
under Section 188 of the Companies Act, 2013.
2.40
2.
29.77
0.12
14.42
27.47
0.34
0.14
-
Key Managerial Personnel and relatives of promoters who are under the employment of the Company are entitled to post employment benefits and other long term employee
benefits recognised as per AS-15 (Revised) on Employee Benefits in the financial statements. As these employee benefits are lump sum amounts provided on the basis of
actuarial valuation, the same is not included above.
15.59
1.38
8.58
0.01
0.28
0.40
119.48
Dividend paid to Key Managerial Personnel - current year ` 1,620 (previous year ` 1,285).
0.09
15.50*
1.
32.00
2013-14
#
-
Key Managerial
Personnel (1)
2013-14 2014-15
#
-
Subsidiaries
2013-14 2014-15
-
2014-15
Joint Venture
Donation
Dividend Paid
Contributions during the
year
Equity contribution (* Refer
Note. 50)
Loan given
Repayment of loan given
Sale of assets
Outstanding as at
31st March
Advances Given
Loans
Amount receivables
Amount payable
Particulars
(` in Crores)
note 48 : Information on related party transactions as required by Accounting Standard (AS 18) on Related
Party Disclosures for the year ended 31st March, 2015. (Contd.)
153
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Standalone
Financial Statements
Consolidated
Financial Statements
154
2014-15
2013-14
14.03
7.33
11.99
5.10
10.87
49.32
16.84
15.61
11.79
4.92
12.86
62.02
260.80
87.76
43.58
392.14
224.66
16.29
47.97
288.92
11.91
5.70
16.72
34.33
12.72
4.78
14.68
32.18
9.17
5.26
1.98
24.96
41.37
4.78
5.56
1.72
13.13
25.19
17.53
11.81
29.34
18.22
12.39
30.61
6.29
4.23
2.54
3.77
16.83
6.55
4.47
0.62
2.78
14.42
2014-15
2013-14
1.94
1.09
0.41
3.22
6.66
2.36
0.13
1.27
2.13
5.89
0.02
0.41
0.58
0.07
0.17
1.25
0.44
0.60
0.26
0.19
0.50
1.99
0.49
0.49
0.63
0.63
0.61
0.54
0.28
0.73
2.16
0.72
0.51
1.36
0.27
2.86
0.11
0.01
0.12
0.05
0.05
2.41
2.41
25.75
2.03
27.78
6.10
2.56
2.37
0.13
5.21
2.07
1.91
0.12
155
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Standalone
Financial Statements
Consolidated
Financial Statements
2013-2014
0.19
0.08
9.58
0.07
0.07
0.07
0.21
0.07
0.07
0.07
0.21
0.24
0.03
0.28
0.26
0.22
0.22
0.22
1.47
0.20
0.18
0.24
0.18
0.08
0.10
0.08
1.06
0.05
*
0.02
0.01
0.03
0.05
0.05
0.04
0.04
0.01
0.01
0.01
0.01
0.01
-
0.25
0.08
(0.32)
(0.32)
1.24
1.24
0.25
0.25
156
Equity Contribution
Maxbhumi Developers Limited (Refer Note 50)
PPG Asian Paints Private Limited
Asian Paints PPG Private Limited
Sleek International Private Limited
Loan Given
Maxbhumi Developers Limited
Repayment of Loan
Maxbhumi Developers Limited
Sale of Asset
Resins & Plastics Limited
Gujarat Organics Limited
Asian Paints PPG Private Limited
Ricinash Oil Mills Limited
Pragati Chemicals Limited
Dividend Paid to Companies controlled by Directors/Relatives
Smiti Holding and Trading Company Private Limited
ISIS Holding and Trading Company Private Limited
Others
2014-15
2013-14
0.04
0.04
1.50
1.50
15.50
15.50
16.00
16.00
119.48
151.48
0.28
0.28
0.14
0.14
0.40
0.40
0.28
0.12
0.09
0.08
0.01
0.58
32.45
31.73
178.34
242.52
25.67
25.10
141.15
191.92
17.07
7.82
36.42
61.31
13.51
6.19
28.88
48.58
157
Performance
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Discussion and Analysis
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Standalone
Financial Statements
Consolidated
Financial Statements
RESULT
Segment result
Unallocated Corporate expenses
Operating Profit
Finance cost
Interest Income
Dividends
Exchange difference
Profit on sale of short term investments
Profit on sale of long term investments
Loss on sale of assets
Miscellaneous Income
Sundry balances written back(net)
Exceptional item
Income taxes
Net Profit
158
2014-15
HOME
IMPROVEMENT
TOTAL
11,566.99
62.67
11,629.66
81.84
81.84
11,648.83
62.67
11,711.50
2,066.76
(9.82)
2,056.94
(234.42)
1,822.52
(27.13)
5.30
68.86
7.53
2.07
27.54
(0.15)
5.56
7.43
14.04
(606.17)
1,327.40
2014-15
HOME
IMPROVEMENT
5,111.32
93.63
2,126.06
28.17
209.24
48.07
197.02
5.13
TOTAL
5,204.95
2,068.25
7,273.20
2,154.23
888.71
3,042.94
257.31
29.14
286.45
202.15
23.37
225.52
note 50 : During the year, the Board of Directors of the Company approved the conversion of outstanding loan to Maxbhumi
Developers Limited (a wholly owned subsidiary) amounting to `14.99 crores into 3,57,084 equity shares of Maxbhumi Developers
Limited of face value ` 10 per equity share at a premium of ` 410 per equity share based on an independent valuation carried out. In
addition to the above, the Company also subscribed to an additional 11,916 equity shares of the face value of ` 10 per equity share
at a premium of ` 410 per equity share.
note 51 : Exceptional Items:
2014-2015
25.16
2.41
(14.04)
13.53
(` in Crores)
2013-2014
9.96
9.96
A. The Company has discontinued the manufacturing activities at its Bhandup Plant with effect from 5th May, 2014. A Voluntary
Retirement/Separation Scheme along with an alternate option of relocation to other factories/establishments of the Company
was offered to all the workmen at the plant in the month of April, 2014. All workmen have accepted either the Voluntary
Retirement/Separation Scheme or relocation to another factory/establishment of the Company. The liability on account of the
above amounting to ` 25.16 crores is recognized and disclosed in Exceptional Items in the Statement of Profit and Loss for the
year ended 31stMarch, 2015.
B. The Company has recognized provision for impairment in respect of Fixed Assets at Bhandup Plant for an amount of ` 2.41
crores (Previous year ` 9.96 crores). The same is included under Impairment in Note 10 and disclosed in Exceptional Items
in the Statement of Profit and Loss.
C. The Company was carrying a provision of ` 14.04 crores in respect of the diminution in carrying value of its investment in Asian
Paints (International) Limited, Mauritius in the earlier years. Based on the assessment of the fair value of the investment as at
31st March 2015, the provision for diminution has been reversed in the current year. The same is disclosed in Exceptional items
in the Statement of Profit and Loss.
159
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Gross amount required to be spent by the Company during the year 2014-15 - ` 29.87 crores
Total
19.01
19.01
3.55
3.55
note 53 : Previous years figures have been regrouped, reclassified wherever necessary to correspond with the current year
classification/disclosure.
As per our report of even date
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
160
Consolidated
Financial Statements
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Consolidated
Financial Statements
for
the
Consolidated
162
iii)
Other Matter
The financial statement of a subsidiary, whose financial statement
reflect total assets of ` 141.66 crores as at 31st March, 2015, total
revenues of ` 121.81crores and net cash outflows amounting
to `15.52 crores for the year then ended, as considered in
consolidated financial statements, have been jointly audited
by us with other joint auditor, Doshi Praveen & Co., Chartered
Accountants.
We did not audit the financial statements of subsidiaries and jointly
controlled companies as mentioned in Annexure III to this report,
whose financial statement reflect total assets of ` 1,969.02 crores
as at 31st March, 2015, total revenues of ` 2,351.74 crores and
net cash inflows amounting to ` 37.87 crores for the year then
ended, as considered in the consolidated financial statements.
These financial statements have been audited by other auditors
whose reports have been furnished to us by the Management and
our opinion on the consolidated financial statements, in so far as
it relates to the amounts and disclosures included in respect of the
subsidiaries and the jointly controlled company and our report in
terms of sub-sections (3) and (11) of Section 143 of the Act, in so
far as it relates to the aforesaid subsidiaries and jointly controlled
company, is based solely on the reports of the other auditors.
Our opinion on the consolidated financial statements, and our
report on Other Legal and Regulatory Requirements below, is not
modified in respect of this matter with respect to our reliance on
the work done and the reports of the other auditors.
Report on Other Legal and Regulatory Requirements
1.
2.
i.
ii.
iii.
163
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164
the financial year and have not incurred cash losses in the
financial year and in the immediately preceding financial
year.
(ix) According to the information and explanations given to
the respective statutory auditors, the Holding Company,
its subsidiary companies and jointly controlled companies
incorporated in India have not defaulted in repayment of
their respective dues to their financial institutions and banks,
where applicable. The Holding Company, its subsidiary
companies and jointly controlled companies incorporated
in India did not have any outstanding debentures during the
year.
(x) According to the information and explanations given to
the respective statutory auditors, the Holding Company,
its subsidiary companies and jointly control companies
incorporated in India have not given any guarantee for loan
taken by others from bank or financial institution.
(xi) In our opinion and according to the information and
explanations obtained by the respective statutory auditors,
the Holding Company, its subsidiary companies and jointly
controlled companies incorporated in India have not raised
any term loan during the year other than, a term loan taken
by one subsidiary company which has been applied for the
purpose for which it was obtained.
(xii) According to the information and explanations given to
the respective statutory auditors of the Holding Company,
its subsidiary companies and jointly controlled companies
incorporated in India no instances of material fraud on or
by each company have been noticed or reported during
the course of audit by the statutory auditors of the Holding
Company, its subsidiary companies and jointly controlled
companies incorporated in India.
165
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Financial Statements
Consolidated
Financial Statements
Relationship
Name of the
Statute
Nature of
dues
Financial Year
Amount
under
dispute
(` in
Crores)
31.30
Holding Company
Sales Tax
Assessment
Dues
Holding Company
Sales Tax
Assessment
Dues
F.Y 2008-09
Holding Company
Sales Tax
Assessment
Dues
13.94
Holding Company
Sales Tax
Assessment
Dues
1.15
Holding Company
Sales Tax
Assessment
Dues
2.48
Holding Company
1.47
- Adjudicating
Authority
Holding Company
1.46
Holding Company
6.00
Holding Company
F.Y. 1969-73,
F.Y. 1998-99 to 1999-00
0.09
- High Court
Holding Company
Income Tax
Act, 1961
IT matters
A.Y. 2007-08
under dispute
1.13
- Assessing officer
Holding Company
Income Tax
Act, 1961
IT matters
A.Y. 2010-11 and
under dispute A.Y. 2011-12
49.98
Holding Company
Income Tax
Act, 1961
IT matters
A.Y. 2006-07 and
under dispute A.Y. 2009-10
1.03
1.03 Tribunal
Asian Paints
Industrial Coatings
Limited
Asian Paints
Industrial Coatings
Limited
Assessment
Dues
1.32
Assessment
Dues
2.04
166
0.31
- Second Appellate
Authority
5.49 Tribunal
Name of the
company
Relationship
Name of the
Statute
Nature of
dues
Financial Year
Amount
under
dispute
(` in
Crores)
Asian Paints
Industrial Coatings
Limited
Asian Paints
Industrial Coatings
Limited
Kitchen Grace (India)
Private Limited
Assessment
Dues
0.29
0.16 Tribunal
Assessment
Dues
0.75
Indirect Subsidiary
Company
Assessment
Dues
0.83
- First Appellate/
Remanded to
Assessing authority
0.07 First Appellate
Authority
Assessment
Dues
1.09
Assessment
Dues
Assessment
Dues
1.09
0.55
Assessment
Dues
3.34
Assessment
Dues
19.07
Assessment
Dues
3.43
Assessment
Dues
Assessment
Dues
Assessment
Dues
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Jointly Controlled
Company
Maharashtra
Value Added
Tax Act, 2002
Maharashtra
Value Added
Tax Act, 2002
Sales Tax
Sales Tax /
Value Added
Tax
Sales Tax /
Value Added
Tax
Sales Tax /
Value Added
Tax
Sales Tax /
Value Added
Tax
Income Tax
Act, 1961
Income Tax
Act, 1961
Sales Tax /
Value Added
Tax
11.28
7.88
1.74
6.34 Tribunal
- First Appellate
Authority
5.13 High court
- First Appellate
Authority
167
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Consolidated
Financial Statements
Accounting
Period
Subsidiary
Total
Assets*
Total
Revenue*
Direct
120.46
160.27
Kitchen Grace (India) Private Limited
Asian Paints (International) Limited (APIL) #
APIL Consolidated comprising of:
Asian Paints (South Pacific) Limited
Asian Paints (Tonga) Limited
Asian Paints (S.I.) Limited
Asian Paints (Vanuatu) Limited
Asian Paints (Lanka) Limited
Asian Paints (Bangladesh) Limited
Asian Paints (Middle East) LLC
SCIB Chemicals S.A.E.
15 Mar 14 14
Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Indirect
Direct
15.45
251.05
10.81
27.58
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Indirect
Indirect
Indirect
Indirect
Indirect
Indirect
Indirect
Indirect
65.73
8.56
16.10
4.55
62.44
144.16
123.55
262.40
94.01
8.67
13.88
5.70
90.97
211.67
107.78
464.67
Apr 14 - Mar 15
Apr 14 - Mar 15
Indirect
Indirect
569.29
5.35
649.24
6.72
i)
Accounting period
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Jul 14 - Mar 15
Dec 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
Apr 14 - Mar 15
168
Apr 14 - Mar 15
vi) The Joint Venture Company has not been audited by B S R & Co. LLP (in which the Company has 50% equity
interest)
PPG Asian Paints Private Limited, a joint venture between the Parent Company and PPG Industries Securities LLC., U.S.A.,
wherein the Parent Company has 50% equity participation:
(` in Crores)
Name of the Company
Accounting
Period
Joint
Venture
Proportionate
share of Total
Assets*
319.93
^ Represents figures of consolidated financial statements of PPG Asian Paints Private Limited.
* Total assets and Net cash flow are computed at closing conversion rate. Total revenue is computed at average conversion rate.
169
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Consolidated
Financial Statements
As at
31.03.2015
(` in Crores)
As at
31.03.2014
Notes
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserves and Surplus
2
3
Minority Interest
NON CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
95.92
4,646.44
4,742.36
263.67
95.92
3,943.30
4,039.22
246.02
4
5
6
7
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
78.28
180.14
11.13
119.67
389.22
41.40
190.01
9.13
93.06
333.60
8
9
10
7
331.62
1,548.75
997.45
639.41
3,517.23
8,912.48
198.63
1,745.72
938.90
575.50
3,458.75
8,077.59
11 A
11 B
2,290.16
124.07
196.00
2,610.23
245.81
385.88
0.20
278.46
36.71
2,330.74
89.45
71.60
2,491.79
141.39
371.13
2.19
130.39
25.50
1,201.91
2,258.52
1,179.85
204.36
261.95
248.60
5,355.19
8,912.48
1,052.42
2,069.86
1,110.30
229.00
284.48
169.14
4,915.20
8,077.59
Total
ASSETS
NON CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Capital work-in-progress
Goodwill on consolidation
Non-current Investments
Deferred Tax Assets (Net)
Long Term Loans and Advances
Other Non Current Assets
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
27 C
12
5
13
14
15
16
17
18
13
19
Total
Notes are an integral part of the financial statements.
As per our report of even date
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
170
(I) INCOME
Revenue from sale of goods and services (Net of discounts)
Less: Excise duty
Revenue from sale of goods and services (Net of discounts and excise duty)
Other Operating Revenue
Other Income
TOTAL REVENUE (I)
(II) EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in inventories of finished goods, work in progress and stock-in-trade
Employee Benefits Expense
Other Expenses
Total (II)
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (EBITDA) (I) - (II)
Depreciation and Amortisation Expense
Finance Costs
PROFIT BEFORE EXCEPTIONAL ITEMS & TAX
Exceptional Items
PROFIT BEFORE TAX
Less : Tax Expenses
Current Tax
(Excess)/Short tax provision for earlier years
Deferred Tax (benefit)/expense
Total Tax Expenses
PROFIT AFTER TAX
Minority Interest
Net Profit Attributable to shareholders
Earnings per share (`) Basic and diluted
(Face value of ` 1 each)
Notes are an integral part of the financial statements.
As per our report of even date
Notes
Year
2014-15
(` in Crores)
Year
2013-14
20 A
15,473.19
1,467.86
14,005.33
177.48
169.71
14,352.52
13,889.10
1,307.46
12,581.64
133.17
134.22
12,849.03
7,531.17
588.37
(148.07)
907.11
3,068.82
11,947.40
7,025.28
405.72
(90.28)
759.71
2,616.49
10,716.92
2,405.12
2,132.11
265.92
34.76
2,104.44
27.57
2,076.87
245.66
42.22
1,844.23
9.96
1,834.27
658.70
(1.11)
(8.05)
649.54
1,427.33
32.18
1,395.15
14.54
536.40
1.36
33.75
571.51
1,262.76
43.95
1,218.81
12.71
20 B
21
22A
22B
22C
23
24
11
25
28
32
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
171
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Consolidated
Financial Statements
2014-15
(` in Crores)
2013-14
2,076.87
1,834.27
268.33
(27.56)
(4.26)
(2.69)
34.76
10.66
2.80
(10.78)
(70.61)
8.27
(14.92)
2,270.87
255.62
(9.61)
(2.68)
(7.11)
42.22
4.74
1.35
(13.32)
(65.47)
(2.86)
13.49
2,050.64
(144.22)
(154.87)
(151.15)
1,820.63
(632.94)
1,187.69
(230.77)
(254.36)
316.68
1,882.19
(480.16)
1,402.03
(453.78)
16.13
(242.79)
(62.20)
335.54
4.26
3.29
10.99
70.61
(6.79)
(36.48)
(116.54)
(477.76)
(251.01)
15.63
(871.59)
460.25
2.68
(4.54)
13.88
65.47
22.93
(58.90)
(605.20)
43.16
(8.79)
195.60
(76.89)
(34.51)
(693.54)
(574.97)
1.82
(19.36)
42.61
(61.98)
(42.31)
(546.69)
(625.91)
172
2014-15
134.96
926.37
2.47
10.30
(` in Crores)
2013-14
170.92
736.24
16.62
2.59
1,074.10
926.37
# C
urrent year figures are net of adjustments pursuant to stake acquired in subsidiary
[Refer Note 27 C (c)] and adjustments pursuant to Ess Ess acquisition (Refer Note 27
C (e)].
$ Includes repayment of borrowings taken over pursuant to acquisition (Refer Note 27
C (e)].
*
Previous year figures are net of adjustments pursuant to stake acquired in Sleek
International Pvt. Ltd. [Refer Note 27 C (a)].
Notes :
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard-3 on
Cash Flow Statement.
(` in Crores)
As at
As at
31.03.2015
31.03.2014
(b) Cash and Cash Equivalent comprises of :
Cash on hand
8.54
2.86
Balances with Banks:
- Current Accounts
128.99
150.50
- Cash Credit Accounts
3.70
3.30
- Deposits with Bank with maturity less than 3 months
23.12
46.23
Cheques on hand
31.14
15.07
Unpaid dividend and fractional shares account @
7.17
6.05
202.66
224.01
Cash and cash equivalents (Refer Note 18)
Add: Investment in Liquid mutual funds and Government Securities - Unquoted
24.85
12.76
[Refer Note 15 (I) (A+B)]
Add: Investment in Liquid mutual funds - Quoted [Refer Note 15 (II)B]
846.59
689.60
1,074.10
926.37
@ The Group can utilise these balances only towards settlement of unclaimed dividend and fractional shares.
(c)
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
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Financial Statements
The financial statements have been prepared and
presented under the historical cost convention, on
the accrual basis of accounting in accordance with
the accounting principles generally accepted in India
(Indian GAAP) and comply with the Accounting
standards prescribed in the Companies (Accounting
Standards) Rules, 2006 which continue to apply under
Section 133 of the Companies Act, 2013 (the Act)
read with Rule 7 of the Companies (Accounts) Rules,
2014 and other relevant provisions of the Companies
Act, 1956, to the extent applicable.
i.
it is expected to be realized or settled or is
intended for sale or consumption in the Groups
normal operating cycle;
Intangible assets acquired separately are measured
on initial recognition at cost. Intangible assets arising
on acquisition of business are measured at fair value
as at date of acquisition. Following initial recognition,
intangible assets are carried at cost less accumulated
amortization and accumulated impairment loss, if
any. Profit or loss on disposal of intangible assets is
recognised in the Statement of Profit and Loss.
Goodwill
iv. in the case of a liability, the Group does not have
an unconditional right to defer settlement of
the liability for at least twelve months from the
reporting date.
Goodwill arising on the acquisition of a business
represents the excess of the cost of acquisition over the
Groups interest in the net fair value of the identifiable
assets and liabilities of the business recognised at the
date of acquisition. Goodwill is initially recognised as
an asset at cost and is subsequently measured at cost
less accumulated amortisation and any accumulated
impairment losses.
174
Cost of Assets not ready for intended use, as on
the balance sheet date, is shown as capital work in
progress. Advances given towards acquisition of fixed
assets outstanding at each balance sheet date are
disclosed as Long Term Loans & Advances.
(e) Impairment
At Balance Sheet date, an assessment is done
to determine whether there is any indication of
impairment of the carrying amount of the Groups
fixed assets. If any such indication exists, an assets
recoverable amount is estimated. An impairment loss
is recognised whenever the carrying amount of asset
exceeds its recoverable amount.
An assessment is also done at each Balance Sheet date
whether there is any indication that an impairment loss
recognised for an asset in prior accounting periods
may no longer exist or may have decreased. If any
such indication exists, the assets recoverable amount
is estimated. The carrying amount of the fixed asset
is increased to the revised estimate of its recoverable
amount upto an extent that the increased carrying
amount does not exceed the carrying amount that
would have been determined had no impairment loss
been recognised for the asset in prior years. A reversal
of impairment loss is recognised in the Statement of
Profit and Loss for the year.
After recognition of an impairment loss or reversal of
an impairment loss, as applicable, the depreciation
charge for the asset is adjusted in future periods to
allocate the assets revised carrying amount, less its
residual value (if any), over its remaining useful life.
1.3 Revenue Recognition
Revenue from sale of goods is recognised on transfer of all
significant risks and rewards of ownership to the buyer. The
amount recognised as sale is exclusive of sales tax / VAT and
net of returns and discount. Sales are stated gross of excise
duty as well as net of excise duty (on goods manufactured
and outsourced); excise duty being the amount included in
the amount of gross turnover. The excise duty related to the
difference between the closing stock and opening stock is
recognised separately as part of changes in inventories of
finished goods, work-in-progress and stock-in-trade.
Revenue from painting and related service is recognised by
reference to the stage of completion of the transaction at
the Balance Sheet date determined by services performed
to date as a percentage of total services.
Revenue from other sale of services is recognized as per the
completed service contract method.
Processing income is recognised on accrual basis as per
contractual arrangements.
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176
(a)
Raw materials, work-in-progress, finished goods,
packing materials, stores, spares, components,
consumables and stock-in-trade are carried at the
lower of cost and net realisable value. The comparison
of cost and net realisable value is made on an item-byitem basis. Damaged, unserviceable and inert stocks
are valued at net realizable value.
(b)
In determining cost of raw materials, packing
materials, stock-in-trade, stores, spares, components
and consumables, weighted average cost method
is used. Cost of inventory comprises all costs of
purchase, duties, taxes (other than those subsequently
recoverable from tax authorities) and allother costs
incurred in bringing the inventory to their present
location and condition.
(c) Cost of finished goods and work-in-progress includes
the cost of raw materials, packing materials, an
1.6 Investments
Investments are classified into current and long-term
investments. Investments that are readily realizable and
intended to be held for not more than a year from the date
of acquisition are classified as current investments. All
other investments are classified as long-term investments.
However, that part of long term investments which are
expected to be realized within 12 months from Balance Sheet
date is also presented under Current Investments under
Current portion of long term investments in consonance
with the current / non-current classification of Schedule III of
the Act.
Current investments are stated at the lower of cost and
fair value. The comparison of cost and fair value is done
separately in respect of each category of investments.
Long-term investments are stated at cost. A provision for
diminution in the value of long-term investments is made
only if such a decline is other than temporary, in the
opinion of the management. Reversal of such provision for
diminution is made when there is a rise in the value of longterm investments, or if the reasons for the decline no longer
exist.
On disposal of an investment, the difference between its
carrying amount and net disposal proceeds is recognised in
the Statement of Profit and Loss.
1.7 Transactions and translations in foreign currency
Initial recognition
The Group enters into forward exchange contracts to
hedge against its foreign currency exposures relating to the
underlying transactions and firm commitments. The Group
does not enter into any derivative instruments for trading or
speculative purposes.
The premium or discount arising at the inception of
forward exchange contract is amortized and recognised
as an expense/income over the life of the contract.
Exchange differences on such contracts are recognised
in the Statement of Profit and Loss in the period in which
the exchange rates change. Any profit or loss arising on
cancellation or renewal of such forward exchange contract
is also recognised as income or expense for the period.
All employee benefits payable wholly within twelve
months of rendering the service are classified as short
term employee benefits and they are recognised in
the period in which the employee renders the related
service. The Group recognises the undiscounted
amount of short term employee benefits expected to
be paid in exchange for services rendered as a liability
(accrued expense) after deducting any amount already
paid.
(i)
(iii)
Pension and Leaving Indemnity Scheme
(Unfunded)
The Parent Company and some of its
foreign subsidiaries operate a pension and
leaving indemnity plan for certain specified
employees and is payable upon the
employee satisfying certain conditions.
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(iv)
Post Retirement
(Unfunded)
Medical
benefit
plan
The Parent Company and some of
its foreign subsidiaries operate a post
retirement medical benefit plan for certain
specified employees and is payable upon
the employee satisfying certain conditions.
The cost of providing defined benefits is
determined using the Projected Unit Credit
Method with actuarial valuations being
carried out at each Balance Sheet date.
Past service cost is recognised immediately
to the extent that the benefits are already
vested, else is amortised on a straightline basis over the average period until the
amended benefits become vested. In case
of certain foreign subsidiaries, liabilities
have been provided on an estimated basis.
Actuarial gains and losses in respect of the
defined benefit plans are recognised in the
Statement of Profit and Loss in the year in
which they arise.
The defined benefit obligations recognised
in the Balance Sheet represent the present
value of the defined benefit obligation
reduced by the fair value of plan assets,
if applicable. Any defined benefit asset
(negative defined benefit obligations
resulting from this calculation) is recognised
representing the present value of
available refunds and reductions in future
contributions to the plan.
The Group presents the above liabilities
as current and non-current in the Balance
Sheet as per actuarial valuations by the
independent actuary.
178
(i)
The Consolidated Financial Statements have been
prepared to comply in all material respect with
the Accounting Standards notified by Companies
(Accounting Standards) Rules, 2006 (as amended)
and which continue to apply under Section 133 of the
Companies Act, 2013 (the Act) read with Rule 7 of the
Companies (Accounts) Rules, 2014 and other relevant
provisions of the Companies Act, 1956, to the extent
applicable.
(ii)
The financial statements of Asian Paints Limited
together with audited financial statements of its
subsidiaries and joint ventures as described in note
number 27 have been considered for the purpose of
consolidation.
(iv)
The consolidated financial statements have been
prepared using uniform accounting policies for like
transactions and other events in similar circumstances
179
Performance
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Serving the
Community
Management
Discussion and Analysis
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Corporate
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Standalone
Financial Statements
Consolidated
Financial Statements
180
As at
31.03.2015
(` in Crores)
As at
31.03.2014
99.50
0.50
99.50
0.50
100.00
100.00
95.92
95.92
95.92
95.92
a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year#
Equity Shares
As at 31.03.2015
As at 31.03.2014
No. of Shares
` in Crores
No. of Shares
` in Crores
At the beginning of the year
95,91,97,790
95.92
95,91,97,790
95.92
Add: Issued during the year
At the end of the year
95,91,97,790
95.92 95,91,97,790
95.92
# 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 nominal value of ` 10 each was sub-divided to 10 (ten) Equity Share of ` 1 each. The effective
date for the said sub-division was 1st August, 2013.
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.
181
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
182
As at
31.03.2015
(` in Crores)
As at
31.03.2014
39.16
*
5.37
39.16
*
5.37
2,876.57
(1.71)
697.08
3,571.94
2,248.15
628.42
2,876.57
22.20
7.77
29.97
(4.31)
26.51
22.20
1,000.00
1,395.15
2,395.15
1,000.00
1,218.81
2,218.81
172.66
412.46
105.51
402.86
112.95
697.08
1,000.00
4,646.44
82.02
628.42
1,000.00
3,943.30
Secured
Loan taken from National Skill Development Corporation ^
Term Loan +
Deferred payment liabilities
Interest free loan from Financial Institution (Sales tax deferment
scheme - State of Uttar Pradesh) #
Interest free loan - State of Haryana ##
Finance Lease liability ###
Unsecured
Deferred payment liabilities
Sales tax deferment scheme - State of Andhra Pradesh $
Sales tax deferment scheme - State of Maharashtra *
Amount included under the head other current liabilities (Refer Note 10)
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015
31.03.2015
31.03.2014
31.03.2014
0.06
42.97
0.04
0.01
0.48
3.24
3.24
4.06
3.41
2.35
3.41
0.85
0.63
0.35
28.62
0.87
78.28
78.28
32.86
1.00
41.40
41.40
4.24
0.15
8.27
(8.27)
-
4.12
0.11
9.12
(9.12)
-
Notes:
^ The Parent Company has partnered with National Skill Development Corporation (NSDC) for undertaking a painter skill development project.
Under the arrangement, the Parent Company is granted a financial assistance of ` 0.31 crores from NSDC disbursable in five tranches. The
assistance is secured by a bank guarantee provided by the Parent Company to NSDC on the outstanding amount. The assistance carries interest
@ 6% p.a and is repayable over a period of nine years including a moratorium of three years on the principal amount, starting from the date of
first disbursement. During the year, the Parent Company has received ` 0.06 crores as per the schedule of disbursement and no amounts are
repayable during the next one year.
# Interest free loan from The Pradeshiya Industrial Corporation of U.P. Limited (PICUP) under Sales Tax Deferment Scheme of Government of Uttar
Pradesh is secured by a first charge on the parent Companys immovable properties of the paint plant at Kasna and by way of hypothecation of
all movable properties at the above location. This interest free loan has a deferment period of 10 years and is repayable in 9 yearly installments
starting from May, 2007 as per repayment schedule. Out of the total loan of ` 30.60 crores, the Parent Company has already repaid ` 27.36
crores till 31st March, 2015 and balance amount of ` 3.24 crores is repayable in next year upto May, 2015.
## The Parent Company is eligible to avail interest free loan in respect of 50% of VAT paid within Haryana on the sale of goods produced at Rohtak
plant for a period of 7 financial years beginning from April 2010. For the year ended 31st March, 2011, the Parent Company has already received
the interest free loan of ` 3.41 crores. This loan is secured by way of a bank guarantee issued by the Parent Company and is repayable after a
period of 5 years from the date of receipt of interest free loan. For the year ended 31st March, 2012, 31st March, 2013 and 31st March, 2014, the
Parent Company has made the necessary application to the Haryana Government for the issue of eligibility certificate and for the year ended 31st
March, 2015, the Company is in the process of making the necessary application.
### Secured by assets taken on finance lease by the respective subsidiaries. ` 1.84 crores of non current portion is repayable within 2-5 years and
remaining ` 0.51 crores after 5 years. (Interest rate 2.17% - 16.25% p.a.)
* Sales tax deferral scheme - Maharashtra represents interest free loan availed by the respective subsidiary under the Sales tax deferment scheme
of Government of Maharashtra. This interest free loan has a deferment period of 10 years and is repayable in 5 yearly installments starting from
April 2011 as per repayment schedule. The accumulated sales tax deferral loan till 31st March 2015 is ` 1.02 crores.
$ Sales tax deferment scheme- State of Andhra Pradesh represents sales tax deferment availed under the Sales tax deferment scheme of the
Government of Andhra Pradesh. It has a deferment period of 14 years starting from April, 2012 and is repayable over 9 years as per repayment
schedule. Out of the total sales tax deferment of ` 40.70 crores, the Parent Company has already repaid ` 7.84 crores till 31st March, 2015 and
balance amount of ` 32.86 crores is repayable in next 5 years upto February, 2020.
+
Secured against mortgage on Building, Plant & Equipment and Motor cars. Non-current portion is repayable within 2-7 years.
(Interest rate : 4% - 10.51% p.a.)
@ Default in terms of repayment of principal and interest - NIL
183
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
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Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
184
Private
Ltd.
(229.22)
(214.16)
(1.79)
(1.82)
(1.85)
(2.56)
(10.47)
(1.93)
(1.72)
(10.04)
(0.70)
(244.80)
(0.91)
(228.76)
(1.79)
(0.03)
(1.85)
42.60
3.32
17.31
30.60
1.31
5.41
1.10
0.40
0.39
4.04
1.43
64.66
(180.14)
1.43
38.75
(190.01)
0.10
1.99
0.20
4.04
2.19
(7.88)
(0.04)
(0.13)
-
33.44
2.29
0.06
(2.04)
(8.05)
33.75
Other Payables
- Retention monies relating to capital expenditure
- Trade Deposits
- Employees Payables
- Others
Amount included under the head Other current liabilities
(Refer Note 10)
NOTE 7: PROVISIONS
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015
31.03.2014
31.03.2014 31.03.2015
0.13
6.74
0.22
4.04
11.13
-
0.45
7.74
0.19
0.75
9.13
-
16.66
4.72
21.38
(21.38)
25.98
4.91
30.89
(30.89)
11.13
9.13
(` in Crores)
Long term
Short term
As at
As at
As at
As at
31.03.2015
31.03.2015
31.03.2014
31.03.2014
92.43
1.42
24.65
69.63
18.85
11.66
3.44
0.87
11.79
1.04
1.21
1.17
119.67
3.37
1.21
1.23
19.87
2.13
412.46
83.97
103.78
639.41
1.27
14.81
2.10
402.86
68.47
71.95
575.50
As at
31.03.2015
(` in Crores)
As at
31.03.2014
48.64
12.78
19.44
10.99
263.01
7.19
331.62
164.64
3.56
198.63
93.06
# Secured against the debtors, stock, plant & machinery and carries interest rate @ 9.5% to 13% p.a.
## Bank loans bear interest at rates ranging from 0.91% to 1.42% p.a. (2013-14 : 0.88% p.a.) and are repayable in June 2015 and includes bank
loan with a variable Interest rate of Nil. (2013-14 : 3 month libor + 0.95% p.a.)
### Unsecured cash credit with banks Carries interest rate of 9.75% to 11% p.a. (2013-14 - 11% p.a.)
^ Default in terms of repayment of principal and interest - NIL
185
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
As at
31.03.2015
1,548.75
1,548.75
(` in Crores)
As at
31.03.2014
1,745.72
1,745.72
As at
31.03.2015
8.27
21.38
(` in Crores)
As at
31.03.2014
9.12
30.89
7.13
6.01
0.04
7.17
0.04
6.05
131.85
25.03
15.88
3.97
9.90
53.63
168.34
13.39
133.87
122.43
27.15
10.69
3.65
10.79
20.91
219.36
16.87
104.98
0.33
2.75
401.69
960.63
997.45
0.08
355.93
892.84
938.90
# There is no amount due and outstanding to be transferred to the Investor Education and Protection Fund (IEPF) as on 31st March, 2015.
Unclaimed Dividend, if any, shall be transferred to IEPF as and when they become due.
186
117.71
Leasehold
12.16
66.81
Vehicles
Office Equipment
Tinting systems
2.13
105.80
10.80
Computer Software
Others
Computer Software
3,662.13
178.04
(2.40)
(0.10)
(0.02)
(0.08)
(2.30)
0.07
0.41
0.06
(0.11)
0.06
(0.46)
0.08
(1.99)
(0.18)
(0.24)
Translation
Difference
60.87
42.86
38.58
4.28
18.01
0.33
2.21
0.22
7.94
5.91
1.40
Pursuant to
acquisition
during the
year ^
226.56
19.93
0.02
19.05
0.86
206.63
1.52
0.53
13.58
1.53
14.09
4.44
0.19
132.45
1.67
0.13
31.53
4.97
Additions
/Adjustments
during
the year
Gross Block
3.56
8.95
78.90
14.01
82.88
53.61
38.98
2,132.13
11.95
49.68
900.31
123.90
126.86
1.05
6.76
42.06
7.61
38.78
28.21
7.20
814.09
7.96
37.17
136.34
8.10
As at
01.04.14
38.78
240.72
0.20
10.78
124.76
53.41
12.79
2.29
88.02
0.08
8.73
63.97
1.02
11.93
0.01
0.01
0.16
3.35
1.88
1.78
2.46
0.45
61.69
1.04
5.34
2.56
As at
Deductions
/Adjustments 31.03.15
during
the year##
0.82
(0.06)
(0.06)
0.88
(0.01)
0.23
0.16
(0.05)
(0.01)
0.62
0.01
(0.01)
(0.06)
Translation
Difference
8.45
8.45
0.22
1.13
0.16
4.45
2.28
0.21
Pursuant to
acquisition
during the
year ^
265.45
27.62
0.04
0.01
16.90
5.43
0.01
5.23
237.83
0.49
1.06
9.09
1.70
8.02
5.44
1.29
176.16
1.48
1.19
30.61
1.30
Additions
/Adjustments
during
the year
Depreciation/Amortisation
1.37
5.54
49.76
9.06
45.10
33.22
8.49
944.94
8.40
40.65
165.90
9.55
7.52
115.59
0.12
8.74
80.82
6.45
11.94
60.50 1,437.57
(0.01)
(0.01)
60.51 1,321.98
0.16
2.51
1.77
1.33
1.85
0.43
50.38
1.04
1.04
As at
Deductions
/Adjustments 31.03.15
during
the year##
18.59
0.57
0.33
0.24
18.02
0.80
0.64
0.68
0.21
11.07
4.62
As at
01.04.14
(0.05)
(0.02)
(0.02)
(0.03)
(0.03)
2.88
0.51
0.51
2.37
(0.04)
2.41
Translation
Additions
Difference /Adjustments
during
the year *
Impairment
6.78
6.78
0.80
0.01
0.12
5.85
2.19
3.41
28.51
4.95
37.22
20.18
30.49
1,182.04
3.55
9.03
727.38
114.35
126.86
124.07
0.08
1.73
43.19
46.96
0.85
31.26
14.64 2,414.23
1.06
0.31
0.75
13.58 2,290.16
0.63
0.56
0.21
5.15
7.03
As at
As at
Deductions
/Adjustments 31.03.15 31.03.15
during
the year##
Net Block
(` in Crores)
3.49
0.04
0.01
Building
Office Equipment
44.32
2.94
Tinting Systems
Total
2.56
35.28
Freehold Land
30.62
0.01
0.04
0.91
2.23
27.43
5.34
0.00
0.70
4.64
Gross
Depreciation/ Impairment (C)
Block (A) Amortisation (B)
Tangible Assets
8.36
0.00
0.00
2.57
0.01
3.22
2.56
Net (A-B-C)
## Deductions/adjustments include the following Tangible Assets held for disposal (Refer Note 19):
(` in Crores)
In accordance with Schedule II of the Companies Act, 2013, the Parent Company and its Indian Subsidiaries and Joint Ventures have reassessed the estimated useful life of certain class of assets through technical evaluation during the year. The reassessed estimated useful life is in line with the
existing useful life of the assets used by the Parent Company and its Indian Subsidiaries and Joint Ventures for the purpose of depreciation. This reassessment does not materially impact the consolidated financials.
Total (A+B)
0.18
14.83
Goodwill**
Scientific Research:
34.50
11.93
Brands**
3,484.09
Trademark
B. Intangible Assets :
Vehicles
11.36
70.97
38.79
49.62
Buildings
2,053.89
Equipment
Scientific Research:
11.32
43.56
Leasehold improvements
876.11
Freehold
Leasehold
Buildings :
129.66
Freehold
Land :
A. Tangible Assets :
As at
01.04.14
187
188
110.40
Leasehold
53.37
Office Equipment
Tinting systems
Vehicles
1.52
76.73
10.76
Computer Software
Others
Computer Software
Total (A+B)
3,385.14
100.14
0.14
27.93
0.24
0.04
0.20
27.69
87.56
49.83
1.04
14.29
34.50
37.73
194.99
28.08
28.08
166.91
0.66
0.67
11.96
2.96
11.33
4.66
0.60
2.13
11.36
66.81
12.16
70.97
49.62
38.79
2,053.89
11.32
43.56
876.11
178.04
0.18
10.80
105.80
14.83
11.93
34.50
33.49 3,662.13
0.25
0.25
33.24 3,484.09
0.19
1.07
2.91
2.20
5.76
15.52
0.15
5.44
117.71
129.66
979.40
68.78
0.04
7.99
48.80
0.02
11.93
910.62
0.76
6.28
34.89
7.49
34.66
23.41
5.91
642.71
6.44
33.02
108.48
6.57
15.11
0.14
0.14
14.97
0.07
0.20
1.98
0.30
1.13
7.20
3.19
0.78
0.12
7.71
0.56
0.48
0.08
7.15
1.16
0.41
2.01
2.61
0.96
244.82
18.79
0.04
0.74
14.80
0.92
2.29
226.03
0.35
1.06
6.74
1.43
5.88
4.84
1.29
174.20
1.52
1.11
26.36
1.25
1.05
6.76
42.06
7.61
38.78
28.21
7.20
814.09
7.96
37.17
136.34
8.10
2.29
88.02
0.08
8.73
63.97
1.02
11.93
23.69 1,223.35
0.25
0.25
23.44 1,135.33
0.13
0.78
2.71
2.02
4.90
0.04
12.63
0.15
0.24
(0.16)
9.00
0.30
0.30
8.70
1.07
0.20
0.75
0.21
6.47
0.07
0.03
0.03
0.04
0.04
10.80
0.24
1.28
0.24
-
1.28
0.28
0.03
0.12
0.84
0.01
10.56
0.01
0.47
0.05
5.40
4.63
Net Block
129.66
1.08
3.80
24.11
4.55
31.51
21.20
31.59
1,228.73
3.36
6.39
735.15
109.61
89.45
0.10
1.74
41.59
13.81
32.21
18.59 2,420.19
0.57
0.33
0.24
18.02 2,330.74
0.80
0.64
0.68
0.21
11.07
4.62
As at
As at
01.04.13 31.03.14
Business
Responsibility Report
0.18
0.54
Goodwill
Scientific Research:
11.93
Trademark
3,285.00
1.86
1.14
6.68
94.99
1.27
0.23
35.18
Additions Deductions
/Transfer
/Transfer
during
the year *
Impairment
Corporate
Governance
Brands
B. Intangible Assets :
0.48
2.53
0.37
1.63
7.03
16.33
2.39
0.01
As at Translation
01.04.13 Difference
Boards
Report
11.28
9.89
Vehicles
57.09
44.96
11.25
3.88
5.57
4.46
0.23
As at
Additions Deductions
/Transfer
/Transfer 31.03.14
during
the year
Depreciation/Amortisation
As at Translation Pursuant to
01.04.13 Difference acquisition
of
subsidiary
#
Management
Discussion and Analysis
38.19
Equipment
1,956.14
Buildings
Scientific Research:
10.05
39.60
Leasehold
Leasehold improvements
824.47
Freehold
0.46
1.38
As at
Additions Deductions
/Transfer
/Transfer 31.03.14
during
during
the year
the year
(` in Crores)
Serving the
Community
Buildings :
128.04
Freehold
Land :
A. Tangible Assets :
As at Translation Pursuant to
01.04.13 Difference acquisition
of
subsidiary
#
Gross Block
Performance
Highlights
Standalone
Financial Statements
Consolidated
Financial Statements
I. Unquoted
A. Trade Investments:
1. Investment in Equity shares
(a) Patancheru Enviro-tech Limited
(b) SIPCOT Common Utilities Limited
(c) Narmada Clean Tech Limited
B. Other Investments:
1. Other Entities
SKH Metals Limited
Shares of Saraswat Co-op. Bank (` 25000/-)
2. Investment in Government Securities
National Savings Certificates, Indira Vikas Patra
and Defence Certificates deposited with
Government Authorities
[` 39,500/- (Previous year ` 39,500/-)]
3. Investment in Bonds
Abay Dam bond
Total Non-Current Unquoted Investments (I)
II. Quoted
A. Other Investments:
1. Investment in Equity Shares
Akzo Nobel India Limited
Housing Development Finance Corporation
Limited
Apcotex Industries Limited
Pan United Corp
2. Investment in Mutual Funds
DWS Fixed Maturity Plan Series 53 - Direct Plan
- Growth
BIRLA Sun Life Fixed Term Plan Series KE (412
Days) - Growth. Direct
HDFC Fixed Maturity Plan 453 Days Series 29
Direct Growth
IDFC Fixed Term Plan Series 66 Direct Plan Growth
KOTAK Fixed Maturity Plan Series 133 Direct
Growth
LIC Nomura MF Fixed Maturity Plan Series 77 396 Days - Direct Growth Plan - LICL7
Face value
(`)
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
12,900
2,830
4,97,833
10
100
10
0.01
0.03
0.50
0.54
0.01
0.03
0.50
0.54
62,500
2,500
10
10
0.50
*
0.50
0.50
*
0.50
2,500
ETB 1000
0.75
0.75
1.79
1.04
20,10,626
4,65,000
10
2
41.30
0.12
41.30
0.12
6,836
7,000
0.01
0.02
41.45
0.01
0.02
41.45
1,40,00,000
10
14.00
14.00
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
189
Performance
Highlights
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Community
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Standalone
Financial Statements
Consolidated
Financial Statements
1,00,00,000
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
10.00
10.00
-
1,00,00,000
10
10.00
10.00
1,00,00,000
10
10.00
10.00
80,00,000
10
8.00
8.00
50,00,000
10
5.00
5.00
50,00,000
10
5.00
5.00
50,00,000
10
5.00
5.00
50,00,000
10
5.00
5.00
1,50,00,000
10
15.00
15.00
33,17,035
15
5.00
5.00
80,00,000
10
8.00
8.00
2,00,00,000
10
20.00
2,00,00,000
10
20.00
2,00,00,000
10
20.00
1,30,00,000
10
13.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(2,00,00,000)
10
20.00
(1,40,00,000)
10
14.00
Nos.
RELIANCE Fixed Horizon Fund XXV - Series 17 Direct Plan - Growth Plan - WLAG
RELIANCE Fixed Horizon Fund XXV- Series 16 Direct Plan - Growth Plan - WKAG
SUNDARAM Fixed Term Plan EU 446 Days Direct
Growth
AXIS Fixed Term Plan - Series 49 (437) Days Direct Growth - Z7DG
DWS Fixed Maturity Plan Series - 45 - Dierct Plan
Growth
SBI Debt Fund Series A2 - 15 Months Direct
Growth
RELIGARE Invesco Fixed Maturity Plan Series 22
(15 Months) Direct Plan Growth
IDFC Yearly Series Interval Fund Regular Plan
Series - II Growth
BIRLA Sun Life Interval Income Fund-Annual Plan
IX - Growth - Direct
ICICI Prudential Interval Fund Annual Interval Plan
IV - Direct Plan - Growth
ICICI Prudential Interval Fund Series VII Annual
Interval Plan C - Direct Plan - Cumulative
ICICI Prudential Fixed Maturiity Plan - Series 73 369 Days - Plan T Direct Plan Cumulative
Kotak Fixed Maturity Plan - Series 155 (370 Days)
- Direct - Growth
Reliance Fixed Horizon Fund XXVI - Series 8 Direct Plan - Growth Plan - XHAG
Tata Fixed Maturity Plan - Series 47 - Scheme J Direct Plan - Growth
ICICI Prudential Fixed Maturity Plan Series 66-407
Days Plan C Direct Plan
(2,00,00,000 units matured during the year)
LIC Nomura MF Fixed Maturity Plan Series 55
-375 Days
(2,00,00,000 units matured during the year)
TATA Fixed Maturity Plan Series 46 Scheme
(2,00,00,000 units matured during the year)
UTI Fixed Term Income Fund Series XV -IV (368
Days)
(2,00,00,000 units matured during the year)
TATA Fixed Maturity Plan Series 46 Scheme A
Direct
(1,40,00,000 units matured during the year)
190
Face value
(`)
(1,10,00,000)
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
11.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(1,00,00,000)
10
10.00
(70,00,000)
10
7.00
(70,00,000)
10
7.00
(60,00,000)
10
6.00
(60,00,000)
10
6.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
Nos.
Face value
(`)
191
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Standalone
Financial Statements
Consolidated
Financial Statements
(50,00,000)
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(50,00,000)
10
5.00
(40,00,000)
10
4.00
(30,00,000)
10
3.00
2,00,00,000
10
20.00
20.00
50,00,000
2,00,00,000
10
10
5.00
20.00
5.00
20.00
Nos.
Face value
(`)
2,00,00,000
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
10
20.00
20.00
-
1,10,00,000
2,10,00,000
10
10
11.00
21.00
11.00
21.00
80,00,000
10
8.00
8.00
3,10,00,000
1,00,00,000
10
10
31.00
10.00
31.00
10.00
1,00,00,000
10
10.00
60,00,000
10
6.00
2,00,00,000
10
20.00
80,00,000
10
8.00
2,00,00,000
10
20.00
2,00,00,000
10
20.00
1,00,00,000
10
10.00
1,00,00,000
10
10.00
1,50,00,000
10
15.00
1,00,00,000
10
10.00
1,00,00,000
10
10.00
50,00,000
10
5.00
1,50,00,000
10
15.00
1,00,00,000
10
10.00
(50,00,000)
10
5.00
315.00
301.00
223.00
(223.00)
303.00
(303.00)
315.00
301.00
Nos.
Face value
(`)
193
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Standalone
Financial Statements
Consolidated
Financial Statements
Face value
(`)
(` in Crores)
Non-Current
Current
As at
As at
As at
As at
31.03.2015 31.03.2014 31.03.2015 31.03.2014
1,22,476
1,000
12.25
12.25
1,00,000
1,000
10.07
10.07
50
10,00,000
5.32
27.64
384.09
385.88
709.41
5.32
27.64
370.09
371.13
557.94
194
Long-term
As at
As at
31.03.2015
31.03.2014
(` in Crores)
Short-term
As at
As at
31.03.2015
31.03.2014
63.00
1.79
71.29
50.34
6.59
39.76
18.67
21.14
2.42
56.32
26.18
11.03
0.30
278.46
47.77
24.34
9.68
0.46
130.39
136.98
97.79
8.51
261.95
174.64
79.48
6.80
284.48
0.08
(0.08)
278.46
130.39
261.95
284.48
As at
31.03.2015
4.45
3.48
(` in Crores)
As at
31.03.2014
7.08
2.76
0.25
12.09
2.85
13.59
36.71
0.32
9.00
0.02
6.32
25.50
195
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Standalone
Financial Statements
Consolidated
Financial Statements
I. Unquoted
A. Investments in Liquid Mutual Funds:
Kotak floater Short Term - Growth
(7255 units matured during the year)
Reliance Liquid fund treasury plan -Growth plan
(10761 Units matured during the year)
Nos.
Face value
(`)
As at
31.03.2015
As at
31.03.2014
(7,225)
1,000
0.76
(10,761)
1,000
1.68
2.44
24.82
0.03
24.85
10.29
0.03
10.32
24.85
12.76
15.47
40.32
45.93
58.69
223.00
303.00
B. Others:
Treasury bills
Bank of Nova Scotia- Premium Money Market Fund
Total Unquoted Current Investments with original
maturity less than three months (A + B)
C. Investments with original maturity more than three
months but less than twelve months
Treasury bills
Total Unquoted Current Investments (I)
II. Quoted
A. Current Portion of Long Term Investment (Valued at
cost) (Refer Note 12)
B. Current Investments (Valued at lower of cost and
fair value)
1. Investments in Liquid Mutual Funds:
Kotak liquid scheme Plan A - Growth
UTI Money market fund institutional plans - G
LIC Nomura MF Liquid Fund - Growth
UTI Treasury Advantage fund - Institutional Plan - Growth
Kotak floater short term - Growth
Kotak Floater - ST - Growth
Dsp BlackRock Liquidity fund-Instnl Plan-Growth
Reliance Liquid Fund - TP - Growth
HDFC F R I F - STF - WP - Growth
HDFC Liquid Fund - Growth units
ICICI Prudential Liquid - Reg - Growth units
ICICI Prudential Flexible Income Plan - Reg - Growth
(83,620 units matured during the year)
AXIS Liquid Fund - Growth
(6,13,134 units matured during the year)
TEMPLETON India Ultra Short Bond Super Institutional
Plan - Growth
(4,12,51,022 units matured during the year)
TEMPLETON India Treasury Management - Super
Institutional Plan - Growth
196
3,833
48,094
2,217
83,387
6,048
15,259
5,006
754
(30,96,973)
35,47,753
(8,02,794)
4,630
(6,65,911)
(83,620)
(6,13,134)
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
10
10
1.09
7.52
0.56
15.80
1.39
1.54
1.00
0.26
9.27
1.02
21.92
1.31
1.30
6.67
2.00
10
0.09
12.42
10
2.00
1,000
87.02
(4,12,51,022)
10
69.46
(3,37,453)
1,000
64.44
Nos.
Face value
(`)
As at
31.03.2015
As at
31.03.2014
(2,49,162)
1,000
52.32
(2,00,887)
1,000
47.50
(2,88,071)
1,000
41.31
(22,32,429)
100
38.04
(1,89,402)
1,000
33.36
(2,03,19,088)
10
31.06
(87,50,552)
10
30.58
(1,82,41,879)
10
30.28
1,32,06,031
10
31.59
27.14
(1,24,14,270)
(75,579)
1,000
23.59
(11,65,133)
100
22.09
(5,84,805)
100
14.05
(39,20,048)
10
10.59
(55,21,407)
10
10.02
(40,297)
1,000
8.11
2,33,907
4,83,383
1,21,50,692
54,86,803
11,91,821
2,14,131
81,48,017
1,000
100
10
100
100
1,000
10
45.34
12.70
23.70
147.42
23.02
33.15
31.07
197
Performance
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Standalone
Financial Statements
Consolidated
Financial Statements
198
Nos.
Face value
(`)
As at
31.03.2015
As at
31.03.2014
2,32,43,465
10
42.07
47,66,498
5,25,46,750
10
10
14.04
97.30
77,88,251
2,10,967
2,34,817
1,47,404
84,211
1,28,661
6,62,60,519
10
1,000
1,000
1,000
1,000
1,000
10
17.32
40.42
59.45
33.19
26.01
28.29
101.99
846.59
689.60
1,20,00,000
10
12.00
1,43,14,097
1,68,43,069
10
10
25.00
25.00
1,32,11,855
10
25.00
50,00,000
10
5.00
(21,853)
10
0.20
(34,061)
10
0.06
(4,132)
10
0.05
(1,318)
10
0.02
(3,408)
10
0.10
(4,614)
10
0.10
(1,501)
10
0.02
(9,031)
10
0.20
Nos.
Face value
(`)
As at
31.03.2015
As at
31.03.2014
(7,440)
10
0.04
(4,526)
10
0.11
(60,344)
10
0.20
(12,079)
10
0.03
(3,496)
10
92.00
1,161.59
1,201.91
1,189.40
1.13
993.73
1,052.42
1,010.47
199
Performance
Highlights
Serving the
Community
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Standalone
Financial Statements
Consolidated
Financial Statements
200
Non - Current
As at
As at
31.03.2015
31.03.2014
As at
31.03.2015
(` in Crores)
As at
31.03.2014
690.62
68.60
759.22
52.69
1,169.92
1.64
1,171.56
102.14
53.93
118.98
2,258.52
671.43
97.12
768.55
51.12
1,033.68
2.40
1,036.08
87.09
42.12
84.90
2,069.86
(` in Crores)
Current
As at
As at
31.03.2015
31.03.2014
0.28
0.28
13.46
47.65
61.11
7.27
43.56
50.83
4.45
4.45
4.45
4.45
(4.45)
6.80
6.80
7.08
7.08
(7.08)
1,166.39
11.83
1,178.22
1,239.33
59.48
1,179.85
-
1,103.03
6.94
1,109.97
1,160.80
50.50
1,110.30
-
1,179.85
1,110.30
Non - Current
As at
As at
31.03.2015
31.03.2014
(` in Crores)
Current
As at
As at
31.03.2015
31.03.2014
8.54
2.86
128.99
3.70
23.12
31.14
186.95
150.50
3.30
46.23
15.07
215.10
7.17
1.70
6.05
4.99
3.48
3.48
(3.48)
2.76
2.76
(2.76)
8.87
-
11.04
-
204.36
229.00
As at
31.03.2015
2.51
81.81
0.12
6.20
0.42
122.51
8.36
26.67
248.60
(` in Crores)
As at
31.03.2014
2.72
79.77
0.12
0.51
57.95
1.27
26.80
169.14
201
Performance
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Standalone
Financial Statements
Consolidated
Financial Statements
Year
2014-15
(` in Crores)
Year
2013-14
16,079.11
199.92
16,279.03
839.90
15,439.13
14,368.61
198.56
14,567.17
699.03
13,868.14
7.83
21.37
2.09
2.77
15,473.19
4.35
13.28
1.53
1.80
13,889.10
54.37
12.13
109.06
1.40
0.52
177.48
53.99
11.00
65.89
1.42
0.87
133.17
Year
2014-15
(` in Crores)
Year
2013-14
5.06
2.46
0.73
3.26
11.51
1.17
7.15
1.93
0.55
4.24
13.87
0.66
15.74
54.87
70.61
7.97
27.56
4.26
2.69
8.35
16.67
48.80
65.47
7.04
9.61
2.68
7.11
-
35.59
169.71
27.78
134.22
# As at 31st March 2014, these Long term investments were classified under current investments as their maturity period was less than 12 months.
202
Total Cost of Materials Consumed
(B) PURCHASES OF STOCK-IN-TRADE
(C)
CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS
AND STOCK-IN-TRADE
Stock at the beginning of the year
Finished Goods (including goods in transit)
Work-in-Progress
Stock-in-trade - acquired for trading (including goods in transit)
Acquired pursuant to investment in Subsidiary Companies [Refer Note 27 C (a) & 27 C (c)]
Total
Stock at the end of the year
Finished Goods (including goods in transit)
Work-in-Progress
Stock-in-trade - acquired for trading (including goods in transit)
Total
Changes in inventories
Increase in Excise duty on finished goods
Changes In Inventories of Finished Goods, Work-in-Progress and Stock-In-Trade
Year
2014-15
(` in Crores)
Year
2013-14
768.55
6,243.75
33.38
7,045.68
759.22
6,286.46
653.40
6,047.25
1.93
6,702.58
768.55
5,934.03
51.12
1,244.81
1.47
1,297.40
52.69
1,244.71
7,531.17
588.37
42.80
1,099.49
0.08
1,142.37
51.12
1,091.25
7,025.28
405.72
1,036.08
87.09
84.90
4.97
1,213.04
973.83
68.51
56.95
11.34
1,110.63
1,171.56
102.14
118.98
1,392.68
(179.64)
31.57
(148.07)
1,036.08
87.09
84.90
1,208.07
(97.44)
7.16
(90.28)
Year
2014-15
772.56
64.11
70.44
907.11
(` in Crores)
Year
2013-14
646.65
50.41
62.65
759.71
203
Performance
Highlights
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Standalone
Financial Statements
Consolidated
Financial Statements
204
Year
2014-15
42.85
125.72
110.64
(` in Crores)
Year
2013-14
33.63
129.05
87.20
21.33
33.00
51.94
106.27
163.63
39.51
4.96
12.17
46.88
100.45
13.14
19.13
3.16
1.43
4.67
7.48
-
15.36
26.90
37.84
80.10
142.76
33.23
4.69
12.58
43.51
89.48
4.39
3.71
2.43
1.45
4.77
5.77
9.19
1.38
30.12
37.23
29.77
708.86
743.86
567.55
2.80
10.66
134.50
3,068.82
2.94
22.79
38.48
26.30
588.07
630.99
494.44
1.35
4.74
118.45
2,616.49
Year
2014-15
9.75
24.25
(2.77)
(` in Crores)
Year
2013-14
10.18
24.78
5.70
3.53
34.76
1.56
42.22
1.
2.
3.
As at
31.03.2015
1.98
As at
31.03.2014
1.53
139.14
13.02
112.81
12.07
(b) Commitments:
(` in Crores)
1.
2.
3.
As at
31.03.2015
410.34
As at
31.03.2014
101.25
111.17
69.38
The Group enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying
transactions and firm commitments. The Group does not enter into any derivative instruments for trading or speculative
purposes.
The forward exchange contracts outstanding as at 31st March, 2015 are as under:-
Currency
USD
As at
31.03.2015
Number of
Buy
Contracts
Amount
(USD in
millions)
-
Indian Rupee
Equivalent
(` in Crores)
Number of
Contracts
21
As at
31.03.2014
Buy
Amount
(USD in
millions)
10.79
Indian Rupee
Equivalent
(` in Crores)
65.63
205
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Standalone
Financial Statements
Consolidated
Financial Statements
i.
Direct Subsidiaries:
Name of the Company
Country of
Incorporation
% of Holding
as on
31st March, 2015
51.00
Nepal
Mauritius
100
India
100
India
100
India
100
51.00
ii.
Indirect Subsidiaries:
a) Subsidiaries of the wholly owned subsidiary, Asian Paints (International) Limited, Mauritius
Name of the Company
Country of
Incorporation
Fiji Islands
Kingdom of
Tonga
Solomon
Islands
Republic of
Vanuatu
Sri Lanka
Bangladesh
89.78
49.00
Sultanate of
Oman
Egypt
Samoa
80.00
206
% of Holding
as on
31st March, 2015
54.07
100
75.00
60.00
99.18
60.00
100
ii.
Country of
Incorporation
Singapore
Isle of Man,
U.K.
Isle of Man,
U.K.
Holdings) U.K.
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
100
100
100
100
100
100
100
51.00
100
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
100
Accounting period
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
100
Accounting period
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
100
Accounting period
Accounting period
Country of
Incorporation
Isle of Man,
U.K.
Country of
Incorporation
U.A.E.
Country of
Incorporation
Bahrain
207
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f)
Jamaica
% of Holding
as on
31st March, 2015
51.00
% of Holding
as on
31st March, 2014
51.00
Trinidad
70.00
70.00
Barbados
100
100
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
86.01
Country of
Incorporation
Accounting period
Country of
Incorporation
India
Accounting period
* Sleek International Private Limited (SIPL) acquired additional stake of 13.99% in January 2015.
(B) Joint Ventures: (In which the Parent Company has 50% equity interest)
There are two Joint Ventures between the Parent Company and PPG Industries Securities LLC, U.S.A., wherein the Parent
Company has 50% equity participation.
Country of
Incorporation
India
% of Holding
as on
31st March, 2015
100
% of Holding
as on
31st March, 2014
100
100
100
Accounting period
(C) a) The Parent Company invested ` 99.79 crores for 51% stake by subscription to equity shares of Sleek International Private
Limited (SIPL) on 8th August, 2013. The Parent Company further invested a sum of ` 19.69 crores on 10th August, 2013,
as second tranche by further subscription to equity shares of SIPL with a corresponding proportionate investment by the
existing promoters of SIPL. In view of the above, the results for the year ended 31st March, 2015 are not comparable with the
corresponding previous year.
During the year, Asian Paints (International) Limited, Mauritius (APIL), wholly owned subsidiary of Company, acquired an
additional stake of 0.02% in its subsidiary, Berger International Limited, Singapore (BlL).
Subsequently, after approval of selective capital reduction by High Court in Singapore, Berger International Limited,
Singapore became a wholly owned subsidiary of APIL on 30th July, 2014.
208
c)
Acquisition of majority stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia (Formerly known as Kadisco
Chemical Industry PLC) (Kadisco).
Berger International Limited, Singapore (BIL), a wholly owned indirect subsidiary of the Company, acquired 51% stake in
Kadisco for a consideration of US$ 18.95 million (` 117 crores) in cash on 9th February, 2015.
Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative
paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.
Goodwill on consolidation arising from the stake acquired in Kadisco amounting to ` 99.98 crores has been recognised in
the consolidated Balance Sheet in the current year.
d)
PT Asian Paints Indonesia has been incorporated in Indonesia as a wholly owned subsidiary of Berger International Limited,
Singapore (an indirect subsidiary of the Company) during the year. As at 31st March, 2015, the subscription of share capital
in the subsidiary amounting to US$ 12 million (equivalent to ` 75 crores) has not been made.
e)
During the year, the Parent Company acquired the entire front end sales business including brands, network and sales
infrastructure of Ess Ess Bathroom Products Private Limited effective 1st June, 2014 for a consideration of ` 36.48 crores.
As a result of this transaction, intangible assets consisting of Goodwill of ` 38.58 crores and Brand of ` 4.28 crores has been
recognized in the consolidated balance sheet.
A
B
Year
2014-2015
25.16
2.41
27.57
Year
2013-2014
9.96
9.96
A. The Parent Company has discontinued the manufacturing activities at its Bhandup Plant with effect from 5th May, 2014. A
Voluntary Retirement / Separation Scheme along with an alternate option of relocation to other factories/establishments of the
Parent Company was offered to all the workmen at the plant in the month of April, 2014. All workmen have accepted either the
Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the Company. The liability on account
of the above amounting to ` 25.16 crores is recognized and disclosed in Exceptional Items in the Statement of Profit and Loss
for the year ended 31st March, 2015.
B. The Parent Company has recognized provision for impairment in respect of Fixed Assets at Bhandup Plant (represented by
Building that houses the manufacturing facility) for an amount of ` 2.41 crores in the current year (Previous year ` 9.96 crores).
The same is included under Impairment in Note 11 and disclosed in Exceptional Items in the Statement of Profit and Loss.
Note 29:
The Parent Companys manufacturing facility at Khandala, Maharashtra has been granted Mega Project Status by Government of
Maharashtra and hence is eligible for Industrial Promotion Subsidy (IPS) under Package Scheme of Incentive, 2007 in the form of
refund of VAT paid to Maharashtra Government, exemption on electricity duty and stamp duty within a period of 9 years from the
date of commencement of commercial production, restricted to a maximum of 100% of fixed capital investment as per the Eligibility
Certificate issued by Director of Industries, Government of Maharashtra. In terms of the Accounting Standard (AS 12) Accounting
for Government Grants prescribed by Companies (Accounting Standards) Amendment Rules, 2006, eligible incentive as mentioned
above amounting to ` 108.96 crores for year ended 31st March, 2015 (Previous Year - ` 65.59 crores) is credited to Statement of Profit
and Loss under the head Other operating income on accrual basis.
209
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The Parent companys share of each of the assets, liabilities, income and expenses of JVs has been included in the consolidated
financial statements.
The aggregate amounts of assets, liabilities, income and expenses related to the Parent Companys Interest in the JVs as at
31st March, 2015 are as follows:
a) Details of Assets
Non-current assets
Tangible assets
Intangible assets
Capital work in progress
Goodwill on consolidation
Long-term loans and advances
Other non current assets
Current assets
Inventories
Trade receivables
Cash and bank balance
Short-term loans and advances
Other current assets
b) Details of Liabilities
Non-current liabilities
Deferred tax liability (net)
Long term provision
Current liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
c) Details of Income
Revenue from operations
Other income
d) Expenses
Cost of materials consumed
Purchases of stock in trade
Changes in inventories of finished goods, work in progress and stock in trade
Employee benefits expense
Finance costs
Depreciation and amortization expenses
Other expenses
Tax expenses
210
As at
31st March, 2015
(` in Crores)
As at
31st March, 2014
66.65
1.34
0.44
1.43
39.65
2.22
62.19
2.16
4.96
1.43
34.74
2.33
123.35
136.48
9.11
20.68
0.29
122.73
122.15
10.24
18.98
0.46
1.69
5.75
3.21
3.87
0.35
85.32
18.89
2.37
0.93
96.01
14.53
1.92
Year 2014-15
(` in Crores)
Year 2013-14
637.62
3.17
561.41
2.02
342.55
64.55
(2.18)
48.97
0.21
7.41
146.50
7.37
308.29
57.33
4.60
41.26
1.58
6.68
126.99
4.26
Asian Paints Limited
e)
As at
31st March, 2015
(` in Crores)
As at
31st March, 2014
24.43
2.82
3.83
17.95
2.05
3.16
Other Matters
Contingent Liabilities
Capital Commitments
Other Commitments
The following disclosures are made in accordance with AS - 15 (Revised) pertaining to Defined Benefit Plans:
(` in Crores)
Pension, Leaving Indemnity,
Gratuity and Medical Plan
(Unfunded)
31.03.2015
31.03.2014
31.03.2015
31.03.2014
248.27
(255.50)
(7.23)
203.44
(213.81)
(10.37)
25.13
25.13
19.96
19.96
4.86
(12.09)
(7.23)
1.04
(11.41)
(10.37)
25.13
25.13
19.96
19.96
13.98
16.75
(16.84)
13.73
2.19
29.81
26.85
12.52
15.51
(16.22)
(5.79)
0.40
0.17
10.38
16.97
11.36
2.36
1.96
1.75
6.07
1.28
1.35
(0.55)
1.02
3.10
(10.37)
(0.35)
29.81
(26.32)
(7.23)
(11.66)
(1.36)
0.07
16.97
(14.40)
0.01
(10.37)
19.96
0.46
6.07
(1.72)
0.36
25.13
16.98
0.32
3.10
(1.21)
0.77
19.96
211
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Financial Statements
(` in Crores)
Pension, Leaving Indemnity,
Gratuity and Medical Plan
(Unfunded)
31.03.2015
31.03.2014
31.03.2015
31.03.2014
Reconciliation of Benefit Obligations & Plan Assets For the
Period
Change in Defined Benefit Obligation
Opening Defined Benefit Obligation
203.44
187.84
19.96
16.73
Current Service Cost
13.98
12.52
2.36
1.28
Interest Cost
16.75
15.51
1.96
1.35
Actuarial Losses / (Gain)
23.70
(5.60)
1.75
0.75
Past Service Cost
2.19
0.40
Annuities Purchased
0.37
7.48
Exchange Difference on Foreign Plans
2.63
3.76
0.46
0.30
Member Contributions
1.47
1.35
Pursuant to acquisition [Refer Note 27 C (c) and 27 C (a)]
0.80
0.36
0.76
Benefits Paid
(16.26)
(20.62)
(1.72)
(1.21)
Closing Defined Benefit Obligation
248.27
203.44
25.13
19.96
Change in Fair Value of Assets
Opening Fair Value of Plan Assets
213.81
193.96
Expected Return on Plan Assets
16.84
16.22
Actuarial Gain / (Losses)
9.97
(4.17)
Contributions by Employer
26.32
14.40
1.72
1.21
Annuities Purchased
0.37
7.48
Exchange Difference on Foreign Plans
2.98
4.41
Member Contributions
1.47
1.35
Benefits Paid
(16.26)
(20.62)
(1.72)
(1.21)
Pursuant to acquisition [Refer Note 27 C (a)]
0.78
Closing Fair Value of Plan Assets
255.50
213.81
Summary of the Actuarial Assumptions
Discount Rate
5% to 11% 5.0% to 9.5% 4.5% to 11.97% 4.5% to 9.50%
Expected Rate of Return on Assets
4.0% to 8.50% 5.0% to 8.50%
212
As at
31.03.2015
As at
31.03.2014
As at
31.03.2013
As at
31.03.2012
As at
31.03.2011
248.27
255.50
7.23
(2.76)
(8.90)
203.44
213.81
10.37
(2.37)
(5.89)
187.84
193.96
6.12
(0.18)
1.90
163.67
175.28
11.61
(0.06)
(2.60)
134.96
143.15
8.19
0.03
0.57
25.13
(25.13)
0.19
-
19.96
(19.96)
(0.15)
-
16.73
(16.73)
0.65
-
15.12
(15.12)
(2.46)
-
15.88
(15.88)
(0.57)
-
Notes:
a)
b)
The estimates of future salary increases, considered in actuarial valuation, take into account the inflation, seniority, promotion and other relevant
factors such as supply and demand in the employment market.
The Group estimates that the amount to be contributed to the gratuity and pension fund for the financial year 2015-16 will be ` 4.87 crores.
The provident fund assets and liabilities of the parent and one of its joint Venture (PPG Asian Paints Private Limited) is managed
by its respective provident fund trusts.
The guidance on Implementing AS - 15, Employee Benefits issued by Accounting Standards Board (ASB) states that benefits
involving employer established provident fund, which require interest shortfalls to be recompensed, are to be considered as
defined benefit plans. The plan guarantees interest at the rate notified by the Provident Fund Authorities. The contribution by the
employer and employee together with the interest accumulated thereon are payable to employees at the time of separation from
the Company or retirement, whichever is earlier. The benefit vests immediately on rendering of the services by the employee. In
terms of the guidance note issued by the Institute of Actuaries of India for measurement of provident fund liabilities, the actuary
has provided a valuation of provident fund liability and based on the assumption provided below there is no shortfall as at
31st March, 2015 and 31st March, 2014.
The details of benefit obligation and plan assets of the provident funds as at 31stMarch,2015 are as given below:
(` in Crores)
Particulars
Present value of benefit obligation at period
Plan assets at period end, at fair value, restricted to
Asset recognised in balance sheet
As at
31st March, 2015
332.39
332.39
-
As at
31st March, 2014
287.96
287.96
-
Assumptions used in determining the present value obligation of the interest rate guarantee are as under:
Particulars
Discount Rate
Expected Guaranteed interest rate
As at
31st March, 2015
7.78% to 7.90%
8.75%
As at
31st March, 2014
9.15% to 9.20%
8.75%
213
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Year 2014-15
14.54
Year 2013-14
12.71
1,395.15
95,91,97,790
1,218.81
95,91,97,790
Note 33. Pursuant to the Accounting Standard (AS-19) Leases, the following information is
given:
I.
a)
The Parent Company and certain subsidiaries have provided tinting systems to its dealers on an operating lease basis. The
lease period varies between four to nine years. The lease rentals are payable monthly by the dealers. A refundable security
deposit is collected at the time of signing the agreement.
b)
Future minimum lease rentals receivable as at 31st March, 2015 as per the lease agreements:
(` in crores)
As at
31.03.2015
0.25
0.08
0.33
As at
31.03.2014
0.30
0.14
0.44
The information pertaining to future minimum lease rentals receivable is based on the lease agreements entered into
between the respective companies and the dealers and variation made thereto. The lease rentals are reviewed periodically
taking into account prevailing market conditions.
c)
d)
The information on gross amount of leased assets, depreciation and impairment is given in Note 11.
a)
The Parent Company has taken cars, computers and other systems hardware on an operating lease basis. The lease rentals
are payable by the parent company on a monthly and quarterly basis.
b)
In addition, the Joint Ventures have entered into an arrangement to obtain computer equipments, mixing racks, cars etc, on
non-cancellable operating lease for tenure ranging from twenty four (24) months to forty eight (48) months. As per the lease
agreement the Joint Ventures do not have an option to purchase the assets.
c)
In addition, certain overseas subsidiaries have also taken certain assets on operating lease.
d)
Future minimum lease rentals payable as at 31st March, 2015 as per the lease agreements:
(` in crores)
i)
ii)
iii)
214
As at
31.03.2015
16.55
28.57
34.29
79.41
As at
31.03.2014
16.30
16.95
1.03
34.28
e)
Lease payments recognised in the statement of profit and loss for the period - `19.84 crores. (Previous year ` 14.59 crores).
a) Certain subsidiaries have taken plant and equipment on finance lease which effectively transferred to the respective
subsidiaries substantially all of the risks and benefits incidental to the ownership.
b)
Future minimum lease rentals payable as at 31st March 2015 as per the lease agreements:
(` in crores)
i)
ii)
c)
Minimum
lease
payments
0.97
2.34
As at
31.03.2015
Finance charge
allocated to
future periods
0.34
0.51
0.85
4.16
0.33
1.18
0.63
1.83
Minimum
lease
payments
0.51
1.02
As at
31.03.2014
Finance charge
allocated to
future periods
0.16
0.17
0.51
2.97
1.53
0.33
Present
value
Present
value
0.35
0.85
1.20
The information on gross amount of leased assets, depreciation and impairment is given in Note 11.
a)
Certain subsidiaries have leased some of their plant and equipment on finance lease which effectively transferred substantially
all of the risks and benefits incidental to the ownership.
b)
The total gross investment in these leases and the present value of minimum lease payment receivable as on 31st March,
2015 is as under:
(` in crores)
i)
ii)
As at 31.03.2015
Unearned Present value
Gross
finance of receivables
investment
Income
in lease
1.63
0.88
0.75
0.32
0.07
0.25
1.95
0.95
1.00
As at 31.03.2014
Unearned Present value
Gross
finance of receivables
investment
Income
in lease
1.04
0.51
0.53
0.43
0.11
0.32
1.47
0.62
0.85
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Financial Statements
Opening Balance
Additions pursuant to
investment in Sleek
International Pvt Ltd.
(Refer Note 27 C (a))
Additions
Utilisations
Reversals
Currency translation
Closing Balance
2014-15
1.27
2013-14
1.25
2014-15
13.77
2013-14
10.73
1.21
0.01
(0.03)
(0.02)
1.23
0.02
1.27
6.64
(0.44)
(0.24)
19.73
1.83
13.77
(0.06)
(0.88)
1.31
Provision for
Warranties(4)
2014-15
2.10
2013-14
2.14
2.37
(0.12)
2.25
0.16
(0.03)
(0.10)
2.13
0.20
(0.43)
0.19
2.10
(1) Excise provision made towards matters disputed at various appellate levels.
(2) Sales tax provisions made towards non receipt of C forms and towards matters disputed at various appellate level.
(3) Provision for other statutory liabilities represent provision for probable outflow towards employee related statutory liabilities.
(4) Provision for warranties represents managements best estimate of the liability for warranties granted on paints by some of the
subsidiaries based on past experience of claims.
216
6.10
#
2.40
2014-15
Key Management
Personnel ^
242.52
0.05
0.11
0.49
0.02
0.03
0.24
6.93
395.78
-
191.92
0.20
0.15
0.14
3.10
0.05
0.41
0.12
11.28
292.85
-
0.56
-
Companies/Firms/Sole
prop/HUF controlled by
Directors/Relatives
2014-15
2013-14
1.80
3.29
41.37
5.16
2014-15
25.19
2.14
3.00
2013-14
-
61.31
0.41
0.05
0.03
0.53
1.27
2.83
0.25
9.39
5.41*
0.21
1.47
1.03
-
4.40
2014-15
48.58
0.15
0.08
54.93
0.18
2.97
1.37
0.08
9.33
4.43
0.21
1.06
0.88
0.98
2013-14
5.87
2014-15
Others
1.50
-
2013-14
-
^ Key Management Personnel and relatives of promoters who are under the employment of the Group are entitled to post-employment benefits and other long term employee
benefits recognised as per AS - 15 (Revised) on Employee Benefits in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial
valuation, the same is not included above.
# Dividend paid to Key Managerial Personnel - current year ` 1,620 and previous year ` 1,285.
* Remuneration paid to relatives of promoters who are under the employment of the Company pursuant to the necessary approvals from the shareholders and the Central Govt.,
under Section 188 of the Companies Act, 2013.
Advances Given
Amount receivable
Amount payable
Particulars
(` in crores)
Note 35.Information on related party transactions as required by Accounting Standard (AS) 18 for the year
ended 31st March, 2015.
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Other Recoveries
PPG Industries Securities LLC
Palmleaf Furnitech Private Ltd
M/S Kitchen Creations
Reimbursement of Expenses - received
PPG Industries, Inc.
PPG Industries Securities, LLC
Purchase of goods
Hitech Plast Ltd.
Parekhplast India Limited
Others
Remuneration
Shri K.B.S. Anand
Shri Jalaj Dani
Shri Manish Choksi
Others
Retiral Benefits
Shri Ashwin Choksi
Shri Ashwin Dani
Shri Abhay Vakil
218
2014-15
2013-14
1.34
0.95
1.15
0.38
1.42
0.96
6.20
3.26
1.20
1.64
2.10
0.66
0.30
9.16
1.03
1.03
0.88
0.54
0.02
1.44
0.19
0.79
0.98
260.80
87.76
56.61
405.17
224.66
16.29
61.23
302.18
6.10
2.37
2.56
0.48
11.51
5.21
1.91
2.07
0.45
9.64
0.07
0.07
0.07
0.21
0.07
0.07
0.07
0.21
2014-15
2013-14
0.24
0.03
0.28
0.26
0.22
0.22
0.22
1.47
0.20
0.18
0.24
0.18
0.08
0.10
0.08
1.06
0.05
*
0.03
0.05
0.05
0.04
0.04
0.25
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.08
1.50
1.50
9.17
5.26
24.96
1.98
41.37
4.78
5.56
13.13
1.72
25.19
0.41
0.05
0.46
0.15
0.15
219
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Financial Statements
220
2014-15
2013-14
0.11
0.05
0.16
0.05
0.07
0.08
0.08
0.28
0.03
0.03
0.15
0.15
0.28
0.08
0.01
0.12
0.49
0.14
0.14
32.00
4.01
11.00
7.92
54.93
0.69
1.43
0.51
0.47
3.10
0.02
0.02
0.01
0.05
2014-15
2013-14
0.18
0.18
0.18
0.01
0.55
0.18
0.18
0.18
0.05
0.59
0.02
0.01
0.03
32.45
31.73
178.34
242.52
25.67
25.10
141.15
191.92
17.07
7.82
36.42
61.31
13.51
6.19
28.88
48.58
Designation
Managing Director & CEO
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
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Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
** Shri Jalaj Dani, a relative of Companys Non-Executive Vice Chairman is a Non-Executive Chairman of Berger International Limited and also a
Director on the Board of some of the subsidiary companies and one of the joint venture companies.
*** Shri Manish Choksi, a relative of Companys Non-Executive Director is also on the Board of some of the subsidiary companies and one of the joint
venture companies.
(c) Companies over which the Directors have significant influence or control :
222
Asteroids Trading and Investments Pvt. Ltd. ISIS Skills Development Pvt. Ltd.
Jaldhar Trading and Investments Pvt. Ltd. S.C. Dani Research Foundation Pvt. Ltd.
Murahar Investments and Trading Co. Ltd. Smiti Holding and Trading Co. Pvt. Ltd.
Rituh Holding and Trading Company Pvt. Ltd. Vikatmev Containers Ltd.
Star Solutions
(e)
223
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
13,981.18
17.44
13,998.62
Total
2013-14
Paints
Home
Improvement*
201.63
14,182.81
12,635.55
0.05
17.49
7.65
201.68 14,200.30 12,643.20
Total
79.26
12,714.81
0.05
7.70
79.31 12,722.51
2,223.90
(30.07)
2,193.83
(234.42)
1,959.41
(34.76)
11.51
70.61
4.26
27.56
2.69
35.59
(649.54)
1,427.33
1,921.36
(0.36)
1,921.00
(171.03)
1,749.97
(42.22)
13.87
65.47
2.68
9.61
7.11
27.78
(571.51)
1,262.76
6,604.29
239.94
6,027.82
167.28
3,227.74
53.67
3,199.13
31.71
268.66
53.16
170.30
22.71
230.09
14.87
6,844.23
2,068.25
8,912.48
3,281.41
888.71
4,170.12
321.82
29.14
350.96
244.96
23.37
268.33
243.54
4.13
6,195.10
1,882.49
8,077.59
3,230.84
807.53
4,038.37
193.01
14.37
207.38
247.67
7.95
255.62
* Home Improvement business is identified as a separate business segment which includes Sleek International Private Limited acquired by the Parent Company
on 8th August, 2013 [Refer Note 27 C (a)] and bath fittings business acquired by the Parent Company effective 1st June, 2014 [Refer Note 27 C (e)].
Segment revenue
Carrying cost of segment assets
Additions to fixed and intangible assets*
Domestic
Operations
12,414.77
7,567.41
202.10
2014-15
International
Operations
1,785.53
1,345.07
85.33
TOTAL
14,200.30
8,912.48
287.43
Domestic
Operations
11,046.85
6,976.74
248.14
2013-14
International
Operations
1,675.66
1,100.85
34.41
TOTAL
12,722.51
8,077.59
282.55
* FY 2014-15 includes additions pursuant to acquisition of stake in Kadisco Paint and Adhesive Industry Share Company [Refer Note 27 C (c)]. FY
2013-14 includes additions pursuant to acquisition of Sleek International Private Limited [Refer Note 27 C (a)]
224
Parent Company
Asian Paints Limited
Indian Subsidiaries
Direct Subsidiaries
Asian Paints Industrial coating Limited
Multifacet Infrastructure (India) Limited
Maxbhumi Developers Limited
Sleek International Private Limited
Indirect Subsidiaries
Kitchen Grace (India) Private limited
Foreign Subsidiaries
Direct Subsidiaries
Asian Paints (Nepal) Private Limited
Asian Paints (International) Limited
Indirect Subsidiaries
Samoa Paints Limited
Asian Paints (South Pacific) Limited
Asian Paints (Tonga) Limited
Asian Paints (S I) Limited
Asian Paints (Vanuatu) Limited
Asian Paints (Middle East) LLC
Asian Paints (Bangladesh) Limited
SCIB Chemicals S.A.E.
Asian Paints (Lanka) Limited
Berger International Limited
Berger Paints Singapore Pte Limited
Berger Paints Bahrain W.L.L.
Berger Paints Emirates LLC
Nirvana Investments Limited
Enterprise Paints Limited
Universal Paints Limited
Lewis Berger (Overseas Holdings) Limited
Berger Paints Jamaica Limited
Berger Paints Trinidad Limited
Berger Paints Barbados Limited
Kadisco Paint and Adhesive Industry Share Company
PT Asian Paints Indonesia
Minority Interests in all subsidiaries
Joint Ventures (as per proportionate consolidation)
Indian
PPG Asian Paints Private Limited
Wholly Owned Subsidiaries of PPG Asian Paints
Private Limited:
Faaber Paints Private Limited
PPG Asian Paints Lanka Private Limited
Asian Paints PPG Private Limited
Total
` in Crores
Share in Profit or Loss
As % of Consolidated
profit or loss
Profit/(Loss)
83.9
4,200.54
91.9
1,311.08
0.2
0.0
0.0
(0.1)
9.52
(0.04)
(1.25)
(6.43)
0.0
0.0
(0.1)
(0.6)
0.38
(0.01)
(0.96)
(8.53)
0.0
1.38
0.1
1.01
0.8
2.3
38.39
118.21
0.6
(0.3)
9.02
(4.23)
0.0
0.3
0.0
0.1
0.0
0.5
0.9
1.7
0.1
(1.8)
(1.1)
0.8
0.6
0.0
(0.4)
1.5
0.1
0.0
0.2
0.6
0.1
0.0
5.2
0.83
15.57
0.49
3.23
0.24
24.58
44.93
86.39
3.78
(89.34)
(57.31)
39.84
31.51
2.08
(19.94)
74.13
5.75
0.02
8.10
29.04
2.82
(0.09)
263.67
0.0
0.5
0.1
0.3
0.0
0.2
0.5
1.2
(0.1)
(0.2)
(0.1)
0.8
0.3
0.0
0.0
0.0
0.0
0.3
0.1
0.2
0.2
0.0
2.3
0.60
6.74
1.25
3.74
0.35
2.60
6.49
17.78
(2.03)
(2.20)
(1.13)
11.89
4.47
0.00
0.00
0.00
(0.25)
4.43
1.25
3.44
2.81
(0.09)
32.18
3.1
155.47
1.9
26.80
0.1
0.0
0.3
100
4.41
0.83
14.68
5,006.03
0.1
0.0
(0.2)
100
1.14
0.09
(2.78)
1,427.33
Note : The above figures are after eliminating intra group transactions and intra group balances as at 31st March, 2015.
225
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
Ashwin Choksi
Chairman
DIN: 00009095
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Bhavesh Dhupelia
Partner
Membership No: 042070
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
Mumbai
18th May, 2015
226
227
8.11
30.64
30.29
Nepal Rs.
SI $
Fiji $
$ Top
Vatu
17.02
0.55
BHD
Barbados $
AED
Jamaican $
0.48
0.005
Share Capital
32.30
15 Mar 13 to 14
Mar 14
37.82
30.45
1.86
0.36
1.46
0.51
2.01
18.26
N/A
- 23 Dec 14 to 31
Mar 15
NA
- Jul 14 to Mar 15
1.39
0.12
0.05
3.98
14.78
0.25
0.42
17.34
1.35
30.62
5.81
66.16
7.74
1.70
5.88
6.92
15 Mar 14 to 14
Mar 15
0.62
Reserves &
Surplus
Total Liabilities
Total Assets
Investments ~
Turnover
PBT
Tax provision
PAT
31.02
4.11
(6.10)
9.52
1.70
6.20
47.61
9.65
69.07
35.27
84.82
(3.82)
9.14
2.04
5.53
49.09
9.79
55.72
31.05
56.71
30.73
3.48
1.00
2.00
16.67
5.94
49.38
70.02
11.43
(3.15) 107.75
23.51
29.06
26.17
38.31
15.78
23.50
22.44
39.71
7.49
23.69
NA
21.47
4.38
1.75
13.88
18.19
82.10
(0.04)
1.39
(0.08)
10.89
0.12 117.98
0.05
4.27
15.75 153.56
0.24
0.05
18.59
NA
8.66
134.71
(0.04)
72.89
163.06
3.70
1.88
(0.29)
20.49
NA
5.56
7.80
1.63
5.58
6.66
0.19
3.17
23.56
0.01
94.05
0.72
0.01
0.35
20.00
26.78
14.49
25.61
26.52
97.28
6.74
16.99
36.05
30.45
1.98
0.39
1.56
0.52
1.98
17.51
148.41
76.06 144.16
16.10
62.44
43.45
4.55
8.56
65.73
38.79
62.22
57.77
5.35
1.75
14.31
35.88
5.63
64.89
43.98
54.64
0.01
86.08
NA
7.32
0.10
15.45
28.40 141.66
0.03
102.01 262.40
1.12
14.44
0.56
21.45
NA
9.69
25.44
25.05
79.31 128.05
8.82
15.15
214.20 314.25
33.33
4.24
2.10
1.96
19.19
6.15
44.61 120.46
22.61 123.55
41.02 251.05
103.93
NA
17.37
163.24
0.04
77.16
280.82
5.06
1.88
14.20
39.64
6.04
NA
36.72
56.95
48.63
104.44
36.84
61.53
185.01
65.56
43.82
6.12
7.87
69.83
16.46
102.32
71.16
246.14
5.00
40.56
0.77
0.02
26.36
0.01
0.86
2.47
1.74
13.86
53.30
92.24
92.22
8.28
5.40
7.75
88.27
59.49
93.23
6.79
5.62
NA
9.65
28.10 121.81
56.51 428.73
NA 110.36
0.02
- 101.19
- 222.01
25.55
0.01
0.83
2.37
1.68
- 157.32
- 109.13
- 268.56
-
12.56
(0.01)
14.11
45.42
1.02
(0.96)
2.03
24.72
2.91
(1.36)
4.32
4.56
4.66
12.27
3.40
(1.89)
0.23
0.56
1.40
14.50
4.90
22.39
6.15
26.79
NA
18.25
(0.08)
2.23
81.08 (16.73)
462.96
6.24
6.23
NA
60.84
86.95
95.59
187.99
50.44
86.89
84.12
8.50
6.61
7.52
95.90
16.33
137.94
96.05
218.60
15.25
(5.22)
(0.25)
(0.61)
(8.13)
(0.73)
0.30
(0.66)
(0.46)
(0.73)
(0.26)
0.14
(0.20)
(2.65)
(0.01)
(4.84)
(0.71)
(1.13)
(6.51)
(0.31)
(0.78)
NA
(1.24)
(0.60)
(1.42)
(0.50)
(0.41)
(0.81)
(0.15)
(0.26)
(2.58)
(0.03)
(5.06)
(1.08)
(1.41)
NA
1.99
(3.58)
6.74
7.34
(0.01)
14.11
31.70
0.77
(0.96)
1.42
16.59
2.18
(1.06)
3.66
4.56
4.19
12.27
2.67
(2.15)
0.38
0.56
1.20
11.85
4.89
17.55
5.44
25.67
NA
(1.60)
(0.08)
2.23
(0.14) (16.73)
1.15
(0.05)
2.58
NA
4.11
3.07
4.44
2.62
4.18
12.20
19.57
0.41
(1.57)
1.03
0.89
14.13
6.06
23.26
9.52
20.46
8.74
NA
0.39
(3.71)
6.74
43.68
0.84
(0.05)
1.81
NA
2.87
2.47
3.02
2.62
3.67
12.20
19.15
(0.41)
(1.72)
1.03
0.63
11.55
6.02
18.20
8.44
19.05
0.01
31.21
4.77
23.82
0.41
2.31
1.09
15.24
0.78
0.18
1.46
4.86
5.04
NA
0.01
29.74
0.71
0.99
NA
0.24
1.53
1.19
6.37
1.39
1.60
0.39
5.94
3.97
25.83
100
100
51.00
100
100
60.00
80.00
100
100
100
100
51.00
70.00
100
51.00
100
100
100
100
99.18
100
60.00
100
54.07
75.00
51.00
49.00
100
89.78
Previous Period Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period
Current Period
Reporting period
IDR
1. Names of subsidiaries
which are yet to commence
operations:
1.00
1.00
1.00
92.74
GBP
8.21
27.54
WST $
EGP
1.00
92.74
GBP
92.74
92.74
GBP
3.06
9.83
Trinidad $
45.49
31.25
165.67
45.49
SL Rs.
SG$
1.00
0.60
162.78
0.63
OMR
0.82
62.50
Taka
US $
Current Previous
Period Period
Exchange Rate
Reporting
Currency
PART A: SUBISIDIARIES
FORM AOC-I : STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIALS STATEMENTS OF SUBSIDIARIES AND JOINT VENTURES.
(PURSUANT TO FIRST PROVISO TO SUB SECTION (3) OF SECTION 129 READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014)
Performance
Highlights
Serving the
Community
Management
Discussion and Analysis
Boards
Report
Corporate
Governance
Business
Responsibility Report
Standalone
Financial Statements
Consolidated
Financial Statements
52,43,961
` 30.47 crores
50%
Not Applicable
Consolidated
` 45.14 crores
2,85,18,112
` 81.43 crores
50%
Not Applicable
Consolidated
` 242.13 crores
(` 2.78 crores)
NIL
` 28.03 crores
NIL
K.B.S. Anand
Managing Director & CEO
DIN: 03518282
Dipankar Basu
Chairman of Audit Committee
DIN: 00009653
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
18th May, 2015
228
Folio. No
No. of securities
Certificate No.
Distinctive No.
(a) Name:
(d) Occupation:
(e) Nationality:
(f) Address:
(4) PARTICULARS OF NOMINEE IN CASE MINOR NOMINEE DIES BEFORE ATTAINING AGE OF MAJORITY
(a) Name:
(d) Occupation:
(e) Nationality:
(f) Address:
(h) Relationship with the security holder: (i) Relationship with the minor nominee
Name:___________________________________________________________________________________________________________
Address: _________________________________________________________________________________________________________
Name of the Security Holder (s):_____________________________________________________________________________________
Signature:________________________________________________________________________________________________________
Witness with name and address:______________________________________________________________________________________
CIN: (L24220MH1945PLC004598)
Registered Office: 6A, Shantinagar, Santacruz (East), Mumbai - 400 055
ATTENDANCE SLIP
DP ID
________________________________
I/We hereby record my/our presence at the 69th ANNUAL GENERAL MEETING of the Company at Yashwantrao Chavan Pratisthan Auditorium, Y.B.
Chavan Centre, General Jagannath Bhosle Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021 on Friday, 3rd July, 2015 at 11.00 a.m.
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL. JOINT SHAREHOLDER(S) MAY
OBTAIN ADDITIONAL SLIP AT THE VENUE OF THE MEETING.
______________________________________________
Proxy Form
[Pursuant to Section 105 (6) of the Companies
Act, 2013 read with Rule 19 (3) of the Companies
(Management and Administration) Rules, 2014]
CIN: (L24220MH1945PLC004598)
Registered Office: 6A, Shantinagar, Santacruz (East), Mumbai - 400 055
Name of the Member(s):
Registered address:
E-mail Id:
Folio No. / Client ID:
DP ID:
I/ We being the member(s) of ______________________shares of the above named Company hereby appoint:
(1) Name:_______________________________________________________________________________________________
Address:___________________________________________________________________________________________________________
(2) Name:_______________________________________________________________________________________________
Address:___________________________________________________________________________________________________________
(3) Name:________________________________________________________________________________________________
Address:___________________________________________________________________________________________________________
as my/ our proxy to attend and vote (on a poll) for me/us and on my/behalf at the 69th Annual General Meeting of the Company to be held on Friday,
3rd July, 2015 at 11.00 a.m. at Yashwantrao Chavan Pratisthan Auditorium, Y. B. Chavan Centre, General Jagannath Bhosle Marg, Next to Sachivalaya
Gymkhana, Mumbai 400 021 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution RESOLUTIONS
No.
Ordinary Business
1
Adoption of the audited financial statements including audited consolidated financial statement of the Company for
the financial year ended 31st March, 2015 together with the reports of the Board of Directors and Auditors thereon
2
Declaration of final dividend on equity shares
3
Re-appointment of Shri Ashwin Choksi (DIN: 00009095) as a Director of the Company
4
Re-appointment of Shri Ashwin Dani (DIN: 00009126) as a Director of the Company
For
Against
Resolution RESOLUTIONS
No.
Special Business
5
6
7
For
Against
Appointment of M/s B S R & Co. LLP, Chartered Accountants (FRN No. 101248W/W 100022) as the Statutory
Auditors of the Company to hold office from the conclusion of this AGM till the conclusion of the next AGM and fixing
their remuneration
Appointment of Shri Abhay Vakil (DIN: 00009151) as a Non-Executive Director).
Ratification of remuneration payable to M/s. RA & Co., Cost Accountants (FRN: 000242) Cost Auditors of the Company
for the financial year ending 31st March, 2016
______________________________
Signature of first proxy holder
________________________________
Signature of second proxy holder
_________________________________
Signature of third proxy holder
Affix
Revenue
Stamp
Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not
less than 48 hours before the commencement of the Meeting.
(info@wyatt.co.in)