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Instructions for using this work book
This work book is structured in four worksheets1.1. Instructions1.2. Financial Analysis1.3. MyCRA rating sheet1.4. Rating Definition
2.2 In the MyCRA worksheet coloured cells have formulae and should not be overwritten.Complete financial analysis using the "Financial Analysis" sheetRefer to MyCRA Manual for detailed instructions on rating scores
Refer to Rating Definition sheet to assign the letter grade In the comments cell mention its meaning from rating definition
Please do not alter the formulae in any of the worsheet cells. This not a fully developed rating model. This is created only to illustrate the credit rating process for the students.
2.1 In financial analysis worksheet all cells with O as value have formulae and should not be overwritten.
Remember this rating does not factor in discussions with management, which can lead to reassessment of scores and change in rating
Credit ratings suffer from many limitations but are still found to be very useful in taking credit decisions if the limitations are kept in your mind while taking the credit decisions.
Real test of any rating is seen only over years on the basis of rating stability and sensitivity to changes in fortunes. But a well thought out system gives fair indication of probability of default of a borrower.
Financial Analysis
Page 3
FINANCIAL YEARS 2006 2007 2008 2009 2010
CURRENT ASSETS 3 4 5 6 7
Stocks- Raw Material 59.47 52.45 52.12 63.026 68.278- Work-in Progress 19.52 16.11 13.38 17.189 18.136- Finished Goods 91.72 105.42 102.37 123.29 136.652-Spares etc. 1.33 1.94 1.95 2.04 2.172
Total - Stocks 172.04 175.92 169.82 205.545 225.238
Debtors- Trade Debtors 143.92 194.69 212.93 241.301 270.528- Bills Receivable
Total - Debtors 143.92 194.69 212.93 241.301 270.528
Cash & Bank Balances 15.79 21.49 33.38 31.799 35.558
Investments - Marketable 163.93 154.82 232.14 225.836 243.754
Other Current Assets 63.82 57.22 51.73 62.342 65.474
Total - Current Assets 559.5 604.14 700 766.823 840.552
CURRENT LIABILITIES
Creditors 146.84 142.16 161.57 166.834 174.81
Bills Payable 4.05 6.16 6.81 7.954 9.088
Bank Borrowings
Due to Bank (O/D, T/R) 0.19 0.05 0.55 0.499 0.61S.T.Debt
Total - Bank Borrowings 0.19 0.05 0.55 0.499 0.61
Taxation - Current 57.77 49.35 53.28 62.195 67.314
Dividends 51.02 30.99 32.34 40.986 43.794
Current S.T. borrowings 10.01 6.93 1.04 5.438 5.734(Non-Bank)
Other Current Liability 0 0 0 -0.1 -0.154
Total - Current Liabilities 269.88 235.64 255.59 283.806 301.196
Financial Analysis
Page 4
SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES
Net Working Assets 165.07 222.29 214.37 272.058 311.868
Total Cash Assets 179.72 176.31 265.52 257.635 279.312
Net Cash Assets 179.53 176.26 264.97 257.136 278.702
Net Current Assets 289.62 368.5 444.41 483.017 539.356
Financial Analysis
Page 5
FIXED ASSETS (WDV)
Land & Buildings 68.85 78.31 96.16 107.192 119.694
Plant & Machinery 64.12 83.61 85.23 107.52 122.854
Motor Vehicles 0.24 0.22 0.15 -0.119 -0.302
Furniture & Fixtures 9.35 9.83 8.53 10.259 10.996
Investments - Subsidiary& Group Companies 20.24 20.24 20.24 29.649 35.21
Other Fixed Assets 17.33 17.85 17.14 19.697 21.096
Total - Fixed Assets 180.13 210.06 227.45 274.198 309.548
LONG TERM LIABILITIES
Term Loans
- Rupee Loans 1 to 3 years 0 0 0 0 0 3 to 5 years 0 0 0 0 0 Over 5 years 0 0 0 0 0
- Foreign Currency Loans 0 0 0 0 0
Total - Term Loans 0 0 0 0 0
Debentures 0 0 0 0 0
Deferred Tax 71.22 79.98 78.77 95.507 105.66
Financial Leases 0 0 0 0 0
Other Long Term Debt 0 0 0 0 0
Total - Long Term Liabilities 71.22 79.98 78.77 95.507 105.66
Financial Analysis
Page 6
SHAREHOLDERS FUNDS
Equity Share Capital 25.51 25.51 26.95 30.746 33.076
Preference Share Capital 0 0 0 0 0
Reserves- General Reserve 265.39 294.42 306.4 354.583 389.21- Capital Reserve 0 0.3 0.3 0.39 0.48- Share Premium 39.5 39.5 39.5 35.415 33.372- Profit & Loss Account 75.66 150.56 220.54 251.863 301.3- Revaluation 0 0 0 0 0- Others 0 0 0 0 0
Total - Reserves 380.55 484.78 566.74 642.251 724.362
Intangibles- Goodwill 0 0 0 0- Preliminary Expenses 0 0 0 0 0 Not Written Off 0 0 0 0 0- Others 0 0 0 0 0
Total - Intangibles 0 0 0 0 0
Total - Shareholders Funds 406.06 510.29 593.69 672.997 757.438
SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES
Net Worth
- Shareholders Funds Route 406.06 510.29 593.69 672.997 757.438 - Assets less Liabilities Route 398.53 498.58 593.09 661.708 743.244 - Accuracy Check 7.53 11.71 0.6 11.289 14.194
Financial Analysis
Page 7
PROFIT AND LOSS STATEMENT
Sales (Net of Excise Duty) 1061.34 1287.48 1404.14 1562.545 1717.43614.62174 21.307027 9.0611116 14.73% 14.73%
Cost of Sales 735.87 881.22 939.89 1066.095 1175.158(Manufacturing Costs) 21.685711 19.75213 6.6578153 15.25% 15.25%
Gross Profit 325.47 406.26 464.25 496.45 542.278
Selling and Admn. Expenses 195.85 224.91 255.42 275.078 299.79616.362664 14.837886 13.565426 12.38% 12.38%
Depreciation 31.78 33.56 39.6 20.7 22.04
Operating Profit 97.84 147.79 169.23 200.672 220.442
Interest Cost 0.78 0.96 1.41 1.159 1.196
Other Income 75.01 24.05 24.85 39.87 42.304
Non-Operating Expenses
Profit / (loss) from Sale of F.Asset 1.67 0.83 0.05 0.127 -0.176
Income from Investments 0 0 0 0 0
- Profit / (Loss) on Sale of Invts 53.28 5.14 13.96 23.409 25.842 - Interest / Dividend Income 0 0 0 0 0
Total - Income from Invts. 53.28 5.14 13.96 23.409 25.842
Non-Cash Exp. Written - Off
Provision for Income Tax 48.54 16.6 53.07 42.318 43.166
PBDIT 259.58 211.37 247.69 284.778 310.452
PBIT 227.8 177.81 208.09 264.078 288.412
PBT 227.02 176.85 206.68 262.919 287.216
PAT 178.48 160.25 153.61 220.601 244.0516.82% 12.45% 10.94% 14.12% 14.21%
Financial Analysis
Page 8
APPROPRIATIONS
- Dividends 51.02 30.99 32.34 40.986 43.794 - Transfer to Gen. Reserve 50 10.77 11.98 8.969 2.442
- Balance in P&L Account 77.46 118.49 109.29 170.646 197.814 ( transfer to Balance Sheet)
Total - Appropriations 178.48 160.25 153.61 220.601 244.05
Financial Analysis
Page 9
FINANCIAL RATIOS
1. Profitability Ratios (in %age)
Gross Profit / Sales 30.67 31.55 33.06 31.77 31.57
Operating Profit / Sales 9.22 11.48 12.05 12.84 12.84
PBT/ Sales 21.39 13.74 14.72 16.83 16.72
PAT/ Sales 0.17 0.12 0.11 0.14 0.14
Retained Profit / PAT 71.41 80.66 78.95 81.42 82.06
Return on Capital Employed 54.37 35.81 36.80 37.03 35.94
Return on Equity 43.95 31.40 25.87 32.78 32.22
2. Capital Structure
Debt / Equity 0.18 0.16 0.13 0.14 0.14
Total Liability / Net Worth 0.84 0.62 0.56 0.56 0.54
PBIT / Interest Expense(Intr. cover) 292.05 185.22 147.58 227.85 241.15
3. Activity Ratios
Stock Days 85.33 72.87 65.95 70.37 69.96
Debtor Days 49.49 55.19 55.35 56.37 57.49
Creditor Days 74.84 61.43 65.39 59.84 57.12
Financial Analysis
Page 10
4. Stability Ratios
Current Ratio 2.07 2.56 2.74 2.70 2.79
Acid Test Ratio 1.44 1.82 2.07 1.98 2.04
5. Break-Even Analysis
Sales 1061.34 1287.48 1404.14 1562.55 1717.44
Variable Costs 735.87 881.22 939.89 1066.10 1175.16
Contribution Margin (In %age) 30.67 31.55 33.06 31.77 31.57
Fixed Costs 228.41 259.43 296.43 296.94 323.03
Break-Even Point 7.45 8.22 8.97 9.35 10.23
Operating Leverage 3.33 2.75 2.74 2.47 2.46
Financial Leverage 1.01 1.01 1.01 1.01 1.01
6. Efficiency Ratios
Fixed Assets Efficiency 0.17 0.16 0.16 0.18 0.18
Working Capital to Sales Ratio 0.27 0.29 0.32 0.31 0.31
Financial Analysis
Page 11
DETAILS OF FIXED ASSETS
Land and BuildingGross Block 102.81 119.64 143.96 159.835 178.082Accumulated Depreciation 33.96 41.33 47.8 52.643 58.388
Net Block 68.85 78.31 96.16 107.192 119.694
Plant and MachineryGross Block 149.1 186.55 207.37 240.836 270.996Accumulated Depreciation 84.98 102.94 122.14 133.316 148.142
Net Block 64.12 83.61 85.23 107.52 122.854
Furniture and FixturesGross Block 28.05 32 32.12 35.794 38.544Accumulated Depreciation 18.7 22.17 23.59 25.535 27.548
Net Block 9.35 9.83 8.53 10.259 10.996
VehiclesGross Block 0.65 0.84 0.76 0.333 0.068Accumulated Depreciation 0.41 0.62 0.61 0.452 0.37
Net Block 0.24 0.22 0.15 -0.119 -0.302
Other Fixed AssetsGross Block 74.01 85.38 95.94 107.513 118.906Accumulated Depreciation 56.68 67.53 78.8 87.816 97.81
Net Block 17.33 17.85 17.14 19.697 21.096
Summary of Fixed Assets
Total Gross Block 354.62 424.41 480.15 544.311 606.596Total Accumulated Depreciation 194.73 234.59 272.94 299.762 332.258Total Net Block 159.89 189.82 207.21 244.549 274.338
Financial Analysis
Page 12
FUNDS FLOW STATEMENT
Sources of Funds
Profit after Tax 178.48 160.25 153.61 220.601 244.05
add: Depreciation 32.02 39.86 38.35 26.822 32.496
add: Non-Cash Expenses Wr. Off 0 0 0 0 0
Increase in Share Capital
- Equity Capital 0 0 1.44 3.796 2.33 - Preference Capital 0 0 0 0 0
Increase in Long Term Liabilities
- Term Loans 0 0 0 0 0- Debentures 0 0 0 0 0- Other Long Term Debt 0 0 0 0 0
Decrease in Working Capital 0 0 0 0 0
Sale of Fixed Assets
Decrease in Invt. in Group Subs Co. 0 0 0 0 0
Total - Sources of Funds 210.5 200.11 193.4 251.219 278.876
Application of Funds
Purchase of Fixed Assets 60.28 69.79 55.74 64.161 62.285
Decrease in Long Term Liabilities- Term Loans 0 0 0 0 0- Debentures 0 0 0 0 0- Other Long Term Debt 0 0 0 0 0
Redemption of Preference Capital 0 0 0 0 0
Increase in Working Capital 48.61 78.88 75.91 38.607 56.339
Dividend Paid to Shareholders 51.02 30.99 32.34 40.986 43.794
Increase in Invt. in Group Subs. Co. 0 0 0 0 0
Total - Application of Funds 159.91 179.66 163.99 143.754 162.418
Financial Analysis
Page 13
Diff of Source - Appl. 50.59 20.45 29.41 107.465 116.458
Financial Analysis
Page 14
CASH FLOW STATEMENT
PBIT 227.8 177.81 208.09 264.078 288.412
add: Depreciation 31.78 33.56 39.6 20.7 22.04
add: Non-Cash Exp. written-off 0 0 0 0 0
(Profit)/Loss on Sale of F.Assets 1.67 0.83 0.05 0.127 -0.176
Gross Cash Flow from Operation 257.91 210.54 247.64 284.651 310.628
MyCRA
Page 15
Name of the assessee Company Incorporated in YearKansai Nerolac 1920Group to which it belongs Group strengthKansaiAudited financials used for rating assessment
Scoring Scale
Risk Type Weight Score level Weighted Score1 Management Risk 25 4.50
1.1 Track Record 10 5.05
1.1.1 Experience in the industry 5 5.50
1.1.2 Board Composition 2 4.00
1.1.3 Business and financial policy 3 5.00
1.2 Credibility 5 3.00
1.2.1 Ability to meet sales projections 2 3.00
1.2.2 Ability to meet profit projections 3 3.00
1.3 Payment Record 5 5.00
1.3.1 Market reputation on meeting all obligation without fail 5 5.00
1.4 Other Factors 5 4.40
1.4.1 Management Proactiveness 2 5.001.4.2 Strategic Initiatives 1 5.00
0 to 6 (6 being the Best)
MyCRA
Page 16
1.4.3 Group Support 2 3.50
2 Financial Risk 40 5.532.1 EFP (Expected Financial Performance) 20 5.94
2.1.1 ROCE - EFP 4 4.50
2.1.2 Operating Margin EFP 4 5.00
2.1.3 Interest Coverage 2 6.00
2.1.4 Total Outside Liabilities/Total Net Worth - EFP 2 5.50
2.1.5 Operating Income/Short Term Borrowings 2 6.00
2.1.6 Current Ratio 2 5.50
2.1.7 DSCR - EFP 2 6.00
2.1.8 Accounting Quality - EFP 2 5.70
21..9 Free cashflow from operations/Total debt 2 5.70
2.2 CFA Current Financial Assessment 30 5.35
2.2.1 ROCE - CFA 5 4.50
2.2.2 Operating Margin CFA 5 4.502.2.3 DSCR CFA 4 6.00
2.2.4 Total Outside Liabilities/Total Net Worth - CFA 4 6.00
2.2.5 Accounting Quality - CFA 4 5.50
2.2.6 Interest Coverage 4 5.70
MyCRA
Page 17
2.2.7 Free cashflow from operations/Total debt 4 5.70
2.3 Financial Flexibility 5 5.00
2.3.1 Ability to raise Capital 5 5.00
3 Business Risk 20 4.103.1 Operating Efficiency 10 3.55
3.1.1 Integration of operations 3 4.503.1.2 Capacity utilisation 2
3.1.3 Access to cost effective technology 3 5.00
3.1.4 Bargaining power with suppliers 2 3.50
3.2 Market Position 10 4.65
3.2.1 Consistency of quality 3 4.50
3.2.2 Customisation of Product 2 5.00
3.2.3 Diversification of markets 3 5.00
3.2.4 Long term contracts or assured off-take 2 4.00
4 Industry Risk 15 4.60 4.604.1 Choose appropriate score from list below 15 4.60
5 Overall Score 4.85
6 Letter Grade assigned to the company AA
MyCRA
Page 18
*** In the comments cell mention its meaning
***
****
Score1 Auto 42 Auto Ancillary 43 Capital goods & gen engg 4.54 Cement & non-metallic products 3.75 Chemicals 4.66 Construction & Real estate 3.27 Consumer durables 58 FMCG 5.59 Food Processing 5
10 Hotels 4.811 Metals & minerals 412 NBFC 2.513 Others 314 Paper & stationery 4.615 Petroleum 516 Pharma 5.417 Power 518 Services 5.819 Textiles 420 Trading 421 Transport services 4.5
Refer to Rating Definition sheet to assign the letter grade
Refer to MyCRA Manual for detailed instructions on rating
Complete financial analysis using the "Financial Analysis" sheet
Pick up appropriate industry rating score from the list below
MyCRA
Page 19
Belongs to IndustryPAINTS
Reasoning for the score assigned/ Comments
Company initiated a JV to enter malaysian market
Rich experience in paints since 1920. Mr. Kothari the Managing director has been with the company from last 29 years, during his tenure he brough in foreign patterns in terms of technology and research
The board have a pretty varied composition, with some eminent personalities, like Mr. S.M. Datta
The business policies have been very mature. The investments have been at the right places, specially in establishing EOUs and acquiring latest technologies. The diversifications have been very few, and have come late. Won the ICSI national award for excellence in Corporate Governance
They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs
They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs
The company has shown incredible record in terms of payment obligations, hence making it worthy of really high credit ratings for various financial instruments
The management has shown quite a bit of proactiveness for its decorative industry. It had foreseen the requirement for high end paintsand multiple shades, and hence invested in establishing technlogy for the same.
MyCRA
Page 20
MD's have been changing more frequetly over the last 5 years.
The Operating margin of the company is as per industry standards.The Debt Service Coverage ratio is amongst best in the industry
The ROCE of 35 to 36% defenitely shows a good health of the company. But, it is a bit on lower side as industry leaders like Asian Paints and Berger Paints are expecting ROCE to be in the region of 45 to 60%.
The company is expecting operating margin to be around 12.84%. It is good enough considering the industry standards & company seems to be in position to achieve it.
As the debt portion of the company is very small, there is absolutly no problem on this front.
Total Networh of the company is more than 7 times that of Total outside liability and hence provides a better cushion.
Operating Income is expected to be almost 50 times that of short term borrowings
Current Ratio is expected to be 2.67 which is much above the comfort level of the bank. The only thing bank needs to assure is the quality of current assets goning into calculation.
Debt Service Coverage Ratio of the company is one of the best amongst industries as the debt portion is very minimal
The accounting quality of the company seems fair enough and is being acknowledged in corporate governence checkings
The Cash-flow of the company is expected to be fair enough to take care of all the debt service.
The ROCE in current financial year is good enough, but it is a bit on lower side as compared to that of industry leaders.
The Networth of the company is providing more than sufficient cushion to outside liabilities.
The company is following sound accounting practices and a check is kept on it by various bodies
As the debt portion of the company is very less as of now, the interest coverage ratio is more than sufficient.
MyCRA
Page 21
This is generally centrally set by risk
The company has managed to keep cash flow level way above that of debt service requirement.
The Debt-Equity ratio, Interest Coverage Ratio and other profitability ratios point out that the company could raise capital easily if required. The only thing which may harm it is uncertain capital market conditions.
As company has its operations spread across the country it uses strong operating platform of SAP R-3 as well as Business Inteligence Warehousing which enables it to get real time data.
Historically, the company has had the access to most cost effective technologies and have been the pioneers in getting new technologies to develop more shades
As the supply includes mainly of petro products which are driven by the globle factors, the company does not enjoy much bargaing power and can only use its financial strength to some extent to get better credit terms
The company have good reputation in the market and have won award this year for manufacturing exellence.
The company is in the forefront of serving most of the segments of the market. It has launched Programmes like 'Colour Tool' and 'Nerolac Colour Guide' which helps customers in choosing colour of their own choice and requirement.
The company is expanding its reach as far as market segments and geographical reach is concerned.
The demand for company is products is robust, but there is no long term contract with the dealers or customers.
MyCRA
Page 22
Rating Definition
Page 23
Grade
Debt obligations
Grade I Very High
Grade II High
Grade III Adequate
Grade IV Average
Grade V Below Average
Grade VI Inadequate
Grade VII Low
Grade VIII High Risk
Grade IX Substantial Risk
Grade X Default
Degree of safety with regard to
servicing
Rating Definition
Page 24
Comments
Range of score
From To
5.5 <=6
4.7 <5.5
4.2 <4.7
3.7 <4.2
2.7 <3.2
2.2 <2.7
1.7 <2.2
1.5 <1.7
1 <1.5
0 <1
The fundamentally strong debt servicing capacity of such companies is most unlikely to be adversely affected by changes in circumstances.
Adverse business conditions are unlikely to affect debt servicing capacity. Such companies differ in safety from those in Grade I only marginally.
Changes in circumstances are more likely to affect debt servicing capacity than for higher grades.
Debt servicing capacity could weaken in view of changing circumstances
While such companies are less susceptible to default than those in lower grades, uncertainties faced by them could adversely affect debt servicing capacity.
Uncertainties faced by issuer could lead to inadequate capacity to make timely debt repayments
Debt servicing capacity is highly vulnerable to adverse changes in circumstances.
Adverse business or economic conditions are likely to lead to lack of ability or willingness to service debt obligations.
Timely payment of debt would continue only if favourable circumstances continue
Debt servicing capacity is in default and returns from this may be realised only on reorganisation or liquidation
Rating Definition
Page 25
Letter Grade Rating Type
AAA Investment Grade
AA Investment Grade
A+ Investment Grade
A Investment Grade
BBB Investment Grade
BB+ Speculative Grade
BB Speculative Grade
BB- Speculative Grade
C Speculative Grade
D Default Grade
Nerolac
Rating Date Security Type Amount Rating
Commercial Paper 52 P1+
Short Term Debt 35 P1+
Term Loan Programme 431 P1+
Non-Convertible Debentures 10 AAA
Commercial Paper 30 P1+
Commercial Paper 50 P1+
Non-Convertible Debentures 10 AAA
Commercial Paper 30 P1+
Non-Convertible Debentures 10 AAA
Non-Convertible Debentures 10 AAA
Commercial Paper 30 P1+
Non-Convertible Debentures 10 AAA
Commercial Paper 30 AAA
Commercial Paper 30 P1+
Commercial Paper 30 P1+
Commercial Paper 30 P1+
Commercial Paper 15 P1+
Commercial Paper 15 P1+
Commercial Paper 15 P1+
Commercial Paper 15 P1+
ICI Dulux
30-05-2008
30-05-2008
30-05-2008
29-08-2007
29-08-2007
19-12-2006
19-12-2006
13-10-2005
13-10-2005
24-08-2005
24-08-2005
20-09-2004
20-09-2004
05-05-2003
25-01-2002
20-11-2001
28-08-1999
30-06-1998
04-06-1998
14-04-1998
Rating Date Security Type Amount Rating
Commercial Paper/Short Term Debt 50 P1+
Commercial Paper/Short Term Debt 50 P1+
Commercial Paper/Short Term Debt 50 P1+
Commercial Paper 50 P1+
Short Term Debt 50 P1+
Non-Convertible Debentures 60 WD
Commercial Paper 60 P1+
Commercial Paper 100 P1+
Non-Convertible Debentures 60 AA+
Non-Convertible Debentures 23.3 AA+
Commercial Paper 100 P1+
Debentures 50 Ind AAA
Commercial Paper 100 P1+
Non-Convertible Debentures 60 AA+
Non-Convertible Debentures 60 AA+
Commercial Paper 100 P1+
Non-Convertible Debentures 0 AA+
Debentures 0 AA+
Non-Convertible Debentures 0 AA+
Commercial Paper 100 P1+
Commercial Paper 100 P1+
Commercial Paper 80 P1+
Non-Convertible Debentures 0 AA+
Berger Paints
Rating Date Security Type Amount Rating
Short Term Debt 170 P1+
Short Term Debt 170 P1+
Short Term Debt 170 P1+
30-08-2007
13-03-2007
27-02-2007
22-08-2005
20-09-2004
30-05-2003
30-05-2003
05-05-2003
05-05-2003
08-07-2002
08-07-2002
23-11-2001
20-11-2001
20-11-2001
19-07-2001
28-08-1999
28-08-1999
28-08-1999
23-06-1998
23-06-1998
04-06-1998
14-04-1998
14-04-1998
26-02-2008
29-08-2007
31-07-2007
Short Term Debt 130 P1+
Short Term Debt 90 P1+
Fixed Deposits 0 FAAA
Fixed Deposits 0 FAAA
Short Term Debt 80 P1+
Fixed Deposits 0 FAAA
Commercial Paper 80 P1+
Fixed Deposits 0 FAAA
Commercial Paper 80 P1+
Commercial Paper 80 P1+
Fixed Deposits 0 FAA+
Fixed Deposits 0 FAA+
Commercial Paper 80 P1+
Fixed Deposits 0 MAA+
Non-Convertible Debentures 20 MAA+
Fixed Deposits 0 MAA+
Fixed Deposits 0 MAA+
Short Term Debt 0 A1+
Non-Convertible Debentures 20 MAA+
Fixed Deposits 0 MAA+
Fixed Deposits 0 MAA+
Short Term Debt 0 A1+
Short Term Debt 0 A1+
Fixed Deposits 0 MAA
Fixed Deposits 0 MAA
Short Term Debt 0 A1+
Short Term Debt 0 A1+
Fixed Deposits 0 MAA
Fixed Deposits 0 MAA
Fixed Deposits 0 MAA
13-12-2006
22-08-2005
22-08-2005
20-09-2004
20-09-2004
31-08-2004
31-08-2004
06-10-2003
06-10-2003
20-08-2002
20-08-2002
21-11-2001
21-11-2001
30-09-2001
31-08-2001
31-08-2001
30-06-2001
30-06-2001
07-03-2001
07-03-2001
28-02-2001
28-02-2001
31-10-2000
31-10-2000
30-06-2000
30-06-2000
30-04-2000
30-04-2000
01-02-2000
31-12-1999
Short Term Debt 0 A1+
Fixed Deposits 0 MAA
Fixed Deposits 0 MAA+
Short Term Debt 0 A1+
Non-Convertible Debentures 0 AA-
Commercial Paper 0 P1+
Fixed Deposits 0 FAA
Debentures 0 AA-
Fixed Deposits 0 FAA
Commercial Paper 35 P1+
Non-Convertible Debentures 0 AA-
Commercial Paper 35 P1+
Fixed Deposits 0 FAA
Fixed Deposits 0 FAA
Commercial Paper 35 P1+
Non-Convertible Debentures 0 AA-
Short Term Debt 0 A1+
Commercial Paper 15 A1+
Fixed Deposits 0 MAA
Fixed Deposits 0 MAA
Asian Paints
Rating Date Security Type Amount Rating
Non-Convertible Debentures 10 AAA
Short Term Debt 50 P1+
31-12-1999
11-10-1999
30-09-1999
30-09-1999
09-09-1999
09-09-1999
09-09-1999
28-08-1999
23-06-1998
23-06-1998
23-06-1998
04-06-1998
04-06-1998
14-04-1998
14-04-1998
14-04-1998
30-11-1997
30-11-1997
30-11-1997
09-08-1997
04-04-2008
04-04-2008
Rating Type
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
Rating Type
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Rating Withdrawn
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Highest credit quality. Risk factors are negligble.
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Rating Type
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Degree of safety regarding timely payment of interest and principal is very strong.
Degree of safety regarding timely payment of interest and principal is very strong.
Very Strong With Relatively Higher Standing
Degree of safety regarding timely payment of interest and principal is very strong.
Very Strong With Relatively Higher Standing
Degree of safety regarding timely payment of interest and principal is very strong.
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
Very Strong With Relatively Higher Standing
The prospect of timely payment of debt/obligation is the best.
The prospect of timely payment of debt/obligation is the best.
Rating Type
Very Strong With Relatively Higher Standing
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are
most unlikely to affect adversely the fundamentally strong position of such issues.
Year
924.97 1,062.77 1,225.98 1,483.86 1,613.33
114.52 136.82 164.64 196.38 209.19
810.45 925.95 1,061.34 1,287.48 1,404.14
10.48 28.45 75.01 24.05 24.85
3.94 -2.16 41.22 5.82 -5.78
824.87 952.24 1,177.57 1,317.35 1,423.21
406.4 466.21 575.84 697.33 738.54
9.24 10.63 15.49 20.24 20.75
51.45 47.67 54.14 58.13 67.25
65.73 80.22 90.4 105.52 113.35
160.13 168.31 195.85 224.91 255.42
19.8 20.47 13.7 15.74 16.5
0 0 0 0 0
712.75 793.51 945.42 1,121.87 1,211.81
112.12 158.73 232.15 195.48 211.4
1.32 0.77 0.78 0.96 1.41
110.8 157.96 231.37 194.52 209.99
22.04 20.7 31.78 33.56 39.6
88.76 137.26 199.59 160.96 170.39
30.93 42.86 57.77 49.35 53.28
-0.13 2.44 1.43 2.58 -3.88
57.96 91.96 138.59 107.66 119.79
1.23 5.97 38.66 4.04 9.63
56.73 85.99 99.93 103.62 110.16
0 0 0.51 13.39 0
19.89 26.27 44.73 75.66 150.56
0 0 0 0 0
51.58 73.5 108.17 46.15 49.81
26.27 44.73 75.66 150.56 220.54
19.13 29.33 51.02 30.99 32.34
0 0 0 0 0
125 115 200 115 120
36.28 34.41 51.52 40.48 42.41
173.16 126.77 159.18 200.04 220.29
Year Mar 08(12) Mar 07(12) Mar 06(12) Mar 05(12) Mar 04(12)
Opening Stock of Raw Materials 52.45 59.47 40.45 31.86 29.52
Purchases of Raw Material 692.93 640.64 564.86 451.58 386.88
Purchase of Trading Goods 45.28 45.29 27.43 23.22 21.86
Direct Expense on Purchase/Adjustment 0 0 0 0 0
Closing Stock of Raw Materials 52.12 52.45 59.47 40.45 31.86
Adjustment on amalgamation / trial runs 0 4.38 2.57 0 0
Mar 04(12) Mar 05(12) Mar 06(12) Mar 07(12) Mar 08(12)
INCOME :
Sales Turnover + Excise Duty
Net Sales
Other Income + Stock Adjustments + Total Income
EXPENDITURE :
Raw Materials + Power & Fuel Cost+ Employee Cost + Other Manufacturing Expenses + Selling and Administration Expenses + Miscellaneous Expenses + Less: Pre-operative Expenses Capitalised+ Total Expenditure
Operating Profit
Interest + Gross Profit
Depreciation+ Profit Before Tax
Tax+ Deferred Tax+ Reported Net Profit
Extraordinary Items + Adjusted Net Profit
Adjst. below Net Profit + P & L Balance brought forward
Statutory Appropriations + Appropriations + P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Book Value-Unit Curr
790.71 707.75 683.59 629.23 545.79
95.17 84.75 86.87 78.68 75.15
695.54 623.00 596.72 550.55 470.64
8.86 10.75 11.54 8.66 7.81
8.63 -9.63 17.83 2.29 13.37
713.03 624.12 626.09 561.50 491.82
352.13 311.71 319.39 286.66 244.48
8.87 6.51 5.49 5.17 3.46
56.54 43.88 39.32 33.84 34.04
57.23 59.28 61.52 56.26 54.57
138.7 128.55 125.2 98.86 84.96
17.66 8.42 15.64 18.2 16.9
0 0 0 0 0
631.13 558.35 566.56 498.99 438.41
81.9 65.77 59.53 62.51 53.41
1.67 3.74 6.37 8.09 9.96
80.23 62.03 53.16 54.42 43.45
24.14 24.67 20.08 12.14 9.42
56.09 37.36 33.08 42.28 34.03
18.39 12.76 11.07 12.3 8.5
-2.14 -2.76 -0.57 0 0
39.84 27.36 22.58 29.98 25.53
2.16 0.2 0.53 0.95 0.02
37.68 27.16 22.05 29.03 25.51
0.83 0 0 0 0
14.76 13.88 12.26 11.32 6.83
0 0 0 0 0
35.54 26.48 20.96 29.04 21.04
19.89 14.76 13.88 12.26 11.32
13.77 11.48 9.95 9.95 9.95
0 0 0 0 0
90 75 65 65 65
24.88 17.88 14.1 18.88 15.97
149.38 132.39 125.31 117.73 105.34
Mar 03(12) Mar 02(12) Mar 01(12) Mar 00(12) Mar 99(12)
Nerolac_BSheet
Page 36
Year
26.95 26.95 25.51 25.51 15.3
Equity Authorised 30 30 30 30 30
Preference Capital Authorised 0 0 0 0 0
Unclassified Authorised 0 0 0 0 0
Equity Issued 26.95 25.51 25.51 25.51 15.3
Equity Subscribed 26.95 25.51 25.51 25.51 15.3
Equity Called Up 26.95 25.51 25.51 25.51 15.3
Less : Equity Calls in Arrears 0 0 0 0 0
Equity Forfeited 0 0 0 0 0
Equity Paid Up 26.95 25.51 25.51 25.51 15.3
Adjustments to equity 0 1.44 0 0 0
Preference Capital Paid Up 0 0 0 0 0
Convertible Preference Share Paid Up 0 0 0 0 0
Non-convertible Preference Share Paid UP 0 0 0 0 0
Unclassified Shares Paid Up 0 0 0 0 0
566.74 484.78 380.55 297.89 249.63
566.74 484.78 380.55 297.89 249.63
Capital Reserves 0.3 0.3 0 0 0
General Reserves 306.4 294.42 265.39 213.65 173.65
Share Premium 39.5 39.5 39.5 39.51 49.71
Investment Allowance Reserve 0 0 0 0 0
Debenture Redemption Reserve 0 0 0 0 0
Capital Redemption Reserve 0 0 0 0 0
Debt Redemption Reserve 0 0 0 0 0
Amalgamation Reserve 0 0 0 0 0
Taxation Reserve 0 0 0 0 0
Exchange Fluctuation Reserve 0 0 0 0 0
Foreign Exchange Earnings Reserve 0 0 0 0 0
Exchange Profit / Allowance Reserve 0 0 0 0 0
Deferred Credit Reserve 0 0 0 0 0
Contingency Reserve 0 0 0 0 0
Development Rebate Reserve 0 0 0 0 0
Special Reserve 0 0 0 0 0
Special Appropriation to Projects 0 0 0 0 0
Statutory Reserves 0 0 0 0 0
Reserve for Bad and Doubtful Debt 0 0 0 0 0
Investment Fluctuation Reserve 0 0 0 0 0
Profit & Loss Account Balance 220.54 150.56 75.66 44.73 26.27
Other Reserves 0 0 0 0 0
TOTAL REVALUATION RESERVE 0 0 0 0 0
Fixed Asset Revaluation Reserve 0 0 0 0 0
Investment Revaluation Reserve 0 0 0 0 0
Other Revaluation Reserve 0 0 0 0 0
593.69 511.73 406.06 323.4 264.93
19.18 30.02 38.55 32.59 29.7
Convertible Debentures 0 0 0 0 0
Non Convertible Debentures 0 0 0 0 0
Partly Convertible Debentures 0 0 0 0 0
Less : Debentures Calls in arrears 0 0 0 0 0
Mar 08 Mar 07 Mar 06 Mar 05 Mar 04
SOURCES OF FUNDS :
Share Capital
Reserves Total
TOTAL RESERVES EXCLUDING REVALUATION RESERVE
Total Shareholders Funds
Secured Loans
Nerolac_BSheet
Page 37
Term Loans Institutions 0 0 0 0 0
Term Loans Banks 0 0 0 0 0
Term Loans Others 0 0 0 0 0
Borrowings from Government of India 0 0 0 0 0
Deferred Credit / Hire Purchase 18.14 23.09 28.54 29.1 28.42
Bridge Loans 0 0 0 0 0
1.04 6.93 10.01 3.49 1.28
Working Capital Advances 0 0 0 0 0
Interest Accured & Due 0 0 0 0 0
Secured Loans Others 0 0 0 0 0
78.77 79.98 71.22 54.55 40.72
Debentures / Bonds 0 0 0 0 0
Accrued Interest 0 0 0 0 0
Loans from Group Cos 0 0 0 0 0
Loans from Banks 0 0 0 0 0
Loans from Institutions 0 0 0 0 0
Advances 0 0 0 0 0
Loans from GOI / PSUs 0 0 0 0 0
Deferred Liabilities 0 0 0 0 0
Deferred Tax 78.77 79.98 71.22 54.55 40.72
Commercial Paper 0 0 0 0 0
Unsecured Loans Others 0 0 0 0 0
TOTAL DEPOSITS 0 0 0 0 0
Fixed Deposits 0 0 0 0 0
Intercorporate Deposits 0 0 0 0 0
Security Deposits 0 0 0 0 0
Directors Deposits 0 0 0 0 0
Share Deposits 0 0 0 0 0
Other Deposits 0 0 0 0 0
97.95 110 109.77 87.14 70.42
691.64 621.73 515.83 410.54 335.35
480.15 424.41 354.62 294.34 233.76
Goodwill 0 0 0 0 0
Technical Know-how 0 0 0 0 0
Leasehold Land 20.26 0.82 0.77 0.77 0.77
Freehold Land 9.09 9.09 9.09 6.64 0.11
Railway Sidings 0 0 0 0 0
Buildings 114.61 109.73 92.95 85.62 65.15
Ponds & Reservoirs 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0
Plant and Machinery 177.85 159.12 128.04 102.25 78.8
Ships / Vessels 0 0 0 0 0
Electrical Installations / Fittings 22.96 21.32 17.11 12.15 9.55
Factory Equipments 0 0 0 0 0
Furniture and Fixtures 32.12 32 28.05 22.36 23.19
Office Equipments 0 0 0 0 0
Computers 0 0 0 0 0
Lab and R & D Equipment 6.56 6.11 3.95 3.43 2.58
Medical Equipment and Surgical Instrument 0 0 0 0 0
Vehicles 0.76 0.84 0.65 1.77 1.62
Transmission and Distribution Equipment 0 0 0 0 0
Wind Turbines 0 0 0 0 0
Cash Credit /Packing Credit / Bills Discounted
Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Nerolac_BSheet
Page 38
Aircraft and Helicopters 0 0 0 0 0
Other Fixed Assets 95.94 85.38 74.01 59.35 51.99
272.94 234.59 194.73 162.71 146.4
Goodwill 0 0 0 0 0
Technical Know-how 0 0 0 0 0
Leasehold Land 0 0 0 0 0
Freehold Land 0 0 0 0 0
Railway Sidings 0 0 0 0 0
Buildings 47.8 41.33 33.96 28.42 25.53
Ponds & Reservoirs 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0
Plant and Machinery 106.95 89.99 74.82 61.64 57.79
Ships / Vessels 0 0 0 0 0
Electrical Installations / Fittings 11.84 10.1 8.15 5.9 5.38
Factory Equipments 0 0 0 0 0
Furniture and Fixtures 23.59 22.17 18.7 16.82 16.2
Office Equipments 0 0 0 0 0
Computers 0 0 0 0 0
Lab and R & D Equipment 3.35 2.85 2.01 1.76 1.66
Medical Equipment and Surgical Instrument 0 0 0 0 0
Vehicles 0.61 0.62 0.41 1.04 0.81
Transmission and Distribution Equipment 0 0 0 0 0
Wind Turbines 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0
Other Fixed Assets 78.8 67.53 56.68 47.13 39.03
207.21 189.82 159.89 131.63 87.36
Goodwill 0 0 0 0 0
Technical Know-how 0 0 0 0 0
Leasehold Land 20.26 0.82 0.77 0.77 0.77
Freehold Land 9.09 9.09 9.09 6.64 0.11
Railway Sidings 0 0 0 0 0
Buildings 66.81 68.4 58.99 57.2 39.62
Ponds & Reservoirs 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0
Plant and Machinery 70.9 69.13 53.22 40.61 21.01
Ships / Vessels 0 0 0 0 0
Electrical Installations / Fittings 11.12 11.22 8.96 6.25 4.17
Factory Equipments 0 0 0 0 0
Furniture and Fixtures 8.53 9.83 9.35 5.54 6.99
Office Equipments 0 0 0 0 0
Computers 0 0 0 0 0
Lab and R & D Equipment 3.21 3.26 1.94 1.67 0.92
Medical Equipment and Surgical Instrument 0 0 0 0 0
Vehicles 0.15 0.22 0.24 0.73 0.81
Transmission and Distribution Equipment 0 0 0 0 0
Wind Turbines 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0
Other Fixed Assets 17.14 17.85 17.33 12.22 12.96
0 0 0 0 0
26.63 17.63 17.96 29.26 21.15
Capital Advances 6.63 4.97 2.37 11.66 5.34
Pre-operative Expenditure 0 0 0 0 0
Development Expenses 0 0 0 0 0
Less : Accumulated Depreciation
Net Block
Lease Adjustment
Capital Work in Progress
Nerolac_BSheet
Page 39
Assets in Transit 0 0 0 0 0
Other Capital Work in Progress 20 12.66 15.59 17.6 15.81
232.14 154.82 163.93 179.12 130.4
Quoted Government Securities 0 0 0 0 0
Unquoted Government Securities 0 0 0 0 0
Quoted Equity 0.25 0.25 0.25 0.25 0.28
Unquoted Equity 20.24 20.24 20.24 3.11 1
Quoted Debentures/Bonds 7.11 7.11 5.77 5.77 1.39
Unquoted Debentures/Bonds 5 5 7 7 7.9
Quoted Units 0 0 0 0 0
Unquoted Units 199.54 122.22 130.67 163.81 111.81
Preference Shares 0 0 0 0 0
Joint Venture / Partnerships 0 0 0 0 0
Application Money 0 0 0 0 0
Other Investments 0 0 0 0 9.02
0 0 0 0.82 1
173.41 180.42 178.24 114.56 107.21
Raw Materials 52.12 52.45 59.47 40.45 31.86
Work-in Progress 13.38 16.11 19.52 12.06 10.67
Contract WIP / Site under development 0 0 0 0 0
Finished Goods 102.37 105.42 91.72 56.48 60.03
Stores and Spares 1.95 1.94 1.33 1.48 1.52
Investment as Stock_in_Trade 0 0 0 0 0
Stock on hire 0 0 0 0 0
Packing Materials 3.59 4.5 6.2 4.09 3.13
Goods-in transit 0 0 0 0 0
Other Inventory 0 0 0 0 0
212.93 194.69 143.92 104.84 111.72
Debtors more than Six months 3.74 4.38 0.73 0.41 1.18
Debtors Others 209.19 190.31 143.19 104.43 110.54
Less : Provisions for Doubtful Debts 0 0 0 0 0
33.38 21.49 15.79 13.24 18.71
Balance with Bank 33.31 21.32 15.59 12.94 18.42
Term Deposit with Banks 0.02 0.02 0.08 0.21 0.14
Cash in hand / others 0.05 0.15 0.12 0.09 0.15
48.14 52.72 57.62 50.47 34.27
Bills Receivable 0 0 0 0 0
Loans to Subsidiary 0.98 0.25 0 3.4 0
Loans to Group / Associate Companies 0 0 0 0 0
Loans to Others 0 0 0 0 0
Deposits with Government 14.98 15.91 20.38 12.14 4.84
Intercorporate Deposits 0 0 0 0 0
Deposits Others 0 0 0 0 0
Advance Tax 19.27 18.47 14.01 7.11 8.21
Pre-paid expenses 0 0 0 0 0
Advances to suppliers 0 0 0 0 0
Advances for capital goods 0 0 0 0 0
Advances recoverable in cash or kind 12.6 17.78 22.88 27.47 21.22
Less : Provision for Doubtful Advances 0 0 0 0 0
Interest Accrued on Investments 0.31 0.31 0.35 0.35 0
Application money pending allotment 0 0 0 0 0
Other Current Assets 0 0 0 0 0
Investments
Less : Prov.for dimunition in value of investment
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Nerolac_BSheet
Page 40
467.86 449.32 395.57 283.11 271.91
168.89 149.39 152.04 145.77 124.68
Sundry Creditors 161.02 142.11 146.84 142.38 121.58
Creditors for Goods 161.57 142.16 146.84 142.38 121.58
Creditors for Capital Goods 0 0 0 0 0
Creditors for Finance 0 0 0 0 0
Creditors for Others -0.55 -0.05 0 0 0
Acceptances 6.81 6.16 4.05 3.04 2.7
Application Money 0 0 0 0 0
Warrants Application Money 0 0 0 0 0
Bank Overdraft / Short term credit 0.55 0.05 0.19 0.04 0
Advances from Customers / Credit balances 0 0 0 0 0
Due to Subsidiary / Group Companies 0 0 0 0 0
Trade and Other deposits 0.02 0.03 0.04 0 0
Unclaimed Dividend 0.48 1.03 0.92 0.23 0.17
Interest Accrued But Not Due 0.01 0.01 0 0 0
Other Liabilities 0 0 0 0.08 0.23
83.7 46.98 77.7 76.53 62.95
Provision for Tax 15.23 14.95 15.1 13.62 12.02
Provision for Corporate Dividend Tax 5.5 0 4.11 4.11 2.45
Provision for Gratuity 0 0 0 0 0
Provision for Dividend 32.34 1.65 16.6 29.33 48.54 29.33 47.06 19.13 33.6
Proposed Equity Dividend 32.34 1.65 29.33 29.33 19.13
Provision for Contingencies 0 0 0 0 0
Provision for depreciation in investment 0 0 0 0 0
Other Provisions 30.46 30.21 29.16 29.47 29.35
252.59 196.37 229.74 222.3 187.63
215.27 252.95 165.83 60.81 84.28
0 0 0 0 0
Discount on issue of shares 0 0 0 0 0
Discount on issue of Debentures 0 0 0 0 0
Preliminary Expenses 0 0 0 0 0
Deferred revenue expenses 0 0 0 0 0
Pre-operative/Trial run Expenses 0 0 0 0 0
Promoter's Expenses 0 0 0 0 0
Debenture/Share Issue expenses 0 0 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0 0 0
Financial charges / Expenses not written off 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
10.98 11.59 11.63 12.62 12.81
0.59 5.08 3.41 2.9 0.65
10.39 6.51 8.22 9.72 12.16
691.64 621.73 515.83 410.54 335.35
17.8 18.82 6.1 8.3 3.8
Claims not acknowledged as debt 0 0 0 0 0
Guarantees undertaken 17.8 18.82 6.1 8.3 3.8
Letter of Credit 0 0 0 0 0
Bills Discounted 0 0 0 0 0
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Other Miscellaneous expenditure not written off
Less: Misc.Expenditure written off during the year
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets
Contingent Liabilities
Nerolac_BSheet
Page 41
Disputed Sales Tax 0 0 0 0 0
Disputed Income Tax 0 0 0 0 0
Disputed Excise Duty 0 0 0 0 0
Other Disputed Claims 0 0 0 0 0
Uncalled Liability on Shares 0 0 0 0 0
Others 0 0 0 0 0
Estimated Capital Contracts Remaining 4.81 1.78 0.8 6.06 20.09
Nerolac_BSheet
Page 42
15.3 15.3 15.3
30 30 30
0 0 0
0 0 0
15.3 15.3 15.3
15.3 15.3 15.3
15.3 15.3 15.3
0 0 0
0 0 0
15.3 15.3 15.3
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
213.25 193 182.28
213.25 187.26 176.43
0 0 0
143.65 122.73 112.78
49.71 49.71 49.71
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0.06 0.06
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
19.89 14.76 13.88
0 0 0
0 5.74 5.85
0 5.74 5.85
0 0 0
0 0 0
228.55 208.3 197.58
35.85 38.11 57.12
0 0 0
0 0 0
0 0 0
0 0 0
Mar 03 Mar 02 Mar 01
Nerolac_BSheet
Page 43
0 0 0
0 0 5
0 0 0
0 0 0
28.88 29.6 28.63
0 0 0
6.97 8.51 23.49
0 0 0
0 0 0
0 0 0
34.91 27.69 25.02
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
30.46 21.21 14.39
0 0 0
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4.45 6.48 10.63
4.45 6.48 10.63
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0 0 0
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70.76 65.8 82.14
299.31 274.1 279.72
213.39 184.04 164.75
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0 0 0
0.88 5.45 5.45
0 0 0
58.78 52.85 48.84
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0 0 0
74.58 59.49 56.02
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8.94 7.43 7.13
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22.31 19.65 17.18
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0 0 0
2.51 2.12 1.78
0 0 0
1.29 1.02 0.68
0 0 0
0 0 0
Nerolac_BSheet
Page 44
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44.1 36.03 27.67
124.82 94.34 69.92
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
22.35 19.28 16.56
0 0 0
0 0 0
51.59 39.23 33.62
0 0 0
4.74 3.41 2.77
0 0 0
13.55 10.54 7.1
0 0 0
0 0 0
1.7 1.15 0.76
0 0 0
0.56 0.35 0.21
0 0 0
0 0 0
0 0 0
28.88 19.37 7.75
88.57 89.7 94.83
0 0 0
0 0 0
0 0 0
0.88 5.45 5.45
0 0 0
36.43 33.57 32.28
0 0 0
0 0 0
22.99 20.26 22.4
0 0 0
4.2 4.02 4.36
0 0 0
8.76 9.11 10.08
0 0 0
0 0 0
0.81 0.97 1.02
0 0 0
0.73 0.67 0.47
0 0 0
0 0 0
0 0 0
15.22 16.66 19.92
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2.68 0.39 2.35
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Nerolac_BSheet
Page 45
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2.68 0.39 2.35
97.75 61.16 31.07
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0.01 0.01 0.01
0.28 0.28 5.28
1.2 1.66 1.79
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13.25 13.85 12.93
2.08 2.08 2.08
82.83 45.18 8.98
0 2 4
0 0 0
0 0 0
0 0 0
1.9 3.9 4
100.82 86.04 105.83
29.52 23.45 32.18
11.58 10.12 10.57
0 0 0
55.18 48.01 57.19
1.53 1.34 1.46
0 0 0
0 0 0
3.01 3.12 4.43
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0 0 0
122.15 104.95 96.21
3.24 3.06 0.39
118.91 101.89 95.82
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4.79 10.24 14.4
4.66 9.72 14.04
0 0.35 0.22
0.13 0.17 0.14
32.18 43.59 48.58
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0 7.22 6.88
0 0 0
0 0 0
4.83 5.5 6.2
0 0.12 0
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6.16 1.11 13.57
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21.19 29.32 21.93
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0 0.32 0
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Nerolac_BSheet
Page 46
259.94 244.82 265.02
134.25 115.42 95.5
131.31 112.06 93.14
131.31 112.06 93.14
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0 0 0
0 0 0
2.56 2.5 1.62
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0 0 0
0 0.56 0.35
0 0 0
0 0 0
0 0 0
0.15 0.12 0.09
0.18 0.18 0.3
0.05 0 0
27.41 17.37 18.05
9.33 3.63 4.83
1.76 0 1.01
0 0 0
13.77 24.86 11.48 9.95
13.77 11.48 9.95
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0 0 0
2.55 2.26 2.26
161.66 132.79 113.55
98.28 112.03 151.47
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0 0 0
0 0 0
0 0 0
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0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
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12.76 11.41 0
0.73 0.59 0
12.03 10.82 0
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Nerolac_BSheet
Page 47
0 0 0
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2.29 0.3 1.77
Company >> Share Price >> Share Price
Kansai Nerolac Paints Ltd
Industry :Paints / Varnishes
Volume732,289.00969,440.00
1,433,016.001,301,953.00
Date 1,759,710.002003 265.83 5838.96 2,403,782.002004 410.15 6602.692005 765.55 9397.932006 815 13786.912007 863.5 20286.992008 605 13802.22
Profitability Ratios (in %age) 2006 2007 2008
Total - Reserves 249.63 297.89 380.55 484.78 566.74
Total - Shareholders Funds 264.93 323.40 406.06 510.29 593.69
Reserves/ Shareholders Fund 0.94 0.92 0.94 0.95 0.95
PAT/ Sales 0.09 0.13 0.17 0.12 0.11
Retained Profit / PAT 73.76 75.91 71.41 80.66 78.95
Return on Capital Employed 42.49 50.34 54.37 35.81 36.80
Return on Equity 27.52 37.64 43.95 31.40 25.87
Capital StructureDebt / Equity 0.15 0.17 0.18 0.16 0.13
Activity RatiosStock Days 71.30 66.68 85.33 72.87 65.95
Debtor Days 50.32 41.33 49.49 55.19 55.35
Creditor Days 85.14 87.77 74.84 61.43 65.39
Close -Unit Curr
BSE_SENSEX
2003 2004 2005 2006 2007 20080
5000
10000
15000
20000
25000
0
100
200
300
400
500
600
700
800
900
1000
5838.966602.69
9397.93
13786.91
20286.99
13802.22
265.83
410.15
765.55815
863.5
605
BSE_SENSEXNerolac
Stability RatiosCurrent Ratio 2.29 2.09 2.07 2.56 2.74
Acid Test Ratio 1.70 1.59 1.44 1.82 2.07
Avg. Price3668 527,918.09 1,630.48 698.4 6,051.98 4,362.968344 723,224.39 2,327.13 732.43 3,909.03 2,916.238383 1,214,048.88 2,079.07 829.89 5,755.08 4,875.70
10413 739,422.47 1,952.92 594.11 5,228.73 2,969.57
20066 656,107.04 1,045.88 302.25 6,927.99 2,583.1022764 572,913.79 677.87 153.7 9,501.11 2,264.48
2009 2010
642.25 724.36
673.00 757.44
0.95 0.96
0.14 0.14
81.42 82.06
37.03 35.94
32.78 32.22
0.14 0.14
70.37 69.96
56.37 57.49
59.84 57.12
No of Trades
Net Turnover -In Thousand
Market Cap
Avg. Volume
Avg. Turnover -In Thousand
2003 2004 2005 2006 2007 20080
5000
10000
15000
20000
25000
0
100
200
300
400
500
600
700
800
900
1000
5838.966602.69
9397.93
13786.91
20286.99
13802.22
265.83
410.15
765.55815
863.5
605
BSE_SENSEXNerolac
2.70 2.79
1.98 2.04