ASIAN PA

BALANCE SHEET OF ASIAN PAINTS (in Rs. Cr.) Mar-20 Mar-19

12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 95.92 95.92
TOTAL SHARE CAPITAL 95.92 95.92
Reserves and Surplus 9,357.37 8,747.04
TOTAL RESERVES AND SURPLUS 9,357.37 8,747.04
TOTAL SHAREHOLDERS FUNDS 9,453.29 8,842.96
NON-CURRENT LIABILITIES
Long Term Borrowings 18.5 10.89
Deferred Tax Liabilities [Net] 282.68 392.39
Other Long Term Liabilities 501.32 476.76
Long Term Provisions 136.78 118.48
TOTAL NON-CURRENT LIABILITIES 939.28 998.52
CURRENT LIABILITIES
Short Term Borrowings 0 4.35
Trade Payables 1,760.08 2,062.29
Other Current Liabilities 1,390.83 1,722.50
Short Term Provisions 44.14 52.27
TOTAL CURRENT LIABILITIES 3,195.05 3,841.41
TOTAL CAPITAL AND LIABILITIES 13,587.62 13,682.89
ASSETS
NON-CURRENT ASSETS
Tangible Assets 4,875.23 5,131.23
Intangible Assets 85.63 89.97
Capital Work-In-Progress 108.09 179.31
Other Assets 0 0
FIXED ASSETS 5,068.95 5,400.51
Non-Current Investments 2,225.58 1,817.37
Deferred Tax Assets [Net] 0 0
Long Term Loans And Advances 64.11 76
Other Non-Current Assets 403.28 335.66
TOTAL NON-CURRENT ASSETS 7,761.92 7,629.54
CURRENT ASSETS
Current Investments 432.35 1,146.63
Inventories 2,827.47 2,585.10
Trade Receivables 1,109.22 1,244.95
Cash And Cash Equivalents 376.06 167.52
Short Term Loans And Advances 21.31 13.98
OtherCurrentAssets 1,059.29 895.17
TOTAL CURRENT ASSETS 5,825.70 6,053.35
TOTAL ASSETS 13,587.62 13,682.89

RATIO ANALYSIS: 2020 2019

Revenue growth
Gross margin % 45.15% 43.07%
Operating margin % 20.05% 19.56%
Net margin % 15.59% 13.15%
Days Inventory Outstanding 103.910721762054 92.37906
Inventory turns 3.51263078352797 3.9511119
Days Sales Outstanding 23.7797823396636 28.033464
Days Payables Outstanding 73.3820025499201 75.900066
Cash conversion cycle 54.3085015517972 44.512458
Operating cash flow 0.753499945227774 0.6235341

ROE 27.6683694745621 22.228628

ROA 19.53% 15.58%

Current ratio 1.823351747234 1.5758146

Quick ratio 0.938398460117995 0.9028586
Cash ratio 0.117700818453545 0.043609
 ASIAN PAINTS
Mar-18 PROFIT & LOSS ACCOUNT OF ASIAN PAINTS (in Rs. Cr.) Mar-20
12 mths 12 mths
INCOME
REVENUE FROM OPERATIONS [GROSS] 17,025.61
95.92 Less: Excise/Sevice Tax/Other Levies 0
95.92 REVENUE FROM OPERATIONS [NET] 17,025.61
7,702.24 TOTAL OPERATING REVENUES 17,194.09
7,702.24 Other Income 357.54
7,798.16 TOTAL REVENUE 17,551.63
EXPENSES
9.87 Cost Of Materials Consumed 8,432.51
270.33 Purchase Of Stock-In Trade 1,283.88
3.26 Operating And Direct Expenses 0
107.35 Changes In Inventories Of FG,WIP And Stock-In Trade -210.21
390.81 Employee Benefit Expenses 985.43
Finance Costs 78.38
0 Depreciation And Amortisation Expenses 689.97
1,851.50 Other Expenses 2,845.44
1,504.61 TOTAL EXPENSES 14,105.40
42.85 PROFIT/LOSS BEFORE EXCEPTIONAL, EXTRAORDINARY ITEMS AND TAX 3,446.23
3,398.96 Exceptional Items -33.2
11,587.93 PROFIT/LOSS BEFORE TAX 3,413.03
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 871.15
2,477.44 Less: MAT Credit Entitlement 0
91.09 Deferred Tax -117.73
1,391.84 Tax For Earlier Years 5.66
0 TOTAL TAX EXPENSES 759.08
3,960.37 PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS 2,653.95
1,547.33 PROFIT/LOSS FROM CONTINUING OPERATIONS 2,653.95
0 PROFIT/LOSS FOR THE PERIOD 2,653.95
79.08
500.06
6,086.84 Net CashFlow From Operating Activities 2,407.47

1,030.01
2,178.43
1,138.20
120.84
12.17
1,021.44
5,501.09
11,587.93

2018
 44.28%
20.56%
13.59%
49.71501
7.3418471
29.807612
42.253981
37.268641
0.628454

19.753962
16.35%

1.6184627
0.977552
0.0355521
Mar-19 Mar-18
12 mths 12 mths

16,209.44 14,329.17
0 391.69
16,209.44 13,937.48
16,391.78 14,167.86
284.81 277.5
16,676.59 14,445.36
GROSS PROFIT
8,647.82 7,100.16 2020 2019 2018
1,010.66 742.57 7,687.91 6,981.16 6,171.01
0 0
-247.86 154.12 COST OF SALES
900.14 791.08 2020 2019 2018
78.6 21.06 9,506.18 9,410.62 7,996.85
540.77 311.11
2,576.21 2,459.43 AVERAGE INVENTORY
13,506.34 11,579.53 2020 2019 2018
3,170.25 2,865.83 2706.285 2381.765 1089.215
0 0
3,170.25 2,865.83 AVERAGE PAYABLES
2020 2019 2018
881.64 968.87 1911.185 1956.895 925.75
0 0
158.61 2.57
-2.17 -0.41
1,038.08 971.03
2,132.17 1,894.80
2,132.17 1,894.80
2,132.17 1,894.80

2,395.25 2,136.09
 BERGER PAIN
PROFIT & LOSS ACCOUNT OF BERGER PAINTS INDIA (in Rs. Cr.) 2020 2019 2018

INCOME
REVENUE FROM OPERATIONS [GROSS] 6,295.35 6,004.63 5,232.78
Less: Excise/Sevice Tax/Other Levies 0 0 116.39
REVENUE FROM OPERATIONS [NET] 6,295.35 6,004.63 5,116.39
TOTAL OPERATING REVENUES 6,365.82 6,061.86 5,165.73
Other Income 68.52 60.03 45.87
TOTAL REVENUE 6,434.34 6,121.89 5,211.60
EXPENSES
Cost Of Materials Consumed 3,227.95 3,416.50 2,678.14
Purchase Of Stock-In Trade 516.66 457.06 431.79
Operating And Direct Expenses 0 0 0
Changes In Inventories Of FGWIP And Stock In Trade -18.8 -173.95 -99.97
Employee Benefit Expenses 452.5 408.51 356.58
Finance Costs 47.04 32.33 24.55
Depreciation And Amortisation Expenses 191.01 137.77 124.21
Other Expenses 1,126.52 1,072.17 992.2
TOTAL EXPENSES 5,542.88 5,350.39 4,507.50
PROFIT/LOSS BEFORE EXCEPTIONAL, EXTRAORDINARY ITEMS AND TAX 891.46 771.5 704.1
Exceptional Items 0 0 0
PROFIT/LOSS BEFORE TAX 891.46 771.5 704.1
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 248.14 267.62 245.64
Less: MAT Credit Entitlement 0 0 0
Deferred Tax -21.08 5.53 -1.73
Other Direct Taxes 0 0 0
TOTAL TAX EXPENSES 227.06 273.15 243.91
PROFIT/LOSS AFTER TAX AND BEFORE EXTRAORDINARY ITEMS 664.4 498.35 460.19
PROFIT/LOSS FROM CONTINUING OPERATIONS 664.4 498.35 460.19
PROFIT/LOSS FOR THE PERIOD 664.4 498.35 460.19

Year 2020 2019 2018

Revenue growth
Gross margin % 41.94% 39.34% 42.13%
Operating margin % 14.16% 12.85% 13.76%
Net margin % 10.55% 8.30% 8.99%
Days Inventory Outstanding 31.0854552 28.225813 15.6041941
Inventory turns 3.21693857 3.54285632 6.40853347
Days Sales Outstanding 8.8727394 9.56478584 11.6881239
Days Payables Outstanding 26.5856284 25.6879779 15.4914019
Cash conversion cycle 13.3725663 12.1026209 11.800916
Operating cash flow 0.5362709 0.35702385 0.30860458
ROE 6.84102142 5.13180929 4.73934089
ROA 0.15299238 0.12987131 0.13130653

Current ratio 1.49433817 1.64521922 1.62187575

Quick ratio 0.70476622 0.81641411 0.89611453
Cash ratio 0.08492749 0.09503855 0.09315388
BERGER PAINT
BALANCE SHEET OF BERGER PAINTS INDIA (in Rs. Cr.) 2020 2019

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 97.12 97.11
TOTAL SHARE CAPITAL 97.12 97.11
Reserves and Surplus 2,527.92 2,275.24
TOTAL RESERVES AND SURPLUS 2,527.92 2,275.24
TOTAL SHAREHOLDERS FUNDS 2,625.04 2,372.35
NON-CURRENT LIABILITIES
Long Term Borrowings 0 0
Deferred Tax Liabilities [Net] 29.14 60.87
Other Long Term Liabilities 206.79 14.39
Long Term Provisions 3.41 3.16
TOTAL NON-CURRENT LIABILITIES 239.34 78.42
CURRENT LIABILITIES
Short Term Borrowings 222.46 215.34
Trade Payables 1,012.92 968.14
Other Current Liabilities 212.95 184.34
Short Term Provisions 29.99 18.67
TOTAL CURRENT LIABILITIES 1,478.32 1,386.49
TOTAL CAPITAL AND LIABILITIES 4,342.70 3,837.26
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,379.30 996.56
Intangible Assets 6.93 7.36
Capital Work-In-Progress 168.29 147.73
Other Assets 0 0
FIXED ASSETS 1,554.52 1,151.65
Non-Current Investments 468.63 331.8
Deferred Tax Assets [Net] 0 0
Long Term Loans And Advances 18.01 16.42
Other Non-Current Assets 92.43 56.31
TOTAL NON-CURRENT ASSETS 2,133.59 1,556.18
CURRENT ASSETS
Current Investments 179.35 245.51
Inventories 1,167.24 1,149.13
Trade Receivables 558.57 574.33
Cash And Cash Equivalents 125.55 131.77
Short Term Loans And Advances 9.01 7.98
OtherCurrentAssets 169.39 172.36
TOTAL CURRENT ASSETS 2,209.11 2,281.08
TOTAL ASSETS 4,342.70 3,837.26
2018

97.1
97.1
2,046.51
2,046.51
2,143.61

0
58.6
5.26
2.92
66.78

143.27
932.57
202.49
15.98
1,294.31
3,504.70

911.04
4.29
87.27
0
1,002.60
303.18
0
19.99
79.72
1,405.49

227.59
939.36
598.01
120.57
1.96
211.72
2,099.21
3,504.70
 NEROLAC PAINTS

Kansai Nerolac Paints 2020 2019 2018

Profit & Loss account

INCOME
Revenue From Operations [Gross] 4,915.20 5,138.86 4,720.03
Less: Excise/Sevice Tax/Other Levies 0 0 150.44
Revenue From Operations [Net] 4,915.20 5,138.86 4,569.59
Other Operating Revenues 27.97 34.76 16.98
Total Operating Revenues 4,943.17 5,173.62 4,586.57
Other Income 26.86 61.88 72.42
Total Revenue 4,970.03 5,235.50 4,658.99
EXPENSES
Cost Of Materials Consumed 2,722.18 3,241.77 2,674.88
Purchase Of Stock-In Trade 284.23 258.74 213.64
Changes In Inventories Of FG,WIP And Stock-In Trade 51.21 -197.98 -114.45
Employee Benefit Expenses 269.38 255.38 226.56
Finance Costs 5 0 0
Depreciation And Amortisation Expenses 119.88 90.47 75.79
Other Expenses 834.55 873.71 796.17
Total Expenses 4,286.43 4,522.09 3,872.59
Mar-20 Mar-19 Mar-18

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 683.6 713.41 786.4
Exceptional Items 0 0 0
Profit/Loss Before Tax 683.6 713.41 786.4
Tax Expenses-Continued Operations
Current Tax 166.33 221.87 268.21
Deferred Tax -18.13 24.19 1.79
Tax For Earlier Years 0 0 0
Total Tax Expenses 148.2 246.06 270
Profit/Loss After Tax And Before ExtraOrdinary Items 535.4 467.35 516.4
Profit/Loss From Continuing Operations 535.4 467.35 516.4
Profit/Loss For The Period 535.4 467.35 516.4

Year 2020 2019 2018

Revenue growth
Gross margin % 38.36% 36.41% 39.66%
Operating margin % 13.91% 13.88% 17.21%
Net margin % 10.89% 9.09% 11.30%
Days Inventory Outstanding 32.4257102 28.137973 14.5230654
Inventory turns 3.08397255 3.55391627 6.88559869
Days Sales Outstanding 13.7227376 13.1161386 14.7866658
Days Payables Outstanding 0.18827879 0.1991564 0.12320886
Cash conversion cycle 45.960169 41.0549552 29.1865223
Operating cash flow 0.92413187 0.14284236 0.44260565

ROE 9.93505289 8.67229542 9.58248284

ROA 0.11658291 0.10853662 0.12694636

Current ratio 3.37031687 2.79729607 2.96809796

Quick ratio 1.9852731 1.43528042 2.02304688
Cash ratio 0.2476026 0.10527201 0.42330022
EROLAC PAINTS

BALANCE SHEET OF KANSAI NEROLAC PAINTS (in Rs. Cr.) 2020 2019 2018

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 53.89 53.89 53.89
TOTAL SHARE CAPITAL 53.89 53.89 53.89
Reserves and Surplus 3,732.98 3,370.58 3,071.23
TOTAL RESERVES AND SURPLUS 3,732.98 3,370.58 3,071.23
TOTAL SHAREHOLDERS FUNDS 3,786.87 3,424.47 3,125.12
NON-CURRENT LIABILITIES
Long Term Borrowings 0 3.4 9.71
Deferred Tax Liabilities [Net] 84.97 105.1 80.42
Other Long Term Liabilities 49.04 0 0
Long Term Provisions 0 0 0
TOTAL NON-CURRENT LIABILITIES 134.01 108.5 90.13
CURRENT LIABILITIES
Short Term Borrowings 0 0 0
Trade Payables 519.51 631.86 683.58
Other Current Liabilities 136.4 126.68 147.9
Short Term Provisions 15.65 14.41 21.13
TOTAL CURRENT LIABILITIES 671.56 772.95 852.61
TOTAL CAPITAL AND LIABILITIES 4,592.44 4,305.92 4,067.86
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,705.67 1,312.19 1,004.28
Intangible Assets 2.79 3.54 2.12
Capital Work-In-Progress 164.43 314.69 343.09
Other Assets 0.18 0.18 0.18
FIXED ASSETS 1,873.07 1,630.60 1,349.67
Non-Current Investments 149.92 108.93 25.81
Deferred Tax Assets [Net] 0 0 0
Long Term Loans And Advances 14.88 13.27 11.26
Other Non-Current Assets 291.2 390.95 150.49
TOTAL NON-CURRENT ASSETS 2,329.07 2,143.75 1,537.23
CURRENT ASSETS
Current Investments 305.1 195.56 519.96
Inventories 930.14 1,052.77 805.76
Trade Receivables 674.5 674.02 675.69
Cash And Cash Equivalents 166.28 81.37 360.91
Short Term Loans And Advances 4.3 4.58 3.32
OtherCurrentAssets 183.05 153.87 164.99
TOTAL CURRENT ASSETS 2,263.37 2,162.17 2,530.63
TOTAL ASSETS 4,592.44 4,305.92 4,067.86