Asian

Paints Industry
Ltd.
: Paints/VarnishesBSE Code : 500820 NSE Code: ASIANPAINTEQ

The Profile page of the company captures the details in brief on Company's Address, Top
management, Listings, Latest financial results in detail.

Registered Office Registrar & Share Transfer Agent

6 A, Shantinagar, Santacruz (East), , Mumbai, Sharepro Services Ltd.
Maharashtra - 400055 Satam Estate, 3rd Floor, Cardinal Gracious
Road, Above Bank Of Baroda, Mumbai -
Tel: 39818000, , , 400099, Maharashtra.
Fax: 39818888,
Email: [email protected] Tel: 28215168, 28329828, 28215991,
Website: www.asianpaints.com 28347719

Key Officials

Name Designation
Ashwin Choksi Chairman / Chair Person
Abhay Vakil Managing Director
Jayesh Merchant CFO & Company Secretary & Compl.Officer

Other Details
Business Group Listings ISIN Code Incorporation Public Issue Date
Choksi Group BSE , NSE INE021A01018 -- --

Recent News And Analysis

Headline Date
Asian Paints - Results Press Release 10/25/2008
Asian Paints Board declares interim dividend 10/25/2008
Asian Paints Board declares interim dividend 10/25/2008
Asian Paints announces Consolidated Q2 results 10/25/2008
Asian Paints announces Q2 results 10/25/2008
more...

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the latest three shareholding patterns for the company under two broad categories
(Promoter & Non Promters)

Shareholding as on :  30/09/2008  30/06/2008  31/03/2008

Face Value  10.00  10.00  10.00
  No. Of Shares % Holding No. Of Shares % Holding No. Of Shares % Holding
PROMOTER'S HOLDING
Indian Promoters  48099230  50.15  47466930  49.49  47454162  49.47
Sub Total  48099230  50.15  47466930  49.49  47454162  49.47
NON PROMOTER'S HOLDING
Institutional Investors
Mutual Funds and UTI  1393327  1.45  1444892  1.51  1876625  1.96
Banks Fin. Inst. and
 10197218  10.63  10081864  10.51  8696979  9.07
Insurance
FII's  14636787  15.26  14478790  15.09  14430168  15.04
Sub Total  26227332  27.34  26005546  27.11  25003772  26.07
Other Investors
Private Corporate Bodies  5926424  6.18  6100639  6.36  6814169  7.10
NRI's/OCB's/Foreign
 1872699  1.95  1895605  1.98  1944112  2.03
Others
Others  3028  0.00  0  0.00  0  0.00
Sub Total  7802151  8.13  7996244  8.34  8758281  9.13
General Public  13791066  14.38  14451059  15.07  14703564  15.33
GRAND TOTAL  95919779 100.00  95919779 100.00  95919779 100.00

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view latest Board of Directors of the company.

S.No Name Designation

1 Mr. Ashwin Choksi Chairman / Chair Person
2 Mr. Mahendra Shah Director
3 Mr. Dipankar Basu Director
4 Mr. Deepak Satwalekar Director
5 Mr. Hasit Dani Director
6 Mr. Mahendra Choksi Director
7 Ms. Tarjani Vakil Director
8 Mr. R A Shah Director
9 Mr. Amar Vakil Director
10 Dr. S Sivaram Director
11 Mr. Abhay Vakil Managing Director
12 Mr. Ashwin Dani Vice Chairman & Mng.Director

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view latest Key Executives of the company.

S.No Name Designation

1 Mr.Jayesh Merchant CFO & Company Secretary & Compl.Officer

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the entire list of various company locations such as Registered office, Plants, etc
with details
S.No. Location Type Address
6 A, Shantinagar Santacruz (East)
Mumbai , Maharashtra - India
1 Registered Office PinCode :400055
Phone :39818000,,,
Fax :39818888,
Das Chambers 25, Dalal Street 1st Floor
Mumbai , Maharashtra - India
Investor Service
2 PinCode :400023
Centre
Phone :22670516,,,
Fax :22674570,
SIPCOT Industrial Park Plot No. E6 - F13 Sriperumbudur
Kancheepuram Dist. , Tamil Nadu - India
3 Factory/plant PinCode :602105
Phone :,,,
Fax :,
Pthalic Plant: Plot No. 2702 GIDC Industrial Area
Ankleshwar , Gujarat - India
4 Factory/plant PinCode :393002
Phone :,,,
Fax :,
Taloja Plant: Plot No. 3/2, MIDC, Taloja,
Raigad , Maharashtra - India
5 Factory/plant PinCode :410208
Phone :,,,
Fax :,
Plot No 50-55 Industrial Development Area Phase II, Patancheru
Patancheru , Andhra Pradesh - India
6 Factory/plant PinCode :502309
Phone :,,,
Fax :,
Lal Bahadur Shastri Marg Bhandup
Mumbai , Maharashtra - India
7 Factory/plant PinCode :400078
Phone :,,,
Fax :,
A-1 UPSIDC Industrial Area Kasna-II Kasna Village Tehsil
Sikandarabad
Bulandshahar Dist , Uttar Pradesh - India
8 Factory/plant
PinCode :203207
Phone :,,,
Fax :,
Plot No 2602 GIDC Industrial Area
Ankleshwar , Gujarat - India
9 Factory/plant PinCode :393002
Phone :,,,
Fax :,
Penta Plant B5-B10 Sipcot Industrial Complex
Cuddalore , Tamil Nadu - India
10 Factory/plant PinCode :607005
Phone :,,,
Fax :,
Penta Division Office TNF Estate 1/103 P H Road
Chennai (Madras) , Tamil Nadu - India
11 Divisonal Office PinCode :600066
Phone :,,,
Fax :,
12 Corporate Office Plot No. 5, Galwadi industrial Estate S V Road Goregaon
Mumbai , Maharashtra - India
PinCode :400062
Phone :22024544,28751228,1232,
 Fax :28744777,

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the break up of the capital of the company

From To Year Class Of Share Authorised Issued Paid Up Paid Up Paid Up

Year Capital Capital Shares in Face Value Capital
(Rs.Cr) (Rs.Cr) (Nos) (Rs.Cr)
2007 2008 Equity Share 99.50 95.92 95919779 10.00 95.92
2006 2007 Equity Share 99.50 95.92 95919779 10.00 95.92
2005 2006 Equity Share 99.50 95.92 95919779 10.00 95.92
2004 2005 Equity Share 99.50 95.92 95919779 10.00 95.92
2003 2004 Equity Share 99.50 95.92 95919779 10.00 95.92
2002 2003 Equity Share 99.50 64.19 64185952 10.00 64.19
2001 2002 Equity Share 99.50 64.19 64185952 10.00 64.19
2000 2001 Equity Share 99.50 64.19 64185952 10.00 64.19
1994 1995 Equity Share 34.50 19.91 19911110 10.00 19.91
1993 1994 Equity Share 34.50 19.91 19911110 10.00 19.91
1992 1993 Equity Share 34.50 19.91 19911110 10.00 19.91
1990 1992 Equity Share 19.50 12.44 12444444 10.00 12.44
1987 1990 Equity Share 19.50 12.44 12444444 10.00 12.44
1985 1987 Equity Share 9.50 8.30 8296296 10.00 8.30
1984 1985 Equity Share 7.50 5.19 5185185 10.00 5.19
1983 1984 Equity Share 7.50 5.19 5185185 10.00 5.19
1980 1983 Equity Share 2.50 2.50 250000 100.00 2.50
1978 1980 Equity Share 2.50 2.50 250000 100.00 2.50
1975 1978 Equity Share 2.50 1.50 150000 100.00 1.50

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the entire product mix with Product names, Sales quantity & Value along with
percentage contribution from each individual product.

Sales
Product Name Year Month UOM Sales Value (Cr.) Product Mix
Quantity
Paints, Enamels, Metric
2008 12 433318 3906.22 95.67
Varnishes & Black Tonnes
Metric
Phthalic Anhydride 2008 12 12783 86.59 2.12
Tonnes
Others 2008 12 0  32.19 0.78
Metric
Penta Erythritol 2008 12 2642 27.30 0.66
Tonnes
Processing Charges 2008 12 0  12.38 0.30
Other Services 2008 12 0  9.79 0.23
Metric
Sodium Formate 2008 12 3166 6.42 0.15
Tonnes
Metric
Formaldehyde 2008 12 368 1.21 0.02
Tonnes
Lease Rentals 2008 12 0  0.59 0.01
 Asian Paints Ltd.
Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the entire Raw material mix with Raw material names, quantity & Value along with
percentage contribution from each individual raw material.

Sales
Product Name Year/Month UOM Sales Value (Cr.) Product Mix
Quantity
Pigments, Extenders Metric
0803 207,832 501.10 31.44
& Minerals Tonnes
Solvents 0803 65,828Kilolitres 241.93 15.18
Metric
Additives 0803 26,062 220.12 13.81
Tonnes
Metric
Oils 0803 29,239 150.58 9.44
Tonnes
Metric
Resins 0803 26,105 135.70 8.51
Tonnes
Metric
Orthoxylene 0803 27,487 133.92 8.40
Tonnes
Metric
Monomers 0803 13,750 107.78 6.76
Tonnes
Metric
Others 0803 19,617 80.75 5.06
Tonnes
Metric
Methanol 0803 7,386 14.33 0.89
Tonnes
Metric
Acetaldehyde 0803 1,990 7.46 0.46
Tonnes
Metric
Solvents 0803 7,562 0.00 0.00
Tonnes

Bankers / Auditor
Asian Paints Ltd.
Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the Bankers, Auditors,Registrars names and their addresses

Bankers Not Reported

Auditors Shah & Co.
BSR & Associates
Registrar Sharepro Services Ltd.
Sharepro Services Ltd.

Announcements
Asian
Paints Industry
Ltd.
: Paints/VarnishesBSE Code : 500820NSE Code: ASIANPAINTEQ
 You can view Purticular company's Board Meetings and AGM/EGM Details.

Board Meetings
Date of Meeting Purpose
24/10/2008 Quarterly Results & Interim Dividend
22/07/2008 Quarterly Results
09/05/2008 Audited Results & Final Dividend
29/01/2008 Quarterly Results
19/10/2007 Quarterly Results & Interim Dividend
30/07/2007 Quarterly Results
10/05/2007 Audited Results & Final Dividend
13/03/2007 Second Interim Dividend
29/01/2007 Quarterly Results
30/10/2006 Qtr, Half Yearly Results & Int. Dividend
28/07/2006 Quarterly Results
10/05/2006 Accounts & Final Dividend
31/01/2006 Quarterly Results
26/10/2005 Interim Dividend & Quarterly Results
29/07/2005 Quarterly Results
27/07/2005 Quarterly Results
11/05/2005 Accounts & Dividend
30/03/2005 Change of name of the Company
19/01/2005 Quarterly Results
03/12/2004 Others
27/10/2004 Interim Dividend & Quarterly Results
28/07/2004 Quarterly Results
11/05/2004 Final Dividend & Accounts
28/01/2004 Quarterly Results
30/10/2003 Interim Dividend & Quarterly Results
23/07/2003 Quarterly Results
28/05/2003 Accounts, Bonus issue & Final Dividend
15/01/2003 Quarterly Results

AGM/EGM
Announcement Purpose Date FromDate ToDate Remarks
09/05/2008 AGM 24/06/2008 14/06/2008 24/06/2008 105% Final Dividend
10/05/2007 AGM 26/06/2007 15/06/2007 26/06/2007 10% Final Dividend
55% Final Dividend & 25%
10/05/2006 AGM 26/06/2006 19/06/2006 26/06/2006
Special Dividend
11/05/2005 AGM 27/06/2005 24/06/2005 27/06/2005 55% Final Dividend
11/05/2004 AGM 28/06/2004 18/06/2004 28/06/2004 50% Final Dividend
28/05/2003 AGM 18/07/2003 11/07/2003 18/07/2003 Bookclsoure

Latest results….
Asian Paints Ltd.
Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ
You can view the latest 5 yearly unaudited results.

(Rs in Cr.)

  Mar ' 08  Mar ' 07  Mar ' 06  Mar ' 05  Mar ' 04 
           
Sales  3,416.16  2,821.29  2,319.16  1,941.52  1,742.46
Other Income  62.58  40.45  35.93  31.61  21.68
Stock Adjustment  -33.99  -52.02  0.51  -70.20  -3.51
Raw Material  1,934.06  1,712.73  1,351.22  1,185.61  993.47
Power And Fuel  0.00  0.00  0.00  0.00 
Employee Expenses  194.67  154.96  128.98  117.93  101.56
Excise  0.00  0.00  0.00  0.00 
Admin And Selling Expenses  0.00  0.00  0.00  0.00 
Research And Devlopment Expenses  0.00  0.00  0.00  0.00 
Expenses Capitalised  0.00  0.00  0.00  0.00 
Other Expeses  767.41  583.87  486.52  414.41  381.40
Provisions Made  0.00  0.00  0.00  0.00 
Operating Profit  554.01  421.76  351.92  293.78  269.54
Interest  8.27  6.87  3.83  2.75  5.27
Gross Profit  608.32  455.33  384.02  322.64  285.95
Depreciation  43.77  45.42  45.53  47.61  48.01
Taxation  186.66  139.99  117.08  96.98  83.55
Net Profit / Loss  377.89  269.93  187.81  173.82  147.58
Extra Ordinary Item  0.00  0.00  -33.60  -4.23  -6.81
Prior Year Adjustments  -2.69  2.12  -1.03  -0.33  0.21
           
Equity Capital  95.92  95.92  95.92  95.92  95.92
Equity Dividend Rate  0.00  0.00  45.00  95.00  50.00
Agg.Of Non-Prom. Shares (in Lacs)  484.66  500.49  506.18  548.08  547.83
Agg.Of Non PromotoHolding(%)  50.53  52.18  52.77  57.14  57.11
OPM(%)  16.21  14.94  15.17  15.13  15.46
GPM(%)  17.48  15.91  16.30  16.35  16.20
NPM(%)  10.86  9.43  7.97  8.80  8.36
EPS (in Rs.)  39.40  28.14  19.58  18.12  15.39

Balance sheet

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view Balance Sheet for the last 5 years.

(Rs in Cr.)

  Mar ' 08  Mar ' 07  Mar ' 06  Mar ' 05  Mar ' 04 
SOURCES OF FUNDS          
Owner's Fund          
Equity Share Capital  95.92  95.92  95.92  95.92  95.92
Share Application Money  0.00  0.00  0.00  0.00  0.00
Preference Share Capital  0.00  0.00  0.00  0.00  0.00
Reserves & Surplus  832.58  648.16  526.36  476.30  435.62
Loan Funds          
Secured Loans  36.70  66.90  31.88  28.37  22.92
Unsecured Loans  40.70  40.70  40.70  36.68  28.54
Total  1,005.90  851.68  694.86  637.27  583.00
           
USES OF FUNDS          
Fixed Assets          
Gross Block  937.89  806.20  736.14  712.70  651.19
Less : Revaluation Reserve  0.00  0.00  0.00  0.00  0.00
Less : Accumulated Depreciation  509.06  471.29  435.71  401.47  310.65
Net Block  428.83  334.91  300.43  311.23  340.54
Capital Work-in-progress  136.25  16.31  5.87  12.53  9.92
           
Investments  422.88  334.39  274.55  258.43  242.48
           
Net Current Assets          
Current Assets, Loans & Advances  1,035.22  869.21  686.15  597.47  464.62
Less : Current Liabilities & Provisions  1,017.28  703.15  596.40  542.38  474.56
Total Net Current Assets  17.94  166.06  89.75  55.08  -9.94
Miscellaneous expenses not written  0.00  0.00  24.26  0.00  0.00
Total  1,005.90  851.67  694.86  637.27  583.00
Note :          
Book Value of Unquoted Investments  345.50  257.01  197.17  163.91  161.10
Market Value of Quoted Investments  254.26  183.02  158.25  92.50  74.81
Contingent liabilities  222.05  180.22  187.26  148.83  170.76
Number of Equity shares outstanding (in
 959.20  959.20  959.20  959.20  959.20
Lacs)

P&L

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the Income statement for the last 5 years.

(Rs in Cr.)

  Mar ' 08  Mar ' 07  Mar ' 06  Mar ' 05  Mar ' 04 
Income :          
Operating Income  3,595.53  2,953.38  2,447.78  2,052.28  1,800.63
           
Expenditure          
Material Consumed  1,969.47  1,661.78  1,365.30  1,125.40  955.34
Manufacturing Expenses  75.12  64.82  53.05  49.34  47.96
Personnel Expenses  195.54  155.60  129.43  118.35  101.87
Selling Expenses  646.58  508.88  423.76  352.83  319.02
Adminstrative Expenses  139.33  126.00  110.20  101.62  100.45
Expenses Capitalised  0.00  0.00  0.00  0.00  0.00
           
Cost Of Sales  3,026.04  2,517.09  2,081.74  1,747.55  1,524.64
           
Operating Profit  569.49  436.29  366.04  304.73  276.00
           
Other Recurring Income  50.93  32.32  25.12  21.50  13.12
           
Adjusted PBDIT  620.42  468.61  391.16  326.23  289.12
           
Financial Expenses  13.46  15.34  8.16  6.58  8.70
Depreciation  43.77  45.42  45.53  47.61  48.01
Other Write offs  0.00  0.00  0.00  2.29  0.00
           
Adjusted PBT  563.19  407.86  337.47  269.76  232.41
           
Tax Charges  186.66  139.99  117.08  96.98  83.55
           
Adjusted PAT  376.53  267.86  220.39  172.77  148.85
Non Recurring Items  1.36  2.06  -34.52  1.04  -6.03
Other Non Cash adjustments  -2.69  2.12  0.91  -0.33  4.96
           
Reported Net Profit  375.20  272.05  187.81  173.48  147.79
           
Earnigs Before Appropriation  525.20  382.05  286.78  255.48  220.63
           
Equity Dividend  163.06  124.70  119.90  91.13  81.53
Preference Dividend  0.00  0.00  0.00  0.00  0.00
Dividend Tax  27.72  17.77  16.82  12.54  10.45
Retained Earnings  334.42  239.58  150.06  151.82  128.65

Ratio
Asian Paints Ltd.
Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the most widely used ratios such as Per share, Profitability, Leverage, Liquidity,
Coverage ratios etc. Besides the ratios can be viewed for a period of 5 years

  Mar ' 08  Mar ' 07  Mar ' 06  Mar ' 05  Mar ' 04 
PER SHARE RATIOS          
           
Adjusted E P S (Rs.)  39.25  27.93  22.98  18.01  15.52
Adjusted Cash EPS (Rs.)  43.82  32.66  27.72  23.21  20.52
Reported EPS (Rs.)  39.12  28.36  19.58  18.09  15.41
Reported Cash EPS (Rs.)  43.68  33.10  24.33  23.29  20.41
Dividend Per Share  17.00  13.00  12.50  9.50  8.50
Operating Profit Per Share (Rs.)  59.37  45.48  38.16  31.77  28.77
Book Value (Excl Rev Res) Per Share (Rs.)  96.80  77.57  62.35  59.66  55.42
Book Value (Incl Rev Res) Per Share (Rs.)  96.80  77.57  62.35  59.66  55.42
Net Operating Income Per Share (Rs.)  374.85  307.90  255.19  213.96  187.72
Free Reserves Per Share (Rs.)  86.75  67.52  52.29  49.60  44.92
           
PROFITABILITY RATIOS          
           
Operating Margin (%)  15.83  14.77  14.95  14.84  15.32
Gross Profit Margin (%)  14.62  13.23  13.09  12.52  12.66
Net Profit Margin (%)  10.28  9.11  7.59  8.36  8.14
Adjusted Cash Margin (%)  11.52  10.49  10.75  10.73  10.85
Adjusted Return On Net Worth (%)  40.55  35.99  36.85  30.19  28.00
Reported Return On Net Worth (%)  40.40  36.56  31.40  30.31  27.80
Return On long Term Funds (%)  58.11  52.70  51.08  44.60  42.01
           
LEVERAGE RATIOS          
           
Long Term Debt / Equity  0.06  0.07  0.08  0.08  0.07
Total Debt/Equity  0.08  0.14  0.11  0.11  0.09
Owners fund as % of total Source  92.30  87.36  89.55  89.79  91.17
Fixed Assets Turnover Ratio  3.97  3.81  3.46  2.99  2.88
            
LIQUIDITY RATIOS          
           
Current Ratio  1.02  1.24  1.15  1.10  0.97
Current Ratio (Inc. ST Loans)  0.99  1.09  1.08  1.03  0.92
Quick Ratio  0.47  0.59  0.55  0.47  0.51
Inventory Turnover Ratio  8.03  8.27  8.80  8.00  10.82
           
PAYOUT RATIOS          
           
Dividend payout Ratio (Net Profit)  50.84  52.36  72.79  59.75  62.23
Dividend payout Ratio (Cash Profit)  45.53  44.87  58.59  46.40  46.97
Earning Retention Ratio  49.34  46.82  37.97  40.01  38.21
Cash Earnings Retention Ratio  54.61  54.53  48.59  53.45  53.28
           
COVERAGE RATIOS          
           
Adjusted Cash Flow Time Total Debt  0.18  0.34  0.27  0.29  0.26
Financial Charges Coverage Ratio  46.09  30.56  47.92  49.60  33.23
Fin. Charges Cov.Ratio (Post Tax)  32.13  21.70  29.59  34.96  23.51
           
COMPONENT RATIOS          
           
Material Cost Component(% earnings)  55.71  58.68  55.71  58.48  53.38
Selling Cost Component  17.98  17.23  17.31  17.19  17.71
Exports as percent of Total Sales  0.67  0.81  0.83  0.66  0.56
Import Comp. in Raw Mat. Consumed  21.04  17.96  20.81  18.41  18.28
Long term assets / Total Assets  0.47  0.42  0.44  0.48  0.54
Bonus Component In Equity Capital (%)  97.98  97.98  97.98  97.98  97.98

Auditors report

Asian Paints Ltd.

Industry : Paints/Varnishes BSE Code : 500820 NSE Code : ASIANPAINTEQ

You can view the entire text of Auditor's Report of the company for the latest year.

Year End : 200803

We have audited the attached Balance Sheet of ASIAN PAINTS LIMITED (the Company) as at
31 March, 2008, and also the Profit and Loss Account and the Cash Flow Statement of the
Company for the year ended on that date, annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India.
Those Standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of our opinion.

As required by the Companies (Auditors Report) Order, 2003, issued by the Central
Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956
(the Act), we enclose in the Annexure a statement on the matters specified -in paragraphs 4
and 5 of the said order to the extent applicable.

Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge
and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred toJn this
report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt
with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the
Act.

(e) On the basis of the written representations received from the Directors of the Company as
at 31 March, 2008, and taken on record by the Board of Directors, we report that none of the
Directors of the Company is disqualified as on 31 March, 2008 from being appointed as a
Director in terms of clause (g) of sub-section (1) of Section 274 of the Act; and

(f) In our opinion, and to the best of our information and according to the explanations given to
us, the said financial statements give the information required by the Act, in the prescribed
manner and give a true and fair view in conformity with the accounting principles generally
accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as on 31 March,
2008;

(ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended
on that date; and

(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report - 31 March, 2008 (Referred to in our report of even date)

1. (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of the fixed assets.

(b) The Company has a regular programme of physical verification of fixed assets in a phased
manner, over a period of three years. In our opinion, this periodicity of physical verification is
reasonable, having regard to the size of the Company and the nature of fixed assets. No
material discrepancies have been noticed in respect of the assets physically verified during the
year.

(c) The Company has not disposed off substantial part of the fixed assets during the year.

2. (a) The inveptories, except goods-in-transit and stock lying with third parties, have been
physically verified by the Companys management during the year. In our opinion, the
frequency of verification is reasonable. For stocks lying with third parties written confirmations
at the year end, have been obtained.

(b) The procedures of physical verification of stocks followed by the Companys management
are adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stocks and book records were not material and have been
properly dealt with in the books of account.

3. The Company has neither granted nor taken any loans, secured or unsecured, to or from
companies, firms or other parties covered in the register required to be maintained under
Section 301 of the Act.

4. In our opinion, and according to the information and explanations given to us, there is an
adequate internal control system commensurate with the size of the Company and the nature
of its business with regard to purchase of inventories and fixed assets and with regard to sale
of goods and services. There is no major weakness in the internal control procedures.

5. (a) According to the information and explanations given to us, the particulars of all contracts
and arrangements referred to in Section 301 of the Act, have been properly entered in the
register maintained under that Section.

(b) In our opinion, and according to the information and explanations given to us, the
transactions made in pursuance of contracts and arrangements referred to in (a) above and
exceeding the value of Rs. 5 lakhs with any party during the year have been made at prices
which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company
has complied with the directives issued by the Reserve Bank of India and the provisions of
Section 58A and - 58AA or any other relevant provisions of the Act and the rules framed there
under.

7. In our opinion, the Company has an internal audit system commensurate with the size and
nature of its business.

8. We have broadly reviewed the books of accounts maintained by the Company pursuant to
the rules prescribed by the Central Government for the maintenance of cost records under
Section 209(1 )(d) of the Act in respect of paints, resins and pentaerythritol and are of the
opinion that prima facie, the prescribed accounts and records have been made and maintained.
However, we have not made a detailed examination of the records.

9. (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/accrued in the books of account
in respect of undisputed statutory dues including Provident Fund, Employees State Insurance,
Investor Education and Protection Fund, Income-Tax, Sales-Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other material statutory dues have been generally
regularly deposited during the year by the Company with the appropriate authorities and no
undisputed amounts were in arrears as at 31 March, 2008 for a period of more than six months
from the date they became payable. "

There were no dues on account of Cess under Section 441A of the Act, since the date from
which the aforesaid section comes into force has not yet been notified by the Central
Government.

(b) According to the information and explanations given to us, The following dues have not
been deposited by the Company on account of disputes.

Name of the Nature of dues Financial Year Statute

Sales Tax Assessment F.Y. 1993-94 to 1995^967f.Y. 1997-98 to
dues 1999-2000, F.Y. 2001-02, 2003-04,
2004 -05 & 2007-08
F.Y. 1999-2000 to 2003-04

F.Y. 1992-93/1993-94
F.Y. 1991 -92, F.Y. 1993-94, F.Y. 1996-
97,
F.Y. 1997-98 to 1998-99, F.Y. 2000-01
to
2001-02 & F.Y. 2003-04
Total (A)
Excise
Central Excise Dispute F.Y. 2006-07 & Oct, 99
Act, 1944 relating to
Cenvat Credit
F.Y. 1980-81 to 1990-91, F.Y. 1992-93
to
1995-1996, F.Y. 1997-98 to 1999-00
F.Y. 2002-03, 2004-05 & 2007-08
F.Y. 1985-86, F.Y. 1994-95 to 1995-96,
F.Y. 2007-08
Amount Forum where
(Rs. in Crores) dispute is pending
5.09 First Appellate
level
0.97 Second Appellate
level
0.16 Supreme Court
2.95 Tribunal
9.17
0.03 Adjudication level
8.04 First Appellate
0.30 Second Appellate
Name of the Nature of dues Financial Year
Statute
1969-70 to 1972-73, F.Y. 2000-01 to
2001-02
Dispute F.Y. 1978 to 1997-98, F.Y. 2003-04 to
relating to 2004-05, F.Y. 2006-07
Excise Duty
F.Y. 1984-85 to 1988-89, F.Y. 1993-94
F.Y. 1995-96 to 1999-2000, F.Y. 2003-
04,
F.Y. 2005-06 & 2007-08
F.Y. 1994-95, F.Y. 2000-01, F.Y.
2005-06 to 2007-08
F.Y. 1986-87 to 1999-2000
Dispute F.Y. 1998-99 to 2003-04, F.Y. 2005-06
to
relating to 2006-07
Service Tax
F.Y. 2007-08
Tota
Income Tax IT matters A.Y71999-2OO0 & 2004-05
under dispute
A.Y. 2003-04
 A.Y. 1986-87, A.Y. 1996-97 to 2004-05
Total (C Grand Total

Amount Forum where (Rs. In Crores) dispute is pending

0.18 High Court

4.80 Adjudication level
0.73 First Appellate
0.57 Second Appellate
0.16 Tribunal
0.76 Adjudication level
0.10 First Appellate&
Second Appellate
15.67
1.07 First Appellate
1.20 High Court
4.88 Tribunal
7.15

31.99

10. The Company does, not have any accumulated losses at the end of the financial year and
has not incurred cash losses in the current financial year and in the immediately preceding
financial year.

11. 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 bankers. The Company
did not have any outstanding debentures or any outstanding loans from financial institutions
during the year.

12. The Company has not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.

13. In our opinion, and according to the information and explanations given to us, the
Company is not a chit fund, nidhi, mutual benefit fund or society and the provisibns of Clause
4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. In our opinion, and according to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and other investments and
the provisions of Clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not
applicable to the Company.

15. The Company has given certain guarantees on behalf of its dealers and subsidiaries as
mentioned in Note B - 3 of Schedule M of the accounts. In our opinion, based on the
information and explanations received, the terms and conditions of these guarantees are not
prejudicial to the interest of the Company.

16. The Company has not taken any term loans during the year.

17. According to the information and explanations given to us, and on an overall examination
of the Balance Sheet of the Company, we are of the opinion that funds raised on short term
basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares during the year.
 19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by public issues during the year.

21. As per the information and explanation given to us, no material fraud on or by the
Company has been noticed or reported during the course of our audit.

For Shah & Co. For BSR & Associates

Chartered Accountants Chartered Accountants

Ashish Shah Natrajan Ramkrishna

Partner Partner
Membership No. 103750 Membership No. 32815
Mumbai 9th May, 2008

Paint Industry
Hundreds of billions of rupees in infrastructure investment, over 60% of the population aged under 30, falling interest rates, rising consumer
markets growing at double-digit percentages and the promise of a strong manufacturing base for exports - the list of attractions for a
coatings presence in India is by no means short.

The above are just some of the findings of IRL's new and second Profile of the Indian Paint Industry which provides up-to-date statistics
and information on the following:
 Availability of paint raw materials
 Paint production
 Paint imports and exports
 Paint consumption and per capita use
 Market segmentation by paint type and end-use sector
 Information on paint producers
 Trends in major end-user industries
 Market forecasts and growth rates

The report also includes a five-year market forecast based on estimates of the various paint sector sizes for the year 2004 to 2009. More
information on the contents of the report is given on the right.

Research for this title has included a comprehensive programme of desk and internet research, a review of all available published sources,
some 50 interviews with senior industry executives across the organised and small-scale sectors and research and discussion taken from
attendance at the 22nd Indian Paint Conference held in Mumbai in January 2005.

This report will serve as a valuable tool to strategic planners, business analysts and marketing managers involved in the manufacture,
distribution and marketing of paints and coatings and their raw materials

Development of the Indian Paint Industry

IN a recent article entitled "Some Lines of Development of the Indian Paint
Industry" (Current Science, November 1935), N. Srinivasan deals with the
possibilities of developing the paint and certain allied industries in India.
There is, of course, already quite a considerable paint-manufacturing
industry in India, partly Indian owned and partly in the hands of branch
English firms, but it is contended that insufficient use is made of the raw
materials available in India, notably barytes (in Madras and Alwar), lead
and zinc ore (in Burma), titaniferous ore (in Travancore) and earth colours.
Introduction asian Paint
Asian Paints is India's largest and Asia's third largest paint company today, with a turnover of Rs 44.04
billion (around USD 1.1 billion). The company has an enviable reputation in the corporate world for
professionalism, fast track growth and building shareholder equity. Asian Paints operates in 20 countries
and has 28 paint manufacturing facilities in the world servicing consumers in over 65 countries. Besides
Asian Paints, the group operates around the world through its subsidiaries, Berger International Limited,
Apco Coatings, SCIB Paints and Taubmans.

R&D
At Asian Paints, Research and Development (R&D) plays an important role in developing new products and
innovations, and reducing costs by value re-engineering of formulations.
In India, the company's 140 strong R&D team consisting of 7 doctorates and around 115 qualified scientists,
has always backed the company's business plan and demands of the market place. Right from the
company's inception, all its decorative products for the Indian market and also in the overseas market have
been developed in-house. In the last few years, our R&D efforts have been focused on developing new
exterior finishes, economy emulsions and distempers.
Asian Paints' R&D team has successfully managed to develop High-end exterior finished and wood finishes
in-house, which was earlier imported into the country. These products are currently marketed under Asian
Paints Elastomeric Hi-Stretch Exterior paint and Asian Paints PU wood finish respectively.
The R&D team also provide technological support and develop customised products for the company's
international operations spanning across 19 countries.
The company is also in the process of setting up new a new R&D centre near Mumbai (India).

Capital History
Total
Type of issue Year of issue Ratio No. of shares cumulative
shares (No.)

Paid up Capital (Pre-IPO) 1982 – – 35,00,000

IPO 1982 – 16,85,185 51,85,185

Bonus issue 1985 3:5 31,11,111 82,96,296

Bonus issue 1987 1:2 41,48,148 1,24,44,444

Bonus issue 1992 3:5 74,66,666 1,99,11,110

Bonus issue 1996 1:1 1,99,11,110 3,98,22,220

Issue of shares pursuant to merger with

1996 1:25 2,94,000 4,01,16,220
Pentasia Chemicals Limited

Bonus issue 2000 3:5 2,40,69,732 6,41,85,952

Bonus issue 2003 1:2 3,20,92,976 9,62,78,928

Cancellation of shares pursuant to merger

of Pentasia Investments Limited with the 2003 – 3,59,149 9,59,19,779
Company

Total paid up capital as on 31st March, 2007 9,59,19,779