Asian Paints Annual Report

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  • Topic: Revenue, Fiscal year
  • Pages : 210 (58540 words )
  • Download(s) : 289
  • Published : October 2, 2012
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ANNUAL REPORT 2010 - 2011

CONTENTS
Management Discussion and Analysis 14 Financial Statements 75 Profit and Loss Account 37 Consolidated Balance Sheet 78 Cash Flow Statement 38 Directors’ Report 24 Schedules 39 Auditors’ Report 32 Consolidated Profit and Loss Account 79 Report on Corporate Auditors’ Report on Consolidated Balance Sheet 36

Consolidated Cash Flow Statement 80

Governance 110 General Shareholder Information 121 Notice

Schedules to Consolidated Financial Statements 81

Board of Directors
ASHWIN CHOKSI
Chairman

Audit Committee
Ms. TARJANI VAKIL
Chairperson

Share Transfer Committee
ABHAY VAKIL
Chairman

ASHWIN DANI
Vice Chairman

DIPANKAR BASU MAHENDRA SHAH

ABHAY VAKIL P.M. MURTY
Managing Director & CEO

ASHWIN CHOKSI ASHWIN DANI JAYESH MERCHANT

MAHENDRA CHOKSI AMAR VAKIL Mrs. INA DANI* Ms. TARJANI VAKIL DIPANKAR BASU MAHENDRA SHAH DEEPAK SATWALEKAR R.A. SHAH DR. S. SIVARAM S. RAMADORAI

Shareholders / Investors Grievance Committee
MAHENDRA SHAH
Chairman

Ad hoc Committee
Ms. TARJANI VAKIL DIPANKAR BASU MAHENDRA SHAH

DEEPAK SATWALEKAR Chairman

ABHAY VAKIL P.M. MURTY MAHENDRA CHOKSI Mrs. INA DANI

Remuneration Committee
DIPANKAR BASU
Chairman

Auditors

SHAH & CO.

Chartered Accountants

Company Secretary
JAYESH MERCHANT

Ms. TARJANI VAKIL DEEPAK SATWALEKAR

B S R & ASSOCIATES
Chartered Accountants

* Appointed as an Additonal Director w.e.f. 27th July, 2010

DIRECTORS

ASHWIN CHOKSI

ASHWIN DANI

ABHAY VAKIL

P.M. MURTY

MAHENDRA CHOKSI

AMAR VAKIL

Mrs. INA DANI

Ms. TARJANI VAKIL

DIPANKAR BASU

MAHENDRA SHAH

DEEPAK SATWALEKAR

R.A. SHAH

DR. S. SIVARAM

S. RAMADORAI

CHAIRMAN’S LETTER

Dear Shareholders,
It is my privilege to communicate with you at the end of another successful year for Asian Paints. The financial year 2010-11 was one in which both the world as well as the Indian economy showed resilience. While the global economy rebounded amidst fears of a double-dip recession, the Indian economy surged ahead on the back of its strong fundamentals. There were and are concerns that cannot be ignored: high inflation and shortage of liquidity in India; the aftermath of the dreadful earthquake and tsunami in Japan; sovereign debt crisis in several countries in the EU; and uprisings in the Middle East and the impact on oil prices. These have had and continue to have an impact on the business environment. The biggest impact on your Company was high increase in material costs. This was primarily due to spiraling cost of key items like titanium dioxide, monomers, crudebased derivatives, etc. In spite of this, your Company achieved a revenue growth of 23.4% while net profit remained flat in its standalone operations. This makes it a 5 year CAGR of 22.2% in revenue and 32.9% in net profits. Our Decorative business achieved good growth aided by buoyant demand across geographies. It’s interesting to note that demand from rural and smaller towns were significantly better than large cities and towns of the country.

Due to high inflation in material prices, five price increases aggregating 12% were implemented during the year. We persisted with our mission of building strengths and capabilities for the future which will help us achieve long term market growth to further consolidate our leadership position. The focus continued to be on initiatives to increase customer satisfaction, improving our product mix, expanding the dealer network and enhancing our manufacturing and supply chain capabilities. We feel that our stress on customer centricity will go a long way in creating a sustainable and competitive advantage for your Company. To keep pace with the increasing demand for our decorative coatings year-on-year, your Company is continually investing in augmenting its manufacturing capabilities. In April 2010, the state-of-the-art manufacturing facility at Rohtak in Haryana was commissioned with an initial...
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