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Asian Paints Limited (500820) - Financial and Strategic SWOT Analysis Review
Reference Code: GDCH27434FSA 6 A, Shanti Nagar, Vakola Pipeline Road Mumbai, Maharashtra 400055 India Phone Fax Website Exchange +91 22 39818000 +91 22 39818888 www.asianpaints.com 500820 [Bombay Stock Exchange] Revenue Net Profit Employees Industry Publication Date: JUL 2011 77,889 (million INR) 8,432.40 (million INR) 4,640 Chemicals
Company Overview
Asian Paints Limited (APL) is involved in the manufacture and sale of industrial and decorative paints. The companys product portfolio includes ancillaries, automotive and decorative paints. APL owns and operates 23 paint manufacturing facilities. The company has two operating segments Paints and Other segment. APL, along with its subsidiaries, operates internationally in 17 countries across South Asia, South East Asia, South Pacific, Middle East and Caribbean region through its five corporate brands including Asian Paints, Berger International, SCIB Paints, Apco Coatings and Taubmans. The company has five direct subsidiaries, namely, Asian Paints (Nepal) Pvt.
Key Executives
Name P. M. Murty Ashwin Choksi Ashwin Dani Abhay Vakil Mahendra Choksi Title Chief Executive Officer Chairman Vice Chairman Director Director
SWOT Analysis
Asian Paints Limited, SWOT Analysis Strengths Weaknesses Productive R&D Efforts Dominant Market Position Low Market Penetration: Industrial Segment Limited Liquidity Position
Source: Annual Report, Company Website, Primary and Secondary Research, GlobalData
Share Data
Asian Paints Limited Share Price (INR) as on 06-Jul-2011 EPS (INR) Market Cap (million INR) Enterprise Value (million INR) Shares Outstanding (million) 3,239.30 87.91 296,963 299,078 96
Opportunities Robust Growth in Demand Strategic Expansion
Threats Increasing Raw Material Costs Intense Competition
Financial Performance
Asian Paints Limited (500820) - Financial and Strategic SWOT Analysis Review Source : www.globalcompanyintelligence.com
Reference Code: GDCH27434FSA Page 1
Table of Contents
Table of Contents........................................................................................................................................................................................................... 2 List of Tables .................................................................................................................................................................................................................. 3 List of Figures................................................................................................................................................................................................................. 3 Section 1 - About the Company ..................................................................................................................................................................................... 4 Asian Paints Limited - Key Facts ................................................................................................................................................................................... 4 Asian Paints Limited - Key Employees .......................................................................................................................................................................... 5 Asian Paints Limited - Key Employee Biographies ........................................................................................................................................................ 6 Asian Paints Limited - Major Products and Services ..................................................................................................................................................... 7 Asian Paints Limited - History ........................................................................................................................................................................................ 9 Asian Paints Limited - Company Statement................................................................................................................................................................. 10 Asian Paints Limited - Locations And Subsidiaries ...................................................................................................................................................... 11 Head Office............................................................................................................................................................................................................ 11 Other Locations & Subsidiaries ............................................................................................................................................................................. 11 Section 2 Company Analysis .................................................................................................................................................................................... 12 Asian Paints Limited - Business Description................................................................................................................................................................ 12 Asian Paints Limited - SWOT Analysis ........................................................................................................................................................................ 13 SWOT Analysis - Overview ................................................................................................................................................................................... 13 Asian Paints Limited - Strengths............................................................................................................................................................................ 13 Strength - Productive R&D Efforts .................................................................................................................................................................. 13 Strength - Dominant Market Position .............................................................................................................................................................. 13 Strength - Strong Financial Performance........................................................................................................................................................ 13 Strength - Leader in the Decorative Paint Segment........................................................................................................................................ 13 Asian Paints Limited - Weaknesses ...................................................................................................................................................................... 14 Weakness - Low Market Penetration: Industrial Segment .............................................................................................................................. 14 Weakness - Limited Liquidity Position............................................................................................................................................................. 14 Weakness - Decreased Efficiency Ratios ....................................................................................................................................................... 14 Asian Paints Limited - Opportunities...................................................................................................................................................................... 14 Opportunity - Robust Growth in Demand ........................................................................................................................................................ 14 Opportunity - Strategic Expansion .................................................................................................................................................................. 14 Opportunity - Expanding Presence to Key Markets ........................................................................................................................................ 15 Asian Paints Limited - Threats............................................................................................................................................................................... 15 Threat - Increasing Raw Material Costs.......................................................................................................................................................... 15 Threat - Intense Competition........................................................................................................................................................................... 15 Threat - Environmental Regulations Challenges............................................................................................................................................. 15 Asian Paints Limited - Key Competitors....................................................................................................................................................................... 16 Section 3 Company Financial Ratios ........................................................................................................................................................................ 17 Financial Ratios - Capital Market Ratios................................................................................................................................................................ 17 Financial Ratios - Annual Ratios............................................................................................................................................................................ 17 Performance Chart ................................................................................................................................................................................................ 19 Financial Performance........................................................................................................................................................................................... 19 Financial Ratios - Interim Ratios............................................................................................................................................................................ 20 Financial Ratios - Ratio Charts .............................................................................................................................................................................. 21 Asian Paints Limited, Recent Deals Summary............................................................................................................................................................. 22 Section 4 Appendix ................................................................................................................................................................................................... 23 Methodology .......................................................................................................................................................................................................... 23 Ratio Definitions..................................................................................................................................................................................................... 23
About GlobalData .................................................................................................................................................................................................. 27 Contact Us ............................................................................................................................................................................................................. 27 Disclaimer .............................................................................................................................................................................................................. 27
List of Tables
Asian Paints Limited, Key Facts.................................................................................................................................................................................... 4 Asian Paints Limited, Key Employees........................................................................................................................................................................... 5 Asian Paints Limited, Key Employee Biographies ........................................................................................................................................................ 6 Asian Paints Limited, Major Products and Services...................................................................................................................................................... 7 Asian Paints Limited, History......................................................................................................................................................................................... 9 Asian Paints Limited, Subsidiaries .............................................................................................................................................................................. 11 Asian Paints Limited, Key Competitors ....................................................................................................................................................................... 16 Asian Paints Limited, Ratios based on current share price......................................................................................................................................... 17 Asian Paints Limited, Annual Ratios ........................................................................................................................................................................... 17 Asian Paints Limited, Interim Ratios............................................................................................................................................................................ 20 Asian Paints Limited, Recent Deals Summary............................................................................................................................................................ 22 Currency Codes .......................................................................................................................................................................................................... 23 Capital Market Ratios .................................................................................................................................................................................................. 23 Equity Ratios ............................................................................................................................................................................................................... 24 Profitability Ratios........................................................................................................................................................................................................ 24 Cost Ratios.................................................................................................................................................................................................................. 25 Liquidity Ratios ............................................................................................................................................................................................................ 25 Leverage Ratios .......................................................................................................................................................................................................... 26 Efficiency Ratios.......................................................................................................................................................................................................... 26
List of Figures
Asian Paints Limited, Performance Chart (2007 - 2011)............................................................................................................................................. 19 Asian Paints Limited, Ratio Charts.............................................................................................................................................................................. 21
Section 1 - About the Company

Asian Paints Limited - Key Facts
Asian Paints Limited, Key Facts Corporate Address 6 A, Shanti Nagar, Vakola Pipeline Road, Mumbai, Maharashtra, 400055, India +91 22 39818000 +91 22 39818888 www.asianpaints.com Chemicals Ticker Symbol, Exchange 500820 [Bombay Stock Exchange] 4,640 March 1,594.5 77,888.7
GlobalData
Telephone Fax URL Industry Locations
No. of Employees Fiscal Year End Revenue (in USD Million) Revenue (in INR Million)
Fiji, India, Jamaica, Mauritius, Nepal
Source: Annual Report, Company Website, Primary and Secondary Research
Asian Paints Limited - Key Employees

Asian Paints Limited, Key Employees Name P. M. Murty Ashwin Choksi Ashwin Dani Abhay Vakil Mahendra Choksi Amar Vakil Ms. Tarjani Vakil Dipankar Basu Mahendra Shah Deepak Satwalekar R.A. Shah Dr. S. Sivaram S. Ramadorai Jayesh Merchant Job Title Chief Executive Officer, Director, Managing Director Chairman Vice Chairman Director Director Director Director Director Director Director Director Director Director Board Level Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Since 2009 2009 2009 2009 1992 1995 1998 2000 2001 2000 2001 2001 2009 63 66 53
GlobalData
Age
66 67
57 73 75
62
Chief Compliance Officer, Chief Senior Management Financial Officer, Secretary
Asian Paints Limited - Key Employee Biographies

Asian Paints Limited, Key Employee Biographies
P. M. Murty Job Title: Chief Executive Officer, Director, Managing Director Board Level: Executive Board Since: 2009 Mr. Murthy has been the Managing Director, the Chief Executive Officer and a Director of the company since, 2009. He has around 38 years of work experience with the company.
Ashwin Choksi Job Title: Chairman Board Level: Non Executive Board Since: 2009 Age: 66 Mr. Choksi has been the Chairman of the company since, 2009. He joined Asian Paints in 1965 in the materials function of the company. He served as the Managing Director of the company since 1984. He has been the company's Director since 2003, and has been a Non Executive Director of Berger International Ltd. since 2009.
Jayesh Merchant Job Title: Chief Compliance Officer, Chief Financial Officer, Secretary Board Level: Senior Management Age: 53
Mr. Merchant has been the Chief Financial Officer, the Secretary and the Chief Compliance Officer of the company. Form 2000 to 2002, he served as the Director, Finance of UTV Software Communications Limited. He was the Group Vice President, Finance and Company Secretary of Ion Exchange (India) Ltd., during 1995-2000. He has been a Non Executive Director of Berger International Ltd. since May 2009.
GlobalData
Asian Paints Limited - Major Products and Services

APL is a paints company that manufactures and sells industrial and decorative coatings. The key products of the company include the following:
Asian Paints Limited, Major Products and Services
Products:
Ancillaries: Asian Paints Decoprime Wall Primer WT Asian Paints Decoprime Wall Primer ST Asian Paints Acrylic Wall Putty Asian Paints Exterior Wall Putty Asian Paints Wood Primer Asian Paints Exterior Wall Primer Automotive: 2K Nexa Autocolor Deltron Delfleet Bilux Aspa Decorative Paints: Interior Wall Paints: Distempers Emulsions Enamels Exterior Wall Paints: Asian Paints Apex Ultima Asian Paints Apex Asian Paints Duracast Rough Tex Asian Paints Duracast Fine Tex Asian Paints Apex Dholpur Tex Asian Paints Duracast Swirltex Metal Surfaces: Asian Paints Premium Semi Gloss Enamel Asian Paints Apcolite Premium Satin Enamel Asian Paints Apcolite Premium Gloss Enamel Asian Paints Utsav Enamel
Doors and Window Paint: Clear Finish Opaque Finish Enamels Industrial Coatings: Protective Coatings Floor Coatings Road Markings Powder Coatings
Brands:
Utsav Apex Ultima Wall Fashion Royale Colour Next
Source: Annual Report, Company Website, Primary and Secondary Research GlobalData
Asian Paints Limited - History
Asian Paints Limited, History 2010 Corporate Changes/Expansions APL's new plant in Haryana has commenced commercial production. The plant has an initial capacity of 150,000 kilo litres which can be scaled to 400,000. Berger International Ltd., Singapore (BIL), a subsidiary of Asian Paints (Internationial) Ltd, which is a wholly owned subsidiary of the company has completed the sale of its entire stake by BIL, in Berger Paints China Co. Ltd. The company has announced that Berger International Ltd., Singapore (BIL), a subsidiary of Asian Paints (International) Ltd., which is a wholly owned subsidiary of the company has entered into a conditional share purchase agreement for sale. Asian Paints Limited had temporarily shut down its phthalic anhydride making plant at Ankleshwar in Gujarat. The company entered into a share purchase agreement for the sale of its stake in Asian Paints Queensland Ltd. Berger International Limited entered into a stock purchase agreement to sell its stake in Dutch Boy Philippines. The company acquired Taubmans Paints, through its subsidiary in Fiji. The company acquired a stake in Scib Chemicals. The company began operations in Bangladesh. The company entered into an agreement to acquire a controlling stake in Berger International. Powder coatings business of Hawcoplast Chemical was acquired by the company. The company entered the Middle Eastern market . The company was founded as the Asian Oil & Paint Company.
GlobalData
2010
Divestiture
2009
Spin-off
2008
Business / Operations Closure
2007
Contracts/Agreements
2006
Contracts/Agreements
2003 2002 2002 2002
Acquisitions/Mergers/Takeovers Acquisitions/Mergers/Takeovers Corporate Changes/Expansions Contracts/Agreements
2001
Acquisitions/Mergers/Takeovers
2000 1942
Corporate Changes/Expansions Incorporation/Establishment
Asian Paints Limited - Company Statement

The statement has been taken from the company's website: Vision: Asian Paints aims to become one of the top five Decorative coatings companies world-wide by leveraging its expertise in the higher growth emerging markets. Simultaneously, the company intends to build long term value in the Industrial coatings business through alliances with established global partners.
Asian Paints Limited - Locations And Subsidiaries

Head Office Asian Paints Limited 6 A, Shanti Nagar Vakola Pipeline Road Mumbai Maharashtra 400055 India Tel: +91 22 39818000 Fax: +91 22 39818888 Other Locations & Subsidiaries
Asian Paints Limited, Subsidiaries Asian Paints (Nepal) Pvt.Limited Nepal Asian Paints (International) Limited Mauritius
Asian Paints Industrial Coatings Limited India Taubmans Paints Fiji Fiji
Maxbhumi Developers Limited India Berger International Limited 22 Benoi Sector, Jurong Singapore 629854 Singapore Tel: +65 62 615224 Fax: +65 62 656356 Url: www.bergeronline.com
Lewis Berger (Overseas Holdings) Ltd. Jamaica Asian Paints (Lanka) Limited Sri Lanka Multifacet Infrastructure (India) Limited India
Berger Building Services (Singapore) Pte. Ltd. Singapore Asian Paints (South Pacific) Limited Fiji
GlobalData
Section 2 Company Analysis

Asian Paints Limited - Business Description
Asian Paints Limited (APL) operates as a paint manufacturing company. Its various products in paint segment are ancillaries, automotive, decorative paints and industrial paints. The company offers a wide range of ancillary products like primers, fillers and stainers, among others. The product range for ancillaries includes Asian Paints Decoprime Wall Primer WT, Asian Paints Decoprime Wall Primer ST, Asian Paints Acrylic Wall Putty, Asian Paints Exterior Wall Putty, Asian Paints Wood Primer, and Asian Paints Exterior Wall Primer. The company has two operating segments Paints and Other segment. Paints and other segment accounted to 98.3% and 1.7% of the total revenue in 2010. The decorative paints provided by the company are suited for exterior walls, interior walls, metal surfaces and wood surfaces. For exterior walls, the companys brands include ACE, Apex, Apex Ultima, and Apex Duracast. For interior walls, the company provides distempers, emulsions and enamels. The company also offers enamels for metal surfaces. The companys offering for wood surfaces includes enamels, exteriors and interiors. The products for industrial use are manufactured by the companys subsidiary, Asian Paints Industrial Coatings Limited. The product portfolio includes protective coatings, floor coatings and road markings. The protective coatings are used in protection of industrial assets. Asian PPG Industries Ltd., a joint venture of APL with PPG Industries Securities Inc., offers products in the automotive market. The product portfolio for automotive market includes 2K Nexa Autocolo, deltron, bilux, aspa and delfleet. These products find applications in refinish market, fleet maintenance operations, and OEM commercial vehicle manufacturers. The other business of the company includes Phthalic Anhydride and Pentaerythritol, which are manufactured in plants located at Ankleshwar in Gujarat and Cuddalore in Tamil Nadu, respectively. During the fiscal year ended in 2010, 56% of Phthalic Anhydride and 52% of Pentaerythritol production was consumed in-house and the balance was sold in the open market. The companys research and development (R&D) activities are focused towards developing new products and processes related to surface coatings and intermediates, and upgradation of existing product and processes. APL spent INR 266.4 million on research and development for the fiscal year ended 2010. APL's wholly owned subsidiaries include the following, Asian Paints (Nepal) Pvt.Limited, Asian Paints (International) Limited, Asian Paints Industrial Coatings Limited, Maxbhumi Developers Limited, Taubmans Paints Fiji, Berger Paints Jamaica Limited, Berger International Limited, Multifacet Infrastructure (India) Limited, Asian Paints (South Pacific) Limited, Asian Paints (Lanka) Limited, Berger Building Services (Singapore) Pte. Ltd., and Lewis Berger (Overseas Holdings) Ltd. Geographically the company operates in the following regions namely, India, Caribbean, Middle East, South Asia, South East Asia and South Pacific. Recently, the company's subsidiary Asian Paints (International) Limited, through its subsidiary, Berger International Ltd., Singapore (BIL), completed the sale of its entire stake by BIL, in Berger Paints China Co. Ltd. The company planned to exit operations in China and Thailand by the end of February, after the stake sale in two loss making units in Hong Kong and Malaysia. The company has signed an initial pact with the state Government of Maharashtra to set up a plant for the manufacture of Paints & Intermediates with a capacity of 400,000 tons a year.
Asian Paints Limited - SWOT Analysis

SWOT Analysis - Overview Asian Paints Limited (APL) is engaged in the manufacture and sale of decorative and industrial coatings. The companys product offering includes industrial and decorative paints. APL operates through two segments, Paints and Others. Its major brands include Asian Paints, Berger International, SCIB Paints, Apco Coatings and Taubmans. The companys international operations are spread in the regions of Caribbean, Middle East, South Asia, South East Asia and South Pacific. The companys extensive presence in the market, R&D activities and leading position in the decorative paint segment fuel its growth prospects. However, increasing pressure from the input costs and the competitive landscape could hamper its expansion plans. Asian Paints Limited - Strengths
Strength - Productive R&D Efforts APLs research and development (R&D) activities enable it to produce new products and technologies according to market requirements, thereby enabling it to gain first mover advantage with its new products. Its R&D initiatives help the company in enhancing its market position. In the fiscal year 2010, the company invested INR 296.4 million in its R&D initiatives. The company has two R&D facilities located in Bhandup and Turbhe. To support APLs growth plans, its R&D focuses on development of new products and processes related to surface coatings and intermediates, and engages in research on new functional polymers, emulsions and nano technology. The companys R&D efforts have resulted in the development of Royale, with Teflon offering an extraordinary stain resistance for interiors; new Royale Luster Emulsion that offers its customers the choice of using water based paint; and new colored tint bases. It R&D unit has received the approval and commercialization of rapid recoat system comprising of 2K epoxy primer, 2K epoxy MIO intermediate and 2K polyurethane top coat for transformer application at selected OEMs. In the infrastructure segment, it developed and commercialized 2K acrylic polysiloxane top coat. Focused R&D helps the company bring new solutions to a wide variety of markets and maintain its competitive edge. Strength - Dominant Market Position The companys dominant market presence puts it ahead in the growing competitive landscape that enhances its operational and financial performance. APL is Indias largest paint company and ranked among the top ten decorative coatings companies in the world with a turnover of INR 6,604 million. It has been the market leader in paints since 1968. The company along with its subsidiaries has operations in 17 countries across the world with 23 paintmanufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints - Egypt, Asian Paints, Apco Coatings and Taubmans. It operates in five regions across the world including South Asia, South East Asia, South Pacific, Middle East and Caribbean region. In India, APL operates through a strong dealer network of 25,000 dealers, followed by Berger, which operates through 9,500 dealers and KNPL operates through 6,500 dealers. The company benefits from its dealer centric network as compared to KNPLs shop-in-shops. This market leading position helps the company increase its sales and enhance operational performance. Strength - Strong Financial Performance Steady financial performance allows the company to pursue its growth plans and maintain its strong market position. The company's compounded annual growth rate (CAGR) for revenue was 22.26% during 2006-2010. A higher CAGR indicates that the company has gained market share over the last four years. The company registered a total revenue of INR 68,214.40 million during the fiscal year ended March 2010, an increase of 23.69% over 2009. Its operating and net profit also increased 103.77% and 110.04% respectively in 2009. The company may have achieved this growth due to better competitive positioning and superior products and services offering compared to other companies in the sector. Strength - Leader in the Decorative Paint Segment APLs leadership in the decorative paints segment is due to its ability to churn out new products and its substantial dealer network. The company is the leader among paint companies in India. The decorative paints segment constitutes 70% of the total paints market in India. APL has the leading position in the decorative paints market with 47% share, followed by Berger Paints with 18%, and KNPL has 13% share in the organized paint market. In the last fiscal year, the company spent about INR 2440.00 million on marketing activities, as compared to Berger that spent
over INR 700 million and KNPL spent around INR 680 million. The companys strong paint distribution network in the country and its marketing initiatives ensure that it stays ahead of the competition.
Asian Paints Limited - Weaknesses
Weakness - Low Market Penetration: Industrial Segment APL stands as the leader among the paint companies in India, but in the industrial segment, its market share compared to its competitor Kansai Nerolac Paints Limited (KNPL) is minimal. The company operates in the industrial segment principally through its two subsidiaries Asian PPG Industries Limited and Asian Paints Industrial Coatings Limited. The industrial segment constitutes about 30% of the total paint market in India. KNPL has the leading position in the market with more than 40% share in the organized industrial paint segment, followed by Berger Paints with 18%, and APL has 13% share. Furthermore, KNPL has a share of 62% in the automotive segment, which is a key segment under industrial paints. This makes it the undisputed leader in industrial paints. The leading presence of KNPL in the industrial segment is hindering APLs growth potential in the segment. APL has to increase its tie-ups in home country and original equipment manufacturer (OEM) customers, to increase its market share in the Indian paint market. Weakness - Limited Liquidity Position The company's liquidity ratio decreased due to the increase in the current liabilities balance. Its total current liabilities increased to INR 16,946.90 million in the fiscal year ended 2010 from INR 11,921.30 million in the previous fiscal. The company's cash and short term investments decreased to INR 1058.30 million at the fiscal year ended in 2010, from INR 2103.70 millions in the previous year (a decrease of 49.7%). This led to the decreased liquidity across its various liquidity indicators including, current ratio, quick ratio, and cash ratio. The company's current ratio, quick ratio and cash ratio was 1.09 times, 0.52 times, and 0.06 times respectively in the fiscal 2010, compared to 1.51 times, 0.86 times, and 0.17 times in fiscal 2009. Liquidity enables the company to meet short term functional obligations by the company to conduct day-to-day business. A decrease in liquidity position of the company implies limitations for meeting short term liquidations. This could affect the operational functioning of the company and that hampers the performance of the company in terms of generating revenues and also cost effectiveness, as the company could depend more on external sources to fuel its operational flow. Weakness - Decreased Efficiency Ratios The company reported a decrease in its efficiency ratios. The efficiency ratios are used to analyze the uses of assets and liabilities by the company internally. The company reported and asset turnover ratio of 1.78 times in the fiscal year ended March 2010 as against 1.93 times in the previous year, followed by fixed asset turnover 5.4 times (6.17 times), and inventory turnover of 4.06 times as against 5.96 times in the previous year. The company also reported a slight fall in capital employed turnover ratio. The decreased efficiency ratios indicate that the company could not make effective use of its assets and liabilities towards maximizing its bottom line and shareholders wealth.
Asian Paints Limited - Opportunities
Opportunity - Robust Growth in Demand The Indian paints industry and the company could benefit from the growth of Indian automobile industry and improving infrastructure. According to the estimates, the per capita consumption of paints in India is low at 1.26 kg against 37 kg in Singapore or 26.0 kg in the US. In China, the per capita consumption of paints stood at 2.4 kg. The Indian paint industry grew at 15% and was valued at INR 210 billion at the end of March 2010, and is expected to follow the same in 2011 also. With the Indian economy expected to grow at 8.5% in 2011, this has been possible due to the improving macroeconomic condition that led to the development in both consumer spending and industrial growth. Factors such as growth in automotive sector, growth in urban population and rising income levels would strengthen the growth prospects. Also, in the fiscal 2010-11 union budget, the government declared 46% rise in funds for the development of infrastructure segment. Hence, the company could capitalize on the future growth of the paint industry in India. Opportunity - Strategic Expansion Strategic expansion initiatives would help the company to achieve economies of scale. APL has 17,000 Colourworld outlets, which have become an essential part of its dealer network. Signature stores receive tremendous response from the market. It has about 3,000 critical stores that act as color select outlets and has plans to roll out high-end
concept stores called Colour Ideas in different cities. The company plans to roll out five more stores. Its Rohtak plant, which has initial capacity of 1.5lakh KL, was commissioned in April 2010. The capacity of the companys Sriperumbudur Plant in Tamil Nadu has been increased to 140,000 KL per annum. Further, its Phase I of Khandala Paint plant with capacity of three lakhs kiloliters is to be commissioned. Opportunity - Expanding Presence to Key Markets The fast paced growth in the emerging economies offers a huge growth potential for the company to leverage its strong brand and product portfolio. The Indonesian economy is expected to be around 7% in 2011, which would be among the biggest economies in the Southeast Asia. Indonesia has a potential good market for the future due to growing international investment and expansion of the tourism industry would be among the key driving factors for the Indonesian paint market. Another such potential market would be Vietnam, which is one of the fastest-growing economies in the Asian region and like Indonesia it would become a good prospect for the paint industry. Vietnams growth is driven by strong investment in construction and infrastructure.
Asian Paints Limited - Threats
Threat - Increasing Raw Material Costs An expected further inflation in raw material costs could consequently put some pressure on operating margins of the company. The paint industry involves over 300 different raw materials to produce paint, most of which are petroleumbased and titanium dioxide is the largest consumed raw material. Around 60-70% of the cost constitutes of raw material costs. The petroleum-based raw materials constitutes of 40-50% of the total raw material consumed. As crude base products forms major part of raw materials, any increase in the prices of crude oil would lead further pressures on margins, impact prices and profitability of the company. Threat - Intense Competition The company faces intense competition from various players in the market, which may slowdown the company's revenue growth. The company operates in more complex and challenging chemical marketplace, whose dynamics are ever changing. Technological advances by any player in the market could render its present or future products obsolete or uneconomical. The existing market for the company is abundant with companies of varying sizes with respect to particular market segments. The company competes primarily with Berger Paints, KNPL, Dulux, Nippon and others in the organized paint sector, which constitutes 65% of the total paint industry in India. The company leads when it comes to parameters such as price, innovation, promotion and distribution. If it fails to maintain its competency in any of the fields then this could hamper APLs market share. Competition remains a challenge to the company, given the attractiveness of Indian market. Threat - Environmental Regulations Challenges The companys business could be affected by the environmental regulations governing the paint industry. These agencies from time to time conduct quality and standards checks and also changes in regulations, like further decrease in lead contents used in the paints would result in increase in cost and product modifications. In India some of the environmental agencies that functions include Ministry of Environment and Forests, Central Pollution Control Board, National Referral Centre on Lead Poisoning, and other state government agencies. Also, the company in the recent times is under scanner relating to high lead content in its products. The company would further need to enhance and improve its product standards to meet these regulations to remain competitive in the market. NOTE: * Sector average represents top companies within the specified sector The above strategic analysis is based on in-house research and reflects the publishers opinion only
Asian Paints Limited - Key Competitors

Asian Paints Limited, Key Competitors Name Jenson & Nicholson (India) Ltd Jyoti Resins & Adhesives Ltd. Clariant Chemicals (India) Limited Micro Inks Limited Kansai Nerolac Paints Limited Multi Arc India Ltd. India India India India India India
GlobalData
Headquarters
Revenue (US$ m) 10 1 207 332 443
Section 3 Company Financial Ratios

Financial Ratios - Capital Market Ratios
Asian Paints Limited, Ratios based on current share price Key Ratios P/E (Price/Earnings) Ratio EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization) Enterprise Value/Sales Enterprise Value/Operating Profit Enterprise Value/Total Assets Dividend Yield
Note: Above ratios are based on share price as of 06-Jul-2011, the above ratios are absolute numbers Source: Annual Report, Company Website, Primary and Secondary Research
06-Jul-2011 35.22 21.78 3.84 23.73 6.46 0.01

GlobalData
Financial Ratios - Annual Ratios

Asian Paints Limited, Annual Ratios Key Ratios Unit/Currency 2007 2008 2009 2010 2011
Equity Ratios
EPS (Earnings per Share) Dividend per Share Dividend Cover Book Value per Share INR INR Absolute INR 29.30 13 2.25 81.09 42.66 17 2.51 102.42 41.48 17.50 2.37 125.44 87.12 27 3.23 178.27 87.91 32 2.75 228.05
Profitability Ratios
Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Return on Equity Return on Capital Employed Return on Assets Return on Fixed Assets Return on Working Capital % % % % % % % % % % 35.92 11.52 7.51 58.28 11.52 35.79 35.78 13.60 56.52 97.49 37.83 14.17 9.20 63.29 14.17 41.81 46.01 16.25 61.19 185.48 34.60 11.19 7.21 54.74 11.19 33.07 36.90 13.89 57.91 101.70 39.92 18.43 12.25 70.16 18.43 48.87 59.27 21.90 63.75 843.64 16.18 38.55 47.55 18.22 54.60 368.44 38.77 16.18 10.83
Growth Ratios
Sales Growth Operating Income Growth EBITDA Growth Net Income Growth EPS Growth Working Capital Growth % % % % % % 21.71 24.47 18.69 30.59 30.21 28.53 20.56 48.21 41.77 47.56 43.73 -22.10 23.73 -2.55 -0.13 -3.15 -4.11 77.73 22.44 103.77 93.94 110.04 110.39 -75.44 15.80 0.26 2.45 0.91 1.42 129.56
Cost Ratios
Operating Costs (% of Sales) Administration Costs (% of Sales) % % 88.48 22.43 85.83 22.83 88.81 22.30 81.57 21.95 83.82 21.69
Liquidity Ratios
Current Ratio Absolute 1.51 1.30 1.51 1.09 1.17
Quick Ratio Cash Ratio
Absolute Absolute
0.81 0.12
0.68 0.10
0.86 0.18
0.52 0.06
0.51 0.07
Leverage Ratios
Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio % % % 61.60 75.15 40.14 50.24 61.16 35.87 39.80 56.99 28.64 30.74 36.17 24.78 25.10 29.83 20.72
Efficiency Ratios
Asset Turnover Fixed Asset Turnover Inventory Turnover Current Asset Turnover Capital Employed Turnover Working Capital Turnover Revenue per Employee Net Income per Employee Capex to Sales Absolute Absolute Absolute Absolute Absolute Absolute INR INR % 2.21 6.90 5.62 5.80 1.81 7.81 3.82 2.87 4.77 8.46 1.77 6.55 3.74 2.99 4.55 13.09 1.93 6.17 4.53 3.07 4.58 9.09 1.79 5.40 4.06 3.70 3.99 45.78 1.68 6.02 3.55 3.36 3.56 22.77 17,453,83 4 1,924,327 2
GlobalData
Performance Chart
Asian Paints Limited, Performance Chart (2007 - 2011)
GlobalData
Financial Performance
The company reported revenues of (Rupee) INR 77,888.70 million during the fiscal year ended March 2011, an increase of 14.18% over 2010. The operating profit of the company was INR 12,602.40 million during the fiscal year 2011, an increase of 0.26% over 2010. The net profit of the company was INR 8,432.40 million during the fiscal year 2011, an increase of 0.91% over 2010.
Financial Ratios - Interim Ratios

Asian Paints Limited, Interim Ratios Key Ratios Interim EPS (Earnings per Share) Dividend per Share Book Value per Share Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Operating Costs (% of Sales) Administration Costs (% of Sales) Current Ratio Quick Ratio Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio Unit/Currency INR INR INR % % % % % % % Absolute Absolute % % % Mar-2010 20.08 18.50 178.27 43.76 15.89 10.15 79.35 15.89 84.11 7.19 1.09 0.52 13.41 19.59 10.97 42.27 18.09 12.02 74.52 18.09 81.91 6.43 213.30 43.09 17.62 11.70 77.57 17.62 82.38 5.92 1.25 0.54 11.50 19.55 9.58 39.93 15.56 10.40 67.50 15.56 84.44 5.26 Jun-2010 23.16 Sep-2010 22.38 Dec-2010 22.97 8.50 Mar-2011 19.39 23.50 228.05 40.95 13.73 9.37 70.54 13.73 86.27 5.79 1.17 0.51 10.73 16.81 8.97
GlobalData
Financial Ratios - Ratio Charts

Asian Paints Limited, Ratio Charts
EPS
Operating Margin
Return on Equity
Return on Assets
Debt to Equity Ratio
Current Ratio
GlobalData
Asian Paints Limited, Recent Deals Summary

Asian Paints Limited, Recent Deals Summary Deal Date Deal Status Deal Type Acquirer (s) / Investor (s) /Surviving Entity Target / Issuer / Partner (s) Vendor Deal Value (US $ million)
14-Jun-2007
Completed
Divestiture Company Divestiture Company
Paints - Undisclosed Company Asian Paints Asian (Queensland) Pty (International) Limited Ltd. - Undisclosed Company Dutch Boy Berger International Philippines, Inc. Limited
1.47
GlobalData
12-Jun-2006
Completed
Note: Deals include recent 10 deals in the past 24 months. Above data is extracted from GlobalDatas Deals and Alliances Profile.
Section 4 Appendix
The data and analysis within this report is driven by GlobalData. GlobalData gives you key information to drive sales, investment and deal making activity in your business. Our coverage includes 165,000 + reports on 150,000+ companies (including 100,000+ private) across 200+ countries and 29 industries. The key industries include Alternative Energy, Oil & Gas, Clean Technology, Technology and Telecommunication, Pharmaceutical and Healthcare, Power, Financial Services, Chemical and Metal & Mining. Methodology GlobalData company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include: Company Websites Company Annual Reports SEC Filings Press Releases Proprietary Databases
Currency Codes Currency Code INR
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Currency Rupee
Ratio Definitions
Capital Market Ratios Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock. Price/Earnings Ratio Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual income (P/E) earned per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price per share is as of previous business close, and EPS is from latest annual report. Calculation: Price per Share / Earnings per Share Enterprise Value/Earnings before Interest, Tax, Depreciation & Amortization (EV/EBITDA) Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it is unaffected by a company's capital structure. It compares the value of a business, free of debt, to earnings before interest. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / (Net Income + Interest + Tax + Depreciation + Amortization) Enterprise Value/Sales Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into account the amount of debt a company has, which needs to be paid back at some point. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Sales Enterprise Value/Operating Profit Enterprise Value/Operating Profit measures the company's enterprise value to the operating profit. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Operating Income Enterprise Value/Total Assets Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Total Assets Dividend Yield Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Calculation: Annual Dividend per Share / Price per Share
GlobalData
Equity Ratios These ratios are based on per share value. Earnings per Share Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share (EPS) of common stock. EPS serves as an indicator of a company's profitability. Calculation: Net Income / Weighted Average Shares Dividend per Share Dividend Cover Dividend is the distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. Dividend cover is the ratio of company's earnings (net income) over the dividend paid to shareholders. Calculation: Earnings per share / Dividend per share
Book Value per Share Book Value per Share measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Calculation: (Shareholders Equity - Preferred Equity) / Outstanding Shares Cash Value per Share Cash Value per Share is a measure of a company's cash (cash & equivalents on the balance sheet) that is determined by dividing cash & equivalents by the total shares outstanding. Calculation: Cash & equivalents / Outstanding Shares
GlobalData
Profitability Ratios Profitability Ratios are used to assess a company's ability to generate earnings, based on revenues generated or resources used. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well. Gross Margin Gross margin is the amount of contribution to the business enterprise, after paying for direct-fixed and direct-variable unit costs. Calculation: {(Revenue-Cost of revenue) / Revenue}*100 Operating Margin Net Profit Margin Operating Margin is a ratio used to measure a company's pricing strategy and operating efficiency. Calculation: (Operating Income / Revenues) *100 Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows how much of each dollar earned by the company is translated into profits. Calculation: (Net Profit / Revenues) *100 Profit Markup measures the company's gross profitability, as compared to the cost of revenue. Calculation: Gross Income / Cost of Revenue
Profit Markup
PBIT Margin (Profit Profit Before Interest & Tax Margin shows the profitability of the company before interest expense Before Interest & Tax) & taxation. Calculation: {(Net Profit+Interest+Tax) / Revenue} *100 PBT Margin (Profit Profit Before Tax Margin measures the pre-tax income over revenues. Before Tax) Calculation: {Income Before Tax / Revenues} *100 Return on Equity Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners. Calculation: (Net Income / Shareholders Equity)*100 Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital investments. ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings.
Return on Capital Employed
Calculation: EBIT / (Total Assets Current Liabilities)*100 Return on Assets Return on Assets is an indicator of how profitable a company is relative to its total assets, the ratio measures how efficient management is at using its assets to generate earnings. Calculation: (Net Income / Total Assets)*100 Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant & equipment). Calculation: (Net Income / Fixed Assets) *100 Return on Working Capital measures the company's profitability to its working capital. Calculation: (Net Income / Working Capital) *100
Return on Fixed Assets Return on Working Capital

GlobalData
Cost Ratios Cost ratios help to understand the costs the company is incurring as a percentage of sales. Operating costs (% of Operating costs as percentage of total revenues measures the operating costs that a company Sales) incurs compared to the revenues. Calculation: (Operating Expenses / Revenues) *100 Administration costs (% of Sales) Interest costs (% of Sales)
GlobalData
Administration costs as percentage of total revenue measures the selling, general and administrative expenses that a company incurs compared to the revenues. Calculation: (Administrative Expenses / Revenues) *100 Interest costs as percentage of total revenues measures the interest expense that a company incurs compared to the revenues. Calculation: (Interest Expenses / Revenues) *100
Liquidity Ratios Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern. Current Ratio Current Ratio measures a company's ability to pay its short-term obligations. The ratio gives an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its shortterm assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. Calculation: Current Assets / Current Liabilities Quick Ratio Quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets. Calculation: (Current Assets - Inventories) / Current Liabilities Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It only looks at the most liquid short-term assets of the company, which are those that can be most easily used to pay off current obligations. It also ignores inventory and receivables, as there are no assurances that these two accounts can be converted to cash in a timely matter to meet current liabilities. Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
Cash Ratio
GlobalData
Leverage Ratios Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity, assets and interest expenses. Debt to Equity Ratio Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio also depends on the industry in which the company operates. For example, capital-intensive industries tend to have a higher debt-equity ratio. Calculation: Total Liabilities / Shareholders Equity Debt to Capital Ratio Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations, along with some insight into its financial strength. The higher the debt-to-capital ratio, the more debt the company has compared to its equity. This indicates to investors whether a company is more prone to using debt financing or equity financing. A company with high debt-tocapital ratios, compared to a general or industry average, may show weak financial strength because the cost of these debts may weigh on the company and increase its default risk. Calculation: {Total Debt / (Total assets - Current Liabilities)} Interest Coverage Ratio is used to determine how easily a company can pay interest on outstanding debt, calculated as earnings before interest & tax by interest expense. Calculation: EBIT / Interest Expense
Interest Coverage Ratio

GlobalData
Efficiency Ratios Efficiency ratios measure a company's effectiveness in various areas of its operations, essentially looking at maximizing its use of resources. Fixed Asset Turnover Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to generate sales. A higher ratio indicates the business has less money tied up in fixed assets for each currency unit of sales revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other fixed assets. Calculation: Net Sales / Fixed Assets Asset Turnover Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to the company. A higher asset turnover ratio shows that the company has been more effective in using its assets to generate revenues. Calculation: Net Sales / Total Assets Current Asset Turnover Inventory Turnover Current Asset Turnover indicates how efficiently the business uses its current assets to generate sales. Calculation: Net Sales / Current Assets Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. Calculation: Cost of Goods Sold / Inventory Working Capital Turnover is a measurement to compare the depletion of working capital to the generation of sales. This provides some useful information as to how effectively a company is using its working capital to generate sales. Calculation: Net Sales / Working Capital Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales revenue to the company. Calculation: Net Sales / Shareholders Equity Capex to Sales ratio measures the company's expenditure (investments) on fixed and related assets' effectiveness when compared to the sales generated. Calculation: (Capital Expenditure / Sales) *100 Net income per Employee looks at a company's net income in relation to the number of employees they have. Ideally, a company wants a higher profit per employee possible, as it denotes higher productivity.
Working Capital Turnover
Capital Employed Turnover Capex to sales
Net income per Employee
Calculation: Net Income / No. of Employees Revenue per Employee Revenue per Employee measures the average revenue generated per employee of a company. This ratio is most useful when compared against other companies in the same industry. Generally, a company seeks the highest revenue per employee. Calculation: Revenue / No. of Employees Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company is losing a larger percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its shareholders. Calculation: Non-interest expense / Total Interest Income
Efficiency Ratio
GlobalData
Notes
Financial information of the company is taken from the most recently published annual reports or SEC filings The financial and operational data reported for the company is as per the industry defined standards Revenue converted to USD at average annual conversion rate as of fiscal year end
About GlobalData GlobalData is one of the worlds leading providers of company operational data and strategic analysis, providing detailed information on tens of thousands of companies globally. Our highly qualified team of Analysts, Researchers, and Solution Consultants use proprietary data sources and various tools and techniques to gather, analyze and represent the latest and the most reliable information essential for businesses to sustain a competitive edge. Data is continuously updated and revised by large teams of research experts, so that it always reflects the latest events and information. With a large dedicated research and analysis capability, GlobalData employs rigorous primary and secondary research techniques in developing unique data sets and research material for this series and its other reports. GlobalData offers comprehensive geographic coverage across worlds most important sectors, focusing particularly on energy and healthcare. Contact Us If you have any queries about this report or would like further information, please contact info@globaldata.com Disclaimer All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. The data and analysis within this report is driven by GlobalData from its own primary and secondary research of public and proprietary sources and does not necessarily represent the views of the company profiled. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that GlobalData delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such GlobalData can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

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Asian Paints Limited (500820) - Financial and Strategic SWOT Analysis Review

Opportunities Robust Growth in Demand Strategic Expansion

Threats Increasing Raw Material Costs Intense Competition

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Section 1 - About the Company

Telephone Fax URL Industry Locations

Fiji, India, Jamaica, Mauritius, Nepal

Source: Annual Report, Company Website, Primary and Secondary Research

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Asian Paints Limited - Key Employees

Chief Compliance Officer, Chief Senior Management Financial Officer, Secretary

Source: Annual Report, Company Website, Primary and Secondary Research

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Asian Paints Limited - Key Employee Biographies

Source: Annual Report, Company Website, Primary and Secondary Research

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Asian Paints Limited - Major Products and Services

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Asian Paints Limited - History

Business / Operations Closure

2003 2002 2002 2002

Acquisitions/Mergers/Takeovers Acquisitions/Mergers/Takeovers Corporate Changes/Expansions Contracts/Agreements

Corporate Changes/Expansions Incorporation/Establishment

Source: Annual Report, Company Website, Primary and Secondary Research

Reference Code: GDCH27434FSA Page 9

Asian Paints Limited - Company Statement

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Asian Paints Limited - Locations And Subsidiaries

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Section 2 Company Analysis

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Asian Paints Limited - SWOT Analysis

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Asian Paints Limited - Weaknesses

Asian Paints Limited - Opportunities

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Asian Paints Limited - Threats

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Asian Paints Limited - Key Competitors

Revenue (US$ m) 10 1 207 332 443

Source: Annual Report, Company Website, Primary and Secondary Research

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Section 3 Company Financial Ratios

06-Jul-2011 35.22 21.78 3.84 23.73 6.46 0.01

Financial Ratios - Annual Ratios

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Quick Ratio Cash Ratio

Source: Annual Report, Company Website, Primary and Secondary Research

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Source: Annual Report, Company Website, Primary and Secondary Research

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Financial Ratios - Interim Ratios

Source: Annual Report, Company Website, Primary and Secondary Research

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Financial Ratios - Ratio Charts

Debt to Equity Ratio

Source: Annual Report, Company Website, Primary and Secondary Research

Reference Code: GDCH27434FSA Page 21

Asian Paints Limited, Recent Deals Summary