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Asian Paints Ltd.
Market Cap. (Rs.) 118499.29 Cr. P/BV 14.09 Book Value (Rs.) 87.68
52 Week High/Low (Rs.) 1491/1090 FV/ML 1/1 P/E(X) 58.12
Bookclosure 30/10/2018 EPS (Rs.) 21.26 Div Yield (%) 0.70
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

NOTE 1 : INTANGIBLE ASSETS (Acquired separately) (contd.)

Note:

Allocation of Goodwill to cash generating units

Goodwill is allocated to the Following cash generating unit ("CGU") For impairment testing purpose-

The recoverable amount of this CGU for impairment testing is determined based on value-in-use calculations which uses cash Row projections based on financial budgets approved by management covering a six-year period (Previous year - seven year), as the Company believes this to be the most appropriate timescale for reviewing and considering annual performance before applying a fixed terminal value multiple to the final cash Rows.

Cash Rows beyond the six-year period (Previous year - seven year) were extrapolated using estimate rates stated below.

As at 31st March, 2018 and 31st March, 2017, goodwill in respect of Bath Fittings Business was not impaired.

Key Assumptions used for value in use calculations are as follows:

Discount rates- Management estimates discount rates using pre-tax rates that reflect current market assessments of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash Row estimates. The discount rate calculation is based on the specific circumstances of the Company and its operating segments and is derived from its weighted average cost of capital (WACC).

Growth rates - The growth rates are based on industry growth forecasts. Management determines the budgeted growth rates based on past performance and its expectations on market development. The weighted average growth rates used were consistent with industry reports.

b) Terms/rights attached to equity shares

The Company has only one class of shares referred to as equity shares having a parvalue of' 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

@ As per the records of the Company, including its register of members.

* Formerly known as ISIS Holding and Trading Company Private Limited

As per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors at its meeting held on 24th October, 2017 declared an interim dividend ofRs, 2.65 (Rupees two and paise sixty five only) per equity share of the face value of Rs, 1 each. The Board of Directors at its meeting held on 10th May, 2018 have recommended a payment of final dividend of Rs, 6.05 (Rupees six and paise five only) per equity share of the face value of Rs, 1 each for the financial year ended 31st March, 2018. If approved, the total dividend (interim and final dividend) for the financial year 2017-18 will be Rs, 8.70 (Rupees eight and paise seventy only) per equity share of the face value of' 1 each (Rs, 10.30 per equity share of the face value of Rs, 1 each was paid as total dividend for the previous year).

Description of nature and purpose of each reserve Capital Reserve :

a. Capital reserve of W 5000/- was created on merger of 'Pentasia Chemicals Ltd.' with the Company, pursuant to scheme of Rehabilitation-cum-Merger sanctioned by Board of Industrial and Financial Reconstruction in the financial year1995-96.

b. Capital Reserve of W 44.38 crores was created on merger ofAsian Paints (International) Limited, Mauritius, wholly owned subsidiary of the Company, with the Company as per the order passed by the National Company Law Tribunal (Refer Note 31).

Capital Redemption Reserve - This reserve was created for redemption of preference shares in the financial year 1989-90. The preference shares were redeemed in the financialyear1990-91.

General Reserve - General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Debt instruments through other comprehensive income - This represents the cumulative gains and losses arising on the revaluation of debt instruments measured at fair value through other comprehensive income that have been recognized in other comprehensive income, net of amounts reclassified to profit or loss when such assets are disposed off and impairment losses on such instruments.

Equity instruments through other comprehensive income - This represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, under an irrevocable option, net of amounts reclassified to retained earnings when such assets are disposed off.

(ii) Financial Instrument measured at Amortized Cost

The carrying amount of financial assets and financial liabilities measured at amortized cost in the financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

NOTE 29(C) : FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES

The Company's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company's financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors ('Board') oversee the management of these financial risks through its Risk Management Committee. The Risk Management Policy of the Company formulated by the Risk Management Committee and approved by the Board, states the Company's approach to address uncertainties in its Endeavour to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Company's management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance.

The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives employed to manage exposures to such risks. Quantitative sensitivity analyses have been provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash Hows and financial position of the Company.

1) Market Risk

Market risk is the risk that the fair value of future cash Hows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

NOTE 29(C) : FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES (Contd.)

a) Interest Rate Risk

Interest rate risk is the risk that the Fair value or Future cash Hows of a Financial instrument will Fluctuate because of changes in market interest rates. Since the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is minimal. The Company has not used any interest rate derivatives.

b) Foreign Currency Risk

Foreign currency risk is the risk that the Fair value or Future cash Hows of an exposure will Fluctuate due to changes in Foreign exchange rates. The Company enters into Forward exchange contracts with average maturity of less than one month to hedge against its Foreign currency exposures relating to the recognized underlying liabilities and Firm commitments. The Company's policy is to hedge its exposures above predefined thresholds From recognized liabilities and Firm commitments that Fall due in 20-30 days. The Company does not enter into any derivative instruments For trading or speculative purposes.

The Company is mainly exposed to changes in USD. The below table demonstrates the sensitivity to a 5% increase or decrease in the USD against INR, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Company as at the reporting date. 5% represents management's assessment of reasonably possible change in Foreign exchange rate.

c) Other Price Risk

Other price risk is the risk that the Fair value of a Financial instrument will Fluctuate due to changes in market traded price. Other price risk arises From Financial assets such as investments in equity instruments and bonds.

The Company is exposed to price risk arising mainly From investments in equity instruments recognized at FVTOCI. As at 31st March, 2018, the carrying value of such equity instruments recognized at FVTOCI amounts to RS, 445.37 crores (Previous year RS, 454.74 crores). The details of such investments in equity instruments are given in Note 4 (I) (A)(a).

NOTE 2(C) : FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES (Contd.)

The Company is also exposed to price risk arising From investments in bonds recognised at FVTOCI. As at

31st March, 2018, the carrying value of such instruments recognized at FVTOCI amounts to RS, 80.47 crores (Previous year RS, 80.28 crores). These being debt instruments, the exposure to risk of changes in market rates is minimal.

The details of such investments in bonds are given in Note 4 (l)(C).

The Company is mainly exposed to change in market rates of its investments in equity investments recognized at FVTOCI. A sensitivity analysis demonstrating the impact of change in market prices of these instruments from the prices existing as at the reporting date is given below:

If the equity prices had been higher/lower by 10% from the market prices existing as at 31st March, 2018, Other Comprehensive Income for the year ended 31st March, 2018would increase by ' 41.27 crores and decrease by RS, 44.54 crores respectively (2016-17 RS, 45.47 crores) with a corresponding increase/decrease in Total Equity of the Company as at 31st March, 2018.10% represents management's assessment of reasonably possible change in equity prices.

3) Credit Risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds, derivative financial instruments, other balances with banks, loans and other receivables. The Company's exposure to credit risk is disclosed in note 4 (except equity shares and bonds), 5,6,10 and 11B.

The Company has adopted a policy of only dealing with counterparties that have sufficiently high credit rating. The Company's exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties.

Credit risk arising from investment in mutual funds, derivative financial instruments and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognized financial institutions with high credit ratings assigned by the international credit rating agencies.

The average credit period on sales of products is less than 30 days. Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on a detailed study of credit worthiness and accordingly individual credit limits are defined/modified. The concentration of credit risk is limited due to the fact that the customer base is large. There is no customer representing more than 5% of the total balance of trade receivables.

For trade receivables, as a practical expedient, the Company computes credit loss allowance based on a provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. The provision matrix at the end of the reporting period is as follows:

NOTE 4(C) : FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES (Contd.)

3) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in raising Funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.

The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. The Company also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely and cost-effective manner.

The table below analyses derivative and non-derivative financial liabilities of the Company into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash Hows.

NOTE 5(D) : CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

As at 31st March, 2018, the Company has only one class of equity shares and has low debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or re-investment into business based on its long term financial plans.

Proposed Dividend:

The Board of Directors at its meeting held on 10th May, 2018 have recommended a payment of final dividend of Rs, 6.05 (Rupees six and paise five only) per equity share of face value of ' 1 each for the financial year ended 31st March, 2018. The same amounts to Rs, 699.60 crores including dividend distribution tax of Rs, 119.29 crores.

The above is subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognized as a liability.

NOTE 6 : MERGER OF ASIAN PAINTS (INTERNATIONAL) LIMITED, MAURITIUS WITH THE COMPANY

During the year, the National Company Law Tribunal had approved the scheme of amalgamation ('The Scheme') between the Company and Asian Paints (International) Limited ('APIL'), Mauritius, a wholly owned subsidiary of the Company. The Scheme became effective from 15th January, 2018on completion of all regulatory formalities. In accordance with lndAS103-Businesscombination, the financial statements of the Company for the previous financial year 2016-17 have been restated with effect from 1st April, 2016 (being the earliest period presented).

APIL was an investment holding company which 'interalia' held investments in Asian Paints International Private Limited ('APIPL') (formerly known as Berger International Private Limited), a subsidiary of the Company. As per the Scheme, all assets, liabilities and reserves ofAPIL appearing as at 1st April, 2016 are recognized in the books of the Company at their respective carrying values, as detailed below. On account of this merger, APIPL is now direct subsidiary of the Company (Refer Note 4).

NOTE 7 : DETAILS OF HEDGED AND UNHEDGED EXPOSURE IN FOREIGN CURRENCY DENOMINATED MONETARY ITEMS

a) Exposure in Foreign currency - Hedged

The Company enters into Forward exchange contracts to hedge against its Foreign currency exposures relating to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

NOTE 8: (B) DISCLOSURE AS PER SECTION 186 OF THE COMPANIES ACT, 2013

The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 are as follows:

(i) Details of Investments made are given in Note 4(l)(A)(b)(i) and 4(l)(A)(b)(ii).

(ii) There are no guarantees issued or loans given by the Company in accordance with section 186 of the Companies Act, 2013 read with rules issued there under.

NOTE 9: PURSUANT TO Ind AS-17 - ‘LEASES’, THE FOLLOWING INFORMATION IS DISCLOSED

A. Assets given on operating lease

The Company does not have any assets given on operating lease during the reporting period.

B. Assets taken on operating lease

a) The Company has taken certain assets such as Vehicles, Computers, Information Technology hardware and Office space on operating lease. The lease rentals are payable by the Company on a monthly or quarterly basis.

NOTE 10 : EMPLOYEE BENEFITS

1) Post-employment benefits:

The Company has the Following post-employment benefit plans:

a) Defined benefit gratuity plan (Funded)

The Company has defined benefit gratuity plan for its employees, which requires contributions to be made to a separately administered fund. It is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member's length of service and salary at retirement age. The fund has the form of a trust and it is governed by the Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets including investment of the funds in accordance with the norms prescribed by the Government of India.

Each year, the Board of Trustees and the Company review the level of funding in the India gratuity plan. Such a review includes the asset-liability matching strategy and assessment of the investment risk. The Company decides its contribution based on the results of this annual review. Generally, it aims to have a portfolio mix of sovereign debt instruments, debt instruments of Corporate and equity instruments. The Company aims to keep annual contributions relatively stable at a level such that no significant plan deficits (based on valuation performed) will arise.

Every two years an Asset-Liability -Matching study is performed in which the consequences of the investments are analyzed in terms of risk and return profiles. The Board of Trustees, based on the study, takes appropriate decisions on the duration of instruments in which investments are done. As per the latest study, there is no Asset-Liability-Mismatch. There has been no change in the process used by the Company to manage its risks from prior periods.

As the plan assets include significant investments in quoted debt and equity instruments, the Company is exposed to the risk of impacts arising from fluctuation in interest rates and risks associated with equity market.

Fair value of the Company's own transferable financial instruments held as plan assets: NIL

b) Defined benefit pension plan (Unfunded)

The Company operates a defined benefit pension plan for certain specified employees and is payable upon the employee satisfying certain conditions, as approved by the Board of Directors.

c) Defined benefit post-retirement medical benefit plan (Unfunded)

The Company operates a defined post retirement medical benefit plan for certain specified employees and payable upon the employee satisfying certain conditions.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

NOTE 11: EMPLOYEE BENEFITS (Contd.) 1) Post-employment benefits: (Contd.)

The most recent actuarial valuation of the plan assets and the present value of defined obligation (except pension) were carried out as at 31st March, 2018 by MrSaket Singhal, Fellow of the Institute of Actuaries of India.

The present value of the defined benefit obligation and the related current service cost were measured using the projected unit credit method.

The following tables summaries the components of defined benefit expense recognized in the statement of profit or loss/OCI and the funded status and amounts recognized in the balance sheet for the respective plans:

The sensitivity analyses presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet.

1) Post-employment benefits: (Contd.)

The average duration of the defined benefit plan obligation at the end of the reporting period is 10.57 years. (Previous year 11.17 years)

The Company expects to make a contribution of W 6.88 crores (Previous year W 3.72 crores) to the defined benefit plans during the next financial year.

d) Provident Fund

The Provident Fund assets and liabilities are managed by 'Asian Paints Office Provident Fund' and 'Asian Paints Factory Employees Provident Fund' in line with The Employees' Provident Fund and Miscellaneous Provisions Act, 1952.

The plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution by the employer and employee together with the interest accumulated thereon are payable to employees at the time of separation from the Company or retirement, whichever is earlier. The benefit vests immediately on rendering of the services by the employee. In terms of the guidance note issued by the Institute of Actuaries of India for measurement of provident fund liabilities, the actuary has provided a valuation of provident fund liability and based on the assumptions provided below, there is no shortfall as at 31st March, 2018.

The Company contributed RS, 12.82 crores (Previous Year Rs,11.76 crores) towards Asian Paints Office Provident Fund during the year ended 31st March, 2018. The Company contributed RS, 6.89 crores (Previous Year RS, 6.11 crores) towards Asian Paints Factory Employees Provident Fund during the year ended 31st March, 2018.

The details of the Asian Paints Office Provident Fund and plan assets position asat31st March, 2018 is given below:

2) Other Long term employee benefits:

Annual Leave and Sick Leave assumptions

The liability towards compensated absences (annual leave and sick leave) For the year ended 31st March, 2018 based on actuarial valuation carried out by using Projected Accrued Benefit Method resulted in decrease in liability by RS, 1.02 crores. (Previous Year- increased by RS, 14.61 crores)

NOTE 41 : The Company's manufacturing facility at Khandala, Maharashtra has been granted "Mega Project Status" by Government of Maharashtra (GoM) and hence is eligible for Industrial Promotion Subsidy (IPS) under Package Scheme of Incentive, 2007 in the form of refund ofVAT paid to Maharashtra Government, exemption on electricity duty and stamp duty within a period of 9 years from the date of commencement of commercial production, restricted to a maximum of 100% of fixed capital investment as per the Eligibility Certificate issued by Director of Industries, Government of Maharashtra. Based on Memorandum of Understanding and clarifications from GoM, the Company has continued to recognize the incentive computed based on SGST paid to GoM. Further, in terms of the Ind AS 20 - "Accounting for Government Grants and Disclosure of Government Assistance", eligible incentive as mentioned above amounting to RS, 162.36 crores (Previous year RS, 136.53 crores) for year ended 31st March, 2018 is credited to the Statement of Profit and Loss and included under the head "Other operating income" on accrual basis.

NOTE 13 : EARNINGS PER SHARE

NOTE 14 : INFORMATION ON RELATED PARTY TRANSACTIONS AS REQUIRED BY Ind AS- 24 - ‘RELATED PARTY DISCLOSURES’ FOR THE YEAR ENDED 31st MARCH, 2018.

a) Associates:

PPG Asian Paints Private Limited

Wholly owned subsidiaries of PPG Asian Paints Private Limited:

a) Revocoat India Private Limited (w.e.f. 1st April, 2016)

b) PPG Asian Paints Lanka Private Limited

c) Faaber Paints Private Limited (Upto 31st May, 2016)

b) Subsidiaries: (where control exists)

Direct Subsidiaries:

NOTE 15 : INFORMATION ON RELATED PARTY TRANSACTIONS AS REQUIRED BY Ind AS- 24 - ‘RELATED PARTY DISCLOSURES’ FOR THE YEAR ENDED 31st MARCH, 2018. (Contd.)

d) Relatives of Key Managerial Personnel who are under the employment of the Company:

Shri. JalajDani*

Shri. Manish Choksi Shri. Varun Vakil

* Shri.Jalaj Dani, a relative of Company's Non-ExecutiveVice Chairman resigned from the services of the Companyw.e.f. 3rd April, 2017

F) Other entities where significant influence exist:

i) Post employment-benefit plan entity:

Asian Paints (India) Limited Employees' Gratuity Fund

ii) Other:

Asian Paints Office Provident Fund (Employee benefit plan)

Asian Paints Factory Employees' Provident Fund (Employee benefit plan)

Asian Paints Management Cadres' Superannuation Scheme (Employee benefit plan)

NOTE 16 : INFORMATION ON RELATED PARTY TRANSACTIONS AS REQUIRED BY Ind AS- 24 - ‘RELATED PARTY DISCLOSURES’ FOR THE YEAR ENDED 31st MARCH, 2018. (Contd.)

Terms and conditions of transactions with related parties

1. The sales to and purchases From related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured, interest Free and will be settled in cash. There have been no guarantees received or provided For any related party receivables or payables.

2. Trade and other receivables are unsecured, interest Free and will be settled in cash. During the year ended 31st March, 2018, the Company has recorded an amount ofRs,1.17 crores From Asian Paints (Bangladesh) Ltd. (Previous year Rs,0.12 crores) and RS, 0.51 crores From Asian Paints (Nepal) Pvt. Ltd. (previous year RS, 0.13 crores) as provision For doubtful debts on account of receivables. As at 31st March, 2018, the provision For doubt Ful receivables is Rs,1.69 crores For Asian Paints (Bangladesh) Ltd. (Previous year RS, 0.52 crores) and RS, 0.64 crores For Asian Paints (Nepal) Pvt. Ltd. (previous year f 0.13 crores).

The above mentioned assessment is undertaken each Financial year through examining the Financial position of related parties, the market in which related party operate and the accounting policy of the Company.

3. The Company had provided a loan to its wholly owned subsidiary, Maxbhumi Developers Limited For its business activities. The loan has been Fully repaid during previous year. The loan was unsecured and was repayable in two years on demand. The loan carried an interest @ 9.55% p.a.

NOTE 17 : SEGMENT REPORTING

Basis of Segmentation:

Factors used to identify the reportable segments:

The Company has Following business segments, which are its reportable segments. These segments offer different products and services, and are managed separately because they require different technology and production processes. Operating segment disclosures are consistent with the information provided to and reviewed by the chief operating decision maker.

NOTE 18 : CORPORATE SOCIAL RESPONSIBILITY EXPENSES

A. Gross amount required tobespent by the Company during the year2017-18- Rs,46.43crores(2016-17- Rs,39.88 crores)

B. Amount spent during the year on:

NOTE 19 : The financial statements are approved for issue by the Audit Committee at its meeting held on 9th May 2018 and by the Board of Directors on 10th May, 2018

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Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
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