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Consolidated Balance Sheet
as at 31st March, 2014

Notes
As at
31.03.2014
(` in Crores)
As at
31.03.2013
EQUITY AND LIABILITIES

Shareholders' Funds
Share Capital
Reserves and Surplus
2
3
Minority Interest
NON CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liability (Net)
Other Long Term Liabilities
Long Term Provisions
95.92
3,943.30
4,039.22
246.02
95.92
3,288.37
3,384.29
160.77
4
5
6
7
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
41.40
190.01
9.13
108.53
349.07
47.30
156.73
9.39
98.38
311.80
8
9
10
7
198.63
1,745.72
901.45
559.32
3,405.12
8,039.43
189.86
1,441.57
857.55
441.01
2,929.99
6,786.85
11 A
11 B
2,330.74
89.45
71.60
2,491.79
141.39
2,365.68
31.06
59.21
2,455.95
44.23
Total
ASSETS
NON CURRENT ASSETS
Fixed Assets

Tangible Assets

Intangible Assets

Capital work-in-progress
Goodwill on consolidation
27 C
Non-current Investments
Deferred Tax Assets (Net)
Long Term Loans and Advances
Other Non Current Assets
12
5
13
14
192.13
2.19
130.25
25.22
150.12
2.35
104.67
23.35
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
15
16
17
18
13
19
529.06
2,069.86
1,110.28
931.66
246.46
169.14
5,056.46
8,039.43
145.56
1,830.29
980.88
736.69
214.60
98.16
4,006.18
6,786.85
Total
Significant Accounting Policies
Notes are an integral part of the financial statements.
As per our report of even date
1
For and on behalf of the Board
For B S R & Associates LLP

Chartered Accountants
F.R.N. 116231W
For Shah & Co.

F.R.N. 109430W
Ashwin Choksi
Chairman
Bhavesh Dhupelia
Partner
Membership No: 042070
Ashish Shah
Partner
Jayesh Merchant
CFO & Company Secretary,
President - Industrial JVs
Mumbai
14th May, 2014
Mumbai
14th May, 2014
Mumbai
14th May, 2014
82
Asian Paints Limited
K.B.S. Anand
Managing Director
& CEO
Dipankar Basu
Chairman of
Audit Committee
31 March, 2014
for the year ended
st
13,889.10
1,307.46
12,581.64
133.17
134.22
12,849.03
12,002.28
1,127.93
10,874.35
64.26
114.48
11,053.09
7,025.28
405.72
(90.28)
759.71
2,616.49
10,716.92
2,132.11
6,265.13
297.43
(149.56)
623.56
2,170.07
9,206.63
1,846.46
245.66
42.22
1,844.23
9.96
1,834.27
154.60
36.65
1,655.21
1,655.21
536.40
33.75
1.36
571.51
1,262.76
43.95
1,218.81
12.71
439.37
59.32
(3.00)
495.69
1,159.52
45.64
1,113.88
11.61
20 B
21
22A
22B
22C
23
24
11
25
30
Minority Interest
Net Profit Attributable to shareholders
Bhavesh Dhupelia
Partner
Ashish Shah
Partner
Jayesh Merchant
Mumbai
14th May, 2014
Mumbai
14th May, 2014
Mumbai
14th May, 2014
Dipankar Basu
Chairman of
Audit Committee
Annual Report 2013-14
83
Business Responsibility Report
Earnings per share (`) Basic and diluted

34
(Face value of ` 1 each)
Significant Accounting Policies.
1
Notes are an integral part of the financial statements.


For Shah & Co.
Ashwin Choksi
K.B.S. Anand
Chairman
Managing Director
F.R.N. 116231W
F.R.N. 109430W
& CEO
Corporate Governance
20 A
Consolidated Financial Statements
(` in Crores)
Year
2012-13
Standalone Financial Statements
Year
2013-14
Directors Report
(I) INCOME
Revenue from sale of goods and services (Net of discounts)
Less: Excise duty
Revenue from sale of goods and services (Net of discounts and excise duty)
Other Operating Revenue
Other Income
TOTAL REVENUE (I)
(II) EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in inventories of finished goods, work in progress and stock-in-trade
Employee Benefits Expense
Other Expenses
Total (II)
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (EBITDA) (I) - (II)
Depreciation and Amortisation Expense
Finance Costs
PROFIT BEFORE EXCEPTIONAL ITEM & TAX
Exceptional Item
PROFIT BEFORE TAX
Less : Tax Expenses

Current Tax

Deferred Tax

Short/(Excess) tax provision for earlier years

Total Tax Expenses
PROFIT AFTER TAX
Notes
Management Discussion & Analysis
Consolidated Statement of Profit and Loss
Consolidated Cash Flow Statement
31 March, 2014
for the year ended
st
(A)

Cash Flow From Operating Activities

Profit Before Tax
Adjustments for :
Depreciation, amortisation and exceptional item
Profit on sale of long term investments
Profit on sale of short term investments
Profit on Sale of fixed assets
Finance costs
Provision for doubtful debts and advances
Bad debts written off
Interest income
Dividend income
Other Non Cash Items
Net unrealised foreign exchange (gain)/ loss
Effect of exchange rates on translation of operating cashflows
Operating Profit before working capital changes

Adjustments for :
Inventories *#
Trade and Other Receivables *#
Trade and Other Payables *#
Cash generated from Operations
Income Tax paid (net of refund)
Net Cash generated from operating activities
2013-14
(` in Crores)
2012-13
1,834.27
1,655.21
255.62
(9.61)
(2.68)
(7.11)
42.22
4.74
1.35
(13.87)
(65.47)
(1.80)
(2.86)
13.51
154.60
(26.21)
(1.05)
(4.21)
36.65
3.66
7.18
(13.73)
(32.89)
4.71
2,048.31
1,783.92
(230.77)
(254.08)
316.70
1,880.16
(480.16)
1,400.00
(246.88)
(299.32)
387.53
1,625.25
(438.46)
1,186.79
(B)

Cash Flow from Investing Activities

Purchase of fixed assets *#
Sale of fixed assets
Purchase of long term investments #
Sale of long term investments
Profit on sale of short term Investments
(Investments)/Maturity of bank deposits (having original maturity more than three months)
Interest received
Dividend received
Amount infused by Minority Stakeholders in subsidiaries
Amount paid towards stake acquisition in subsidiary [Refer note 27 C (b)]
Net Cash used in investing activities
(249.21)
15.63
(871.59)
460.25
2.68
(4.54)
14.43
65.47
22.93
(58.90)
(602.85)
(643.78)
7.06
(246.90)
329.23
1.05
10.21
10.90
32.89
(499.34)
(C)

Cash Flow from Financing Activities

Proceeds from long term borrowings
Repayment of long term borrowings #
Proceeds from short term borrowings
Repayment of short term borrowings #
Finance costs paid
Dividend and Dividend tax paid (including dividend paid to Minority)
Net Cash used in financing activities
1.82
(19.38)
42.61
(61.98)
(42.31)
(546.69)
(625.93)
5.69
(6.10)
27.35
(128.50)
(37.09)
(462.35)
(601.00)
# Current year figures are net of adjustments pursuant to stake acquired in Sleek International Pvt. Ltd. [Refer note 27 C (a)]
* Previous year figures are net of non cash items pursuant to Composite Scheme of Restructuring [Refer note 28].
84
30.85
926.67
736.24
(` in Crores)
As at
31.03.2013
2.86
0.52
150.51
98.18
3.30
25.70
(b) Cash and Cash Equivalent comprises of : (Refer Note 18)

Cash on hand
Balances with Banks:
- Current Accounts
- Cash Credit Accounts
- Cheques on hand
15.07
33.79
- Deposits with Bank with maturity less than 3 months
46.51
89.26
- Unpaid dividend and fractional bonus shares account @
Investment in Liquid mutual funds and Government Securities
6.05
5.63
702.37
926.67
483.16
736.24
@ The Group can utilise these balances only towards settlement of unclaimed dividend and fractional bonus shares.
Consolidated Financial Statements
As at
31.03.2014
Standalone Financial Statements
Notes :
(a) The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard-3 on
Cash Flow Statement.
Directors Report
(` in Crores)
2012-13
86.45
613.65
5.29
-
Management Discussion & Analysis
(D) Net Increase/(Decrease) In Cash and Cash Equivalents

Cash and cash equivalents as at 1st April

Net effect of exchange gain/ (loss) on cash and cash equivalents

Cash and Cash Equivalents acquired pursuant to stake acquisition in subsidiary
[Refer note 27C (a)]

Net Change in Cash and Cash Equivalents pursuant to Composite Scheme of
Restructuring [Refer Note 28]

Cash and Cash Equivalents as at 31st March
2013-14
171.22
736.24
16.62
2.59

Ashwin Choksi
Chairman
Bhavesh Dhupelia
Partner
Ashish Shah
Partner
Jayesh Merchant
Mumbai
14th May, 2014
Mumbai
14th May, 2014
Mumbai
14th May, 2014
K.B.S. Anand
Managing Director
& CEO
Dipankar Basu
Chairman of
Audit Committee
Business Responsibility Report
For Shah & Co.

F.R.N. 109430W
Corporate Governance

F.R.N. 116231W
Annual Report 2013-14
85
Notes to Consolidated Financial Statements

Note 1 : Significant Accounting Policies
1.1 Basis of preparation of Consolidated Financial

Statements
All other assets and liabilities are classified as noncurrent.
For the purpose of current / non-current classification

of assets and liabilities, all the Group companies
have ascertained their normal operating cycle as 12
months. This is based on the nature of services and the
time between the acquisition of assets or inventories
for processing and their realization in cash and cash
equivalents.
(a) Basis of Accounting
(a) Tangible Fixed Assets
The preparation of consolidated financial statements

in conformity with Generally Accepted Accounting
Principles (GAAP) in India requires management
to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the
disclosures of contingent liabilities on the date of
financial statements and reported amounts of income
and expenses during the period.
Tangible fixed assets are carried at the cost of acquisition

or construction, less accumulated depreciation and
impairment. The cost of fixed assets comprises of its
purchase price, including import duties and other nonrefundable taxes or levies and any directly attributable
cost of bringing the asset to its working condition for
its intended use. Expenses directly attributable to new
manufacturing facility during its construction period
are capitalized. Know-how related to plans, designs
and drawings of buildings or plant and machinery is
capitalized under relevant tangible asset heads. Profit
or loss on disposal of tangible assets is recognised in
the Statement of Profit and Loss.
(c) Current / Non-Current Classification
Any asset or liability is classified as current if it satisfies

any of the following conditions:
i.
ii. it is expected to be realized or settled within

twelve months from the reporting date;
iii. in the case of an asset,

it is held primarily for the purpose of being
traded; or
it is cash or cash equivalent unless it is

restricted from being exchanged or used
to settle a liability for at least twelve months
after the reporting date
iv.
(b) Intangible Assets
it is expected to be realized or settled or is

intended for sale or consumption in the Groups
normal operating cycle;
86
1.2 Tangible and Intangible Assets
(b) Use of Estimates
The financial statements have been prepared in

accordance with Generally Accepted Accounting
Principles (GAAP) in India and presented under
the historical cost convention on accrual basis of
accounting to comply with the accounting standards
prescribed in the Companies (Accounting Standards)
Rules, 2006 (as amended) and with the relevant
provisions of the Companies Act, 1956 and relevant
enacted provisions of the Companies Act, 2013 to the
extent applicable.
in the case of a liability, the Group does not have

an unconditional right to defer settlement of
the liability for at least twelve months from the
reporting date.
Intangible assets acquired separately are measured on

initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less accumulated
amortization and accumulated impairment loss, if
any. Profit or loss on disposal of intangible assets is
recognised in the Statement of Profit and Loss.
Goodwill

Goodwill arising on the acquisition of a business

represents the excess of the cost of acquisition over the
Groups interest in the net fair value of the identifiable
assets and liabilities of the business recognised at the
date of acquisition. Goodwill is initially recognised as
an asset at cost and is subsequently measured at cost
less accumulated amortisation and any accumulated
impairment losses.
The unamortized carrying value of goodwill is tested

for impairment as at each balance sheet date. For the
purpose of impairment testing, goodwill is allocated

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Consolidated Balance Sheet

as at 31st March, 2014

EQUITY AND LIABILITIES

For B S R & Associates LLP

For Shah & Co.

Asian Paints Limited

for the year ended

Annual Report 2013-14

Business Responsibility Report

Earnings per share (`) Basic and diluted

Consolidated Financial Statements

Standalone Financial Statements

Management Discussion & Analysis

Consolidated Statement of Profit and Loss

Consolidated Cash Flow Statement

for the year ended

Cash Flow From Operating Activities

Operating Profit before working capital changes

Cash Flow from Investing Activities

Cash Flow from Financing Activities

Asian Paints Limited

(b) Cash and Cash Equivalent comprises of : (Refer Note 18)

Balances with Banks:

- Cash Credit Accounts

- Deposits with Bank with maturity less than 3 months

- Unpaid dividend and fractional bonus shares account @

Investment in Liquid mutual funds and Government Securities

Consolidated Financial Statements

Standalone Financial Statements

Management Discussion & Analysis

(D) Net Increase/(Decrease) In Cash and Cash Equivalents

For and on behalf of the Board

Business Responsibility Report

For Shah & Co.

For B S R & Associates LLP

Annual Report 2013-14

Notes to Consolidated Financial Statements

1.1 Basis of preparation of Consolidated Financial

All other assets and liabilities are classified as noncurrent.

For the purpose of current / non-current classification

(a) Basis of Accounting

(a) Tangible Fixed Assets

The preparation of consolidated financial statements

Tangible fixed assets are carried at the cost of acquisition

(c) Current / Non-Current Classification

Any asset or liability is classified as current if it satisfies

ii. it is expected to be realized or settled within

iii. in the case of an asset,

it is cash or cash equivalent unless it is

(b) Intangible Assets

it is expected to be realized or settled or is

1.2 Tangible and Intangible Assets

(b) Use of Estimates

The financial statements have been prepared in

in the case of a liability, the Group does not have

Asian Paints Limited

Intangible assets acquired separately are measured on

Goodwill arising on the acquisition of a business

The unamortized carrying value of goodwill is tested