BALANCE SHEET

EQUITY AND LIABILITIES

Share Capital
Reserves and Surplus

NON-CURRENT LIABILITIES
Long Term Borrowings
Deffered Tax Liability (Net)
Other Long Term Liabilities
Long Term Provisions

CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Labilities
Short Term Provisions

Total
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Capital work-in-progress
Goodwill on consolidation
Non-Current Investments
Deferred Tax Assets (Net)
Long Term Loans and Advances
Other Non-Current Assets
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets

Total

STATEMENT OF PROFIT AND LOSS

INCOME
Revenue from Operations (Net Discount)
Less Excise duty
Revenue from Operations (Net Discount and Excise Duty)
Other Operating Revenue
Other Income
TOTAL REVENUE
EXPENSES
Cost of Materials Consumed
Purchases of stock-in-trade
Change in inventories of finished goods, WIP and Stock-in-trade
Employee Benefits Expenses
Other Expenses
TOTAL EXPENSES
EBITDA
Depreciation and Amortization Expenses
Finance Costs
Exceptional Item
PBT
Tax Expenses
Current Tax
Deferred Tax
Short/ (Excess) tax provision for earlier years
TOTAL TAX EXPENSES
PAT
Minority Interest
Net Profit Attributable to shareholders
Earning per share (Rs.) Basic and Diluted
(Face Value of Rs. 10 each)
No. of Equity Share Outstanding
(in crore)
EPS

Divident Paid
DSP/EPS
Tax on Divident Paid
Retained Earnings
Price
Book Value
Price/Book Value
Price/EPS
Firm Value
Firm Value/EBITDA
Firm Value/ Revenues
Current Ratio
Acid Test or Quick Ratio
Cash Ratio
Debt to Equity Ratio
DSCR
Return on Asset

Solvency Ratio (=(Net Income after tax + depreciation)/(short term liability + Long term
Liquidity

There are three common calculations that fall under the category of liquidity ratios. The current ratio is the most liberal of the three. It is fo

2011

Rs. In Crores
2012 Revised 2012
2013 Revised 2013

2014

95.92
1879.4
1975.32

95.92
2391.86
2487.78

95.92
2391.86
2487.78

95.92
2926.34
3022.26

95.92
2926.34
3022.26

95.92
3505.01
3600.93

57.71
75.5
4.96
66.43
204.6

52.64
80.75
3.62
65.16
202.17

52.11
80.75
3.62
65.16
201.64

46.76
143.33
0.5
76.77
267.36

46.26
143.33
0.5
76.58
266.67

39.51
177.07
0.12
80.24
296.94

3.98
931.89
464.5
274.75
1675.12

110.51
1069.06
755.44
355.07
2290.08

110.51
1034.68
606.33
355.07
2106.59

1214.12
720.99
423.55
2358.66

1214.12
719.38
423.74
2357.24

1498.84
747.52
537.48
2783.84

3855.04

4980.03

4796.01

5648.28

5646.17

6681.71

1038.65
18.54
39.67
1096.86

987.79
21.25
602.84
1611.88

987.79
21.25
602.84
1611.88
0

2074.91
26.98
52.55
2154.44

2074.91
26.98
52.55
2154.44
0

1973.21
38.99
37.95
2050.15

206.83

279.22

279.22

359.7

548.19

97.78

311.34

180.52

92.88

304.61

590.56

459.74

452.58

359.7
0
91.06
0.03
450.79

94.64
6.32
649.15

341
1071.76
355.56
509.01
84.79
91.45
2453.57

263
1264.42
500.24
500.97
153.69
95.27
2777.59

263
1264.42
500.24
500.97
100.5
95.26
2724.39

90
1480.79
633.88
566.86
164.08
105.65
3041.26

105
1480.79
633.88
551.57
162.72
106.98
3040.94

482
1665.05
712.36
745.36
201.54
176.1
3982.41

3855.04

4980.03

4796.01

5648.28

184.02

6957.72
621.64
6336.08

5646.17

6681.71

2.11

74.9
6410.98

8747.76
783.6
7964.16
39.46
141.49
8105.65

9990.04
1068.91
8921.13
50.57
126.15
9097.85

11542.02
1241.8
10300.22
118.56
173.66
10592.44

3681.92
105.56
-140.61
300.45
1231.5
5178.82

4722.74
120.41
-115.07
341.63
1542.7
6612.41

5125.48
199.56
-136.17
404.59
1830.97
7424.43

5758.71
256.58
-75.34
482.43
2219.13
8641.51

1232.16

1493.24

1673.42

1950.93

94.48
15.35

99.49
30.82

126.98
30.56

1122.33

1362.93

1515.88

212.32
26.08
9.96
1702.57

324.99
26.41
-4.22
347.18

402.76
4.16
-2.38
404.54

406.03
62.59
-2.74
465.88

498.63
33.74
1.14
533.51

775.15

958.39

1050

1169.06

775.15

958.39

1050

1169.06

80.81

99.92

109.47

95,919,779
9.59

95,919,779
9.59

95,919,779
9.59

959,197,790
95.919779

80.81

99.92

109.47

12.19

10.95

12.19

383.68
40%
62.24

441
42%
74.29

508.37
43%
82.02

512.470884

534.479017

578.665171

3,242.00

4,917.25

547.95

259.4

315.1

37.5

12.50

15.61

14.61

32.45

44.92

44.95

33088

49225

54895

22.16

29.42

28.14

4.08

5.41

5.18

1.46

1.21

1.29

1.29

1.29

1.43

0.82

0.66

0.69

0.66

0.66

0.83

0.30

0.22

0.24

0.24

0.23

0.27

14.29

20.76

18.84

21.47

21.60

24.35

31.96
liability + Long term

0.60

0.64

0.63

29.98

29.63

29.20

0.42

0.45

0.45

most liberal of the three. It is followed by the acid ratio, and the cash ratio.

Face value changes to Rs. 1

BALANCE SHEET

Rs. In Cr
EQUITY AND LIABILITIES
Share Capital
Reserves and Surplus

NON-CURRENT LIABILITIES
Long Term Borrowings
Deffered Tax Liability (Net)
Other Long Term Liabilities
Long Term Provisions

CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Labilities
Short Term Provisions

Total
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Intangible Assets under development
Capital work-in-progress

2011

2012

69.2
653.8
723

69.2
776.3
845.5

9
7.1

12.5
9.4

16.1

21.9

107
252
76.8
43.9
479.7

169.8
328.2
80.8
64
642.8

1218.8

1510.2

199.5
4.7

268.3
3.7

76.8
281

65.9
337.9

65.5

76.6

15.5
0.1
81.1
362.1

45.5
0.1
122.2
460.1

52.1
403.9
238.3
122.8
36.3
3.3
856.7

3
513.9
305
176.3
45.4
6.5
1050.1

Goodwill on consolidation
Non-Current Investments
Deferred Tax Assets (Net)
Long Term Loans and Advances
Other Non-Current Assets

CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets

Total

1218.8

1510.2

STATEMENT OF PROFIT AND LOSS

INCOME
Revenue from Operations (Net Discount)
Less Excise duty
Revenue from Operations (Net Discount and Excise
Other Operating Revenue
Other Income
TOTAL REVENUE

2299.1
-192
2107.1

2901.2
-239.1
2662.1

29.6
2136.7

30.6
2692.7

EXPENSES
Cost of Materials Consumed
Purchases of stock-in-trade
Increase in inventories of finished goods, WIP and
Employee Benefits Expenses
Other Expenses
TOTAL EXPENSES

1276.9
120.5
-58.5
106.7
437.8
1883.4

1614.3
167
-73.2
122.3
554.1
2384.5

253.3

308.2

30
12.2

37.6
22.4

211.1

248.2

62.8
0

67.3
3.5

62.8

70.8

148.3

177.4

148.3

177.4

4.29
4.28

5.13
5.12

346,072,464
34.61

346,113,824
34.61

EDITA
Depreciation and Amortization Expenses
Finance Costs
Exceptional Item
PBT
Tax Expenses
Current Tax
Deferred Tax
Short/ (Excess) tax provision for earlier years
TOTAL TAX EXPENSES
PAT
Minority Interest
Net Profit Attributable to shareholders
Earning per share (Rs.)
Basic
Diluted
(Face Value of Rs. 2 each)
No. of Equity Share Outstanding
(in crore)

EPS
Dividend Paid (including tax)
DPS/EPS

Retained Earnings

4.29
52

5.13
56.30
50%

96

121.1

Price per share

108.75

Book Value per share

22.84

Price/Book Value

4.76

Price/EPS

21.20

Firm Value

4252

Firm Value/EBITDA

189.84

Firm Value/ Revenues

13.80

Current Ratio

1.79

1.63

Acid Test or Quick Ratio

0.94

0.83

Cash Ratio

0.26

0.27

Debt to Equity Ratio

5.39

7.06

DSCR
Return on Asset
Solvency Ratio (=(Net Income after tax + deprec

0.46
20.78

20.41

0.36

0.32

Liquidity

There are three common calculations that fall under the category of liquidity ratios. The current ratio is the most liberal of the three. It is fo

Rs. In Crores
Revised 2012

2013 Revised 2013

2014

69.23
776.37
845.6

69.26
915.17
984.43

69.26
915.17
984.43

69.3
1062.59
1131.89

12.47
9.4

16.64
12.47

16.64
12.47

26.01
15.8

21.87

29.11

29.11

41.81

169.85
328.17
80.76
64
642.78

303.02
351.65
89.15
81.47
825.29

303.02
346.5
94.3
81.47
825.29

302.8
488.47
96.81
99.14
987.22

1510.25

1838.83

1838.83

2160.92

268.3
3.66
0
65.87
337.83
0

314.43
7.25
5.1
166.13
492.91

314.43
7.25
5.1
166.13
492.91
0

534.8
13.62

76.61

80.76

80.76

97.12

45.55
0.11
122.27
460.1

61.53
0.08
142.37
635.28

65.63
0.08
146.47
639.38

40.6
137.72
818.36

2.96
513.96
305.16
176.29
45.37
6.41
1050.15

9.82
576.91
324.55
222.54
58.9
10.83
1203.55

9.82
576.91
324.55
222.54
54.8
10.83
1199.45

90.17
618.7
383.21
163.07
76.89
10.52
1342.56

132.22
680.64

1510.25

1838.83

1838.83

2160.92

2901.22
-239.13
2662.09

3330.61
-306.4
3024.21

3330.61
-306.4
3024.21

3735.25
-350.53
3384.72

30.62
2692.71

30.76
3054.97

30.76
3054.97

30.59
3415.31

1614.37
167.04
-73.18
122.32
554.06
2384.61

1677.46
235.78
-41.49
139.96
676.18
2687.89

1677.46
235.78
-41.49
139.96
676.18
2687.89

1772.94
306.19
-27.19
158.74
784.5
2995.18

308.1

367.08

367.08

420.13

37.56
22.37

46.28
27.67

46.28
27.67

58.27
34.26

248.17

293.13

293.13

327.6

67.3
3.48

79.16
4.17

79.16
4.17

84.08
9.37

70.78

83.33

83.33

93.45

177.39

209.8

209.8

234.15

177.39

209.8

209.8

234.15

5.13
5.12

6.06
6.05

6.31
6.3

7.2
7.19

346113824
35

346,232,844
35

346232844
35

346,403,720
35

5.13
56

6.06
73
62%

6.06
73

6.76
89.20
110%

121.07

136.87

136.8

144.95

138.7

205.45

27.51

32.33

5.04

6.35

22.89

28.53

5434

7983

196.39

233.01

14.80

19.00

1.63

1.46

1.45

1.36

0.83

0.76

0.75

0.73

0.27

0.27

0.27

0.17

7.05

9.12

9.12

12.50

0.32

0.43

0.41

19.96

19.44

0.30

0.30

is the most liberal of the three. It is followed by the acid ratio, and the cash ratio.

0.28

Liquidity & Solvency

Activity Ratios

Market Standing Ratios

Profitability Ratio

Company -------->

Berger Paints

Year -------------->

2014

2013

Current Ratio
Quick Ratio
Debt Equity Ratio
Interest Coverage Ratio

1.36
0.73
12.50
10.57

1.46
0.76
9.12
11.59

Inventory Turnover Ratio

Debtors Turn Over Ratio
Investments Turnover Ratio
Fixed Asset Turnover Ratio
Asset Turnover Ratio

5.47
9.56
5.47
3.91
2.49

5.24
9.61
5.24
5.09
2.63

Earning Per Share

Book Value

6.76
32.67

6.06
28.43

Operating Profit Margin(%)

Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets

11.51
9.7
9.78
8.56
8.56
6.85
6.85
25.22
20.69
20.69
19.44

11.12
9.49
9.59
8.38
8.38
6.86
6.86
24.91
21.31
21.31
19.96

Berger Paints

Asian Paints

2012

2011

2014

2013

2012

1.63
0.83
7.06
15.14

1.79
0.94
5.39
17.99

1.43
0.83
24.35
66.66

1.29
0.66
21.47
50.6

1.21
0.66
20.76
50.66

5.8
9.72
5.8
5.19
2.92

5.87
9.37
5.87
5.06
2.87

6.26
14.63
6.26
3.63
3.43

6.06
15.82
6.06
3.23
3.13

7.56
19.51
7.56
5.23
3.55

5.12
24.4

4.29
20.84

12.19
37.54

109.47
315.08

99.92
259.36

10.61
9.09
9.19
8.31
8.31
6.61
6.61
27.02
21
21.92
20.4

10.21
8.62
8.77
8.2
8.2
6.99
6.99
27.36
20.56
19.98
20.78

17.05
14.77
15.02
13.13
13.13
11.03
11.03
47.75
32.46
32.74
29.19

17.24
15.61
15.83
12.93
12.93
11.54
11.54
50.38
34.74
34.74
29.62

16.81
15.45
15.61
12.5
12.5
11.38
11.38
52.24
38.52
38.3
29.98

ints
2011

1.46
0.82
14.29
74.05

7.08
18.93
7.08
4.25
3.61

80.81
205.93

17.57
15.97
16.14
12.92
12.92
11.61
11.61
55.73
39.24
38.9
31.96

Asian Paints EBITDA

Berger Paints EBITDA
Growth Rate in Asian Paints
Growth Rate in Berger Paints

2012
2013
1,493.24 1,673.42
308.10
367.08
21%
12%
22%
19%

2014
1,950.93
420.13
14%
13%

Asian Paints Revenue

Berger Paints Revenue
Growth Rate in Asian Paints
Growth Rate in Berger Paints

2012
2013
2014
8,105.65 9,097.85 10,592.44
2,692.71 3,054.97
3,415.31
26%
12%
16%
26%
13%
12%

EBITDA and its Growth Rate

2,500.00

2,000.00

1,500.00

1,000.00

500.00

2012

2013
Asian Paints EBITDA

Berger Paints EBITDA

Growth Rate in Asian Paints

Growth Rate in Berg

Chart Title
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-

2012

2013

2014

Asian Paints Revenue

Berger Paints Revenue

Growth Rate in Asian Paints

Growth Rate in Berger Paints

s Growth Rate
25%

20%

15%

10%

5%

2013

2014
Berger Paints EBITDA
Growth Rate in Berger Paints

30%
25%
20%
15%
10%
5%

2014

s Revenue

in Berger Paints

0%

0%