(` in Crores except per share data, number of employees, number of shareholders and ratios)

^ ^
RESULTS FOR THE FINANCIAL YEAR 2012-2013 2011-2012 2010-2011^ 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004
REVENUE ACCOUNT
Gross Revenue 10,405.0 9,064.3 7,202.0 5,753.5 5,003.4 4,062.8 3,360.7 2,777.4 2,338.8 2,025.9
Net Revenue from Operations 8,971.7 7,964.2 6,336.1 5,134.1 4,278.7 3,426.5 2,827.0 2,324.3 1,958.8 1,698.8
Growth Rates (%) 12.7 25.7 23.4 20.0 24.9 21.2 21.6 18.7 15.3 10.5
Materials Cost 5,188.9 4,746.3 3,646.9 2,840.2 2,606.9 1,956.1 1,660.7 1,351.7 1,128.4 943.6
% to Net Revenue 57.8 59.6 57.6 55.3 60.9 57.1 58.7 58.2 57.6 55.5
Overheads 2,235.6 1,866.1 1,532.0 1,275.0 1,103.8 908.0 736.7 616.5 532.7 482.8
% to Net Revenue 24.9 23.4 24.2 24.8 25.8 26.5 26.1 26.5 27.2 28.4
Ten year
Operating Profit (EBITDA) 1,673.4 1,493.2 1,232.2 1,153.7 619.4 615.2 464.3 386.8 325.1 291.4
Finance Costs 30.6 30.8 15.4 13.8 10.4 8.3 6.9 3.8 2.8 5.3
Depreciation 127.0 99.5 94.5 60.7 57.2 43.8 45.4 45.5 47.6 48.0
Profit Before Tax and Exceptional item 1,515.9 1,362.9 1,122.3 1,079.2 551.8 563.2 412.0 337.5 274.7 238.1
% to Net Revenue 16.9 17.1 17.7 21.0 12.9 16.4 14.6 14.5 14.0 14.0
Growth Rates (%) 11.2 21.4 4.0 95.6 (2.0) 36.7 22.1 22.9 15.4 6.6
Exceptional item - - - 25.5 (5.9) - - (33.6) (4.2) (6.8)
Profit Before Tax and after Exceptional item 1,515.9 1,362.9 1,122.3 1,104.7 545.9 563.2 412.0 303.9 270.5 231.3
% to Net Revenue 16.9 17.1 17.7 21.5 12.8 16.4 14.6 13.1 13.8 13.6
Profit After Tax 1,050.0 958.4 775.2 774.5 362.4 375.2 272.0 186.8 173.5 147.8
Return on average capital employed (ROCE) (%) 54.0 59.3 62.1 78.2 51.3 60.5 52.9 49.7 44.0 41.2
Return on average net worth (RONW) (%) 38.1 42.9 43.9 58.4 35.8 44.9 39.8 31.3 31.4 29.3
CAPITAL ACCOUNT
Share Capital 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
Reserves and Surplus 2,926.3 2,391.9 1,879.4 1,461.3 998.6 832.6 648.2 526.4 476.3 435.6
Deferred Tax Liability (Net) 143.3 80.8 75.5 47.9 47.9 31.5 22.1 28.5 30.5 48.7
Borrowings 54.1 168.2 65.7 68.6 74.5 94.7 125.7 91.1 88.2 70.5
Fixed Assets 2,154 .4 1,611.9 1,096.9 1,088.2 711.8 539.2 346.5 324.7 319.5 344.4
Investments @ 872.5 913.8 1,034.8 703.7 234.8 422.9 334.4 274.6 258.4 242.5
Debt-Equity Ratio 0.02:1 0.07:1 0.03:1 0.04:1 0.07:1 0.09:1 0.17:1 0.15:1 0.15:1 0.13:1
Market Capitalisation 47,139 31,056 24,238 19,593 7,539 11,510 7,336 6,178 3,751 2,914
PER SHARE DATA
Earnings Per Share (`) 109.5 99.9 80.8 *80.7 * 37.8 39.1 28.4 * 19.5 * 18.1 * #15.4
Dividend (%) 460.0 400.0 320.0 270.0 175.0 170.0 130.0 125.0 95.0 **85.0
Book Value (`) 315.1 259.4 205.9 162.3 114.1 96.8 77.6 64.9 59.7 **55.4
OTHER INFORMATION
Number of Employees 5,236 4,937 4,640 4,382 4,260 3,924 3,868 3,681 3,550 3,356
Number of Shareholders 54,813 60,537 59,280 48,290 49,074 47,573 49,032 48,820 49,739 53,797
Review (Standalone)

* EPS calculated on Net Profit after exceptional item.

# EPS is calculated after adjusting for Bonus issue and the reduction of capital on account of merger of Pentasia Investments Limited in accordance with Accounting
Standard (AS 20) - Earnings Per Share.
** On increased capital.

Annual Report 2012-13

@ Includes Investments in Liquid Mutual Funds which is a part of Cash and Cash Equivalents.
^ Figures are grouped as per requirements of Revised Schedule VI to the Companies Act, 1956.

13
 (` in Crores except per share data and ratios)

14
RESULTS FOR THE FINANCIAL YEAR 2012-2013@ 2011-2012@ 2010-2011@ 2009-2010^ 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004
Revenue Account
Gross Revenue 12,488.1 10,778.0 8,610.8 7,314.5 6,229.8 5,075.9 4,259.9 3,510.0 2,951.5 2,572.9
Net Revenue from Operations 10,970.7 9,632.2 7,722.3 6,680.9 5,463.9 4,407.2 3,670.0 3,021.0 2,573.9 2,217.9
Growth Rates (%) 13.9 24.7 15.6 22.3 24.0 20.1 21.5 17.4 16.0 28.2
Materials Cost 6,438.5 5,795.3 4,474.6 3,758.0 3,370.6 2,577.6 2,199.4 1,792.1 1,502.6 1,246.3

Asian Paints Limited

% to Net Revenue 58.7 60.2 57.9 56.2 61.7 58.5 59.9 59.3 58.4 56.2
Overheads 2,800.4 2,328.2 1,919.6 1,695.6 1,425.5 1,170.6 989.9 838.3 736.6 674.2
Ten year
% to Net Revenue 25.5 24.2 24.9 25.4 26.1 26.6 27.0 27.7 28.6 30.4
Operating Profit (EBITDA) 1,846.5 1,616.2 1,396.1 1,367.9 718.8 718.6 518.0 422.7 367.0 323.7
Finance Costs 36.7 41.0 23.2 28.5 26.3 21.2 18.9 11.4 10.8 15.2
Depreciation 154.6 121.1 113.1 83.6 74.4 59.2 61.1 60.6 61.4 62.8
Profit Before Tax and Exceptional items 1,655.2 1,454.1 1,259.7 1,255.9 618.1 638.3 437.9 350.6 294.8 245.7
% to Net Revenue 15.1 15.1 16.3 18.8 11.3 14.5 11.9 11.6 11.5 11.1
Growth Rates (%) 13.8 15.4 0.3 103.2 (3.2) 45.8 24.9 18.9 20.0 7.8
Exceptional items - - - 1.2 (1.2) (6.8) (7.8) (7.6) (7.7) (7.8)
Profit Before Tax and after Exceptional items 1,655.2 1,454.1 1,259.7 1,257.0 616.9 631.4 430.2 343.0 287.1 237.9
% to Net Revenue 15.1 15.1 16.3 18.8 11.3 14.3 11.7 11.4 11.2 10.7
Profit After Tax (after Minority Interest) 1,113.9 988.7 843.2 835.6 397.8 409.2 281.0 212.1 174.1 144.9
Return on average capital employed (ROCE) (%) 50.3 54.3 58.9 74.4 46.5 56.3 45.9 42.2 40.6 38.0
Return on average net worth (RONW) (%) 36.3 40.1 43.3 57.4 36.4 46.5 39.5 35.0 31.7 28.8
Capital Account
Share Capital 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
Reserves and Surplus 3,288.4 2,652.6 2,091.5 1,614.1 1,107.3 886.5 681.9 550.3 471.3 433.6
Deferred Tax Liability (Net) 154.4 92.8 85.2 56.2 53.3 39.1 26.8 34.1 35.3 53.3
Borrowings 251.0 341.1 233.4 229.2 308.6 275.2 306.2 261.3 239.5 169.3
Fixed Assets 2,456.0 1,876.1 1,316.0 1,280.1 905.1 691.7 493.2 451.9 437.0 474.0
Investments $ 778.8 750.7 922.0 624.1 78.4 276.7 192.7 164.1 113.8 101.8
Debt-Equity Ratio 0.07:1 0.12 :1 0.11:1 0.13:1 0.26:1 0.28:1 0.39:1 0.4:1 0.42:1 0.32:1
Per Share Data
Earnings Per Share (EPS) (`) 116.1 103.1 87.9 *87.1 *41.5 *42.7 *29.3 *22.1 *18.1 *#15.1
Book Value (`) 352.8 286.5 228.0 178.3 125.4 102.4 81.1 67.4 59.1 **55.2
Review (Consolidated)

* EPS calculated on Net Profit after exceptional items.

# EPS is calculated after adjusting for bonus issue and the reduction of capital on account of merger of Pentasia Investments Limited.
**On increased Capital.
^ This period includes 15 months (1st January, 2009 to 31st March, 2010) of Overseas Subsidiaries.
@ Figures are grouped as per the requirements of revised Schedule VI under Companies Act, 1956.
$ Includes investments in Liquid Mutual Funds which is part of Cash and Cash equivalents.
Balance Sheet as at 31 st
March, 2013
(` in Crores)
Notes As at As at
31.03.2013 31.03.2012
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital 2 95.92 95.92
Reserves and Surplus 3 2,926.34 2,391.86
3,022.26 2,487.78
NON-CURRENT LIABILITIES
Long Term Borrowings 4 46.76 52.11
Deferred Tax Liability (Net) 5 143.33 80.75
Other Long Term Liabilities 6 0.50 3.62
Long Term Provisions 7 76.77 65.16
267.36 201.64
CURRENT LIABILITIES
Short Term Borrowings 8 - 110.51
Trade Payables 9 1,214.12 1,034.68
Other Current Liabilities 10 720.99 606.33
Short Term Provisions 7 423.55 355.07
2,358.66 2,106.59
Total 5,648.28 4,796.01
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets 11 A 2,074.91 987.79
Intangible Assets 11 B 26.98 21.25
Capital work-in-progress 52.55 602.84
2,154.44 1,611.88
Non-current Investments 12 359.70 279.22
Long Term Loans and Advances 13 92.88 180.52
CURRENT ASSETS
Current Investments 14 90.00 263.00
Inventories 15 1,480.79 1,264.42
Trade Receivables 16 633.88 500.24
Cash and Bank balances 17 566.86 500.97
Short Term Loans and Advances 13 164.08 100.50
Other Current Assets 18 105.65 95.26
3,041.26 2,724.39
Total 5,648.28 4,796.01
Significant Accounting Policies 1
Notes are an integral part of the financial statements
As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs

Bengaluru Mumbai Mumbai

9th May, 2013 9th May, 2013 9th May, 2013

42 Asian Paints Limited

Statement of Profit and Loss for the year ended 31 st
March, 2013
(` in Crores)
Year Year
Notes 2012-13 2011-12
(I) INCOME
Revenue from sale of goods and services (Net of discounts) 19A 9,990.04 8,708.30
Less: Exicse duty 1,068.91 783.60
Revenue from sale of goods and services 8,921.13 7,924.70
(Net of discounts and excise duty)
Other Operating Revenue 19B 50.57 39.46
Other Income 20 126.15 141.49
Total Revenue (I) 9,097.85 8,105.65
(II) EXPENSES
Cost of Materials Consumed 21A 5,125.48 4,722.74
Purchases of Stock-in-Trade 21B 199.56 138.67
Changes in inventories of finished goods, work in progress and 21C (136.17) (115.07)
stock-in-trade
Employee Benefits Expense 22 404.59 341.63
Other Expenses 23 1,830.97 1,524.44
Total (II) 7,424.43 6,612.41
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND 1,673.42 1,493.24
AMORTISATION (EBITDA) (I) -(II)
Depreciation and Amortisation Expense 11 126.98 99.49
Finance Costs 24 30.56 30.82
PROFIT BEFORE TAX 1,515.88 1,362.93
Less : Tax Expenses
Current Tax 406.03 402.76
Deferred Tax 5 62.59 4.16
(Excess) tax provision for earlier years (2.74) (2.38)
Total Tax Expenses 465.88 404.54
PROFIT AFTER TAX 1,050.00 958.39
Earnings per share (`) Basic and diluted 46 109.47 99.92
(Face value of ` 10 each)
Significant Accounting Policies 1
Notes are an integral part of the financial statements

As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs

Bengaluru Mumbai Mumbai

9th May, 2013 9th May, 2013 9th May, 2013

Annual Report 2012-13

43
Cash Flow Statement for the year ended 31st March, 2013
(` in Crores)

2012-13 2011-12
(A) Cash Flow From Operating Activities
Profit before prior period item, tax and after excceptional item 1,515.88 1,362.93
Adjustments for :
Depreciation/ Impairment 126.98 99.49
Interest income (4.99) (2.52)
Dividend income (32.92) (57.42)
Finance costs 30.56 30.82
Provision for doubtful debts and advances 0.98 (1.50)
Bad debts written off 0.71 2.96
Net unrealised foreign exchange (gain)/ loss (7.23) 6.20
Loss/(Profit) on Sale of long term investments (26.20) (32.46)
Loss/(Profit) on Sale of short term investments (1.02) (0.83)
Loss/(Profit) on Sale of assets (3.61) 0.10
Operating Profit before working capital changes 1,599.14 1,407.77
Adjustments for :
Trade Receivables (135.34) (191.40)
Other Receivables (53.38) (92.39)
Inventories (216.37) (231.18)
Trade and other payables 290.39 387.21
Cash generated from Operations 1,484.44 1,280.01
Income Tax paid (net of refund) (403.32) (399.53)
Net Cash generated from Operating Activities 1,081.12 880.48
(B) Cash Flow from Investing Activities
Purchase of Fixed Assets (585.49) (740.67)
Sale of Fixed Assets 4.83 0.47
Loans to subsidiaries (1.41) (0.05)
Repayment of loan - Subsidiaries 1.34 -
Purchase of long term Investments - others (185.38) (290.39)
Purchase of long term Investments - Subsidiaries - (15.00)
Purchase of long term Investments - Joint Venture (0.09) -
Sale of long term Investments 304.20 393.46
Net profit on sale of short term investments 1.02 0.83
Interest received 3.19 2.25
Dividend received 32.92 57.42
Net Cash used in Investing Activities (424.87) (591.68)

44 Asian Paints Limited

 (` in Crores)
2012-13 2011-12
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings 1.98 -
Proceeds from short term borrowings 8.27 109.68
Repayment of long term borrowings (5.59) (4.13)
Repayment of short term borrowings (118.78) (3.98)
Finance Costs Paid (31.44) (31.38)
Dividend and Dividend tax paid (444.79) (367.25)
Net Cash used in Financing Activities (590.35) (297.06)
(D) Net Increase/(Decrease) In Cash and Cash Equivalents 65.90 (8.26)
Cash and Cash Equivalents as at 1 April
st
500.97 509.01
Less: Effect of exchange (gain)/ loss on cash and cash - (0.22)
equivalents
Cash and Cash Equivalents as at 31st March 566.87 500.97

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.
(` in Crores)
As at As at
31.03.2013 31.03.2012
(b) Cash and Cash Equivalents comprises of :
Cash on hand 0.11 0.06
Balances with Bank:
- Current Accounts 4.29 27.05
- Cash Credit Account 32.19 0.22
- Cheques on hand 32.70 47.32
- Deposit with bank with maturity less than 3 months 68.90 50.00
- Unpaid dividend account* 5.86 4.74
Investment in liquid mutual funds 422.82 371.58
566.87 500.97
* The Company can utilise these balances only towards settlement of unclaimed dividend.

As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs

Bengaluru Mumbai Mumbai

9th May, 2013 9th May, 2013 9th May, 2013

Annual Report 2012-13

45
Consolidated Balance Sheet as at 31 st
March, 2013
(` in Crores)
Notes As at As at
31.03.2013 31.03.2012
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 2 95.92 95.92
Reserves and Surplus 3 3,288.37 2,652.58
3,384.29 2,748.50
Minority Interest 160.77 136.69
NON-CURRENT LIABILITIES
Long Term Borrowings 4 47.80 55.32
Deferred Tax Liability (Net) 5 156.73 94.56
Other Long Term Liabilities 6 9.39 13.47
Long Term Provisions 7 98.57 78.35
312.49 241.70
CURRENT LIABILITIES
Short Term Borrowings 8 189.86 280.00
Trade Payables 9 1,441.57 1,262.45
Other Current Liabilities 10 859.16 678.03
Short Term Provisions 7 440.82 366.55
2,931.41 2,587.03
Total 6,788.96 5,713.92
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets 11 A 2,365.68 1,233.98
Intangible Assets 11 B 31.06 25.05
Capital work-in-progress 59.21 617.08
2,455.95 1,876.11
Goodwill on Consolidation 44.23 41.52
Non-current Investments 12 150.12 69.72
Deferred Tax Assets (Net) 5 2.35 1.73
Long Term Loans and Advances 13 106.49 196.46
Other Non-Current Assets 14 23.32 21.71
CURRENT ASSETS
Current Investments 15 130.56 285.02
Inventories 16 1,830.29 1,598.89
Trade Receivables 17 980.88 781.25
Cash and Bank Balances 18 751.98 624.31
Short Term Loans and Advances 13 214.60 132.98
Other Current Assets 19 98.19 84.22
4,006.50 3,506.67
Total 6,788.96 5,713.92
Significant Accounting Policies 1
Notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs
Bengaluru Mumbai Mumbai
9th May, 2013 9th May, 2013 9th May, 2013

88 Asian Paints Limited

Consolidated Statement of Profit and Loss
for the year ended 31st March, 2013 (` in Crores)
Notes Year Year
2012-13 2011-12
(I) INCOME
Revenue from sale of goods and services (Net of discounts) 20A 12,033.94 10,438.10
Less: Excise duty 1,127.93 839.77
Revenue from sale of goods and services 10,906.01 9,598.33
(Net of discounts and excise duty)
Other Operating Revenue 20B 64.73 33.91
Other Income 21 114.52 107.41
TOTAL REVENUE (I) 11,085.26 9,739.65
(II) EXPENSES
Cost of Materials Consumed 22A 6,254.94 5,720.53
Purchases of Stock-in-Trade 22B 333.07 247.68
Changes in inventories of finished goods, work in progress and
stock-in-trade 22C (149.56) (172.95)
Employee Benefits Expense 23 623.56 525.97
Other Expenses 24 2,176.79 1,802.24
Total (II) 9,238.80 8,123.47
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND
1,846.46 1,616.18
AMORTISATION (EBITDA) (I) - (II)
Depreciation and Amortisation Expense 11 154.60 121.13
Finance Costs 25 36.65 40.97
PROFIT BEFORE TAX 1,655.21 1,454.08
Less : Tax Expenses
Current Tax 439.37 429.34
Deferred Tax 5 59.32 6.12
(Excess) tax provision for earlier years (3.00) (1.96)
Total Tax Expenses 495.69 433.50
PROFIT AFTER TAX 1,159.52 1,020.58
Minority Interest 45.64 31.85
Net Profit Attributable to shareholders 1,113.88 988.73
Earnings per share (`) Basic and diluted (Face value of ` 10 each) 32 116.13 103.08
Significant Accounting Policies 1
Notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs
Bengaluru Mumbai Mumbai
9th May, 2013 9th May, 2013 9th May, 2013

Annual Report 2012-13

89
Consolidated Cash Flow Statement
for the year ended 31st March, 2013 (` in Crores)

2012-13 2011-12
(A) Cash Flow From Operating Activities
Profit Before Tax 1,655.21 1,454.08
Adjustments for :
Depreciation/ Impairment 154.60 121.13
Loss/(Profit) on sale of long term investments (26.21) (32.48)
Loss/(Profit) on sale of short term investments (1.05) (0.84)
Loss/(Profit) on Sale of assets (4.21) (0.23)
Finance costs 36.65 40.97
Provision for doubtful debts and advances 3.66 (0.89)
Bad debts written off 7.18 4.74
Interest income (13.73) (6.45)
Dividend income (32.89) (41.57)
Effect of exchange rates on translation of operating cash flows 4.71 0.83
Operating Profit before working capital changes 1,783.92 1,539.29
Adjustments for :
Inventories * (246.88) (293.46)
Trade and Other Receivables * (299.32) (304.83)
Trade and Other Payables * 387.53 188.21
Cash generated from Operations 1,625.25 1,129.21
Income Tax paid (net of refund) (438.46) (429.58)
Net Cash generated from Operating Activities 1,186.79 699.63
(B) Cash Flow from Investing Activities
Purchase of fixed assets * (643.78) (546.35)
Sale of fixed assets 7.06 6.29
Purchase of investments (231.90) (290.39)
Sale of long term investments 329.23 397.09
Profit on sale of short term Investments 1.05 0.84
(Investments)/Maturity of bank deposits [having original maturity more than three months] 10.21 (0.29)
Interest received 10.90 6.25
Dividend received 32.89 41.58
Cash Paid for increase in the stake in subsidiary - (0.63)
Net Cash used in investing Activities (484.34) (385.61)
(C) Cash Flow from Financing Activities
Proceeds from long term borrowings 5.69 -
Repayment of long term borrowings (6.10) (11.95)
Proceeds from short term borrowings 27.35 108.86
Repayment of short term borrowings (128.50) -
Finance costs paid (37.09) (40.42)
Dividend and Dividend tax paid (including dividend paid to Minority) (462.05) (383.07)
Net Cash used in Financing Activities (600.70) (326.58)
* Net of Non Cash Items pursuant to Composite Scheme of Restructuring [Refer Note 28]

90 Asian Paints Limited

 (` in Crores)
2012-13 2011-12
(D) Net Increase/(Decrease) In Cash and Cash Equivalents 101.75 (12.56)

Cash and Cash Equivalents as at 31st March (Refer Note (b) below) 613.65 615.86

Effect of exchange gain/ (loss) on cash and cash equivalents 5.28 10.35

Net Change in Cash and Cash Equivalents pursuant to Composite Scheme of 30.85 -
Restructuring (Refer Note 28)
Cash and Cash Equivalents as at 31st March 751.53 613.65

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.
(` in Crores)
As at As at
31.03.2013 31.03.2012
(b) Cash and Cash Equivalents comprises of:

Cash on hand 0.52 1.98

Balances with Banks:

- Current Accounts 98.24 99.45

- Cash Credit Accounts 25.70 6.70

- Cheques on hand 33.79 47.33

- Deposits with Bank with maturity less than 3 months 89.26 57.48

- Unpaid dividend account@ 5.86 4.74

Investment in Liquid mutual funds and Government Securities 498.16 395.97

751.53 613.65
@ The Group can utilise these balances only towards settlement of unclaimed dividend.

As per our report of even date For and on behalf of the Board

For B S R & Associates For Shah & Co. Ashwin Choksi K.B.S. Anand Tarjani Vakil
Chartered Accountants Chartered Accountants Chairman Managing Director Chairperson of
FRN 116231W FRN 109430W & CEO Audit Committee

Natrajh Ramakrishna Ashish Shah Jayesh Merchant
Partner Partner CFO & Company Secretary,
Membership No: 032815 Membership No: 103750 President - Industrial JVs

Bengaluru Mumbai Mumbai

9th May, 2013 9th May, 2013 9th May, 2013

Annual Report 2012-13

91