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					                                                                                               Regd off: Nerolac House, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013
KANSAI NEROLAC PAINTS LIMITED                                                                  E-Mail:    investor@nerolac.com
                                                                                               Web site: www.nerolac.com
                                                                                               Telephone: (022) 2493 4001 Fax: (022) 2497 3704
PAINTS                                                                               MNC       Tr agent: Sharepro Services, Satam Est., 3rd Flr., C. G. Rd., Chakala, Mumbai - 99
Chairman: J. J. Irani                                                            SEC: G. T. Govindarajan                                 AUD: A. F. Ferguson & Co.
Yr of Inc   B. Code       BL. Code      F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1920   500165            KNPL:IN       10           757.0          28.1            21.1         19.9          14.5        1.6          20,399.8              0.9         INE531A01016
SHAREHOLDING                                                       FX Transaction   (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :    0.0%               Exports (fob)          Rs m          42              (Rs)
Foreign collaborators      :   69.3%               Imports (cif)          Rs m       1,778
Indian inst/Mut Fund       :    5.7%               Fx inflow              Rs m          52       1200
FIIs/GDR                   :    4.7%               Fx outflow             Rs m       2,086                                                                    DAILY
Free float                 :   20.3%               Net fx                 Rs m      -2,034
Shareholders               :    9,310                                                                                                                         100 DMA

                           No. of months                    12            12            12        800
                             Year ending              31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
High                                    Rs                 960            911           730
Low                                     Rs                 634            476           325
Sales per share                         Rs               479.9          519.4         518.1       400
Earnings per share                      Rs                39.0           44.3          38.1
Cash flow per share                     Rs                52.4           59.9          52.3
Dividends per share                     Rs               11.50          12.00         12.00
Dividend yield (eoy)                    %                  1.4            1.7            2.3
                                                                                                       0
Book value per share                    Rs               191.9          222.2         246.0
Shares outstanding (eoy)                m                26.95          26.95         26.95            Aug-06          May-07           Feb-08               Nov-08            Aug-09
Bonus/Rights/Conversions                                      A              -             -
Price / Sales ratio                     x                   1.7            1.3           1.0                               No. of months                 12           12             12
Avg P/E ratio                           x                 20.4           15.6          13.9                                  Year ending           31/03/07     31/03/08       31/03/09
                                                                                                CASH FLOW
P/CF ratio (eoy)                        x                 15.2           11.6          10.1
Price / Book Value ratio                x                   4.2            3.1           2.1    From Operations                         Rs   m       1,057             1,415      2,029
Dividend payout                         %                 29.5           27.1          31.5     From Investments                        Rs   m        -511            -1,229     -1,187
Avg Mkt Cap                             Rs m            21,479         18,690        14,216     From Financial Activity                 Rs   m        -833               -64       -423
No. of employees                        `000                  2              2             2    Net Cashflow                            Rs   m        -287               122        419
Total wages/salary                      Rs m               699            797           767
Avg. sales/employee                     Rs Th          6,185.6        6,672.5       6,655.9                                       INTERIM RESULTS
Avg. wages/employee                     Rs Th            334.3          379.9         365.6                                           2QFY09  3QFY09                4QFY09      1QFY10
Avg. net profit/employee                Rs Th            503.1          569.6         489.0     Net sales                   Rs    m     3,906   3,166                 3,140       4,131
                                                                                                Gross profit                Rs    m       454      345                  338         599
INCOME DATA                                                                                     Gross profit margin         %            11.6     10.9                 10.8        14.5
Net Sales                               Rs     m        12,934        13,999        13,964      Net profit                  Rs    m       271      213                  201         423
Other income                            Rs     m           223           256           201      Net profit margin           %             6.9       6.7                  6.4       10.2
Total revenues                          Rs     m        13,157        14,255        14,165
Gross profit                            Rs     m         1,726         1,876         1,643                                        KEY DATA
Depreciation                            Rs     m           360           420           383      Parameters                      Unit         FY07                      FY08       FY09
Interest                                Rs     m             18            23            21     Paint capacity                  MT         158,700                   173,900    185,620
Profit before tax                       Rs     m         1,571         1,689         1,440      Avg realisation                 per MT     101,300                   106,167    105,377
Minority Interest                       Rs     m             15            12             2     Raw material costs              % of sales    54.9                      54.8       57.4
Prior Period Items                      Rs     m              0             0             0     Mafg., admin & selling expenses % of sales    15.0                      14.9       15.6
Extraordinary Inc (Exp)                 Rs     m              0             0             0     Capex                           Rs m           698                       557        618
Tax                                     Rs     m           534           506           416
                                                                                                                                       NOTES
Profit after tax                        Rs     m         1,052         1,195         1,026
Gross profit margin                     %                 13.3          13.4          11.8     Kansai Nerolac Limited is the second largest paint company in India with an
Effective tax rate                      %                 34.0          30.0          28.9     estimated market share of 20%. The company is the market leader as the OEM paint
                                                                                               supplier to the likes of Maruti, Mitsubishi and Tata Motors (60% share in automotive).
Net profit margin                       %                   8.1           8.5           7.3
                                                                                               To reduce the dependency on automotive paint, Kansai Nerolac has been making a
BALANCE SHEET DATA                                                                             concerted effort to increase contribution from the decorative paint market. The
                                                                                               industrial-decorative contribution of the company at the current juncture is at 50:50.
Current assets                          Rs m             4,847         5,176         4,981     Kansai Paints, the Japanese paint major, holds 69.27% stake in the company. India
Current liabilities                     Rs m             2,158         2,774         3,281     ranks among the top three international markets for Kansai Paints, apart from Japan
Net working cap to sales                %                 20.8          17.2          12.2     and the US.
Current ratio                           x                   2.2           1.9           1.5
Inventory Turnover                      Days                56            52            45     Kansai Nerolac saw a flat growth in sales during FY09 due to the global financial
Debtors Turnover                        Days                59            62            55     crisis, which also impacted the Indian economy. While the decorative business did
Net fixed assets                        Rs m             2,422         2,666         2,731     reasonably well, depressed demand was witnessed in the industrial business.
Share capital                           Rs m               269           269           269     Demand for automotive paints was also affected to a large extent due to the sharp
"Free" reserves                         Rs m             4,890         5,708         6,357     de-growth witnessed in the auto sector. The net profits, on account of sharp fall in
                                                                                               operating profits, saw a drop of 14% YoY.
Net worth                               Rs m             5,172         5,988         6,630
Long term debt                          Rs m             1,113           919           879     Going forward, in the long-term, while paint sales will track the GDP growth rate,
Total assets                            Rs m             8,684        10,045        10,741     margins are expected to improve as the company looks to focus more on decorative
Interest coverage                       x                 88.3          74.4          69.6     paints. This is assuming that crude prices do not harden. The access to multi-end
Debt to equity ratio                    x                   0.2           0.2           0.1    technology through Kansai Paints of Japan, the parent company is also a big positive
Sales to assets ratio                   x                   1.5           1.4           1.3    for Kansai Nerolac. However, with competition growing rapidly in the automotive
Return on assets                        %                 17.0          17.6          13.9     segment, auto manufacturers will look to protect their margins as a result of which
Return on equity                        %                 20.3          20.0          15.5     margins in the automotive paints segment will be on the lower side. Kansai Nerolac
Return on capital                       %                 25.5          25.0          19.5     would especially feel the heat given its strong presence in this segment.
Exports to sales                        %                   0.1           0.3           0.3
Imports to sales                        %                 12.8          13.7          12.7
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