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May 2011

Asian Paints (India) Ltd. (31-3-2010)

By Himanshu V. Kishnadwala Chartered Accountant
Reading Time 1 mins
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From Notes to Accounts:

20. Exceptional items:

(a) Exceptional item of current year includes Rs.5.77 crores being the write-back of provision for diminution in the value of investments in the Company’s wholly-owned subsidiary Asian Paints (International) Limited, Mauritius in consequent to the buyback of 41,00,000 shares at US$ 1 per share by Asian Paints (International) Limited.

(b) Exceptional item of current year includes Rs.19.69 crores being the reversal of provision made towards diminution in the value of investments in the Company’s wholly-owned subsidiary Asian Paints (International) Limited. Mauritius, based on management’s assessment of the fair value of its investments.

(c) Exceptional item of previous year consists of provision of Rs.5.90 crores towards diminution in the value of the Company’s long-term investment in its subsidiary Asian Paints (Bangladesh) Ltd. made through its whollyowned subsidiary Asian Paints (International) Ltd. based on the management’s assessment of the fair value of its investment. Deferred tax asset on the above provision was not recognised.

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