Page 1 DECLARATION I, Muzamil Amin, hereby solemnly declare that the project report titled “Mapping Non- Dealers of Asian Paints & Formulating Strategies around them” has been submitted by me to Bangalore University in partial fulfilment of the requirements for the award of the Degree of Bachelors of Business Management. This project was undertaken as a part of academic curriculum according to the University rules and norms and it has no commercial interest and motive. It is my original work & is not submitted to any other organization for any other purpose. Place: Muzamil Amin Date: Reg. No.07VWC08052
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Page 1
DECLARATION
I, Muzamil Amin, hereby solemnly declare that the project report titled “Mapping Non-
Dealers of Asian Paints & Formulating Strategies around them” has been submitted by me to
Bangalore University in partial fulfilment of the requirements for the award of the Degree of
Bachelors of Business Management.
This project was undertaken as a part of academic curriculum according to the University
rules and norms and it has no commercial interest and motive. It is my original work & is not
submitted to any other organization for any other purpose.
Place: Muzamil Amin
Date: Reg. No.07VWC08052
Page 2
ACKNOWLEDGEMENT
It gives me immense pleasure to present this project report on “Mapping the Non-dealers in
Kashmir Valley & Formulating Strategies around them” in Asian Paints Ltd. in partial
fulfilment of the Degree of Bachelors of Business Management.
No work can be carried out without the help and guidance of various persons. I
am happy to take this opportunity to express my gratitude to those who have
been helpful to me in completing this project report.
At the outset I would like to thank Prof. Sudhir G. Aungur ,President, Alliance Business
Academy, Bangalore, Prof. Shilpa Chadichal, Head of Dept. & my guide at Asian Paints
Mr. Mohinder Pal Singh for their valuable advice and guidance during my project
completion.
I would be failing in my duty if I do not express my deep sense of gratitude to Prof. Krishna
K. Havaldar sir without his guidance it wouldn‟t have been possible for me to complete this
project work.
Lastly I would like to thank my parents, friends and well wishers who encouraged me to do
this research work and all those who contributed directly or indirectly in completing this
project to whom I am obligated to.
Page 3
TABLE OF CONTENTS
S.NO PARTICULARS PAGE NO.
EXECUTIVE SUMMARY
1 BACKGROUND OF THE STUDY (GENERAL
INTRODUCTION)
1.1 Introduction 9
1.2 Channel distribution 10
1.2.1 Introduction 10-11
1.2.2Glossary 12
2 INDUSTRIAL PROFILE
2.1 Industry origin and growth of paint industry 14-15
2.2 History of paint industry 16-18
2.3 Indian paint industry 19-24
2.4 Industry present & future trends 25
2.5 Leading players of the market 26
2.6 Market share of Indian paint industry 27-28
2.5.1 Asian paints 29-30
2.5.2 Kansai Nerolac 31-32
2.5.3 Berger 33-34
2.5.4 ICI India 35
2.5.5 Jenson & Nicholson 36
2.6 SWOT Analysis 37
3 COMPANY PROFILE
3.1 Introduction 39-40
3.2 Company history 41-44
3.3 Company products 45-60
3.4 Product and Market 61-71
4 RESEARCH METHODOLGY
4.1 Statement of the problem 73
4.2 Objectives of the study 73
4.3 Scope of the study 73
4.4 Source of data 73
4.5 Sampling design 74
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4.6 Limitations of the study 74
5 DATA ANALYSIS
5.1 Presentation and interpretation 76-89
6 FINDINGS,RECOMMENDATION AND CONCLUDING REMARKS
6.1 Summary of Findings 90
6.2 Recommendations 91
6.3 Concluding remarks 92
BIBILOGRAPHY 94-95
ANNEXURE 97-99
Page 5
List of Tables
S.NO. PARTICULARS PAGE
NO.
1 Table showing dealers dealing in main brands 76
2 Table showing reasons for dealing in main brands 77
3 Table showing fast moving Brands of paints 78
4 Table showing whether company’s advertisement is boosting
the brand image to increase its sales
80
5 Table showing the need of advertisement for selling the product 81
6 Table showing advertising media preferred for sale 82
7 Table showing company’s contribution in selling out the
product
83
8 Table showing scope for change in Asian paints to improve
sales
85
9 Table showing average rating of companies 86
10 Table showing whether Asian paints is better than other
companies
87
11 Table showing reasons behind bad performance of Asian paints 88
Page 6
Table of Figures
S.NO. PARTICULARS PAGE
NO.
1 Figure showing market share of paint manufacturers in India 26
2 Graph showing dealers dealing in main brands 76
3 Graph showing reasons for dealing in main brands 77
4 Graph showing fast moving Brands of paints 78
5 Graph showing whether company’s advertisement is boosting the
brand image to increase its sales
80
6 Graph showing the need of advertisement for selling the product 81
7 Graph showing advertising media preferred for sale 82
8 Graph showing company’s contribution in selling out the product 83
9 Graph showing scope for change in Asian paints to improve sales 85
10 Graph showing average rating of companies 86
11 Graph showing whether Asian paints is better than other
companies
87
12 Graph showing reasons behind bad performance of Asian Paints 88
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EXECUTIVE SUMMARY
The purpose of conducting this study was to explore the reasons responsible for low market
shares of Asian Paints in Kashmir Valley & formulate strategies that would help arrest the
decline. The report includes the perceptions of the non-dealers of Asian Paints.
The main focus of collecting the attached primary data has been to determine the capabilities
of the company & the avenues to be exploited wisely.
The study was conducted to find out the reason behind the low market share of Asian Paints
in Kashmir Valley. Along with this, the other objective of the study was to understand the
dealers‟ perception about different paints manufacturers.
At the completion of the research it was found that low dealer margin & customer preference
were the two big reasons due to which Asian Paints is currently having low market share in
Kashmir Valley. Hence, the company should master the art of attracting its dealers by
offering them extra incentives & also make the customers aware of its quality products.
Last but never the least, this study has enriched my knowledge & also given the practical
exposure which will be beneficial, especially in days to come.
The paint industries play an important role in providing protective attributes to the walls,
enhancing the aesthetic appeal and durability of the décor, & enlivening the house interiors.
Decorative paints have been much in demand, as every individual has known the value of it.
Decorative paints are air-drying paints like distempers, oil-paints, plastic emulsions and
enamels etc.., which are used for the exteriors as well as the interiors of buildings.
The industry is currently suffering from a host of problems like raw materials shortage, high
and increasing cost of raw materials, competition from the unorganised sector and the high
tax incidence due to the perception that it is a luxury item.
Page 8
Background of the Study (General
Introduction)
CHAPTER 1
Page 9
CHAPTER-1
INTRODUCTION
The study on “Mapping the Non-Dealers in Kashmir Valley & Formulating Strategies around
them” was undertaken by me out of my keen interest & curiosity to find out the possible
reasons which influence the dealers. Market is a very dynamic place. A small change in the
system can bring big revolution. Asian Paints is the leader in the paint industry in Asia but
has low market share in Kashmir Valley. This was why I chose to take up this topic for the
research.
As a management student I have tried to analyse the probable pot holes. I have met the non-
dealers & got the questionnaire filled. During my interaction with them I had to face many
problems such as lack of knowledge about the market, time constraint etc.
Dealers influence their retailers as well as customers to a very large extent. I hope the
findings & suggestions of this report will be beneficial for the company to implement the
strategies in Kashmir Valley.
There has been a significant growth in the last two decades in Kashmir Valley.
Production nearly trebled during this time. While factors like growing middle class with
raising disposable incomes, the resurgence of the housing infrastructure sectors revival, all
paint a colour full picture for the industry.
Yet the reduction in paint prices will go long way in changing the sector fortunes.
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CHANNELS OF DISTRIBUTION
INTRODUCTION
Distribution of products constitutes an important element of marketing mix of a firm.
After development of the product, the entrepreneur has to decide channels or routes through
which the product will flow from the factory to the potential customers. He has a number of
alternatives available to him. The entrepreneur may choose to distribute the product directly
to customers without using any intermediaries. Alternatively, he may use one or more
middlemen including wholesalers, selling agents, and retailers.
Big firms have their zonal or regional authorized agents or dealers spread over the entire
country. The dealers, in turn, work with distributors and retailers. On the other hand, small
firms cannot afford to have zonal offices, but are devising their own ways of doing business.
They also receive regular orders for goods. Entry may be difficult for the small firms.
It has been observed that many authorized dealers of known brands also stock other unknown
or new brands of goods. They also insist on the customer buying the lesser known brand
because of higher margin of profit. The small entrepreneur, with fewer overheads and low
labour costs along with better planning and management, may be able to earn good profits.
A brief explanation of different channels of distribution is given below:
1. Manufacturer _ Customer: This is also known as direct selling because no middlemen are
involved. A producer may sell directly through his own retail stores, for example, Bata. This
is the simplest and the shortest channel. It is fast and economical.
Small producers and producers of perishable commodities also sell directly to the local
consumers. Big firms adopt direct selling in order to cut distribution cost and because they
have sufficient facilities to sell directly to the consumers. The producer or the entrepreneur
himself performs all the marketing activities.
2. Manufacturer _ Retailer _ Customer: This is one stage distribution channel having one
middleman, i.e., retailer. In this channel, the producer sells to big retailers like departmental
stores and chain stores who in turn sell to customer. This channel is very popular in the
distribution of consumer durables such as refrigerators, T V sets, washing machines,
typewriters, etc. This channel of distribution is very popular these days because of emergence
of departmental stores, super markets and other big retail stores. The retailers purchase in
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large quantities from the producer and perform certain marketing activities in order to sell the
product to the ultimate consumers.
3. Manufacturer _ Wholesaler _ Retailer _ Customer: This is the traditional channel of
distribution. There are two middlemen in this channel of distribution, namely, wholesaler and
retailer. This channel is most suitable for the products with widely scattered market. It is used
in the distribution of consumer products like groceries, drugs, cosmetics, etc. It is quite
suitable for small scale producers whose product line is narrow and who require the expert
services and promotional support of wholesalers.
CHOICE OF CHANNEL OF DISTRIBUTION
While selecting a distribution channel, the entrepreneur should compare the costs, sales
volume and profits expected from alternative channels of distribution. In order to select the
right channel for distributing his product.
After deciding the number of middlemen, an entrepreneur has to select the particular dealers
through whom he will distribute his products. While selecting a particular wholesaler or
retailer, the following factors should be taken into consideration:
a. Location of dealer‟s business premises;
b. Financial position and credit standing of the dealer;
c. Knowledge and experience of the dealer;
d. Storage and showroom facilities of the dealer;
e. Ability of the dealer to secure adequate business and to cover the market;
f. Capacity of the dealer to provide aftersale service;
g. General reputation of the dealer and his sales force;
h. Willingness of the dealer to handle the entrepreneur‟s products;
i. Degree of co-operation and promotion service he is willing to provide;
j. Nature of other products, if any handled by the dealer.
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GLOSSARY.
1. Wholesaling: All activities involved in selling goods or services to those buying for resale
or business use.
2. Retailing: All activities involved in selling goods or services directly to final consumer.
3. Zero Stage Channel: When goods are supplied directly by producer to consumer without
any intermediaries.
4. Specialty Store: A retail store that carries a narrow production line with a deep assortment
within that line.
Page 13
INDUSTRIAL PROFILE
CHAPTER 2
Page 14
Chapter 2
Industrial profile: Paint Industry
Industry origin and growth:-
The earliest paint factory in India dates back to 1902, when Shalimar Paints, Colour &
Varnish Company, A Pinchin Johnson unit, was established at Calcutta. Growing
industrialization, expansion of the railways and introduction of electric power a couple of
years earlier had all kept business confidence soaring high. However, this did not provide a
ready and expanding market for the nascent paint industry then. Imports from Britain
continued to swarm the market and raw materials were not easy to come by. The industry still
consisting of one lone unit went through a rather prolonged period of infancy, till the World
War II brought in dramatic opportunities. With the stoppage of imports owing to war
conditions, the domestic market at last became almost the exclusive reserve of the domestic
industry. European manufacturers, hitherto exporting to India, readily saw the advantages of
setting up manufacturing facilities here. The period between the wars thus saw the greatest
ever influx of foreign paint companies into India- Goodlass Wall (1918), Elphant Oil Mills
(1917) in Bombay, and British Paints, Jenson & Nicholson and Macfarlances in Calcutta.
Macfarlanes was brought over by the Poddars and became a completely Indian company,
while the other three: Shalimar Paints (Pinchin Johnson), British Paints and Jenson Nicholson
continued as British operated units.
While talking about the post independent development of the Paint industry in India,
mention must be made of Asian Paints, a completely Indian unit which started on a very
small scale, grew so big and so beyond recognition over the years that it is today not only the
largest unit in India but way ahead of the second largest, Kansai (Goodlass) Nerolac Paints
Ltd., formerly a unit of Goodlass Wall (UK).
Besides Asian Paints, numerous factories, wholly Indian in ownership and with rare
exceptions in technology as well were set up in Calcutta, Kanpur and Bombay. The British
units, though a few in number, were technically strong and financially sound and, with the
active support and patronage of the Government, controlled a vastly higher share of the
Page 15
market. The post independence period witnessed a steady growth in the paint industry. From
a mere Rs.200 million turnover in 1950, the paint industry crossed the Rs.14000 million mark
in 1990-91.
But even in this period, paints were considered a luxury item. Only people with high incomes
were expected to decorate their houses with the use of paints. Paints, as a protective element,
were totally unheard of. The industrial segment, which was traditionally a low user of paints,
vis-à-vis its counterparts in the decorative segment, too contributed to this notion. In line with
this misconceived notion, the government drastically increased duties on paints in the early
nineties with an aim to bolster exchequer revenues. The result was obvious. This inevitably
brought about a downturn in the fortunes of the industry. The products, which are highly
price elastic, saw a negative growth rate of 20 % in 1991-92. The next year was also not
good, registering a growth of only 2%, bringing it back to the 1990-91 level, thus
corroborating the fact that the industry needed lower excise levels to grow. The industrial
slowdown during that periodalso did not help matters. In line with the liberalized policies and
the realization that paints are not necessarily a luxury item, duties were progressively reduced
from 1993-94.
This squared growth as most companies passed on duty reductions. Further, the entry of
world majors in the automobile and white goods market in India since 1993 helped the
market to expand. Demand for auto paints shot up suddenly. Form a modest 8% growth rate
in 1993-94, paint demand touched 12% in 1995-96.
Rapid industrialization and improvements in the infrastructure such as transport, energy and
communication during the last decade gave a further fillip to the growth of the paint industry.
Aided by Government‟s liberal policy of technology import, the automotive and consumer
durable segments expanded phenomenally, with a flurry of foreign collaboration. Increased
demand for decorative, protective and functional coatings was a natural fall out, which
brought, in its stride, a host of indigenous developments as well as the injection of new
technology.
Page 16
History:-
Paint has been used by mankind since its origin. The evidence can be found in the cave
paintings. The Chinese are considered to be the pioneers of manufacturing paints thousands
of years ago. In modern times paint is made artificially and is used in many different ways.
There are three basic things required to make paint. You need a · Pigment to get the exact
color you want· Binder to hold the paint together · Thinner so that it can be applied
easily.
Types of Paints There are different types of paints available today. Till the 19th century the
word paint was used to describe oil-bound types only. The paints bound with glue were called
distemper. For farmhouses and cottages an alternative was found and was called lime wash or
color wash.
Different things need different paints. The interior of the house is painted by different type of
paint than the exterior of the house. Automobiles use different type of paint. The industrial
paint is different than marine paint. Now colors are made by using different ingredients for
specific surfaces.
For example enamel paint, when dries it becomes especially hard and usually has glossy
finish. The term enamel paint today means hard surfaced paint and usually it is used in
reference to paint floor coatings of a gloss finish or spray paints. It can be used for concrete,
stairs, porches and patios. Fast dry enamel is ideal for refrigerators, counters and other
industrial finishes. High-temp enamel may be used for engines, brakes and exhaust. Enamel
is also used on wood to make it water resistant.
Page 17
Government rules and regulations
Govt take steps to resolve paint industry crisis December 11, 2008 (India)
Government has announced several relief measures to support the paint industry from time to
time, which has been representing that paint exports have been affected by the global
recession. Steps taken by Government to help and improve paint industry include the
following:
(i) The Technology Up gradation Fund Scheme (TUFS) was launched to facilitate the
modernisation and up gradation of the paint industry both in the organised and unorganized
sector. The Scheme has been further fine tuned to promote the rapid investments in the
targeted sub-sectors of the paint industry. The cost of machinery has been further brought
down by reducing the customs duty on imports.
(ii) To provide the paint industry with world-class facilities for setting up their paints units,
meeting international environmental and social standards, a Public-Private Partnership (PPP)
based Scheme known as the “Scheme for Integrated paint (SIP)” has been introduced in
August 2005.
(iii) In 2004-05 Budget, the entire paint sector, except for man-made and filament yarn was
provided optional exemption from excise duty. In 2005-06 Budget, Central Value-added Tax
(CENVAT) on Polyester Filament Yarn has been reduced from 24% to 16%. These
modifications in fiscal levies aim at attracting more investments for modernization of textile
sector.
(iv) To facilitate import of state of the art machinery to make our products internationally
competitive in post quota regime, in 2005-06 Budget, the customs duty paint machinery has
been brought down to 10% except for 23 machinery appearing in List 49, which attracts
Basic Customs Duty (BCD) of 15%. The concessional duty of 5% continues to be at 5% on
most of the machinery items.
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(v) Government has launched the Debt Restructuring Scheme w.e.f. Sept., 2003 with the
principal objective to permit banks to lend to the paint sector at 8-9% rate of interest. (vi)
Government has allowed 100% Foreign Direct Investment in the paint sector under automatic
route.
(vii) Government has de-reserved the readymade garments, hosiery and knitwear from SSI
sector so that large-scale investments may be encouraged in these sectors.
(viii) National Institute of Fashion Technology (NIFT) has been set up to provide the
leadership role in sensitizing the Industry to the concept of value addition by inducting
trained professionals to manage the industry. This has resulted in an increased demand for
trained professionals in various sectors servicing the industry.
(ix) A series of relief measures to paint exporters such as enhanced DEPB & Duty drawback
rates, reduced ECGC premium, subvention on credit rates, refund of service tax paid by
exporters on various services etc.;
(x) Apparel Export Promotion Council (AEPC) has established Apparel Training Design
Centres (ATDCs) throughout the country to cope with the requirement of skilled / semi-
skilled manpower for the paint industry.
This information was given by the Minister of State for Textiles, Shri E.V.K.S. Elangovan in
a written reply in the Rajya Sabha yesterday.
Page 19
The size of the paints market in India is estimated at Rs 114 billion, with the contribution of
the organised and unorganised segments in the ratio of 65:35. Reduction of excise duties over
the last few years, from 40% to the present level of 14%, has helped create a level playing
field between the unorganised and the organised segments, as the former is not subject to
excise duty. As the unorganised sector loses its competitive edge, it is also losing market
share to the organised sector players.
In view of the low per capita annual consumption of paints in India (0.5 kg, compared to 4 kg
in South East Asian countries, 22 kg in developed countries and a global average of 15 kg),
the domestic paints industry has tremendous potential.
The paints industry is working-capital intensive, rather than fixed-asset intensive. As in
consumer non-durables, distribution strengths and brand building are of paramount
importance.
The Indian paint industry witnessed robust growth in turnover on the back of increased
volumes during the festival season. Both decorative and industrial segments performed well
during the quarter. Moreover, the margins received a boost with the domestic currency
continuing to rise against the greenback, causing a substantial reduction in cost of imported
inputs. This in turn induced some of the players in the industry to reduce the prices of select
products to pass on the benefit to the customers. Further, players are going in for capacity
expansions to reap the benefits of the rising demand for paints.
Segments:
On product lines, paints can be differentiated into decorative or architectural paints and
industrial paints. While the former caters to the housing sector, the automotive segment is a
major consumer of the latter. Decorative paints can further be classified into premium,
medium and distemper segments. Premium decorative paints are acrylic emulsions used
mostly in the metros. The medium range consists of enamels, popular in smaller cities and
towns. Distempers are economy products demanded in the suburban and rural markets.
Nearly 20 % of all decorative paints sold in India are distempers and it is here that the
unorganised sector has dominance. Industrial paints include powder coatings, high
performance coating and automotive and marine paints. But two-thirds of the industrial paints
produced in the country are automotive paints.
Page 20
Decorative and industrial paints are the segments within the sector, in a 70:30 proportion.
Brand equity, a wide range of shades, distribution strength and efficient working capital
management are key success factors in the decorative paints segment. A strong distribution
network acts as an entry barrier .Within the decorative segment, enamel is the largest sub-
segment, accounting for over 50%, followed by wall finishes, primers and wood finishes. The
season for decorative paints is from October to March, a period characterised by festivals like
Diwali, and the summer, when painting is normally carried out.
The industrial segment pertains mainly to automobiles. In this segment, technological
competence, product range and customised solutions are of utmost importance. Technological
strength is another entry barrier. The slowdown in the automobile sector has affected the
overall growth of the industrial segment, as the former contributes around 50% of the latter's
revenues.
Other sub-segments are marine paints, powder coatings for white goods like refrigerators and
washing machines, and industrial coatings. Within the paints sector, the proportion of the
industrial paints segment is likely to increase in the next few years and the ratio is likely to
become 50:50.
The demand for decorative paints is highly price-sensitive and also cyclical. Monsoon is a
slack season while the peak business period is Diwali festival time, when most people repaint
their houses. The industrial paints segment, on the other hand, is a high volume-low margin
business. In the decorative segment, it is the distribution network that counts while in the
industrial segment the deciding factor are technological superiority and tie-up with
automobile manufacturers for assured business.
The share of industrial paints in the total paint consumption of the nation is very low
compared to global standards. It accounts for 30 per cent of the paint market with 70 per cent
of paints sold in India for decorative purposes. In most developed countries, the ratio of
decorative paints vis-Ã -vis industrial paints is around 50:50. But, with the decorative
segment bottoming out, companies are increasingly focussing on industrial paints. The future
for industrial paints is bright. In the next few years, its share would go up to 50 per cent, in
line with the global trend.
Decorative Sector Composition ( approximately):
Enamels 50%
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Distemper 19%
Emulsions 17%
Exterior Coatings 12%
Wood Finishes 2%
Decorative Sector Features
Enamels Steady growth. These are oil based paints which are widely used for painting on all
surfaces including walls, wood and metals. They also find application in painting of
hoardings and signboards and repainting of commercial vehicles.
Emulsions Shift from distemper and enamels to emulsions. These are premium quality oil
based wall paints and have scope for high growth.
Distempers High growth in low priced low quality distempers as consumers are upgrading
from limewash. These are water based wall paints priced at a much lower range than the
above two.
Exteriors Exterior emulsion fastest growing segment in the Indian Paint market:
Industrial Sector Composition ( approximately):
Automotive Paints - 50%
High Performance Coating - 30%
Powder Coating - 10%
Coil Coating - 5%
Marine Paints - 5%
Automotive Sector
High growth sector with a number of new entrants like Mercedes Benz, Mitsubishi, Daewoo,
Hyundai, Honda, Fiat, General Motors, Ford. However, recently there is some slackness in
Auto demands. Two wheeler market is booming due to demand from large Indian middle
class. Goodlass and Asian Paints are the leading OEM players and ICI is the leading player in
the replacement market.
Powder Coatings:
Increase growth is due to increased sales of white goods and auto ancillaries. Berger and
Goodlass lead in this solid powder coating segment used for decoration and protection of
white goods, electronic equipment and auto components.
High Performance Coatings:
Page 22
Steady growth is seen due to increase investments in refinery segment and power sectors,
particularly Thermal and Nuclear.
Coil Coatings:
They are solvent based paints for sheets and coils. ICI and Asian Paints lead this segment.
Marine:
Shalimar and Bombay Paints are the major players in these anti-corrosive, underwater paints
used for ships and containers.
Chemicals:
These high performance paints are used in fertilisers, petrochemicals etc. for prevention of
corrosion.
APIL dominates the decorative segment with a 38 per cent market share. The company has
more than 15,000 retail outlets and its brands Tractor, Apcolite, Utsav, Apex and Ace are
entrenched in the market. GNPL, the number-two in the decorative segment, with a 14 per
cent market share too, has now increased its distribution network to 10,700 outlets to compete
with APIL effectively. Berger and ICI have 9 per cent and 8 per cent shares respectively in
this segment followed by J&N and Shalimar with 1 and 6 per cent shares.
GNPL dominates the industrial paints segment with 41 per cent market share. It has a lion's
share of 70 per cent in the OEM passenger car segment, 40 per cent share of two wheeler
OEM market and 20 per cent of commercial vehicle OEM market. It supplies 70 per cent of
the paint requirement of Maruti, India's largest passenger car manufacturer, besides supplying
to other customers like Telco, Toyota, Hindustan Motors, Hero Honda, TVS-Suzuki,
Mahindra & Mahindra, Ashok Leyland, Ford India, PAL Peugeot and Bajaj Auto. GNPL also
controls 20 per cent of the consumer durables segment with clients like Whirlpool and Godrej
GE. The company is also venturing into new areas like painting of plastic, coil coatings and
cans. APIL, the leader in decorative paints, ranks a poor second after Goodlass Nerolac in the
industrial segment with a 15 per cent market share. But with its joint venture Asian-PPG
Industries, the company is aggressively targeting the automobile sector. It has now emerged
as a 100 per cent OEM supplier to Daewoo, Hyundai, Ford and General Motors and is all set
to ride on the automobile boom. Berger and ICI are the other players in the sector with 10 per
cent and 9 per cent shares respectively. Shalimar too, has an 8 per cent share.
Page 23
Raw Material scenario:
The paint industry is raw material-intensive, in terms of value and quantity of raw materials
used. Raw material costs account for around 70% of total production costs. Imports constitute
around 30% of the raw material requirements. The most critical raw materials used are
titanium dioxide (TD) (rutile and anatase grades), phthalic anhydride (PAN) and
pentaerithrithol (PENTA). Some other raw materials like castor oil, soyabean oil, linseed oil
and mineral turpentine are also used. Increasing prices of raw materials, on the one hand, and
the inability to pass on the price increases from recession and competitive pressure, on the
other, are major areas of concern. Of the 300 raw materials (30% petro-based derivatives),
nearly half of them are imported petroleum products. Thus, any deficit in global oil reserves
affects the bottom-line of the players.
The Indian paint industry has come a long way from the days when paints were considered
high, a development that should be a huge boost to the paint industry. The Indian paints
industry offers lucrative scope for stable revenue stream to manufacturers of both decorative
and industrial paints. India stays a favourable proposition because of some crucial
parameters. Factors that have been given emphasis include the low per capita consumption of
paints (1.0 kilogram), growth in construction sector (it is being offered industry status) and
growth in the auto/white goods market respectively spurring demand for decorative and
industrial paints. The industry has also witnessed increased activity in the industrial variety of
paints with the entry of MNCs in auto, consumer durables etc, which has been gaining
steadily over decorative paints in the last one decade.
The typical characteristics of the Indian paints industry have been discussed following
covering the typical
features of the Indian industry viz., raw material intensiveness, working capital
intensiveness, seasonality of demand, price elasticity of demand and low entry barriers.
The current global scenario with reference to the paint industry has been covered in the report
with special focus on auto-coats market, which is a key growth area in the International
market.
The current scenario prevailing in the Indian paint industry has been pictured in detail. The
share of the organized and unorganized sector has been dealt with in detail, discussing the
impact of recent issues and trends (like excise duty rationalizations, quality consciousness in
Page 24
user segments) on the industry dynamics. The demand-supply scenario existing in the
industry has been covered, detailing paint production trends in India, consumption across user
segments, the trends in the exports and imports front and factors influencing pricing. Raw
material is a major cost-driver in the paint industry, and thus the report provides
comprehensive coverage on duty structure applicable for raw materials. The organized sector
has been given an in-depth focus detailing major players, their forte, market shares of majors
across product mixes and price categories.
Industry present & future trends:-
The Indian paint and coatings industry is riding high on the growth in the Indian automobile
industry, new construction in the housing segment and improving infrastructure throughout
the country. Thirty percent of the paint business is comprised of new construction projects.
GDP growth projections of six to 6.5% in the current year mean a growth of nine to ten
percent in Indian paint business. The growth will be 12-13% in the industrial segment and
eight to nine percent for decorative paint. The Indian automobile industry has been
performing remarkably well and will benefit the market leader in the segment, Goodlass
Nerolac.
As for the future, the industry has predicted a CAGR of eight to nine percent for the next five
years compared to last year‟s growth levels of 27.4% for cars and 8.9% for two wheelers. The
Indian housing industry is likely to do well in the current year as well, recording a growth
rate of 35% last year. As a result of the overall health of India‟s economy, it is safe to predict
a nine to ten percent growth rate for the Indian paint industry in the next five years.
Consumers can look forward to new product launches, some for application in special areas.
Companies will be increasing the value added services available to customers by offering a
variety of finishes through specialized and trained applicators. There will be more options
like ranges of colors/finishes for wood applications through the tinting machines.
Additionally, the trend towards water-based coatings is likely to set in both for industrial and
decorative applications. While India has not yet embraced the DIY concept as cheap labor is
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still available, exclusive retail chain stores sponsored and run by Indian paint companies will
become a reality.
The Indian paint industry has progressed well and moving ahead is likely to be influenced by
several factos including new technologies, new innovative products, new associations,
consolidation of industry and poor performers getting out of the market. Ultimately, in the
years ahead there will be only four or five key players operating in the Indian paint market.
Leaders in the Industry
The Indian Paint Industry
In India, Indian Paint industry‟s total market size is US$1400 million. The organized sector
of the industry is 55%. The 45% unorganized sector has about 2500 units. The big players
and their market share-value of the organized sector are
Asian Paints 37%
Goodlass Nerolac 15.9%
Berger Paints 13.8%
ICI 11%
Jenson & Nicholson 5.7%
Shalimar 4%
Others 12%
The market segment is divided into two sectors.
Architectural 70%
Industrial 30%
The total volume of the market is 600,000 MT.
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MARKET SHARE
The overall organized sector market share is shown in the following graph. Asian Paints leads
with a market share of 37 per cent; Goodlass Nerolac has 16 per cent while Berger Paints has
14 per cent share.
FIGURE 2.1
The leader in the high volume medium and mass segments of decorative paints, Asian Paints
has been consolidating its market leadership over the last six years and now has the biggest
slice of 37 per cent of the market for decorative paints in the organized sector as shown in on
the next page. Trailing behind are Goodlass Nerolac and Berger Paints with market shares of
13 per cent and 11 per cent respectively. Other major players from the organized sector
include Jenson & Nicholson with a low 6 per cent and ICI with 8 per cent. With the exception
Asian Paints,
37%
Goodlass
Nerolac, 15.9%
Berger paints,
13.8%
ICI, 11%
Jenson and
Nicholson, 5.7%
Shalimar, 4%
Others, 12%
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of Asian Paints, the market shares of most of the major players have been stagnating over the
last few years. This was primarily due to extensive focus on urban markets and neglecting the
high-potential semi urban and rural markets.
On the other hand, one of the earliest entrants to take a lead, Goodlass Nerolac
dominates the market for industrial paints with an impressive share of 43 per cent of the
market as shown in the following graph. Though other players trail behind Goodlass Nerolac
by a wide margin, competition in industrial paints is increasing. While Asian Paints and
Berger have a market share of 14 per cent each, ICI‟s share is lower at 8 per cent
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I. ASIAN PAINTS:-
Asian Paints is India's largest paint company and the third largest paint company in Asia
today, with a turnover of Rs 30.2 billion (around USD 680 million). The company has an
enviable reputation in the corporate world for professionalism, fast track growth, and building
shareholder equity. Asian Paints operates in 21 countries and has 29 paint manufacturing
facilities in the world servicing consumers in over 65 countries.
Asian Paints is a great marketing success in a branded consumer product business. The
company succeeded where others failed in three areas:
First, it understood the requirements of the Indian paints market better than the MNCs which
did not bother to respond to local consumer needs. It was the first to introduce small pack
sizes, a variety of shades and a wide range of paint types (enamels, distempers, emulsions) to
suit different pockets.
Thus, in the sixties, the company came out with plaster distemper, Tractor, to suit the needs
of the mass market for a product that was much cheaper than costly emulsions but much
better than the widely used whitewash and crude powder distempers. This opened up a huge
market and today distemper accounts for 25% of the decoratives market in volumes and 15%
in value. And as recently as in 1992, the company introduced a synthetic distemper, branded
Utsav, aimed at the same rural and low income urban markets.
Secondly, in the highly competitive market emulsions segment, the company introduced as
many as 151 shades in its Apcolite range when the competition was offering a maximum of
40 odd shades. The strategy paid off and Asian Paints today commands a 40% share in this
segment. It set up an extensive national distribution network to tap demand in smaller towns.
Today it has direct dealers in 3,200 towns and 10,000 stockists. Investments were also made
in computer technology to ensure up-to-date information interface between the marketing and
production sides of the business.
And finally, the company has displayed considerable savvy in its advertising campaigns,
dealer relations, point of sale publicity and product demonstrations to consolidate and expand
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markets. In fact, the company has played a pioneering role in expanding the Indian paints
market by identifying high demand potential areas and then tapping them to maximum
effect.
This ratio is defined as profit after tax divided by the shareholders fund. It measures the
profitability of the funds invested in the firm. It is regarded as a very important measure
because it reflects the productivity of the risk capital employed in the firm.
This ratio measures sales per rupee of Investment in fixed assets. It measures the
efficiency with which the Fixed Assets are employed- a high ratio indicates a high degree of
efficiency in asset utilization and a low ratio indicates inefficient use of assets. It can be seen
form the graph that this ratio is increasing for Asian Paints indicating good asset
management.
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II. KANSAI NEROLAC (GOODLASS NEROLAC):-
It was established in 1920 as Gahagan Paints and Varnish Co. Ltd. at Bombay. In
1930, three British companies merged to formulate Lead Industries Group Ltd. In 1933, Lead
Industries Group Ltd. acquired entire share capital of Gahagan Paints in 1933 and thus,
Goodlass Wall (India) Ltd. was born.
Subsequently, by 1946, Goodlass Wall (India) Ltd. was known as Goodlass Wall Pvt.
Ltd. In 1957, Goodlass Wall Pvt. Ltd. grew popular as Goodlass Nerolac Paints (Pvt.) Ltd.
Also, it went public in the same year and established itself as Goodlass Nerolac Paints Ltd. It
is among the oldest paint companies of the country and the undisputed market leader in
industrial paints, with a 43% share of this segment. It is a dominant player in the auto paints
market which accounts for around one-third of the industrial paints segment. Goodlass
Nerolac paints‟ strength comes from the higher end of the auto paints market - passenger cars
and light commercial vehicles (LCVs) account for 60% of the company‟s auto paint sales.
The rest comes from heavy trucks and two wheelers.
In auto paints, the market share of Goodlass is now estimated to be around 50% with a 90%
share in passenger cars, 60% in LCVs, 40% in two wheelers and heavy trucks. Right now, the
company is the only significant producer of CED (cathodic electro-deposition) primer, with
technical know-how from its Japanese promoters, Kansai Paints. Goodlass is the only
company offering a complete automotive paint system comprising pre-treatment chemicals,
primers, anti-rust coatings, intermediate and top coatings as well as auto refinishes. GNPL
supplies 90% of the requirements of Maruti Udyog Ltd., which produces 300 cars a day.
The company has a tie-up with Nihon Toshuku Tokyo of Japan for sophisticated coatings for
automotive and industrial sectors. Having lost Daewoo‟s Cielo contract to Asian Paints,
GNPL is pursuing business opportunities with car majors planning to enter the country. It
recently tied-up with Dupont, USA for supplying automotive paints to DuPont‟s clients in
India.
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Goodlass Nerolac Paints Ltd. Changed its name to Kansai Nerolac Paints Ltd. in 2006. The
present human asset consists of over 2000 professionals and a sales turnover of 1226 crores.
It is the second largest coating company in India with a market share of over 20% and also
the leader in powder coatings.
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III. BERGER PAINTS:-
Berger Paints is the culmination of over seven-decade process of evolution and growth that
began in 1923. Its growth has been closely linked with the business and industrial
development of modern India.
The performance of this company is anchored today in a wide variety of Decorative
and Industrial paints which continue to gain an increasing share of the highly competitive
Indian paint market. Being an ISO 9001 company its quality products have attained instant
and worldwide recognition, and continues to meet quality requirements that are demanded
today even in the domestic market. The Country's third largest paint manufacturer, with its
Headquarters in Calcutta, Berger controls a distribution network comprising of 66 stock
points and approximately 10,000 dealers, spread across the country.
BPIL has technical tie-ups with Herberts, a subsidiary of the German pharmaceutical major
Hoechst for automotive paints, Tendor NV of Holland for powder coatings and Valspar
Corporation, USA for heavy duty coatings. The company is particularly active in the powder
coating segment and is a supplier to most OEMs in the white good segment. With its thrust
shifting to industrial coatings, the company is expanding its powder coating capacity from
840 metric tons to 1,840 metric tons at its existing plant.
Recently, it introduced Color Bank, a computerized mixer tinting machine in
technical collaboration with Ital Tinto of Italy. Special software, Tintovision installed in the
Color Bank gives the customers a choice of more than 5,000 shades and can even produce the
colors offered by the company‟s competitors. Another achievement of Berger is the setting
up of Berger Prolinks. Prolinks is Berger Paints' response to a market environment that is
increasingly driven by technology and calibrated by expertise. Prolinks is aimed at placing
the initiative in the hands of builders, architects and designers to enable them to directly
source innovative products and services. The team is entrusted with maintaining a seamless
interface between paint specifiers and Berger Paints. The objective is to provide specifiers
with a complete basis for recommending products and processes - databases, technical
services, color consultancy, site inspection, etc. Prolinks experts ensure specific solutions to
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specific problems, whether it is a particular shade that needs development, special climatic
factors to be provided for, or application factors that have to be maintained. From know-how
to legwork, the Prolinks team delivers total support.
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IV. ICI INDIA
ICI India was the subsidiary of the $15bn British multinational company ICI Plc. Brunner
Mond & Co., one of the four Companies that combined to form ICI in UK in 1926, opened a
trading office to sell alkalis and dyes in Calcutta. In 1923, Brunner Mond & Co. (India) was
incorporated and the company's name was subsequently changed to Imperial Chemical
Industries (India) Ltd., in 1929.
ICI (India) is ranked fourth in the paint business, after Asian Paints, Goodlass
Nerolac -17-Paints and Berger Paints. Unlike the other paint companies, ICI (India) was a
diversified unit and paint constituted 43% of its net sales. It identified paints as a thrust area
and was aggressively moving to improve its position. The company invested $11 million in a
new decorative paints plant near Bombay and constructed a $16.7 million plant for industrial
paints near Chandigarh in North India.
In order to increase its presence in the paints market, ICI‟s growth plan is to beef up its
distribution network, widen the purview of specialty products, access newer technologies
through joint ventures and of course, targeting the urban and semi-urban markets by
introducing more products in the lower and middle segment of the paints market. In order to
be amongst the top two players in the industry, the company is firming up plans to
aggressively market its products in the country.
The Glidden’s brand is being positioned in the middle segment to supplement Maxilite
in the mass-segment and Dulux in the premium segment. In response to Jenson &
Nicholson‟s Instacolor, ICI launched Color Solutions which can be used for both exteriors
and interiors. This comprises a menu driven, user friendly touch color screen on a computer
that helps consumers visualize as many as 6,000 shades on house structures resembling their
homes.
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V. JENSON AND NICHOLSON:-
Jenson & Nicholson, a leading paint company in the country today was established in the
year 1922. It has a country wide presence with 33 branches and stock points across the
country and manufacturing plants at Naihati (near Kolkata), Sikandrabad (near Delhi) and
Panvel (near Mumbai). In 1955, it launched India‟s first Plastic Emulsion paint, under the
brand name of Robbialac.
It ventured into the Powder coatings market in 1986, thus becoming the first company
in the organized sector to offer this extremely environment friendly coating technology.
Subsequently, it introduced Instacolor, in technical collaboration with M/s Tikkurilla OY of
Finland. It is the first company in the country to introduce computerized dispensing
system.Jenson and Nicholson launched the Standox brand of products in 1996 which offers
over 45,000 colours to the Indian car owner. In the very next year, the company in order to
cater to highly specialized Marine paints sector, entered into a 50:50 joint venture project
with M/s Chugoku Marine paints of Japan. Chugoku is the second largest supplier of marine
paints in the world with 30% market share. The new company also handles heavy duty
coatings.
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SWOT ANALYSIS:-
Strengths
Imp of brand image as barriers to new entrants
Good technology backup.
Weakness
Raw materials – scarcity
Requirement of high working capital
Real estate in a depression phase.
Opportunities
Fiscal incentives provided by Government.
Commodity to fmcg
Rise in disposable income
Threats
Foreign companies entering as sole players
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COMPANY PROFILE
CHAPTER 3
Page 38
CHAPTER-3
COMPANY PROFILE
Asian Paints is India's largest paint company and ranks among the top ten decorative
coatings companies in the world today, with a turnover of Rs 20.67 billion (USD 435 million)
and an enviable reputation in the Indian corporate world for Professionalism, Fast Track
Growth, and Building Shareholder Equity.
The October' 2002 issue of Forbes Global magazine USA ranked Asian Paints among
the 200 Best Small Companies in the World for 2002 and presented the 'Best under a Billion'
award, to the company. One of the country's leading business magazines "Business Today" in
Feb 2001 ranked Asian Paints as the Ninth Best Employer in India. A survey carried out by
'Economic Times' in January 2000, ranked Asian Paints as the Fourth most admired company
across industries in India. Among its various other achievements, Asian Paints is the only
company in India to have won the prestigious Economic Times - Harvard Business School
Association of India award on two separate occasions, once in the category of "Mini-Giants"
and the other in "Private sector Giants"
The company has come a long way since its small beginnings in 1942. Four friends who
were willing to take on one of the world's biggest, most famous paint companies operating in
India at that time set it up as a partnership firm.
Over the course of 25 years Asian Paints became a corporate force and India's
leading paints company. Driven by its strong consumer-focus and innovative spirit, the
company has been the market leader in paints since 1968. Today it is double the size of any
other paint company in India.
Asian Paints manufactures a wide range of paints for Decorative and Industrial
use. Vertical integration has seen it diversify into Specialty products such as Phthalic
Anhydride and Pentaerythritol. Not only does Asian Paints offer customers a wide range of
Decorative and Industrial paints, it even Custom-creates products to meet specific
requirements.
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To keep abreast of world technology and to protect its competitive edge, Asian Paints
has from time to time entered into technology alliances with world leaders in the paint
industry. It has a 50:50 joint venture with Pittsburgh Paints & Glass Industries (PPG) of
USA, the world leader in automotive coatings, to meet the increasing demand of the Indian
automotive-industry.
It has also drawn on the world's latest technology for its manufacturing capabilities in
areas like powder coatings and high-tech resins - thus ensuring that its product quality lives
up to exacting international standards, even in the most sophisticated product categories. The
company places strong emphasis on its own in-house R&D, creating new opportunities by
effectively harnessing indigenous creativity. The Asian Paints Research & Development
Center in Mumbai has acquired the reputation of being one of the finest in South Asia. With
its team of over 125 qualified scientists, it has been responsible for pioneering a number of
new products and creating new categories of paints. The R&D team has developed the entire
decorative range of the company.
The company boasts of state-of-the-art manufacturing plants at Bhandup in the state
of Maharashtra; at Ankleshwar in the state of Gujarat; at Patancheru in the state of Andhra
Pradesh; and at Kasna in the state of Uttar Pradesh. All the company's plants have been
certified for ISO 9001 - the quality accreditation. All the company's plants have also received
the ISO 14001 certificate for Environment Management Standard. The Phthalic Anhydride
plant has been certified for ISO 9002 and ISO 14001 whereas the Penta plant has been
certified for ISO 14001. The Penta plant will shortly receive its ISO 9002 certification.
In June 2002, Asian Paints plant in Patancheru was conferred "The Golden Peacock"
award by the World Environment Foundation and the award for 'Excellence in Environment
Management' by the Government of Andhra Pradesh.
Asian Paints was one of the first companies in India to extensively computerize its
operations. In addition to computerized manufacturing, computers are used widely in the
areas of distribution, inventory control and sophisticated MIS to derive benefits of faster
market analysis for better decision-making. It is a continuously evolving company deriving
its cutting edge from the use of innovative IT solutions. All the locations of the company are
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integrated through the ERP solution.
COMPANY HISTORY
Asian Paints becomes the 10th largest decorative paint company in the world. Asian Paints is
more than twice the size of its nearest competitor. It is recognized as one of the most admired
companies in India
Presence in 23 countries with 27 manufacturing locations, over 2500 SKU's, Integrated SAP-
ERP & i2 - SCM solution. Rated Best Employer by BT-Hewitt survey, 2000 Bluest of the
blue chips by Hindu Business Line
Most admired company to work for by ET-BT survey, 2000. On the recommendations of
Booz, Allen and Hamilton, Asian Paints restructures itself into Growth, Decorative and
International business units and adopts SCM and ERP technology. Asian Paints aims to
become the 5th largest decorative paint company in the world.
1st February, 1942
Armed with little knowledge and great determination, Champaklal N. Choksey, Chimanlal H.
Choksi, Suryakant C. Dani and Arvind R. Vakil got together to manufacture paint in a garage
on Foras Road, Bombay. They name their company “the Asian Oil & Paint Company”, a
name that they pick randomly from a telephone directory.
1945
Asian Paints touches a turnover of Rs. 3,50,000, with an innovative marketing strategy "to
reach consumers in the remotest corners of the country with small packs."
1954
Asian Paints mascot, Gattu, the mischievous kid, is born.
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British company Balmer Lawrie rejects the products of a giant British paint company in
favour of Asian Paints.
Asian Paints embarks on an ambitious grassroots marketing campaign, partnering with
thousands of dealers in small towns all over India.
1957-1966
The family-owned company makes the transition to a professionally managed organization.
1967
Asian Paints emerges as India's leading paint company ahead of any international
competition.
Today
Asian Paints becomes the 10th largest decorative paint company in the world
Asian Paints is more than twice the size of its nearest competitor
It is one of the most admired companies in India
Present in 22 countries with 27 manufacturing locations, over 2500 SKU's, Integrated SAP
- ERP & i2 - SCM solution
Rated Best Employer by BT-Hewitt survey, 2000 Bluest of the blue chips by Hindu
Business Line; Most admired company to work for by ET-BT survey, 2000
On the recommendations of Booz, Allen and Hamilton, Asian Paints restructured itself into
Growth, Decorative and International business units and adopted SCM and ERP technology
Asian Paints aims to become the 5th largest decorative paint company in the world
Vision
Asian Paints aims to become one of the top five Decorative coatings companies world-wide
by leveraging its expertise in the higher growth emerging markets. Simultaneously, the
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company intends to build long term value in the industrial coatings business through alliances
with established global partners
Growth
“It's your career and you are the driver of it! But the company will support you on your way!”
Growth at Asian Paints is a function of performance and potential.
The company has a evolved Performance focused management system which values
performance on qualitative & quantitative parameters, demonstrated allegiance to company
values, team based work and contribution towards institution building.
Their Competency model clarifies expectations of the organization from employees at each
level, provides clear guidelines and transparency in human resource decision making,
provides a uniform and systematic methodology for recruitment, training & development and
career planning.
Training & Cross functional rotation are two key organizational levers that promote career
growth.
Leap
They are known for the importance we accord to learning. The time and money that they
invest on strengthening the fundamentals, gives them very good return in future. They have a
formal and structured induction for all new joinees (from campus and laterals).
The training provides inputs not only in one‟s own core functional area but also across all key
cross functions in the company. Each new recruit undergoes the plant, branch & product
training stint irrespective of the function he/she is in.
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The structured orientation programme for our Executive Trainees (management graduates
who join us directly from campus) is branded as LEAP (Let's Excel @ Asian Paints)'.
This is the brand name for the Learning Excellence Programme
designed for the Executive Trainees of Asian Paints.
Objectives of LEAP
• Ensure excellent 'Inclusion' of the ET group
• Give the ET a broad overview of the company
• Give the ET necessary information, skills to be an effective executive
Getting Started
The entire process is kicked off with classroom sessions by the heads of different functions
covering in detail their operations, their structure and their future plans and roles to these
Executive Trainees. The top brass of the company avail themselves to answer any queries
about the company.
In the Branch & Plant
Once the new recruits get a feel of the company they are sent on their stints to learn hands on
what the company does and how. The areas covered are a branch and a plant. The branch and
the plant stints last for 3 weeks each.
This is followed by skill-building workshops to equip them to take on their respective roles.
This covers areas like communication, functional training etc.
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Paint that wall!
Then comes Product Training Program of 5 days. Here the new recruits paint! On what may
well be the most painted wall of the world. The new recruits go through theory and practical
sessions. They learn about the products, understand what it consists of, realize what a
painting job entails and at the end of the day enjoy learning all of it!!
Then the ETs are left to swim having equipped them well!
Product range of Asian paints
Interior wall paints
Exterior wall paints
Doors and window paints
Furniture paints
Ancillary paints
Metal paints.
Interior wall paints :
Royale:
Royale is a premium acrylic emulsion made with the best acrylic copolymers, for walls that
stay new for years to come. Royale has a large range of super pastel shades that provide the
perfect backdrop for a luxurious room. It is easy to clean and to maintain. The highlight of
Royale is it's luxurious smooth finish with a silky sheen.