MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN UNILEVER LIMITED |
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Registered Office : |
Hindustan Lever
House, 165/166, Backbay Reclamation, Mumbai – 400 020, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.10.1933 |
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Com. Reg. No.: |
11-002030 |
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Capital
Investment / Paid-up Capital : |
Rs.2181.700 Millions |
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CIN No.: [Company
Identification No.] |
L15140MH1933PLC002030 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH05398B /
PNEH04468C |
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PAN No.: [Permanent
Account No.] |
AAACH1004N |
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Legal Form : |
Public Limited Liability
Company. The company’s shares are listed in the Stock Exchanges. |
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Line of Business : |
manufacturing and marketing of Consumer Products. |
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No. of Employees : |
36000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 100000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Hindustan Unilever
is a well established, professionally managed and a reputed company having
good track. It is the country’s largest consumer products company. The
company’s products are well received in and outside Financial
position of the company appears to be strong and healthy. Payments are always
regular and as per commitments. The company can
be considered good for normal business dealings under usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hindustan Lever
House, 165/166, Backbay Reclamation, Mumbai – 400 020, |
|
Tel. No.: |
91-22-39830000 /
22819949 / 22886373 / 22843987 / 22835911 / 22827219 / 217 / 218 / 222 / 221
/ 210 / 205 / 211 / 214 / 215 / 212 / 209 / 208 / 250 / 216 / 206 / 207 /
22858400 / 22824641 / 22843856 / 22827467 /478 |
|
Fax No.: |
91-22-22041920 /
22043117 / 22871970 / 22846958/28249438 |
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E-Mail : |
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|
Website : |
http://www.hul.co.in |
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Overseas Customer
Service Centers : |
·
300, Tel. No. 01 878 5254 Fax No. 01 879 1839 Telex : 918112 ·
303, Tel. No. 212 725 0679 Fax No. 212 725 0718 Telex : 220715 ·
Tel. No. 03 583 1225 Fax No. 03 505 0541 Telex : 2423450 |
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Major
Operating Units At: |
·
Sewree,
Mumbai, ·
Andheri,
Mumbai, ·
Taloja,
·
Garden
Reach, Kolkata, West ·
Shamnagar,
West ·
·
Haldia,
·
Plot
No. 254, Sector IV, Special Economic Zone, Kandla, ·
Chindwara,
·
Pondichery,
Tamil ·
Yavatmal,
·
Pune,
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Branch Office
: |
123, |
DIRECTORS
AS ON 27.07.2010
|
Name : |
Mr. Harish Manwani |
|
Designation : |
Chairman |
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Name : |
Mr. Nitin Paranjpe |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Pradeep Banerjee |
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Designation : |
Executive Director |
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Name : |
Mr. D S Parekh |
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Designation : |
Director |
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Name : |
Mr. Sridhar Ramamurthy |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. A Narayan |
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Designation : |
Director |
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Name : |
Mr. S Ramadorai |
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Designation : |
Director |
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Name : |
Mr. R A Mashelkar |
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Designation : |
Director |
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Name : |
Mr. Dhaval Buch |
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Designation : |
Executive Director |
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Name : |
Mr. Gopal Vittal |
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Designation : |
Executive Director |
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Name : |
Ms. Leena Nair |
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Designation : |
Executive Director and Human Resources |
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Name : |
Mr. Shrijeet Mishra |
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Designation : |
Executive Director and Foods |
KEY EXECUTIVES
|
Name : |
Mr. Dev Bajpai |
|
Designation : |
Executive Director and Company Secretary |
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|
|
|
Name : |
Mr. Hemant Bakshi |
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Designation : |
Executive Director Sales and Customer Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category
of Shareholder |
Total
No. of Shares |
% of
total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
1,134,849,460 |
52.55 |
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|
1,134,849,460 |
52.55 |
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Total
shareholding of Promoter and Promoter Group (A) |
1,134,849,460 |
52.55 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
65,092,620 |
3.01 |
|
|
8,497,806 |
0.39 |
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|
20 |
- |
|
|
193,111,609 |
8.94 |
|
|
372,806,669 |
17.26 |
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|
639,508,724 |
29.61 |
|
|
|
|
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|
55,603,214 |
2.57 |
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|
|
|
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|
313,259,145 |
14.51 |
|
|
6,494,422 |
0.30 |
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|
9,757,003 |
0.45 |
|
|
134,848 |
0.01 |
|
|
878,861 |
0.04 |
|
|
15,481 |
- |
|
|
7,134,344 |
0.33 |
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|
3,600 |
- |
|
|
26,803 |
- |
|
|
1,563,066 |
0.07 |
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|
385,113,784 |
17.83 |
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Total
Public shareholding (B) |
1,024,622,508 |
47.45 |
|
Total
(A)+(B) |
2,159,471,968 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total
(A)+(B)+(C) |
2,159,471,968 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
manufacturing and marketing of Consumer Products. |
PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
Soaps |
397138 |
170250 |
|
Synthetic Detergents |
1209172 |
313347 |
|
Personal Products |
307524 |
128358 |
|
Glycerine |
15286 |
6667 |
|
Fabric Softner |
2833 |
-- |
|
Fatty Acids |
96833 |
81667 |
|
Perfumery and Cosmetic products (units) * |
299000000 |
55000000 |
|
Perfumery and cosmetic products * |
3022 |
-- |
|
Packet Tea below 1 kg. and tea bags |
5000 |
-- |
|
Instant Tea / Coffee |
9833 |
4553 |
|
Frozen Surimi, Fresh and Frozen fish,
Mollusees etc.* |
16500 |
16500 |
|
Ice-cream/Frozen desserts (Million Litres)
* (g) |
61 |
20 |
|
Packed Tea* |
NA |
160750 |
|
Packed Coffee * |
NA |
22060 |
|
Scourers |
NA |
43569 |
|
Surface Cleaners (Litres) * |
NA |
10000000 |
|
Water Batteries (Million Units) |
17 |
4 |
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Processed Foods |
7269 |
1667 |
|
Canned and Processed Fruits and Vegetables |
42969 |
14983 |
NOTE
a) NA, - Signifies the Non Scheduled
activities for which Industrial License IEMs are not required.
b) Licensed capacities include registered capacities
of industrial activities existing prior to the Industries (Development and
Regulation) Act, 1951 arid capacities as shown in the Industrial Entrepreneurs
Memorandum ((EM) filed with the Government pursuant to notification no. 477(E)
dt. 2707.1991 under the said act.
c) The installed capacities are as per
certificate given by a Director on which the auditors have relied.
d) The capacity mentioned is annual capacity
based on maximum utilisation of plant and machinery.
e) Licensed and installed capacities for the
year indicated above include capacities of entities post merger and closed
units.
f) Synthetic detergents includes Laundry Soap
Capacities.
g) Ice-creams and Frozen Desserts are
alternate capacities.
h) Figures of Licensed / EM Capacities have
been corrected based on the available Licenses / IEMs.
I) * Represent capacities on 3 shift basis,
GENERAL INFORMATION
|
No. of Employees : |
36000 (Approximately) |
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Bankers : |
·
State Bank of ·
Standard Chartered Bank ·
Citibank N. A. ·
Hongkong and ·
Banking Corporation ·
Bank of ·
Deutsche Bank ·
ABN-AMRO Bank ·
Punjab National Bank ·
Corporation Bank ·
HDFC Bank ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
·
F. Ferguson and Company Chartered Accountants Mumbai, ·
Lovelock and Lewes Chartered Accountants Mumbai, |
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Associates : |
Capgemini Business Services ( |
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Subsidiaries : |
·
Bon Limited (upto 31st March, 2009) ·
Brooke Bond Real Estates Private Limited ·
Daverashola Estates Private Limited ·
Hindlever Trust Limited ·
Hindustan Field Services Private Limited
(formerly known as Hindustan Unilever Field Services PrivateLimited) ·
Jamnagar Properties Private Limited ·
Lakme Lever Private Limited (with effect from 19th
December, 2008) ·
Levers Associated Trust Limited ·
Levrndra Trust Limited ·
Pond’s Exports Limited ·
Shamnagar Estates Private Limited (upto 13th May,
2009) ·
UniLever India Exports Limited ·
Unilever Nepal Limited |
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Fellow Subsidiaries : |
·
Binzagr Lever Limited, Arabia Brooke Bond Assam
Estates Lii’n rted ·
Brooke Bond Group Limited Brooke Bond South India
Estates Limited ·
Conopco, Inc. ·
Digital Securities Private Limited ·
Fine Tea Company ·
Fine Tea ·
Hefer Lever Detergents Company ·
Limited, ·
Lever Arabia Limited ·
Lever Brothers Bangladesh Limited ·
Lever Brothers Nigeria Limited ·
Lever Brothers Pakistan Limited ·
Lever Chile S.A. ·
Lever ·
Lever Faberge ·
Lever Faberge ·
Lever ·
Lipton Limited (Head Office) / Lipton Tea Supply
Limited ·
Lipton Soft Drinks ( ·
·
PT Unilever ·
Sagit SPA, ·
·
Unilever ( ·
Unilever ( ·
Sdn Berhad ·
Unilever Algerie ·
Unilever Asia Private Limited ·
Unilever Australia Export Pty. Limited ·
Unilever Australia Limited ·
Unilever Best Foods, ·
Unilever Bestfoods ft Elida P/S ( ·
Unilever Bestfoods ·
B. V. Netherlands ·
Unilever Brasil Limited. ·
Unilever Canada Inc ·
Unilever Ceylon Limited ·
Unilever Cote divolie ·
Unilever De Argentina SA ·
Unilever De Mexico De RL ·
Unilever Deutschland GmbH ·
Unilever ·
Unilever Foods Espana, S.A ·
Division Frigo ·
Unilever France S.A. ·
Unilever Ghana Limited ·
·
Establishment, ·
Unilever Hellas ·
Unilever Hong Kong Limited ·
Unilever Industries Private Limited ·
Unilever International ·
Unilevei ·
Unilever ·
Unilever Kenya Limited ·
Unilever ·
Unilever Maghreb Export SA, ·
Unilever Market Development SA ·
Unilever Market Limited ·
Unilever Mashreq Foods ·
·
Unilever New Zealand Limited ·
Unilever ·
Unilever Overseas Holdings AG ·
Unilever Overseas Holdings B. V. ·
Unilever ·
Unilever Philipines (Prc), Inc. ·
Unilever Polska ·
·
Unilever Research ·
Laboratory. Colworth House ·
Unilever Research ·
Laboratory, Port Sunlight ·
Unilever Sanayi ye Ticaret ·
Turk A.S ·
Unilever Singapore Pte Limited ·
Unilever SNG, ·
Unilever South ·
Unilever South ·
Unilever South ·
Unilever Supply Chain Company ·
Unilever Taiwan Limited ·
Unilever Tanzania Limited ·
Unilever Tea Kenya Limited ·
Unilever Thai Holding Limited ·
Unilever Thai Trading Limited ·
Unilever Tuketim Urunleri Sat ·
Pazarlama ·
Unilever U.K. Central Resources Limited ·
Unilever Uganda Limited ·
Unilever ·
Unilever ·
Unilex Cameroon S.A. |
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Holding Company : |
Unilever PLC |
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Joint Venture : |
·
Kimberly- |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000000 |
Equity Shares |
Rs.1/- each |
Rs.2250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2181686781 |
Equity Shares |
Rs.1/- each |
Rs.2181.700 millions |
NOTE
Out of the Above Shares
- 1134849460 Shares of Re.1 each are held by Unilever PLC, the holding
company and its subsidiaries including 794806750 shares of Rs.1 eacr held by
Unilever PLC
- 795379675 Shares of Rs.1 each are allotted as fully paid up pursuant
to a contract for a consideration other than cash.
- 1316854620 Shares of Rs. 1 each are allotted as fully paid up bonus shares by way of capitalization of shares premium and accumulated profits.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2181.700 |
2179.900 |
2177.463 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23653.500 |
18435.200 |
12214.878 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25835.200 |
20615.100 |
14392.341 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1446.500 |
255.186 |
|
|
2] Unsecured Loans |
0.000 |
2772.900 |
630.117 |
|
|
TOTAL BORROWING |
0.000 |
4219.400 |
885.303 |
|
|
DEFERRED TAX LIABILITIES |
2023.100 |
1842.600 |
1913.231 |
|
|
|
|
|
|
|
|
TOTAL |
27858.300 |
26677.100 |
17190.875 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21621.100 |
16067.800 |
15225.033 |
|
|
Capital work-in-progress |
2739.600 |
4720.600 |
1856.375 |
|
|
|
|
|
|
|
|
INVESTMENT |
12640.800 |
3326.200 |
14408.074 |
|
|
DEFERREX TAX ASSETS |
4511.300 |
4390.900 |
4037.106 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21799.300 |
25288.600 |
19535.986 |
|
|
Sundry Debtors |
6784.400 |
5368.900 |
4433.746 |
|
|
Cash & Bank Balances |
18922.100 |
17773.500 |
2008.621 |
|
|
Other Current Assets |
166.200 |
157.400 |
123.925 |
|
|
Loans & Advances |
6005.600 |
7421.200 |
6671.817 |
|
Total
Current Assets |
53677.600 |
56009.600 |
32774.095 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
43737.100 |
33050.000 |
28784.623 |
|
|
Other Liabilities |
9179.500 |
9508.200 |
9586.230 |
|
|
Provisions |
14415.500 |
15279.800 |
12738.955 |
|
Total
Current Liabilities |
67332.100 |
57838.000 |
51109.808 |
|
|
Net Current Assets |
(13654.500) |
(1828.400) |
(18335.713) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27858.300 |
26677.100 |
17190.875 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
175238.000 |
202393.300 |
136754.329 |
|
|
|
Other Income |
3496.400 |
5897.200 |
4315.265 |
|
|
|
TOTAL (A) |
178734.400 |
208290.500 |
141069.594 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
149753.600 |
175833.100 |
117967.744 |
|
|
|
TOTAL (B) |
149753.600 |
175833.100 |
117967.744 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28980.800 |
32457.400 |
23101.850 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.800 |
253.200 |
254.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28911.000 |
32204.200 |
22846.884 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1840.300 |
1953.000 |
1383.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27070.700 |
30251.200 |
21463.294 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5050.400 |
5286.700 |
2208.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22020.300 |
24964.500 |
19254.698 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5316.600 |
1975.000 |
8036.539 |
|
|
|
|
|
|
|
|
|
Less |
Profit and Loss
Balance of Bon Limited |
553.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2202.000 |
2500.000 |
2000.000 |
|
|
|
Interim Dividend |
6543.500 |
7625.600 |
6623.035 |
|
|
|
Platinum Jubilee |
0.000 |
0.000 |
6605.783 |
|
|
|
Dividend |
7635.900 |
8719.500 |
6532.390 |
|
|
|
Tax on Dividend |
2380.300 |
2777.800 |
3554.995 |
|
|
BALANCE CARRIED
TO THE B/S |
8021.900 |
5316.600 |
1975.034 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9551.400 |
15544.900 |
|
|
|
|
Other Earnings |
3451.200 |
3874.00 |
NA |
|
|
TOTAL EARNINGS |
13002.600 |
19418.900 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8222.700 |
14421.200 |
NA |
|
|
|
Stores & Spares |
142.100 |
179.300 |
NA |
|
|
|
Capital Goods |
1149.900 |
306.200 |
NA |
|
|
TOTAL IMPORTS |
9514.700 |
14906.700 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.10 |
11.46 |
8.73 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
48762.100 |
47646.700 |
51272.400 |
49622.100 |
|
Total Expenditure |
41952.700 |
41177.800 |
44027.300 |
43201.100 |
|
PBIDT (Excl OI) |
6809.400 |
6468.900 |
7245.100 |
6421.000 |
|
Other Income |
421.300 |
768.200 |
774.900 |
603.800 |
|
Operating Profit |
7230.700 |
7237.100 |
8020.000 |
7024.800 |
|
Interest |
0.800 |
0.700 |
0.600 |
0.200 |
|
Exceptional Items |
185.000 |
404.400 |
642.900 |
836.000 |
|
PBDT |
7414.900 |
7640.800 |
8662.300 |
7860.600 |
|
Depreciation |
535.000 |
553.700 |
563.300 |
556.300 |
|
Profit Before Tax |
6879.900 |
7087.100 |
8099.000 |
7304.300 |
|
Tax |
1547.800 |
1425.900 |
1723.900 |
1612.800 |
|
Profit After Tax |
5332.100 |
5661.200 |
6375.100 |
5691.500 |
|
Net Profit |
5332.100 |
5661.200 |
6375.100 |
5691.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
|
PAT / Total Income |
(%) |
12.32 |
11.98 |
13.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.44 |
14.94 |
15.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.95 |
41.97 |
44.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
1.04 |
1.46 |
1.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
2.68 |
3.09 |
3.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.96 |
0.64 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is
The Accounting year of the Company was changed from Calendar Year
(January-December) to Financial Year (April-March), to avoid duplication in
preparation and audit of accounts under the Companies and Income Tax Acts. This
change simplifies the process, thereby saving cost and time. Consequently, the
current Annual Accounts and Report of the Company are for a period of fifteen
months, from 1st January, 2008 to 31st March, 2009; these figures, therefore,
are not comparable with those of previous year ended 31st December, 2007.
FINANCIAL
PERFORMANCE
On a like to like basis i.e. comparing the results for the financial year ended 31st March 2010 with the unaudited results for the 12 months period ended 31st March 2009, the Company registered an overall turnover growth of 6.4% and improved operating margin by 10 bps. Net Profit (after Exceptional Items) grew by 4.1%. Basic Earnings Per Share for the period 2009-10 was Rs. 10.10.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY AND MARKETS
Over the last two years,
Though the overall GDP growth rates are encouraging, food price inflation has been a major cause of worry for over a year. Food inflation, along with firming up of global commodity prices, has spilled over into prices of domestic commodities and services as well with the overall consumer inflation rate hovering at over 15% for several months. The wholesale price inflation touched 9.9% in February 2010, surpassing Reserve Bank's estimate of 8.5% by March end.
The FMCG markets in
The Company's good performance in the year 2009-2010 has to be viewed in the context of the above economic and market environment.
HOME AND PERSONAL
CARE BUSINESS (HPC)
The HPC Business consists of
Given the low levels of per capita consumption in
SOAPS AND DETERGENTS
Soaps and Detergents category recorded modest turnover growth of 1.5%. The growth of the Soaps and Detergents category needs to be viewed in the context of a very high base in the previous year which saw high price increases linked to commodity cost inflation. During the year, the prices of products, particularly in the Detergents segment, were reduced taking into account the reduction in commodity prices. The segmental margin of this category was lower by 100 bps linked to the volatility in commodity costs in the initial part of the year and the actions taken to defend the Company's leadership position in the face of heightened competitive intensity.
The Company continues to place particular focus on the Fabric Wash category as it constitutes a significant proportion of the business volumes, and has been and will be a significant value creator, despite the short term pressures arising from the intense competition in this category.
Household Care category performed well during the year
recording double digit growth. After the re-launch in 2009, the dish washing
product, 'Vim' liquid recorded another year of stellar growth. The 'Vim' bar
variant continues to perform well, especially after making price corrections
linked to falling input costs. The 'Domex' line continued on its journey to provide
cleaner and germ free toilets to the Indian consumer. A first of its kind in
Personal
The 'Lifebuoy' brand was re-invigorated through its re-launch, bolstering its health credentials with its strong ability to kill germs. The 'Lux' franchise was also re-launched with improved fragrance and beauty oils for soft and smooth skin. Furthermore, tactical activations and communications strategy have helped the brand improve its image within the target group.
The Company is also maintaining its focus on cherished regional brands such as 'Hamam' and 'Rexona' and will continue to promote them aggressively well into the future. While the Company is the undisputed market leader in this category, it continues to focus on the challenge of winning back its lost market share in this important category.
PERSONAL PRODUCTS
The Personal Products category of the Company comprise of Hair Care, Skin Care, Oral Care, Deodorants and Colour Cosmetics. The Personal Products category grew by 16.2% overall with good growth in profits.
Hair Care category continues to be an attractive category given the potential for increase in per capita consumption. Despite the significant increase in competitive heat in this category, the Company improved its leadership position during the year.
Bolstered by additional variants introduced during 2009, the 'Dove' shampoo and conditioners range continued to deliver high growth momentum with a sizeable gain in market share. In addition to innovation, the growth was driven by a combination of high quality and compelling advertising and field activation during the year. During the year, 'Clinic Plus' was also successfully re-launched with good results by re-emphasising the value proposition of being ideal for long hair. 'Clinic Plus' continued to grow well and strengthened its position as the single largest shampoo brand. The 'Sunsilk' range was also re-launched in October 2009 with superior product quality and packaging with the proposition of a shampoo that is co-created by experts. The product credentials of 'Clinic All Clear' has been strengthened and was supported through a high decibel 'Zero Dandruff' campaign in the last quarter of the year. This is expected to reverse the trend of falling shares in this brand. The business also continued to grow in the nascent but emerging hair conditioners segment, which has a high growth potential as more and more consumers discover the value of using conditioners regularly.
Skin care category achieved double digit growth during 2009 despite strong competition and rapid market fragmentation of this category. In the mass skin lightening category, 'Fair and Lovely' continued to grow by increasing its relevance and consumption across a range of price points. 'Ponds White Beauty' witnessed robust growth through the year due to a highly successful media campaign on acquiring spot free fairness. 'Vaseline' also grew well on the back of increased traction in the Vaseline Body Lotion core as well as the introduction of a new 'Healthy White' variant that offers protection against skin darkening. Talcum powders saw good growth during the year and the Company continues to maintain its leadership position.
In Oral Category, the Company took actions to drive growth through highly attractive value offerings in the up-grader packs to bring quality oral care within the reach of the mass consumers. This strategy has started yielding
positive results and the category has started to see increased volume growth in the latter part of the year. The germ kill credentials of 'Pepsodent' were further enhanced and the freshness credentials of 'Close up' continues to do well. The Company has put in place robust plans to accelerate the growth of its oral care business in the coming periods through both of its flagship brands 'Close up' and 'Pepsodent'.
The 'Lakme' range of colour cosmetics achieved stable growth for the year. New innovations such as the 'lip duo'
attractive summer collections coupled with high quality advertisement and trade and consumer activations helped
in ensuring growth momentum. 'Lakme Fashion Week' saw another successful run and continues to be a signature campaign for the brand. The Deodorant category continued to witness high growth momentum with its flagship brand of 'Axe'. This category has significant potential of future growth and the Company is well poised to capitalise on its existing strong presence in this emerging category.
Kimberly Clark Lever
Private Limited (KCLL)
KCLL is a Joint Venture between the Company and
Kimberly-Clark Corporation,
across the portfolio as the business focused on driving affordability and building acceptability in this category. The re-launch of 'Huggies Care' and 'Huggies Dry Comfort', supported by a new mix during the year, met with good results and has been gaining momentum. In 'Feminine Care', the business rationalised a part of its portfolio and focused on building an innovation pipeline aligned to its long term strategic direction for this category. During the year, the Company received a dividend of Rs. 25.400 millions from the Joint Venture.
FOODS
The Foods portfolio of the Company comprises of Beverages (Tea and Coffee), Processed Foods (Kissan, Knorr
and
The business has delivered strong double digit growth. This growth has been broad based across the portfolio and has been driven through a deep understanding of consumer and customer needs translated into relevant innovations. The growth in the Foods business has been achieved in the face of some key challenges :
- High competitive intensity from national as well as local players in many categories. The Company has responded through increased brand investments and value enhancing innovations.
- Significant food inflation across the spectrum leading to market slowdown and downtrading in some categories as the year progressed. The Company has responded to this challenge through a combination of consumer centric value packs and judicious price increases combined with aggressive cost saving programmes.
Product freshness continues to receive the highest attention with significant investments made over the years. This is now showing results and going forward the Company intends to sustain these investments.
Beverages such as Tea and Coffee are well entrenched habits amongst Indian consumers. The Company is focusing on micro marketing initiatives to increase penetration and consumption and drive growth across the spectrum. In addition, the Company is driving upgradation through the tea bags packaging concept. Further, the Company has expanded its portfolio in packet tea by launching a new brand to participate in the mass segment with differentiated offering.
Processed Foods, Ice
Creams and Out of Home consumption offer huge potential for growth with LSM 5+
leading consumption in top 35 cities. This segment is being addressed through
developing products which combine taste, nutrition and provide cooking
convenience. '
PROCESSED FOODS
'Kissan' continues to remain one of the most trusted brands amongst Indian consumers and continues to register solid and sustained growth. Consumer friendly innovations such as Jams Squeezee tubes and Ketchup plastic bottles have been well received in the market and have enhanced the overall product experience.
The Company is a clear value leader in the Soups segment. 'Knorr' was re-launched during the year with 100% real vegetables and without any MSG. The launch was supported through comprehensive communication and activation in both Modern and General Trade. This has lead to overall market growth and category expansion. The Ready to Cook range of 'Knorr' launched last year is seeing steady volumes with strong repeat purchases being experienced.
In February 2010, the Company has entered the high growth
instant noodles category through its 'Soupy Noodles' portfolio which provides
wholesome nutrition to children's snacking moments. The product was launched in
the Modern Trade channel across the country and in all channels in
The staples business under the brand '
The Company continued its focus on foods sales to institutions such as restaurants and hotel chains. Although at its nascent stage, yet the business is making good progress by leveraging Supply Chain efficiencies and product development capabilities of the Foods Division.
BEVERAGES
For three consecutive years, inflation in the Tea commodity continues unabated, driven by strong global demand and local crop shortages. This has resulted in down trading and the overall growth in the discounted segment of the market, becoming the major portion of the portfolio.
Notwithstanding such a competitive context, the business has registered strong turnover growth whilst maintaining satisfactory volumes. Increasing costs continued to put pressure on margins but these were mitigated through pricing and Supply Chain cost savings. Market shares during the year came under pressure due to lack of a strong presence at the discount end of the market. During the year, the Company has launched 'Brooke Bond Sehatmand' at the mass end of the market offering combined benefits of health with immunity. This Tea delivers 50% of RDA of Vitamin B through 3 cups a day to lower income families that are otherwise unable to afford such nutrition. The brand is poised for national roll out in 2010.
'3 Roses' continued to perform exceptionally well and has
shown significant growth, maintaining its competitive standing in
During the year, Coffee markets have decelerated significantly in comparison to earlier years due to adverse climatic and weather conditions. Through key innovations, the Company was able to register strong volume growth in the second half of the year. The re-launch of 'Bru' was amplified with the Aroma proposition (through aroma lock) and improved sensorials. This was backed by strong media campaigns and trade activation programs. The Company continues to focus on driving growth in the instant coffee and premiumisation of the portfolio. In conventional coffee, the Company re-launched the product with benefits of second decoction, which received excellent response in markets such as Andhra Pradesh.
The Out of Home business was impacted by the economic slowdown experienced in the early part of the year but has since picked up pace as the year progressed. This channel continues to hold the promise of high growth and appropriate investments are being made to leverage this opportunity. 'Lipton' and 'Bru' Café models were tested during the year in key locations and results thus far have been encouraging.
ICE CREAMS
The year has been an excellent year, with strong growth in both the impulse and take home segments. Growth has been driven by the three key platforms 'Cornetto', 'Selection' and 'Paddle Pop'. Significant inflation in input prices put tremendous pressure on the margins of the business. The Company has been able to maintain the margins by driving operational efficiencies, improved mix and leveraging economies of scale.
'Cornetto Black Forest Flirt' launch has been a resounding success, with the SKU becoming the largest selling 'Cornetto' in the first year itself. In 'Paddle Pop', the Company launched four exciting flavours, driving growth in the Kid's range. In the 'Selection' range, three new fruit flavours were launched in summer 2009 (Strawberry Currant, Choco Coconut and Litchi Bites), building on the theme of celebrating weekend family moments. The fact
that a scoop of this Ice Cream is less than 99 cal was successfully communicated in this launch. The 'Selection' range was received exceedingly well in the market. Building Ice Cream consumption occasions is a key driver for growth. The Diwali activation on 'Viennetta' was implemented with great success. To further drive in-home consumption, the business also rolled out value offerings in the west region, producing results significantly ahead of previous action benchmarks.
Significant investments are being made by the Company in front end assets and for leveraging IT for enhanced scalability and asset productivity. Going forward these are expected to provide the Company a competitive advantage.
BAKERY (MODERN FOODS)
Bakery (bread and cakes) sustained its growth momentum and continued to deliver strong underlying profits improved from enhanced scale and better operational efficiencies. New unified packaging was introduced during the year which was well received in the markets.
EXPORTS BUSINESS
Following the global recession, international markets turned adverse during the year with reduced consumer demand. Despite this, the Company managed to achieve a turnover of Rs. 10000.000 millions with good profits and strong cash delivery. The non-value adding commodity exports were rationalised resulting in improved Gross
Margins. Cash generation was significantly enhanced by
placing specific focus on the reduction of Working Capital through improved
inventory management and debtors reduction, while simultaneously enhancing
customer service. In the Home and
Personal Care exports segment, despite the difficult environment, the
turnover in existing product-customer channels was maintained to previous year
levels. The Pears franchise grew handsomely by double digits, notably in the
The ongoing Foods and Beverages exports business delivered a
growth of 6% in an environment with challenging market conditions. The packet
tea business grew strongly by 48% in the
The marine exports business remained profitable despite a tough external environment emanating out of global
recessionary trends and the strengthening of the Indian Rupee. Due to high commodity prices and a poor fish catch, surimi sales were lower by 39%. This was made up by higher sales growth in the value added crabstick segment (+19%), which benefited from a regular flow of orders from a widened customer base. This resulted in attaining highest production of crabstick in their Chorwad factory since inception. Rice exports were impacted by lower customer demand. Significantly, both marine and rice businesses added value to the bottomline despite the challenging environment.
WATER
Pureit' is a unique in-home drinking water purification
solution that offers protection to children and families from waterborne
diseases. 'Pureit' runs with a unique Germ Kill Kit that removes all harmful
viruses, bacteria and parasites to give drinking water that is 'as safe as
boiled water'. Leading national and international medical, scientific and
public health institutions have tested Pureit's performance. Most notably,
Pureit meets the Germ Kill criteria of the Environmental Protection Agency
(EPA), the key drinking water regulatory agency in the
In the course of the year, Pureit leveraged its safety credentials and launched the 'One Crore Safety Challenge' campaign which educated consumers on the safety features that they must consider before purchasing a water purifier. The brand developed new distribution capabilities and established a national level presence in the consumer durable outlets. A new model, 'Pureit Auto Fill' that connects directly with the tap and offers dual filling option (inline and manual) was launched towards in the second half of the year.
In line with Pureit's mission of protecting lives from waterborne diseases, the Company believes that drinking water with highest safety standard is the fundamental right of every individual. Pureit was launched nationally in 2008 at an extremely affordable price, so that access to safe water does not remain confined to the affluent sections of society. In the past few years, Pureit has helped in creating mass awareness about the need for safe drinking water. In January 2010, the Company achieved another milestone in its mission of making safe drinking water available to every Indian. Pureit Compact was launched at a price point of Rs. 1,000. This will enable the Company to protect lives in the segment of society with lower purchasing power, where incidence of waterborne disease is the highest.
'Pureit' has already protected more than three million homes
covering 1500 towns and cities across
The strategy of the network was redefined in line with its vision of empowering modern Indian woman by serving her with superior beauty and health care products through customised and professional services.
In the last one year, the Company has successfully transformed the Network into a Premium Personal- Care and Health Care channel. However, the key challenge for the business remains scale which needs to be enhanced significantly in order to improve the profitability of the business . The Company is evaluating appropriate plans in this regard.
BEAUTY AND WELLNESS
DIVISION
The growing disposable income and changing lifestyles in
urban
CUSTOMER MANAGEMENT
The year has been a landmark year in terms of customer management across channels with the roll out of new-age “Go to Market” model in 32 cities across the country. This model was successfully piloted in the Mumbai metro area featuring an efficient back end; a world class front-end; delivering innovations and activation schemes at a much faster pace to the market. Coupled with the Zero Inventory Plan, the “Go to Market” model has yielded significant dividends in terms of customer service and satisfaction. Customers today handle the Company's consolidated general trade business, with the ability to leverage scale with high efficiencies.
The Company has also made great strides in expanding its rural distribution network, with significant investment made in expanding the infrastructure. Across the country, rural markets were brought under direct coverage, enabling better servicing and control. The ability to reach out into the corners of the rural market gives the Company a distinct competitive advantage. This has allowed them to offer the right assortment of packs to rural consumers, keeping up with rapidly changing needs and wants. The number of distributors in rural markets has been scaled up and rural salesmen are now being equipped with Hand Held Terminals to facilitate the order taking process and billing.
The Company has also deployed next generation technology in urban markets, with analytics based recommendations making selling campaigns more intelligent, and through Hand Held Terminal based applications, making selling more scientific and assortments more relevant to an outlet. It is henceforth possible to customise the range and quantity sold to every outlet.
Apart from investing in infrastructure and setting up IT enabled processes, the Company has embarked upon an enormous coverage expansion project, in both the rural and urban businesses. This expansion has been a scientifically driven process, facilitated by know-how such as digital maps to identify potential markets to be brought under coverage. Commencing with this initiative from the end of 2009, the Company expects to triple its rural cocoverage and improve urban coverage by 15%.
PROJECT SHAKTI
'Shakti' is an initiative which focuses on reaching out to consumers in very small villages that typically have a population of less than 5,000 individuals. It is a great example of 'Doing Well by Doing Good' as it serves two purposes simultaneously; it provides livelihood opportunities to women in rural areas and enhances the quality and depth of the Company's distribution.
The objectives of 'Shakti' as a program are:
- leading market development efforts through consumer education programmes
- establishing a suitable livelihood opportunity for women irrespective of their background
- creating a self sustaining business model
- accessing markets beyond the reach of traditional distribution models
The 'Shakti' programme is essentially built on two pillars:
the 'Shakti Entrepreneurship' program and the 'Shakti Vani' program. The
'Shakti Entrepreneur' program is a classic case of a win-win model involving a
variety of stakeholders - the Company, women seeking livelihoods, women from
Self Help Groups, Micro Finance Institutions and NGO's. The win-win model comes
alive when an investment results in a sustainable business opportunity with
little requirement for advanced business skills. The strength of the model lies
in its simplicity wherein any woman who is interested in earning a livelihood
can participate in the programme. Linkages such as microfinance facilitates
working capital to start such businesses. The Company makes significant
investments in capability building through on-the-job training and classroom training
programmes through a large and dedicated field force exclusively for Shakti
Entrepreneurs. This helps build confidence and develop the business acumen
necessary to run a microenterprise. Rural consumers also benefit by having
access to some of
The Pureit pilot under the 'Shakti' programme, which was
launched in Andhra Pradesh, has been further scaled up to Orissa and
The 'Shakti Vani' program focuses on building awareness about health and hygiene in the rural community. Vani's
are trained communicators who target congregations such as village schools and mohallas and engage with key
opinion leaders of villages like the sarpanch and the school teachers.
During the year, the Company piloted a new version of Vani where technology has been used to communicate with rural consumers. Animated films explaining the story of health and hygiene using the platform of the brands have been made accessible through hand held DVD players provided to the Vani's. The Company is developing a model which can be scaled across larger geographies to impact a wider audience. By the end of the year 2009, the Shakti network comprised 45,000 Shakti Ammas covering 1,00,000 plus villages across 15 states in the country and reaching over 3 million households every month.
SUPPLY CHAIN
The Company has made significant progress in achieving the vision of delivering outstanding customer service while supporting sustainable growth for the Company. Improving service levels to ensure availability of products at all points in the Supply Chain was a key focus area during the year. Supply Chain service levels as measured by CCFOT (Customer Case Fill On Time) were the highest achieved in the recent past. IT solutions based on SAP application systems led to significant improvements in planning and logistics efficiencies.
The factories made significant progress in increasing plant and operational efficiencies and helped deliver innovations on time while working on improving product quality. The Company's initiative 'Levercare', focusing on connecting with customers and consumers, gave valuable inputs on product performance which helped to understand consumer behaviour and to improve the quality of certain products in design and manufacturing.
Continued focus was maintained through cross functional teams to drive cost effectiveness throughout the Supply Chain by identifying opportunities for eliminating waste. This helped the business achieve significant Supply Chain savings. Energy conservation activities through all their manufacturing sites have helped reduce specific energy consumption. Use of sustainable alternative bio-fuels has become the norm at many of the major manufacturing sites which has helped reduce fuel costs and carbon emissions. They also executed appropriate capital expenditure investments in creating fresh capacity in all categories. These investments have facilitated growth and de-bottlenecked capacities of existing assets. The principles of Total Productive Maintenance were applied and progress tracked across all the manufacturing sites. This has resulted in an increase in asset productivity levels.
The buying function also delivered improved efficiencies and reduction in procurement costs, fully leveraging benefits of scale and synergy through Unilever's global buying network.
PAST MILESTONES
OVER 100 YEARS' LINK WITH
In
the summer of 1888, visitors to the Kolkata harbour noticed crates full of
Sunlight soap bars, embossed with the words "Made in
Soon after followed Lifebuoy in 1895 and other famous brands like Pears, Lux
and Vim. Vanaspati was launched in 1918 and the famous Dalda brand came to the
market in 1937.
In 1931, Subject set up its first Indian subsidiary, Hindustan Vanaspati
Manufacturing Company, followed by Lever Brothers India Limited (1933) and
United Traders Limited (1935). These three companies merged to form subject in
November 1956; Subject offered 10% of its equity to the Indian public, being
the first among the foreign subsidiaries to do so. Subject now holds 52.10%
equity in the company. The rest of the shareholding is distributed among about
360,675 individual shareholders and financial institutions.
The erstwhile Brooke Bond's presence in
Pond's (
Since the very early years, Subject has vigorously responded to the stimulus of
economic growth. The growth process has been accompanied by judicious
diversification, always in line with Indian opinions and aspirations.
The liberalisation of the Indian economy, started in 1991, clearly marked an
inflexion in subject's and the Group's growth curve. Removal of the regulatory
framework allowed the company to explore every single product and opportunity
segment, without any constraints on production capacity.
Simultaneously, deregulation permitted alliances, acquisitions and mergers. In
one of the most visible and talked about events of
Subject formed a 50:50 joint venture with the US-based Kimberly Clark
Corporation in 1994, Kimberly-Clark Lever Limited, which markets Huggies
Diapers and Kotex Sanitary Pads. Subject has also set up a subsidiary in Nepal,
Unilever Nepal Limited (UNL), and its factory represents the largest
manufacturing investment in the Himalayan kingdom. The UNL factory manufactures
subject's products like Soaps, Detergents and Personal Products both for the
domestic market and exports to
The 1990s also witnessed a string of crucial mergers, acquisitions and
alliances on the Foods and Beverages front. In 1992, the erstwhile Brooke Bond
acquired Kothari General Foods, with significant interests in Instant Coffee.
In 1993, it acquired the Kissan business from the UB Group and the Dollops
Icecream business from Cadbury
As a measure of backward integration, Tea Estates and Doom Dooma, two
plantation companies of Unilever, were merged with Brooke Bond. Then in July
1993, Brooke Bond India and Lipton
Finally, BBLIL merged with subject, with effect from January 1, 1996. The
internal restructuring culminated in the merger of Pond's (
In January 2000, in a historic step, the government decided to award 74 per
cent equity in Modern Foods to subject, thereby beginning the divestment of
government equity in public sector undertakings (PSU) to private sector
partners. Subject's entry into Bread is a strategic extension of the company's
wheat business. In 2002, Subject acquired the government's remaining stake in
Modern Foods.
In 2003, Subject acquired the Cooked Shrimp and Pasteurised Crabmeat business
of the Amalgam Group of Companies, a leader in value added Marine Products
exports.
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH, 2011
|
Particulars |
Year Ended 31.03.2011 Audited |
|
Income |
|
|
a) Net Sales / Income from Operations |
194011.100 |
|
i) Domestic FMCG – HPC |
144345.700 |
|
ii) Domestic FMCG – Foods |
34715.100 |
|
Domestic FMGC – Total (i + ii) |
179060.800 |
|
Exports |
10931.300 |
|
Others |
4019.000 |
|
b) Other Operating Income |
3340.900 |
|
Total Operating Income |
197352.000 |
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade |
(2905.300) |
|
(b) Consumption of Raw/Packing Materials |
75292.600 |
|
(c) Purchase of traded goods |
28181.300 |
|
(d) Employees Cost |
9612.600 |
|
(e) Depreciation/Amortization |
2208.300 |
|
(f) Advertising and Promotions |
27642.300 |
|
(g) Other Expenditure |
32535.400 |
|
Total Expenditure |
172567.200 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
24784.800 |
|
Other Income |
2519.400 |
|
Profit/(Loss) before Interest and Exceptional items |
27304.200 |
|
Interest |
2.400 |
|
Profit / (Loss) after interest before Exceptional items |
27301.800 |
|
Exceptional Items |
2068.300 |
|
Profit / (Loss) From
Ordinary activities before Tax |
29370.100 |
|
Tax Expenses |
(6310.400) |
|
Net Profit/(Loss) From Ordinary activities after Tax |
23059.700 |
|
Extraordinary Items |
-- |
|
Net Profit/(Loss) for the period |
23059.700 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
2159.500 |
|
Reserves (Excluding Revaluation Reserves) |
24173.000 |
|
Public Share
Holding |
|
|
Before
Extraordinary Items |
|
|
-Basic |
10.58 |
|
-Diluted |
10.58 |
|
After Extraordinary Items |
|
|
-Basic |
10.58 |
|
-Diluted |
10.58 |
|
Average of Public Share Holding |
|
|
- Number of Shares |
1024622508 |
|
- Percentage of shareholding |
47.45% |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
|
b) Non-encumbered |
|
|
- Number of Shares |
1134849460 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
52.55% |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED AS ON 31ST MARCH, 2011
|
Particulars |
Year
Ended 31.03.2011 Audited |
|
Segment Revenue
(Sales and Income from Services) |
|
|
- Soaps and Detergents |
87915.600 |
|
- Personal Products |
58441.000 |
|
- Beverages |
23439.700 |
|
- Processed Foods |
9025.700 |
|
- Ice Creams |
2745.800 |
|
- Exports |
10996.500 |
|
- Others (includes Chemicals, Water, etc.) |
4380.300 |
|
Total Segment
Revenue |
196944.600 |
|
Less : Inter
segment revenue |
-- |
|
Net Segment
Revenue |
196944.600 |
|
Segment Results
(Profit Before Tax from ordinary activities) |
|
|
- Soaps and Detergents |
8340.600 |
|
- Personal Products |
14948.100 |
|
- Beverages |
3577.600 |
|
- Processed Foods |
128.800 |
|
- Ice Creams |
194.500 |
|
- Exports |
915.500 |
|
- Others (includes Chemicals, Water, etc.) |
(749.500) |
|
Total Segment
Results |
27355.600 |
|
Less : Interest Expense |
(2.400) |
|
Add/(Less) : Other unallocable expenditure net of unallocable income |
2016.900 |
|
Total Profit Before
Tax from ordinary activities |
29370.100 |
|
Capital Employed
(Segment assets and less Segment liabilities) |
|
|
- Soaps and Detergents |
(3762.300) |
|
- Personal Products |
1450.200 |
|
- Beverages |
3421.700 |
|
- Processed Foods |
751.600 |
|
- Ice Creams |
561.500 |
|
- Exports |
1956.100 |
|
- Others (includes Chemicals, Water, etc.) |
(286.300) |
|
Total Capital
Employed in segments |
4092.500 |
|
Add : Unallocable corporate assets less corporate liabilities |
22246.700 |
|
Total Capital Employed
in company |
26339.200 |
BALANCE
SHEET AS ON 31ST MARCH, 2011
|
Particulars |
As at 31.03.2011 (Rs. in Millions) (Audited) |
|
1. Shareholder’s Funds |
|
|
a) Capital |
2159.500 |
|
b) Reserves and Surplus |
24179.700 |
|
2. Minority Interest |
-- |
|
3. Loan Funds |
-- |
|
Total |
26339.200 |
|
5. Fixed Assets (Including CWIP) |
24682.400 |
|
6. Investments |
12606.800 |
|
7. Net Deferred Tax Asset (Net) |
2096.600 |
|
8. Current Assets, Loans and Advances |
|
|
a) Inventories |
28112.600 |
|
b) Sundry Debtors |
9432.000 |
|
c) Cash and Bank Balances |
16400.100 |
|
d) Other Current Assets |
353.600 |
|
e) Loans and Advances |
6653.600 |
|
9. Current Liabilities and Provisions |
|
|
a) Current Liabilities |
(60748.700) |
|
b) Provisions |
(13249.800) |
|
Net Current Assets |
(13046.600) |
|
Total |
26339.200 |
PRESS RELEASE
Hindustan Unilever Limited – Results for Quarter
and Financial Year ending 31st March 2011
09-05-2011: Hindustan
Unilever Limited (HUL) announced results for the quarter and financial year
ending 31st March 2011.
March Quarter 2011:
During the
quarter, Domestic Consumer and FMCG business grew 14%, with strong performance
across Home and Personal Care (HPC) and Foods segments.
Home and Personal
Care business grew by 13.6%. Soaps and Detergents grew strongly at 11.4%. In
Laundry, Surf, Rin and Wheel delivered double digit volume growth. During the
financial year, Rin turnover crossed Rs.10000.000 Millions . Comfort continued
to build the fabric conditioner market with strong momentum. In Skin Cleansing,
Dove, Pears and Liril grew strongly, driving category premiumization. Hand and
Personal Products
continued its strong momentum with 16.2% growth during the quarter. Skin care
growth was driven by innovations - launch of FAL Anti Marks Eraser Pen,
Lifebuoy Health Talc, relaunch of Ponds Talc and Lakme Sun Expert. Hair and
Oral grew in double digits. Dove hair care range continued to outperform in an
intensely competitive environment.
Foods business
grew 15.4% across categories. Beverages grew by 11.2%, with both Tea and Coffee
performing well. 3 Roses was relaunched, promoting the health benefits of tea.
Taj Tea Bags continued to develop the market with strong double digit growth.
Coffee portfolio was expanded with launch of Bru Lite – a premium offering in
instant coffee. In Packaged Foods, Kissan and Knorr continued to grow strongly.
Consistent with the Company’s strategy to expand the packaged foods business,
Kissan introduced offerings in three new segments – Juices, Spreads and Malted
Food Drinks. Ice Creams category delivered strong growth, driven by the launch
of new variants and formats and the continued expansion of Swirl Parlours,
which now exceed 150 outlets. Progress on Pureit water business is in line with
plans and a new integrated ‘Direct to Home’ and ‘Retail’ distribution model was
rolled out.
Input cost
inflation continued to remain high and volatile driven by crude and palm oil.
Cost of goods sold went up by 290 bps. Buying efficiencies and cost saving
programs remain a priority and are being further scaled up. A and P spends, at Rs.6230.000 Millions , remained
competitive at 12.7% of sales, with increased brand investment in Personal
Products and Foods. Profit before interest and tax (PBIT) grew by 8.4% with
PBIT margin lower by 60 bps on account of input cost inflation. Financial
income increased by Rs. 280.000 crore through sound treasury management. Profit
after tax but before exceptional items, PAT (bei), grew by 22% to Rs. 5150.000
crore during the quarter. Net Profit at Rs.5690.000 crore was lower by 2%, due
to extraordinary income in the previous year. Share buyback was successfully completed
during the quarter.
Financial Year 2010-11:
Domestic Consumer
business grew 11% driven by a strong 13% volume growth. PBIT margins declined
by 190 bps on account of higher input cost inflation and 60 bps increase in
brand investment. Both PAT (bei) and Net Profit increased by 4.7% with Net
Profit rising to Rs 23060.000 Millions
for the full year.
The Board of
Directors have proposed a final dividend of Rs.3.50 per share for the financial
year ending 31st March, 2011, subject to approval of the shareholders
at the Annual General Meeting. Together with interim dividend of Rs 3.00 per
share, the total dividend for the financial year ending 31st March,
2011 amounts to Rs.6.50 per share.
Harish Manwani,
Chairman commented: “Our performance has been strong and consistent through the
year, driven by our strategy of growing the core and leading market development
of the segments and categories of the future. Input costs remain high with the
added challenge of volatility, while the competitive environment has further
intensified. In this context, we will continue to focus on the best value for
our consumers and customers through innovations and strong cost efficiency
programmes. The business is being managed even more dynamically to deliver
long-term competitive, profitable and sustainable growth.”
About Hindustan Unilever Limited
Hindustan
Unilever Limited (HUL) is
Media Contacts:
Email:mediacentre.hul@unilever.com,
Telephone: Prasad
Pradhan - 022 39832429
R Ram - 022
39832413
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.