MIRA
INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNITED BREWERIES LIMITED |
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Registered
Office : |
UB Tower”, UB City, 24, Vittal |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.05.1999 |
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Com. Reg. No.: |
08-025195 |
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Capital
Investment / Paid-up Capital : |
Rs. 1005.105 Millions |
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CIN No.: [Company Identification
No.] |
L36999KA1999PLC025195 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRU00927D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged Primarily in the Manufacture and Sale of Beer. |
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No. of Employees
: |
2730 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 68000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. The trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered good for normal business dealings at
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October, 2013 |
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Rating Agency Name |
ICRA |
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Rating |
NON Funded Based Facilities: A1+ |
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Rating Explanation |
Very stronge degree of safety and lowest credit risk. |
|
Date |
October, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Ashish Sharma |
|
Designation : |
Finance Department |
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Contact No.: |
91-80-39855000 |
|
Date : |
24.09.2014 |
LOCATIONS
|
Registered Office : |
UB Tower, UB City, 24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-39855000 / 22272806 /22272807 |
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Fax No.: |
91-80-22211964-22229488 |
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Email.: |
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Website : |
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Corporate Office : |
Level 3, 4 and 5, UB Towers, UB City, 24 Vittal Mallya Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22293333/ 22272807 |
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E-Mail : |
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Own Manufacturing Network : |
Located at: · Andhra Pradesh – Mallepally, Kothlapur and Srikakulam · Goa – Ponda · Kerala – Cherthala and Palakkad · Karnataka – Mangalore, Nelmangala and Mysore · Odisha – Khurda · Tamilnadu – Kuthambakkam and Aranvoyal · Punjab – Ludhiana · West Bengal – Kalyani · Rajasthan – Chopanki · Maharashtra – Taloja and Aurangabad · Haryana – Dharuhera |
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Regional Sales Office 1: |
C/o. Blitz Publication Private Limited, 3rd Floor, Canada Building, Dr. D.N. Road, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22620580 / 2/ 3 |
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Regional Sales Office 2: |
Wallace House, 1st Floor 4, Bankshall Street, Kolkata - 700 001, West Bengal, Indi |
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Tel. No.: |
91-33-22317853 / 22317850 |
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Fax No.: |
91-33-22805830 |
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Regional Sales Office 3: |
Level 15, Canberra,24, Vittal Mallya Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-39855231 |
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Fax No.: |
91-80-39855299 |
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Regional Sales Office 4: |
1002, Bikaji Kama Bhavan, 10th Floor, Bikaji Kama Place, New Delhi – 110 066, India |
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Tel. No.: |
91-11-41644873 / 41644876 / 5 |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Vijay Mallya |
|
Designation : |
Chairman |
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Name : |
Mr. Kalyan Ganguli |
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Designation : |
Managing Director |
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Date of Birth/ Age : |
62 Years |
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Qualification : |
B.A. (Hons), PGDBM (XLRI) |
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Experience : |
40 Years |
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Date of Appointment : |
01.02.1979 |
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Name : |
Mr. Henricus Petrus Van Zon |
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Designation : |
Director and Chief Financial
Officer |
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Date of Birth/ Age : |
01.03.1956 |
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Qualification : |
MSC in Business
Economics and Post Graduate in Accountancy from Erasmus University,
Rotterdam, Netherlands. |
|
Expertise in
specific functional area : |
Finance, Accounting and General Management |
|
Date of Appointment : |
07.12.2012 |
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|
Name : |
Mr. A.K. Ravi Nedungadi |
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Designation : |
Director |
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Name : |
Mr. Duco Reinout Hooft Graafland |
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Designation : |
Director |
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Name : |
Mr. Roland Pirmez |
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Designation : |
Director |
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Name : |
Mr. Chugh Yoginder Pal |
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Designation : |
Director |
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Name : |
Mr. Chhaganlal Jain |
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Designation : |
Director |
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Date of Birth/ Age : |
15.11.1933 |
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Qualification : |
Chartered Accountant and Company Secretary |
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Expertise in
specific functional area : |
Finance and Corporate Strategy |
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Date of Appointment : |
27.01.2003 |
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Directorship held in other Companies in India : |
i. Asit C. Mehta Investment Intermediates Limited ii. SW Finance Co. Limited iii. RPG Life Sciences Limited iv. Practical Financial Services Private Limited v. NOCIL Limited vi. Pioneer Distilleries Limited |
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Name : |
Mr. Sunil Kumar Alagh |
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Designation : |
Director |
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Name : |
Mr. Kiran Mazumdar Shaw |
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Designation : |
Director |
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Name : |
Mr. Madhav Bhatkuly |
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Designation : |
Director |
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Name : |
Mr. Stephan Gerlich |
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Designation : |
Director |
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Date of Birth/ Age : |
11.09.1958 |
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Qualification : |
Wirtschaftassistent (Germany) |
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Expertise in
specific functional area : |
Overall business
Management and Operations in Healthcare, Crop Science and Material Science |
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Date of Appointment : |
02.07.2010 |
|
Directorship held in other Companies in India : |
i. Bayer Crop Science Limited ii. Bayer Material Science Private Limited iii. Bayer Zydus Pharma Private Limited iv. Magma HDI General Insurance Company Limited |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Sharma |
|
Designation : |
Finance Department |
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|
Name : |
Mr. Govind Iyengar |
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Designation : |
Senior Vice President – Legal and Company
Secretary |
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Audit Committee : |
Mr. Chugh Yoginder Pal – Chairman Mr. Sunil Alagh – Member Mr. Chhaganlal Jain - Member |
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Stakeholders’ Relationship Committee : |
Mr. Chugh Yoginder Pal – Chairman Mr. Sunil Alagh – Member Mr. Chhaganlal Jain - Member |
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Nomination and Remuneration Committee : |
Mr. Sunil Alagh - Chairman Mr. Chugh Yoginder Pal - Member Mr. Chhaganlal Jain - Member Mr. A K Ravi Nedungadi - Member |
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Share Transfer Committee |
Mr. A K Ravi Nedungadi – Chairman Mr. Kalyan Ganguly - Member |
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Borrowing Committee |
Mr. Chhaganlal Jain - Chairman Mr. Henricus Petrus van Zon - Member Mr. A K Ravi Nedungadi - Member Ms. Kiran Mazumdar Shaw Member |
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Corporate Social Responsibility Committee |
Dr. Vijay Mallya - Chairman Mr. Kalyan Ganguly – Member Mr. Henricus Petrus van Zon – Member Ms. Kiran Mazumdar Shaw – Member Mr. Sunil Alagh Member Mr. Madhav Bhatkuly Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
21353620 |
8.08 |
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|
73583310 |
27.83 |
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|
94936930 |
35.91 |
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|
|
|
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|
102897740 |
38.92 |
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|
102897740 |
38.92 |
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Total shareholding of Promoter and Promoter Group (A) |
197834670 |
74.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
765393 |
0.29 |
|
|
37309 |
0.01 |
|
|
660 |
0.00 |
|
|
50191386 |
18.98 |
|
|
750 |
0.00 |
|
|
50995498 |
19.29 |
|
|
|
|
|
|
5321181 |
2.01 |
|
|
|
|
|
|
9310101 |
3.52 |
|
|
943699 |
0.36 |
|
|
255461 |
0.10 |
|
|
493666 |
0.19 |
|
|
192692 |
0.07 |
|
|
1880 |
0.00 |
|
|
15574981 |
5.89 |
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Total Public shareholding (B) |
66570479 |
25.18 |
|
Total (A)+(B) |
264405149 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
264405149 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged Primarily in the Manufacture and Sale of Beer. |
GENERAL INFORMATION
|
No. of Employees : |
2730 (Approximately) |
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Bankers : |
·
Rabobank International (Cooperatieve Centrale Raif
Feisen Boerenleenbank B. A.), 32/F Three Pacific Place, 1 Queen's Road, East,
Hong Kong, - 00000, Hong Kong ·
Citi bank N.A., Prestige Meridian, 30, M G Road,
Bangalore – 560 001, Karnataka, India ·
DBS Bank Limited, Salarpuria Windsor, 3, Ulsoor
Road, Bangalore – 560 042, Karnataka, India ·
Rabobank International (Cooperatieve Centrale
Raif Feisen Boerenleenbank B. A.), Forbes Building, Second Floor, Charanjit
Rai Marg, Fort, Mumbai – 400 001, Maharashtra, India ·
ING Vysya Bank ·
Yes Bank Limited ·
HDFC Bank Limited ·
Axis Bank Limited ·
Standard Chartered Bank |
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Facilities : |
LONG-TERM BORROWINGS SECURED
BORROWINGS :
SHORT-TERM BORROWINGS SECURED
BORROWINGS Cash credit facilities/working capital demand loans from banks are
secured by first pari-passu charge on all current assets of the Company namely stock of raw materials, semi-finished and
finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills
receivable and book debts both present and future. These are repayable on demand and carries interest in the
range of 9.10% to 13.00% p.a. |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Subsidiary : |
Maltex Malsters Limited (MML) |
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Associate : |
United East Bengal Football Team Private Limited (UEBFTPL) |
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|
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Entity which has
significant influences : |
·
Scottish and Newcastle India Limited, UK (SNIL) ·
United Breweries (Holdings) Limited (UBHL) |
|
|
|
|
Enterprises over which investing parties or KMP
have significant influence : |
·
Scottish and Newcastle India Private Limited
('SNIPL'), subsidiary of HUL (merged with the Company effective April 1,
2012) ·
Heineken UK Limited ('HUL'), holding company of
SNIL ·
Heineken International B.V. ('HIBV') ·
Heineken Brouwerijen B.V. ('HBBV') ·
Heineken Supply Chain B.V. ('HSCBV') ·
Heineken N.V. ('HNV') ·
Force India F1 Team Limited, UK ('Force India') |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4129800000 |
Equity Shares |
Rs.1/- each |
Rs.4129.800 Millions |
|
58600000 |
Preference Shares |
Rs.100/- each |
Rs. 5860.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.9989.800
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
264405149 |
Equity Shares |
Rs.1/- each |
Rs.264.400
Millions |
|
7407000 |
3% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.740.700 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1005.100 Millions |
FINANCIAL
DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1005.100 |
1005.100 |
1005.100 |
|
(b) Reserves & Surplus |
16053.500 |
14101.800 |
12646.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
17058.600 |
15106.900 |
13651.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5275.400 |
7432.000 |
4028.000 |
|
(b) Deferred tax liabilities (Net) |
795.400 |
745.500 |
514.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
55.000 |
33.800 |
38.100 |
|
Total Non-current Liabilities (3) |
6125.800 |
8211.300 |
4580.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4889.100 |
5569.300 |
5502.000 |
|
(b) Trade payables |
2094.100 |
2496.000 |
3835.600 |
|
(c) Other current
liabilities |
7870.000 |
5217.500 |
4827.100 |
|
(d) Short-term provisions |
920.400 |
785.600 |
469.000 |
|
Total Current Liabilities (4) |
15773.600 |
14068.400 |
14633.700 |
|
|
|
|
|
|
TOTAL |
38958.000 |
37386.600 |
32865.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15850.900 |
15737.600 |
11983.700 |
|
(ii) Intangible Assets |
218.300 |
202.300 |
202.300 |
|
(iii) Capital
work-in-progress |
822.700 |
1139.800 |
2073.500 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
254.700 |
254.700 |
254.700 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1738.600 |
1386.700 |
1710.800 |
|
(e) Other Non-current assets |
56.400 |
63.000 |
49.100 |
|
Total Non-Current Assets |
18941.600 |
18784.100 |
16275.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5432.800 |
5126.300 |
3998.800 |
|
(c) Trade receivables |
9586.000 |
8133.000 |
6994.500 |
|
(d) Cash and cash
equivalents |
1424.800 |
2327.700 |
1725.800 |
|
(e) Short-term loans and
advances |
3560.800 |
2957.00 |
3226.900 |
|
(f) Other current assets |
12.000 |
58.500 |
644.200 |
|
Total Current Assets |
20016.400 |
18602.500 |
16590.200 |
|
|
|
|
|
|
TOTAL |
38958.000 |
37386.600 |
32865.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42355.000 |
39031.400 |
35618.200 |
|
|
|
Other Income |
243.800 |
392.200 |
729.800 |
|
|
|
TOTAL |
42598.800 |
39423.600 |
36348.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
16435.300 |
16037.600 |
13325.800 |
|
|
|
Purchases of traded goods |
350.400 |
423.000 |
600.700 |
|
|
|
(Increase)/decrease
in inventories of finished goods, work-in-progress and traded goods |
(205.200) |
(182.500) |
33.700 |
|
|
|
Employee benefit expenses |
2410.000 |
1855.000 |
1441.100 |
|
|
|
Other expenses |
15277.300 |
13368.600 |
11298.100 |
|
|
|
Exceptional item: Provision for diminution in value of investments |
0.000 |
195.900 |
0.000 |
|
|
|
TOTAL |
34267.800 |
31697.600 |
26699.400 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6116.400 |
5155.800 |
4650.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
798.300 |
798.900 |
987.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5318.100 |
4356.900 |
3663.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1976.700 |
1702.400 |
1486.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
3341.400 |
2654.500 |
2176.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1085.300 |
932.400 |
912.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2256.100 |
1722.100 |
1264.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of services |
27.100 |
20.000 |
14.900 |
|
|
TOTAL EARNINGS |
27.100 |
20.000 |
14.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and packing materials |
478.500 |
398.400 |
387.900 |
|
|
|
Stores & Spares |
34.400 |
24.000 |
12.700 |
|
|
|
Capital Goods |
109.900 |
138.500 |
459.300 |
|
|
TOTAL IMPORTS |
622.800 |
560.900 |
859.900 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.30 |
6.41 |
4.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.30 |
4.37 |
3.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.89 |
6.80 |
6.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.82 |
7.38 |
7.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.18 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60 |
0.86 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.32 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1005.100 |
1005.100 |
1005.100 |
|
Reserves & Surplus |
12646.300 |
14101.800 |
16053.500 |
|
Net
worth |
13651.400 |
15106.900 |
17058.600 |
|
|
|
|
|
|
long-term borrowings |
4028.000 |
7432.000 |
5275.400 |
|
Short term borrowings |
5502.000 |
5569.300 |
4889.100 |
|
Total
borrowings |
9530.000 |
13001.300 |
10164.500 |
|
Debt/Equity
ratio |
0.698 |
0.861 |
0.596 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
35618.200 |
39031.400 |
42355.000 |
|
|
|
9.583 |
8.515 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
35618.200 |
39031.400 |
42355.000 |
|
Profit |
1264.400 |
1722.100 |
2256.100 |
|
|
3.55% |
4.41% |
5.33% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
High Court of Karnataka- Bangalore Bench CA
56/2012 |
|
Petitioner/Appnt.
Name: |
M/S MICRO DYNEMICD PRIVATE LIMITED |
Respondent/Defnt.
Name: |
M/S UNITED BREWERIES LIMITED |
|
Petnr./Appnt.
Advocate: |
M. S. NARAYAN |
Respnt./Defnt.
Advocate: |
-- |
|
Date
Filed: |
16.01.2012 |
District: |
Out of State |
|
Stage: |
PENDING FOR ADMISSION |
Last Posted for: |
-- |
||
|
Last Action Taken: |
-- |
Last Date of
Action: |
-- |
Next hearing date: |
-- |
|
Latest Order |
-- |
|
|
|
|
|
Before Hon'ble
Judge/s: |
-- |
||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504891 |
25/04/2014 |
1,080,000,000.00 |
Citi Bank N.A. |
RANGA TOWERS,
05, M G ROAD, BANGALORE, Karnataka |
C07967987 |
|
2 |
10465214 |
20/03/2014 * |
1,054,000,000.00 |
RABOBANK
INTERNATIONAL (Cooperatieve Centrale Raif |
32/F THREE
PACIFIC PLACE, 1 QUEEN'S ROAD, EAST, H |
C03786894 |
|
3 |
10465215 |
20/03/2014 * |
13,360,000,000.00 |
RABOBANK
INTERNATIONAL (Cooperatieve Centrale Raif |
32/F THREE
PACIFIC PLACE, 1 QUEEN'S ROAD, EAST, H |
C03799681 |
|
4 |
10416866 |
22/02/2013 |
1,080,000,000.00 |
Citi Bank N.A. |
Prestige
Meridian, 30, M G Road, Bangalore, Karna |
B72310022 |
|
5 |
10391030 |
30/04/2013 * |
2,464,000,000.00 |
DBS Bank Ltd. |
SALARPURIA
WINDSOR, 3, ULSOOR ROAD, BANAGLORE, Ka |
B76040328 |
|
6 |
10382184 |
23/10/2013 * |
1,054,000,000.00 |
RABOBANK
INTERNATIONAL (Cooperatieve Centrale Raif |
Forbes Building,
Second Floor,, Charanjit Rai Mar |
B91762161 |
|
7 |
10383494 |
23/10/2013 * |
1,054,000,000.00 |
RABOBANK
INTERNATIONAL (Cooperatieve Centrale Raif |
32/F THREE
PACIFIC PLACE, 1 QUEEN'S ROAD, EAST, H |
B91761718 |
|
8 |
80018044 |
21/02/2013 * |
7,500,000,000.00 |
Citi Bank N.A. |
Prestige
Meridian, 30, M G Road, Bangalore, Karna |
B71550214 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
416.000 |
438.600 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Indian currency short-term loans from banks |
2100.000 |
1250.000 |
|
Indian currency bank overdraft |
0.200 |
196.700 |
|
Foreign currency buyer's credit from bank |
0.000 |
392.400 |
|
Total |
2516.200 |
2277.700 |
LONG-TERM BORROWINGS
UNSECURED
BORROWINGS
Deferred payment liability of Rs. 438.500 Millions (Previous year: Rs.
447.000 Millions) pertains to sales tax payable to the Government of Maharashtra by virtue of being
eligible for deferred payment after having established a manufacturing unit in
a notified backward area. This amount is repayable in five equal annual
installments on completion of 10 years from the end of respective year to which
sales tax liability relates.
SHORT TERM
BORROWINGS
UNSECURED
BORROWINGS
Short-term loans from banks are repayable
after 30-90 days from the date of respective loan and carry interest in the
range of 9.50% to 11.00% p.a.
Bank
overdraft were repayable on demand and carried interest in the range of 9.92%
to 10.05% p.a.
Buyer's
credit from bank were repayable within 12 months from the date of respective
loan and carried interest
in the range of 8.63% to 8.95% p.a.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Bank guarantees |
261.500 |
279.700 |
|
Letter of Credit |
138.600 |
152.900 |
|
Demands under appeal for following matters* |
|
|
|
Income tax |
1318.100 |
1244.100 |
|
Service tax |
3443.700 |
1380.00 |
|
- Water charges |
331.700 |
308.600 |
|
- Sales tax |
35.600 |
30.700 |
|
- Excise duty |
6.600 |
6.600 |
|
- Employee state insurance/provident fund |
1.600 |
1.600 |
|
Claims against the company not acknowledged as debts* |
105.800 |
139.700 |
|
|
5653.200 |
3543.900 |
*The Company is contesting these demands and
the management, with the advice of its advisors, believes that its position
will likely be upheld in the appellate process. No expense has been accrued in
the financial statements for these demands raised. The management believes that
the ultimate outcome of these proceedings will not have a material adverse
effect on the Company's financial position and results of operations. The
Company does not expect any reimbursements in respect of the above contingent
liabilities
CORPORATE INFORMATION
United Breweries
Limited (‘UBL’ or ‘the Company’) is a public limited company domiciled in India
and incorporated under the provisions of the Companies Act, 1956. Its shares are
listed on Bombay Stock Exchange (BSE), Bangalore Stock Exchange (BgSE) and
National Stock Exchange (NSE). The Company is engaged primarily in the
manufacture and sale of beer. The Company has manufacturing facilities in
India.
OPERATION
The industry started to show the first sigh of a regain in growth in
June, following a sluggish start in April and May, on account of higher excise
duties and taxes resulting in higher consumer prices and the restriction in
sales opportunities during the election period.
The company posted good volume growth in selective markets such as
Karnataka, Rajasthan, and west Bengal, Delhi and goa, growth was negatively
affected by an even more strict interpretation of the quota system by TASMAC in
Tamil Nadu. The company maintained its Q1 market share in the region of 50%
despite the growth across markets having been not uniform.
Revenues increased as a result of volume and mainly price increases that
have been realized in some of the major states. Gross profit increased further
on account of containing the cost during the period as compared to the
corresponding period of the previous year.
The Greenfield brewery in Bihar progressing well and is likely to
commerce operation in the course of next calendar year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The Beer industry in India is rapidly
expanding. Although we have witnessed a slowdown in growth recently, the
Compounded annual growth rate (CAGR) has been at a level of 7% in the 4
previous years. The Global Beer Market has grown by an annual average of 3%
over the last 10 years, pushed forward by impressive performance in key
emerging markets of Africa, Asia and Latin America. The more mature markets in
Western Europe and North America declined largely on account of a weakening
economy. During past two decades, the pace of globalization in beer industry
has greatly accelerated with increased activity of multinational brewers
acquiring existing breweries and constructing new facilities in emerging
markets, as well as licensing their brands outside their home countries. As
incomes rise and living styles change in developing countries, demand for beer
is growing. Developing markets remain the engine of volume growth. Per capita
beer consumption continues to rise as disposable
Incomes increase and consumers trade up from
informal alcohol (often spirits) to professionally brewed beer. India is not a
typical beer guzzling nation but the winds of change might just be around the
corner. It has been seen that attitude towards consumption of alcoholic
beverages has undergone a considerable shift in recent decades. With a
relatively younger population and rising income levels, India is seeing an
increase in popularity of beer. Young people all over India, both urban and
rural, associate beer with lifestyle and are very conscious of the need for
responsible Consumption. The beer market will continue to grow steadily, from
the current low per capita base, driven by the trend among the younger
demographic of consuming alcoholic beverages like beer as social restrictions
ease. This growth is likely to be even higher but for the restraining effects
of a high tax environment. The full potential of the Indian beer industry has
been held back due to a variety of regulatory constraints. Most significantly,
the regulation and taxation of beer is clubbed with that of spirits, not
considering the fact that it has a lower alcohol content. High tax rates
continue to hamper the growth of the beer industry in particular. Beer is
currently Targeted at the higher and middle income demographics in India. Of
the top 30 global beer markets, India has the lowest affordability of beer
relative to average GDP (gross domestic product). The cost of beer is much
higher in India than in other emerging markets when compared with the average
income of consumers. Directors Report contd.
AMALGAMATION
ACCOUNTING
The Board of Directors in its meeting held on February 7, 2012 had
approved the scheme of amalgamation (‘the scheme’) under section 391 to 394 of
the Companies Act 1956, in respect of merger of Scottish and Newcastle India
Private Limited (‘SNIPL’) into the Company with effect from April 1, 2012.
SNIPL was incorporated to provide technical consultancy for the manufacture,
marketing and distribution of beer and allied products in India and to form
strategic partnership with the Company. The Honorable High Court of Karnataka
and the Honorable High Court of Maharashtra had passed orders approving the
scheme on January 17, 2013 and November 2, 2012 respectively. Upon filing of
the orders of the Honorable High Court of Karnataka and the Honorable High
Court of Maharashtra with the Registrar of Companies on April 18, 2013 and
November 30, 2012 respectively, the scheme had become effective and accordingly,
the Company had given effect to the merger in the previous year financial
statements with effect from April 1, 2012. In terms of the scheme, the
amalgamation had been accounted for under the pooling of interest method as per
AS-14. Accordingly, all the assets, liabilities and reserves recorded in the
books of SNIPL as at March 31, 2012 had been recorded by the Company at their
respective book values as follows:
|
Particulars |
Amount
(Rs.
in millions) |
|
Long-term loans and advances |
2.400 |
|
Cash and bank balances |
41.400 |
|
Other current assets |
0.600 |
|
Trade payables |
(5.000) |
|
Other current liabilities |
(0.600) |
|
Securities premium |
(1652.300) |
|
Surplus in the statement of profit and loss |
(332.600) |
Further, in terms of the approved scheme:
(i) The authorized share capital
of the Company had been increased by Rs. 455.800 Millions in respect of equity
shares of Re. 1 each.
(ii) The investments held by
SNIPL in 84, 89,270 equity shares of Re. 1 each of the Company with carrying
value of Rs. 22,683 Lakhs had been cancelled and the corresponding issued,
subscribed and paid up equity share capital of the Company had been reduced by
Rs. 85 Lakhs representing 8,489,270 equity shares of Re.1 each. Also, other
inter-company balances and transactions had been cancelled.
(iii) 84,89,270 fully paid up equity share of Re.1 each of the Company
had been issued and allotted to the shareholders of SNIPL against 3,22,23,912
equity shares of Rs. 10 each held by them in SNIPL.
(iv) The difference of
Rs.2259.800 Millions on cancellation of investments held by SNIPL in equity
shares of the Company, as discussed in (ii) above and the difference of
Rs.313.7 Millions between the amount of shares issued by the Company and the
amount of share capital of SNIPL as discussed in (iii) above had been adjusted
from capital reserve and securities premium account of the Company by
Rs.128.600 Millions and Rs.18,175 Lakhs respectively.
(v) Dividend income of Rs.59
Lakhs recognized by SNIPL during the year and expenses incurred in connection
with the scheme amounting to Rs. 687 Lakhs, had been adjusted against
securities premium account. No specificaccounting treatment has been prescribed
under AS-14 in respect of adjustment, to capital reserve and securities premium
account, arising on account of the difference on cancellation of investments
held by SNIPL in equity shares of the Company and the difference between the
amount of shares issued by the Company and the amount of share capital of SNIPL
and adjustment of dividend income and expenses incurred in connection with the
merger. Hence, the Company had followed aforesaid treatment as stated in (iv)
and (v) above, which was as per the approved scheme.
STATEMENT OF STANDALONE UNAUDITED
RESULTS FOR THE QUARTER
June 30, 2014
|
Sr. No |
Particulars |
|
|
Quarter Ended |
||
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Gross Sales/ Income from Operations |
181.970 |
|
|
b. Other Operating Income |
0.284 |
|
|
c. less:-Net of Excise Duty |
9.677 |
|
|
Total Income from
Operations (Net) |
172.577 |
|
2 |
Expenditure |
|
|
|
a. stock in progress |
(26.275) |
|
|
b. Cost of material Consumed |
146.122 |
|
|
c. Employees Benefit Expenses |
5.708 |
|
|
d. Depreciation and Amortisation Expenses |
9.250 |
|
|
e. Other expenses |
15.283 |
|
|
Total Expenses |
150.088 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
22.489 |
|
4 |
Other Income |
0.000 |
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
22.489 |
|
6 |
Finance Costs |
15.017 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
7.472 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit from ordinary
activities before tax |
7.472 |
|
10 |
Tax Expense |
|
|
|
- Income Tax |
2.994 |
|
|
- Deferred Tax |
0.000 |
|
11 |
Net Profit from
ordinary activity after tax |
4.478 |
|
12 |
Extraordinary Items |
0.000 |
|
13 |
Net Profit After
Tax |
4.478 |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
140.400 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
36.103 |
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
0.32 |
|
|
Diluted EPS |
0.32 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
2930420 |
|
|
- Percentage of shareholding |
20.87% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
0.00 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
0.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.00 |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
11109580 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
79.13% |
Notes
1. No investor complaints received during the quarter.
2. Previous period figures have been regrouped wherever necessary.
3. The audit committee has reviewed the above quarterly result at its
meeting held on 14th august, 2014.
4. The above financial result were approved at the board meeting held on 14th
august, 2014
5. Out of the promoter and promoter group holding 72, 90,000 shares are not
yet listed.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Laboratory Equipments
·
Vehicles
Intangible Assets
·
Goodwill
·
Licenses and Rights
·
Brands
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 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 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] Records 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.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.