MIRA INFORM REPORT
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Report No. : |
333442 |
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Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HINDUSTAN UNILEVER LIMITED |
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Registered
Office : |
Unilever House, B D Sawant Marg, Chakala, Andheri (East), Mumbai –
400099, Maharashtra |
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Tel No.: |
91-22-39832429 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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. 2163.500
Million |
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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 : |
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 in the business of Fast Moving Consumer Goods (FMCG), manufactures and sells home and personal care, food, and refreshment products like Soaps and Detergents, Personal Products, Beverages, Packaged Foods, and Others. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (86) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary
of Unilever PLC and one of India’s Largest FMCG Company. It is a
well-established and reputed company having excellent track record. For the financial
year ended 2015, company possesses healthy operational risk profile and it
has achieved sales turnover of Rs.308056.200 Million with profit of
Rs.43152.600 Million as compared to previous year turnover (2014) of
Rs.280191.300 Million along with a profit of Rs.38674.900 Million. Rating takes into
consideration HUL’s strong financial risk profile marked by zero debt balance
sheet along with strong networth base and comfortable liquidity profile. The rating also
takes into consideration HUL’s market leadership across segments in the
fast-moving consumer goods (FMCG) industry supported by diverse product
portfolio includes soaps and detergents, personal care products, and food as
well as beverages. Moreover, it is
also to be noted that company has strong brands name across categories marked
by extensive distribution network with strong advertising and marketing
support. Trade relations
are reported as trustworthy. Business is active. Payments are reported to be
regular and as per commitments. In view of strong
business profile backed by its adequate financial base, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating=AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
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Date |
10.09.2014 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Balaji |
|
Designation : |
Chief Financial Officer |
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Contact No.: |
91-22-39832429 |
|
Date : |
22.07.2015 |
LOCATIONS
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Registered Office : |
Unilever House, B D Sawant Marg, Chakala Andheri (East), Mumbai –
400099, Maharashtra, India |
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Tel. No.: |
91-22-39832429/ 39832285/ 32452 |
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Fax No.: |
91-22-39832413/ 28249457 |
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E-Mail : |
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Website : |
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PLANTS : |
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NORTHERN REGION |
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LOCATION |
ADDRESS |
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Barotiwala |
Khasra No. 94-96, 355-409, Village Balyana, Barotiwala IA, Tehsil Kasauli,
District Solan - 174103, Himachal Pradesh, India |
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Etah |
G. T. Road, Etah – 207001, Uttar Pradesh, India |
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Haridwar |
Plot No. 1, Sector 1A, Integrated Industrial Estate, Ranipur, Haridwar
- 249403, Uttaranchal, India |
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Nalagarh |
· Hudbust No. 143, Khasra No. 182, 183, 187/1, Village - Kiralpur, Tehsil - Nalagarh, District Solan - 174101, Himachal Pradesh, India · Khasra No. 1350 – 1318, Bhatoli Kalan, Hill Top Industrial Area, Jharmajri, Tehsil Nalagarh, District Solan - 173295, Himachal Pradesh, India |
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Orai |
A-1, Industrial Area, UPSIDC, Orai, Jalaun - 285001, Uttar Pradesh,
India |
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Rajpura |
A-5, Phase ll-B, Focal Point, Rajpura - 140401, Punjab, India |
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Sumerpur |
A-1, UPSIDC Industrial Area, Bharua, Sumerpur, Hamirpur - 210502,
Uttar Pradesh, India |
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SOUTHERN REGION |
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Cochin |
· Ernakulam North PO, Tatapuram, Cochin – 682014, Kerala, India · Edapally, Cochin – 682024, Kerala, India |
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Hyderabad |
Uppal Kalan, Hyderabad – 500039, Andhra Pradesh, India |
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Chennai |
C.P.T. Campus, Tharamani, Chennai – 600113, Tamilnadu, India |
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Hosur |
Plot No.50 & 51, SIPCOT Industrial Complex, Hosur - 635109,
Tamilnadu, India |
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Bangalore |
30, Industrial Suburb Stage II, Yashwantpur, Bangalore - 560 002, Karnataka, India |
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Mangalore |
Sultan Batter Road, Boloor, Mangalore – 575003, Karnataka, India |
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Mysore |
Plot No. 424, Hebbal Industrial Area, Mysore – 570016, Karnataka,
India |
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Pondicherry |
· Off NH 45-A, Vadamangalam, Pondicherry - 605102, India · No. 3, Cuddalore Road, Kirumambakkam, Pondicherry – 607402, India |
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EASTERN REGION |
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Tinsukia |
Dag No. 21 of 122
FS Grants, Mouza - Tingrai, Off NH No. 37, Doom Dooma Industrial Estate,
Tinsukia - 786151, Assam, India |
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Haldia |
PO Durgachak, Haldia - 721602,Midnapore, West Bengal, India |
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Kolkata |
· 1, Transport Depot Road, Kolkata - 700088, West Bengal, India · 63, Garden Reach, Kolkata - 700024, West Bengal, India · P10 Taratola Road, Kolkata - 700088, West Bengal, India |
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WESTERN REGION |
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Khamgaon |
C-9, MIDC, Khamgaon - 444303, District Buldhana, Maharashtra, India |
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Chhindwara |
5/6 KM Stone, Narsinghpur Road, Lehgadua, Chhindwara - 480002, Madhya
Pradesh, India |
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Chiplun |
Plot No. B-7, Lote Parshuram MIDC, Khed Taluka, District Ratnagiri,
Chiplun – 415722, Maharashtra, India |
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Goa |
Plot Nos. 132-139, Kundaim Industrial Estate, Kundaim, Goa – 403115,
India |
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Mumbai |
Aarey Milk Colony, Goregaon, Mumbai – 400065, Maharashtra, India |
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Nasik |
Plot No. A 8/9, MIDC, Malegaon, Sinnar - 422103, Maharashtra, India |
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Silvassa |
Survey No.151/1/1, Village Dapada, Khanvel Road, Silvassa - 396230,
India Survey No. 907, Kilwali Road, Amli Village, Near Gandhidham Bus Stop,
Silvassa – 396230, India Orient Press Complex, Survey No. 297/1/2, Dungrapada, Village Saily, Silvassa
- 396230, India Survey No. 46/11, Plot No 16, Naroli Road, Village Athal, Silvassa –
396230, India |
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Overseas
Customer Service Centers : |
Located at: ·
300,
Upper Richmond Road West, London SW 14, 7GJ, United Kingdom. ·
303, ·
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Major
Operating Units At: |
Located at: ·
Sewree,
Mumbai, Maharashtra, India ·
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 31.03.2015
|
Name : |
Mr. Harish Manwani |
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Designation : |
Chairman |
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Date of Birth/ Age : |
59 Years |
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Name : |
Mr. Sanjiv Mehta |
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Designation : |
Managing Director and Chief Financial Officer |
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Name : |
Mr. P. B. Balaji |
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Designation : |
Executive Director, Finance and IT and Chief Financial Officer |
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Name : |
Ms. Kalpana Morparia |
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Designation : |
Independent Director |
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Name : |
Mr. Pradeep Banerjee |
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Designation : |
Executive Director, Supply Chain |
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Name : |
Mr. Aditya Narayan |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
61 Years |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
68 Years |
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Name : |
Mr. O.P. Bhatt |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
62 Years |
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Name : |
Dr. Sanjiv Misra |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
65 Years |
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KEY EXECUTIVES
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MANAGEMENT
COMMITTEE |
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Name : |
Mr. Sanjiv Mehta |
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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, Supply Chain |
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Name : |
Mr. Dev Bajpai |
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Designation : |
Executive Director and Company Secretary |
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Name : |
Ms. Geetu Verma |
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Designation : |
Executive Director, Foods |
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Name : |
Mr. B. P. Biddappa |
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Designation : |
Executive Director and Human Resources |
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Name : |
Mr. P. B. Balaji |
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Designation : |
Executive Director, Finance and IT and Chief Financial Officer |
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Name : |
Mr. Samir Singh |
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Designation : |
Executive Director, Personal Care |
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Name : |
Ms. Priya Nair |
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Designation : |
Executive Director, Home Care |
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Name : |
Mr. Punit Misra |
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Designation : |
Executive Director, Sales and Customer Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of
Promoter and Promoter Group |
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1454412858 |
67.22 |
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|
1454412858 |
67.22 |
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Total shareholding of
Promoter and Promoter Group (A) |
1454412858 |
67.22 |
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(B) Public Shareholding |
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|
10097259 |
0.47 |
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3566529 |
0.16 |
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20 |
0.00 |
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|
76956008 |
3.56 |
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|
314947198 |
14.56 |
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405567014 |
18.74 |
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26853425 |
1.24 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
261039751 |
12.06 |
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Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
5207117 |
0.24 |
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|
10732415 |
0.50 |
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|
2170482 |
0.10 |
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|
7723030 |
0.36 |
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|
3600 |
0.00 |
|
|
717727 |
0.03 |
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|
17015 |
0.00 |
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|
78182 |
0.00 |
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|
22379 |
0.00 |
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|
303832708 |
14.04 |
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Total Public shareholding
(B) |
709399722 |
32.78 |
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Total (A)+(B) |
2163812580 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
2163812580 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
||
|
Unilever PLC |
1,11,43,70,148 |
51.50 |
51.50 |
|
Brooke Bond Group Limited |
10,67,39,460 |
4.93 |
4.93 |
|
Unilever Overseas Holdings AG |
6,87,84,320 |
3.18 |
3.18 |
|
Unilever UK & CN Holdings Limited |
6,00,86,250 |
2.78 |
2.78 |
|
Brooke Bond South India Estates Limited |
5,27,47,200 |
2.44 |
2.44 |
|
Brooke Bond Assam Estates Limited |
3,28,20,480 |
1.52 |
1.52 |
|
Unilever Overseas Holdings BV |
1,88,65,000 |
0.87 |
0.87 |
|
Total |
1,45,44,12,858 |
67.22 |
67.22 |
SHAREHOLDING OF SECURITIES
(INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO
THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
Life Insurance Corporation of India |
23135792 |
1.07 |
|
|
Total |
23135792 |
1.07 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Fast Moving Consumer Goods (FMCG), manufactures and sells home and personal care, food, and refreshment products like Soaps and Detergents, Personal Products, Beverages, Packaged Foods, and Others. |
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Products : |
Home and Personal Care (HPC) and Foods and Refreshments |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Holding Company : |
Unilever PLC |
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Subsidiaries
(Extent of holding) : |
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Trust : |
Hindustan Unilever Limited Securitisation of Retirement Benefit Trust (100% control) (from October, 2012) |
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Fellow Subsidiaries
: |
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Joint Venture : |
Kimberly Clark Lever Private Limited |
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Associates : |
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Employees’ Benefit
Plans where there is significant influence |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,25,00,00,000 |
Equity Shares |
Re. 1/- each |
Rs. 2250.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,16,34,64,851 |
Equity Shares |
Re. 1/- each |
Rs. 2163.500
Million |
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|
|
Reconciliation of the number of shares
|
Equity Shares : |
31.03.2015 |
|
|
Number of shares |
Rs. in Million |
|
|
Balance as at the beginning of the year |
2,16,26,96,292 |
2162.700 |
|
Add : ESOP shares issued during the year |
7,68,559 |
0.800 |
|
Balance as at the end of the year |
2,16,34,64,851 |
2163.500 |
Rights,
preferences and restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Shares held by
holding company and subsidiaries of holding company in aggregate
|
Equity Shares of Re.1 held by : |
31.03.2015 |
|
1,11,43,70,148 shares (March 31, 2014 : 1,11,43,70,148 shares) held by Unilever PLC, UK, the holding company |
1114.400 |
|
34,00,42,710 shares (March 31, 2014 : 34,00,42,710 shares) held by subsidiaries of the holding company |
340.000 |
Details of equity
shares held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Particulars |
31.03.2015 |
|
Number of shares |
1,11,43,70,148 |
|
Unilever PLC, UK, the Holding Company |
51.51% |
Shares reserved for
issue under options
|
Particulars |
31.03.2015 |
|
|
Number of shares |
Rs. in Million |
|
|
Under 2001 HLL Stock Option Plan: equity shares of Re. 1 each, at an exercise price of Rs. 132.05 per share |
23,100 |
0.000 |
|
Under 2006 HUL Performance Share Scheme: equity shares of Re. 1 each, at an exercise price of Re. 1 per share |
3,64,566 |
0.400 |
|
Under 2012 HUL Performance Share Scheme: equity shares of Re. 1 each, at an exercise price of Re. 1 per share |
7,47,221 |
0.700 |
|
|
11,34,887 |
1.100 |
Aggregate number of shares
bought back during 5 years immediately preceding March 31, 2015
|
Particulars |
31.03.2015 |
|
No. of equity shares bought back by the company |
2,28,83,204 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2163.500 |
2162.700 |
2162.500 |
|
(b) Reserves &
Surplus |
35084.300 |
30607.800 |
24577.700 |
|
(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) |
37247.800 |
32770.500 |
26740.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1701.100 |
2788.200 |
4762.500 |
|
(d) long-term provisions |
9563.500 |
9239.900 |
7063.400 |
|
Total Non-current
Liabilities (3) |
11264.600 |
12028.100 |
11825.900 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
52889.000 |
56238.400 |
51676.900 |
|
(c) Other
current liabilities |
9080.500 |
9113.300 |
6161.500 |
|
(d) Short-term provisions |
25858.700 |
19833.700 |
18720.200 |
|
Total Current Liabilities
(4) |
87828.200 |
85185.400 |
76558.600 |
|
|
|
|
|
|
TOTAL |
136340.600 |
129984.000 |
115124.700 |
|
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|
|
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|
II. ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
24355.000 |
23979.400 |
22567.900 |
|
(ii)
Intangible Assets |
220.300 |
241.200 |
361.100 |
|
(iii) Capital
work-in-progress |
4790.100 |
3120.800 |
2053.200 |
|
(iv) Intangible assets under
development |
0.000 |
77.000 |
103.200 |
|
(b) Non-current
Investments |
6541.100 |
6361.700 |
5480.300 |
|
(c) Deferred tax assets
(net) |
1959.600 |
1617.300 |
2047.800 |
|
(d) Long-term Loan and Advances |
5834.600 |
6055.100 |
3842.900 |
|
(e) Other Non-current
assets |
4.400 |
6.800 |
2968.400 |
|
Total Non-Current Assets |
43705.100 |
41459.300 |
39424.800 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a) Current
investments |
26238.200 |
24579.500 |
17826.300 |
|
(b)
Inventories |
26026.800 |
27475.300 |
25269.900 |
|
(c) Trade
receivables |
7829.400 |
8164.300 |
8334.800 |
|
(d) Cash and
cash equivalents |
25375.600 |
22209.700 |
17078.900 |
|
(e)
Short-term loans and advances |
6572.700 |
5287.800 |
6482.600 |
|
(f) Other
current assets |
592.800 |
808.100 |
707.400 |
|
Total Current Assets |
92635.500 |
88524.700 |
75699.900 |
|
|
|
|
|
|
TOTAL |
136340.600 |
129984.000 |
115124.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
Revenue from operations, net |
308056.200 |
280191.300 |
258102.100 |
|
|
|
Other Income |
6183.900 |
6210.300 |
6069.000 |
|
|
|
|
TOTAL |
314240.100 |
286401.600 |
264171.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
118673.100 |
111598.100 |
102846.600 |
|
|
|
Purchase of Stock-in-trade |
36979.600 |
33501.900 |
32353.100 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
582.800 |
(1663.800) |
(311.300) |
|
|
|
Employee Benefits Expenses |
15788.900 |
14359.500 |
13183.400 |
|
|
|
Other Expenses |
83949.400 |
77643.000 |
69992.800 |
|
|
|
Exceptional Items |
(6643.000) |
(2286.800) |
(6084.000) |
|
|
|
|
TOTAL |
249330.800 |
233151.900 |
211980.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
64909.300 |
53249.700 |
52190.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
168.200 |
360.300 |
251.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
64741.100 |
52889.400 |
51939.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2866.900 |
2605.500 |
2360.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61874.200 |
50283.900 |
49578.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18721.600 |
11609.000 |
11612.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43152.600 |
38674.900 |
37966.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7430.500 |
5352.800 |
17739.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Appropriations Interim dividend on equity shares |
12982.000 |
11894.100 |
9729.800 |
|
|
|
Special dividend on equity shares for |
0.000 |
0.000 |
17295.300 |
|
|
|
Dividend distribution tax |
6359.000 |
4615.400 |
6556.900 |
|
|
|
Transfer to general reserve |
0.000 |
3867.500 |
3796.700 |
|
|
|
Proposed final dividend on equity |
19471.200 |
16220.200 |
12974.800 |
|
|
|
BALANCE CARRIED
TO THE B/S |
11770.900 |
7430.500 |
5352.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Exports at FOB (including exports to Nepal and Bhutan) |
810.700 |
912.100 |
1479.600 |
|
|
|
Income from services rendered |
4923.600 |
4567.000 |
5068.400 |
|
|
|
|
TOTAL EARNINGS |
5734.300 |
5479.100 |
6548.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw and packing materials |
8276.200 |
7359.800 |
7179.600 |
|
|
|
Stores, spare parts and components |
239.300 |
445.400 |
225.400 |
|
|
|
Capital Goods |
818.800 |
821.100 |
759.200 |
|
|
|
|
TOTAL IMPORTS |
9334.300 |
8626.300 |
8164.200 |
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
|
|
Basic |
19.95 |
17.88 |
17.56 |
|
|
|
Diluted |
19.94 |
17.87 |
17.55 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net Cash flows from (used in) operations |
NA |
NA |
NA |
|
Cash generated from operations |
50493.500 |
50078.700 |
45460.500 |
|
Net cash generated from operating activities |
31037.600 |
37241.500 |
35295.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.01 |
13.80 |
14.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
21.07 |
19.00 |
20.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
50.28 |
42.32 |
47.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.66 |
1.53 |
1.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.04 |
0.99 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.899.20/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
2162.500 |
2162.700 |
2163.500 |
|
Reserves & Surplus |
24577.700 |
30607.800 |
35084.300 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
26740.200 |
32770.500 |
37247.800 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
258102.100 |
280191.300 |
308056.200 |
|
|
|
8.558 |
9.945 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
258102.100 |
280191.300 |
308056.200 |
|
Profit |
37966.700 |
38674.900 |
43152.600 |
|
|
14.71% |
13.80% |
14.01% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
CHANGE OF ADDRESS:
The registered office of the company has been shifted from Hindustan Lever House, 165/166, Backbay Reclamation, Mumbai – 400020,
Maharashtra, India to the present w.e.f. 01.01.2012
COMPANY INFORMATION
The company is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is a market leader in the FMCG business comprising Home and Personal Care (HPC), Foods and Refreshments. The Company has manufacturing facilities across the country and Research and Development centres in Mumbai and Bangalore and sells primarily in India through independent distributors and modern trade.
MANAGEMENT DISCUSSION
AND ANALYSIS
To avoid duplication between the Directors’ Report and the Management Discussion and Analysis, they present below a composite summary of performance of the various businesses and functions of the Company.
ECONOMY AND MARKETS
The year witnessed a marked slowdown in global growth. Emerging markets were characterised by a sharp fall in growth rates, especially in China. Europe and Japan continued to be under pressure all through the year, while US showed tepid signs of improvement.
In the domestic market, better macroeconomic conditions, coupled with improved sentiment post the general elections, helped India to be among the better performing emerging market economies. There was a slight increase in the GDP growth, while inflation moderated and the Rupee remained relatively stable during the year.
Consumer spending remained muted and this was reflected in a moderate growth across FMCG categories. Given the backdrop of a market slowdown coupled with a volatile input cost environment and heightened competitive intensity, the operating environment for the year continued to be challenging.
The Company’s performance for the year 2014-15 has to be viewed in the context of aforesaid economic and market a environment.
PERFORMANCE OF
BUSINESSES AND CATEGORIES
In a year of slower economic recovery, reflected in consumer down trading, high competitive intensity, the Company delivered competitive growth, aided by strong marketing and trade investments, a robust innovation pipeline and sharper in-market execution. The Company sustained a strong focus on innovation across the portfolio and continued to delight consumers with a range of exciting offerings launched during the year. The impact of the regulatory changes in the space of media availability was managed effectively through strategic tie ups with broadcasters and media houses, driving efficiencies in media buying and better deployment of non television led media. The investment in non television and digital media was significantly stepped up during the year. The Company continued to leverage and benefit from the inputs received from Unilever across various aspects of the business, including technology, innovation and communication.
The commodity markets, especially vegetable oils continued to remain volatile, which coupled with uncertain currency markets posed a major challenge during the year. Given the challenging environment with the start of the fiscal impact during the second half of the year, the Company embarked on ambitious cost savings programmes which have started yielding results. These cost saving programmes along with judicious pricing, without compromising on the competitiveness of brand investments, both in terms of technology as well as advertising and promotion, helped deliver profitable growth for the year.
Rural and Modern Trade channels continued as a key focus area for the Company. The Company continued its focus on innovation to deliver value to consumers. To build awareness and demonstrate the consumer benefits of its brands and product formats, the Company continued to invest in consumer connect programmes. The school contact programme run by the Company’s brands, Lifebuoy and Pepsodent, continued to encourage and educate children on the importance and correct method of hand washing and brushing teeth. The rural consumer activation programme “Khushiyon ki Doli” covered ~5,500 villages during the year, to build awareness of emerging categories of the future. The Company has set up an innovative mobile consumer reach initiative ‘Kan Khajura Tesan’ – a mobile entertainment radio channel in which the content is interspersed with HUL brand communication, to reach consumers in media dark rural areas. ‘Kan Khajura Tesan’ is now the largest mobile radio station in the State of Bihar, where it was piloted and has now been extended to North India. This initiative was recognised with three prestigious Lions Gold Awards at Cannes. The Company continued to strengthen its digital deployment capability, including stepping up its capability and structure to harness the newly emerging e-commerce channel. The Company further leveraged the sharp geographic focus outlined in the ‘Winning In Many Indias’ (WIMI) structure during the year. This will continue to be a key strategic thrust for the future.
The business of the Company falls under five segments. Soaps and Detergents segments comprises categories of Soaps, Detergents and Household Care, Personal Products segment includes categories of Skin Care, Hair Care, Oral Care, Colour Cosmetics and Deodorants. Beverages segment covers Tea and Coffee. Packaged foods segment includes Culinary and Bakery Products, Frozen Desserts and Ice cream. The residual segment of ‘Others’ is primarily made up of Water business.
SOAPS AND DETERGENTS
Against the backdrop of a volatile environment, the Soaps and Detergents segment delivered a healthy competitive performance with turnover growth of 9% during the year. The growth was profitable with segmental profit increasing by 14% while sustaining investments behind quality and brand marketing.
Soaps category grew competitively in a market, which witnessed volatile commodity prices coupled with subdued growth on volumes. The Company managed the business dynamically during this period of volatility to deliver a healthy performance on both topline and bottom line. Dynamic and decisive pricing actions were taken across Dove, Lifebuoy, Lux and Liril. Lifebuoy continued to perform well by reaching its highest ever market share and has crossed the Rs. 20000.000 Million mark, a fitting example of what a brand with a purpose and compelling proposition can achieve. In the premium segment, Dove continued to deliver volume led growth, driven by the consistency of its proposition. Lux was re-launched during the year with a superior fragrance proposition, which met with good consumer response. The Company continued to invest in developing the market in the liquids format, viz. hand wash and body wash.
Detergents category delivered competitive growth, largely driven by mix improvement and price growth. The slow economic environment continued to adversely impact category growths. The Company has been focusing on driving upgradation in this category by offering consumers a superior experience and value proposition. Surf and Comfort continued to lead category premiumisation with high double digit growth, buoyed by the continuing momentum on Surf Excel Easy Wash and good growth in rest of the Surf portfolio. The steady performance of Surf over the last few years has earned it the distinction of being the Company’s largest brand now. The performance in Rin improved with the new thematic communication and the bars portfolio continued to lead upgradation, while powders witnessed moderate growth. Wheel powder witnessed muted growth for the year. The three laundry brands - Surf, Wheel and Rin - are now Rs. 20000.000 Million brands, which is a source of pride for the Company. The nascent segments of Machine Wash (Surf Excel Matic) and Fabric Conditioners (Comfort) continued to perform well. The category witnessed significant media heat and competitive intensity during the year. The Company was agile in passing the benefits of decline in commodity costs to consumers and thus remained competitive in the market. The Company will continue to focus on driving innovations, exercising cost control across the value chain and delivering effective communication to win in the highly competitive Detergents category.
In Household Care, Vim delivered yet another year of double digit growth. The growth was driven by the tub and liquids portfolio. With the claim of de-greasing through the power of 100 lemons, Vim continued to delight consumers through superior product quality, focused advertising and a strong activation programme. The Vim tub segment continued to grow strongly with launch of 250 gm pack in the third quarter to complement the existing 500 gm pack. This is expected to consolidate the presence of the brand across dishwash bars and help reach new consumers. The brand also has a strong programme to build new consumers across the country especially in rural. The Domex Toilet Academy (DTA) programme is being progressively scaled up with the aim to eradicate open defecation by building toilets and to improve sanitation facilities.
PERSONAL PRODUCTS
Personal Products consist of Skin Care, Hair Care, Oral Care, Colour Cosmetics and Deodorants. In a challenging market environment, where the growth of discretionary categories has continued to remain under pressure, the Personal Products segment delivered a healthy turnover growth of 11%. Segmental profit improved by 17%. The Company continued to invest for competitive growth in its core categories and build the segments of the future.
Skin Care category registered competitive growth in a slow market. Face Care delivered growth ahead of market across skin lightening, facial cleansing, anti-ageing and men’s formats. Fair & Lovely delivered good growth in the second year of the re-launch of the ‘Best Ever’ Fair & Lovely - a product that is tailor-made to deliver superior skin lightening results in India. The Face Wash segment registered significantly higher growth compared to market across brands. Pond’s continued to deliver double digit growth led by the good performance particularly of the skin lightening and talcs portfolio. The activation around ‘spot removal’ buoyed Pond’s White Beauty to high double digit growth. During the year, Pond’s also forayed into the male grooming segment through the launch of Pond’s Men that includes facewashes and moisturisers, which has performed well. Lakmé sustained its growth momentum during the year. A new hydration range Lakmé Absolute was introduced under Lakmé during the year. The Company continued to lead market development with Vaseline through the ‘healing power’ activation on the brand.
Hair Care delivered another strong year of competitive volume led double digit growth. The Company continued to deploy innovations and impactful campaigns on its core brands while leading market development in the emerging conditioners segment. The ‘Go Play’ campaign under the brand Dove was well received and the brand grew in high double digits during the year. TRESemmé performed well and the brand continued to drive exponential growth in its second year of launch. In line with its brand proposition of ‘Salon like hair, at home every day’, the Company launched a new innovation ‘Spa Rejuvenation’ under the brand which has been well received. Clinic Plus consolidated its position as the largest shampoo franchise; growing in strong double digits during the year. As for Sunsilk brand, it leveraged festive occasions across the country, through a structured communication platform with a sharp geographical focus as also high profile Bollywood movie tie-ups. Toni & Guy, the premium brand from the Unilever hair portfolio was rolled out in key premium outlets during the year.
The year was challenging for the Oral Care business which saw high competitive and promotional intensity. The Company continued to invest behind its brands, matching promotional intensity and landing exciting innovations during the year. Closeup continued to lead the freshness proposition by expanding mental and physical reach in focus markets. Closeup launched a new variant, Diamond Attraction, a first-of-its-kind premium whitening variant which works instantly to make teeth whiter and over time, it continues to work to give a whiter, brighter and mor radiant smile. The re-launch of Pepsodent Gum Care has been successful. The Company also continued to invest in building oral health and hygiene, and reached out to children across the country through a school contact programme.
Lakmé Colors business sustained double digit growth during the year despite slow markets and the sluggish rate of premiumisation for the year. Lakmé continues to drive premiumisation by upgrading users through long lasting 9 to 5 platform, and bringing the global make-up trends to India under the Absolute platform. Lakmé successfully launched the gloss look as the global trend in India this year at the Lakmé Fashion Week with a range of products under Absolute Gloss Addict. It also launched a first of its kind Makeup Pro App, which is a real-time virtual makeover mobile application with the complete palette of shades and looks across the Lakmé portfolio. The launch of creaseless lipsticks and the introduction of new Kajal trends with Eyeconic shades under the ‘9 to 5’ range was received well.
In the Deodorant portfolio, through Axe, the Company continued to deploy impactful campaigns and activation including the ‘Axe Boat Party’, which was launched for the first time in India. During the year, the Company entered into the perfume spray segment with the launch of ‘Axe Signature’, which has seen an increase in consumer franchise within a short period of time. Unilever has commissioned a world-class deodorants manufacturing facility in Khamgaon, during the year. This facility will provide a regular supply of high quality deodorant products to cater to the markets across Asia, including India. This will support the indigenization of production for a large portion of deodorants in the aerosol form, which is currently imported.
BEVERAGES
The Beverages segment delivered 9% turnover growth in the year, ahead of the market, with broad based growth across both Tea and Coffee. The growth across key brands was driven by a strengthened mix and focused in-market activities. Price growth was impacted by softer commodity costs during the second half of the year.
The Company drove its five leading brand positions across India, with both the premium and popular brands growing competitively. Taj Mahal and 3 Roses continued to drive premiumisation. Red Label offered unbranded tea users a good mix of superior, great tasting tea for value. Red Label and 3 Roses Natural Care Tea with its differentiated immunity benefit witnessed exponential growth. The Company grew the Green Tea category exponentially during the year on the back of sustained market development. The Instant Coffee business delivered strong performance during the year with BRU Gold doing particularly well.
PACKAGED FOODS
The Packaged Foods segment of the Company comprises culinary products such as jams, ketchups and squashes under Kissan; soups, soupy noodles and meal makers under Knorr; branded staples (atta and salt) under Annapurna; bakery products under Modern; and frozen desserts/ ice creams under Kwality Walls and Magnum. The segment delivered a strong 15% turnover growth with segmental profit growing by 36% during the year, as the Company continued to drive growth in topline and bottom line, while continuing to invest in building this business.
Kissan sustained its strong, consistent performance, delivering another year of double digit growth, driven by impactful activation around unlocking everyday relevance for consumers. The brand reinforced its ‘real’ credentials focusing on the fact that Kissan is made from 100% real fruits and vegetables through ‘Kissanpur’ and other powerful activations. The year also witnessed the relaunch of entire Kissan range with exciting new packaging. The consumer preference, along with a strong distribution increase in both Ketchup and Jam, resulted in the business growing faster than the market.
The performance of Knorr in the year was led by soups, with the convenient instant soups single serve format performing particularly well. The Company expanded its instant soup offerings with exciting new flavors at incredible price points. This supported by widespread sampling ensured that the soap category has grown in relevance as a healthy option to tide over in between meal hunger pangs.
Knorr Noodles was restaged at the end of the year with exciting new Chinese flavours. The Knorr Meal Maker portfolio continued to be led by in-store sampling and activations.
During the year, the Company’s desserts portfolio re-launched its ‘Brown & Polson’ and ‘Rex’ brands, with positive initial response. The Company continued its focus on improving the profitability of the Annapurna business by driving efficiencies across the value chain.
The Company also scaled up its experiential marketing initiatives. Given the relevance of market development categories, it is critical that consumers sample the Company’s products and discover the great taste and convenience that the products offer. Foods Beverages reached over 12 million consumers last year through sampling.
Modern Foods, the division which deals with bakery products continued the good performance both in terms of top line and bottom line. Despite low growth in bread industry due to challenges posed by other breakfast options and low entry rate in the segment, Modern Foods managed to maintain leadership position in most of the markets. Ability to innovate fast with value added product range like oats bread, rusk, cakes, helped Modern Foods to stay ahead in the market. Superior distribution system and better play in emerging channels like Modern Trade were the highlights of the year’s operational excellence of the business.
The Frozen Desserts and Ice Cream business which had a challenging previous year, delivered a strong performance with double digit growth and improved profitability this year. The business continued to unlock distribution growth, making the brands more accessible for consumers. Cornetto and Paddle Pop grew strongly during the year with Cola Blast and Jiggly Jelly receiving good response from kids. Cornetto is connecting with consumers through digital platform in addition to traditional media. Post the successful launch of Magnum, the premium indulgent ice-cream brand, in Chennai, Mumbai, Pune, Bangalore and Hyderabad, the Company expanded this brand to Delhi and Kolkata, during the year.
WATER
Pureit is the world’s largest selling range of water purifiers in non-pitcher and non-faucet mount segment. Pureit delivered a double digit growth in a tough consumer durable market while improving margins significantly. The brand continues to strengthen its position in a slow and weak consumer durables market. During the year, Pureit introduced a breakthrough innovation in the premium segment, Ultima (RO+UV purifier) with superior design, aesthetics and superior functionality. Within a year the product has been able to gain strong presence in the premium RO+UV segment, with a double digit market share in Modern Trade. The Pureit brand continued to dominate the self-fill non electric purifiers with the communication focusing on building relevance around safe drinking water. During the year, Pureit focused on driving Non Electric Storage Purifers Range through the Micro Finance Institutions and targeted the premium consumers with a model of leads and referrals. Pureit also pioneered an exchange programme in the Water Purifier Category, actively up trading consumers. Pureit has received ‘Innovating for a Better Tomorrow’ award by CNN IBN in partnership with Infosys, for an exemplary innovation in India that has brought about progressive change.
HINDUSTAN UNILEVER
NETWORK
The year continued to be extremely challenging one for the entire direct selling industry, including the Company, due to ambiguity on acceptable norms for direct selling in India. As a responsible corporate citizen, the Company has always conducted its business within the framework of law.
Given the challenging operating context of the business, the Company conducted a strategic review of the business. As a result of this review, the Company has changed the servicing model from a physical servicing model to an online ordering and fulfilment model.
The Company has also optimised its product portfolio to bring focus on a differentiated but limited product range and also changed its compensation plan.
NON-FMCG EXPORTS
Rice exports showed a double digit growth, while continuing to expand geographies, looking for seeding opportunities and improving its mix.
OUTLOOK
The global economic climate continues to be volatile, uncertain and prone to geo-political risks. The marked slowdown in global markets is expected to continue in 2015. The sharp fall in growth of emerging markets, notably China, will continue to keep commodity prices including oil, which is significantly lower than last year, volatile. The divergence in developed market growths as a result of the US recovery is expected to add to the volatility in the currency markets.
In this global backdrop, India is expected to perform better, aided by improving macroeconomic fundamentals. However, execution of the reform agenda and kick starting the investment cycle will be key determinants of India’s economic performance. While currently inflation is benign, upside pressures on inflation from the vagaries of monsoon or sudden changes in the rupee, could have a significant bearing on inflation.
FMCG markets are expected to grow. While consumer confidence has increased, this has not yet translated into significant improvement in FMCG market conditions. There are a few green shoots in market growths; however, uncertain global economic environment, inflation and competitive intensity continue to pose challenges. While the near term conditions pose a challenge for the economy, the medium to long term secular trends based on rising incomes, aspirations, low consumption levels, are positive and an opportunity for the FMCG sector. The Company, with its brands, talent and investment in capabilities, is well placed to benefit disproportionately from this opportunity
CAUTIONARY STATEMENT
Statements in the Annual Report, particularly those which relate to Management Discussion and Analysis, describing the Company’s objectives, projections, estimates and expectations, may constitute ‘forward looking statements’ within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumptions, the actual results might differ.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
· Railway Sidings
· Furniture and Fixtures
· Office Equipments
·
Motor Vehicles
· Others
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the company
not acknowledged as debts |
|
|
|
Income-tax matters |
5589.900 |
5459.000 |
|
Sales tax matters - Rs. 405.400 Million (March 31, 2014 - Rs. 528.400 Million) net of tax |
614.200 |
800.500 |
|
Excise duty, service tax and customs duty matters - Rs. 1342.300 Million (March 31, 2014 - Rs. 1326.100 Million) net of tax |
2033.500 |
2008.900 |
|
Other matters including claims related to employees/ex-employees, property related demands, etc - Rs. 516.200 Million (March 31, 2014 - Rs. 457.400 Million) net of tax (i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities. (ii) The Company does not expect any reimbursements in respect of the above contingent liabilities. (iii) The Company’s pending litigations comprise of claims against the Company by employees and pertaining to proceedings pending with Income Tax, Excise, Custom, Sales/VAT tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. (iv) The Company has given Bank Guarantees in respect of certain matters of above contingent liabilities. |
782.000 |
692.900 |
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(Rs. in Million)
|
PARTICULARS |
|
|
Quarter ended |
|
|
|
|
30.06.2015 |
||
|
|
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
|
|
79733.700 |
|
|
(b) Other Operating Income |
|
|
1317.600 |
|
|
Total income from operations (net) |
|
|
81051.300 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
|
|
28377.800 |
|
|
(b) Purchases of stock-in trade |
|
|
10222.400 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
|
|
419.700 |
|
|
(d) Employee benefits expense |
|
|
3635.000 |
|
|
(e) Depreciation and Amortization Expenses |
|
|
749.300 |
|
|
(f) Other Expenses |
|
|
11798.200 |
|
|
(g) Advertisement |
|
|
11533.900 |
|
|
Total expenses |
|
|
66736.300 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
|
|
14315.000 |
|
4 |
Other Income |
|
|
1086.100 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
|
|
15401.100 |
|
6 |
Finance Costs |
|
|
0.700 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
|
|
15400.400 |
|
8 |
Exceptional items |
|
|
97.600 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
|
|
15498.00 |
|
10 |
Tax expenses |
|
|
4906.600 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
|
|
10591.400 |
|
12 |
Extraordinary item (net of tax expense) |
|
|
--- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
|
|
10591.400 |
|
14 |
Share of profit' (loss) of associates |
|
|
|
|
15 |
Minority Interest |
|
|
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
|
|
10591.400 |
|
17 |
Paid up equity share capital (Face Value of Rs 10/-each) |
|
|
2163.800 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualized): |
|
|
|
|
|
(a) Basic |
|
|
4.90 |
|
|
(b) Diluted |
|
|
4.89 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
|
|
709399722 |
|
|
- Percentage of shareholding |
|
|
32.78% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
|
|
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
|
|
NA |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
|
|
NA |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
|
|
1454412858 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
|
|
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
|
|
67.22% |
|
|
|
AS ON 30.06.2015 |
||
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
||
|
|
Received during the quarter |
18 |
||
|
|
Disposed off during the quarter |
18 |
||
|
|
Remaining unresolved at the end of the quarter |
Nil |
||
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
|
PARTICULARS |
|
|
Quarter ended 30.06.2015 (Unaudited) |
|
Segment Revenue (Sales and Other
operating income) |
|
|
|
|
Soaps and Detergents |
|
|
38544.100 |
|
Personal Products |
|
|
24055.700 |
|
Beverages |
|
|
9149.000 |
|
Packaged Foods |
|
|
6079.400 |
|
Others
(includes Exports, Water, Infant Care Products, etc) |
|
|
3124.600 |
|
Total Segment Revenue |
|
|
80952.800 |
|
|
|
|
|
|
Less: Inter
Segment Revenue |
|
|
-- |
|
|
|
|
|
|
Net Segment Revenue |
|
|
80952.800 |
|
|
|
|
|
|
Soaps and Detergents |
|
|
5979.600 |
|
Personal Products |
|
|
7129.900 |
|
Beverages |
|
|
1435.300 |
|
Packaged Foods |
|
|
543.800 |
|
Others (includes
Exports, Water, Infant Care Products, etc) |
|
|
(45.600) |
|
Total Segment Results |
|
|
15043.000 |
|
|
|
|
|
|
Less: Finance Costs |
|
|
(0.700) |
|
|
|
|
|
|
Add/(Less):
Other unallowable income net of unallowable expenditure |
|
|
455.700 |
|
|
|
|
|
|
Total Profit Before Tax from ordinary
activities |
|
|
15498.000 |
|
|
|
|
|
|
Capital
Employed (Segment assets less Segment liabilities) – |
|
|
|
|
Soaps and Detergents |
|
|
(3350.000) |
|
Personal Products |
|
|
(3954.400) |
|
Beverages |
|
|
3644.200 |
|
Packaged Foods |
|
|
2281.000 |
|
Others
(includes Exports, Water, Infant Care Products, etc) |
|
|
(180.200) |
|
Total Capital Employed in segments |
|
|
(1559.400) |
|
|
|
|
|
|
Add: Unallowable
corporate assets less corporate liabilities |
|
|
49441.500 |
|
Total Capital Employed |
|
|
47882.100 |
Notes on Segment Information
1. Segment
Revenue, Results and Capital Employed figures represent amounts identifiable to
each of the segments. Other “unallocable income net of unallocable expenditure”
mainly includes interest, dividend, gain on sale of investments (net), expenses
on common services not directly identifiable to individual segments, corporate
expenses and exceptional items.
Capital Employed
figures are as at 30.06.2015, 30.06.2014 and 31.03.2015. Unallocable corporate
assets less corporate liabilities mainly represent investment of surplus funds
and cash and bank.
2. Previous
period figures have been re-grouped/reclassified wherever necessary to conform
to this period’s classification.
Notes:
1. Net Sales grew by 5.3% during the quarter with Domestic
Consumer Business (FMCG + Water) growing by 5.4%.
2. Operating Profit (Profit from Operations before Other Income, Finance costs
and Exceptional Items) for the quarter at Rs. 14315.000 Million (JQ’14: Rs.
12498.200 Million) grew by 14.5%.
3. Profit after tax before Exceptional Items (refer note 6 and 7 below) for the quarter is at Rs.10527.800 Million (JQ’14: Rs. 10196.800 Million) grew by 3.2%.
4. Employee benefit expense for the base quarter JQ’14
included a one-time credit of an amount of Rs 324.400 Million on account of
adjustments for un-utilized pension corpus relating to earlier years; JQ’15:
Nil.
5. Other income includes interest income, dividend income and net gain on sale
of other non-trade current investments aggregating to Rs. 1086.100 Million
(JQ’14: Rs. 881.000 Million) and net gain on sale of non-current investments Rs
Nil (JQ’14: Rs. 1062.200 Million) and interest on income tax refunds of Rs. Nil
(JQ’14: Rs. 77.900 Million).
6. Exceptional items, net credit in JQ’15 include profit on sale of surplus properties Rs. 107.700 Million (JQ’14: Rs. 401.500 Million) and restructuring expenses Rs. 10.100 Million (JQ’14: Rs 5.100 Million).
7. Taxation for the base quarter JQ’14 included net write back of excess tax provisions of earlier years amounting to Rs.105.600 Million; JQ’15: Nil.
8. Previous period figures have been re-grouped/reclassified wherever necessary, to conform to this period’s classification.
9. The text of the above statement was approved by the Board
of Directors at their meeting held on 21st July, 2015.
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.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
|
|
|
HISTORY |
|
86 |
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.