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MIRA INFORM REPORT
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Report No. : |
500472 |
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Report Date : |
27.03.2018 |
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.: |
91-22-39830000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 2160.000 Million |
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CIN No.: [Company Identification
No.] |
L15140MH1933PLC002030 |
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IEC No.: |
0388038942 |
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GST No.: |
27AAACH1004N1ZU |
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TIN No.: |
27640370524 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
The Company is a market leader in the FMCG business comprising primarily of Home Care, Personal Care, Foods and Refreshments segments. a) Home Care includes detergent bars, detergent powders, detergent liquids, scourers, water business etc. b) Personal Care include products in the categories of oral care, skin care (including soaps), hair care, deodorants, talcum powder, colour cosmetics, salon services etc. c) Foods include branded staples (atta, salt, bread, etc.) and culinary products (tomato based products, fruit based products, soups, etc.) d) Refreshment include tea and coffee and frozen desserts. (Registered Activity) |
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No. of Employees
: |
5976 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 was incorporated on 17th October 1933. The company is a manufacturer and supplier of fast moving consumer goods. Its products include soaps. Detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, packaged foods, ice cream and water purifier under different brand names. The company has over 35 brands which include Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair and Lovely, Pond’s Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pure it, etc. As per the financial record of 2017, the company has achieved a fair growth in its revenue as compared to the previous year and has earned a decent profitability margin of 13.02%. The company possesses strong financial profile marked by above average net worth base along with debt free balance sheet profile and satisfactory liquidity position. Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 20.75 as against its Face Value (FV) of INR 1. The company has its share price trading at around INR 1320.50 on BSE as on March 26, 2018 as against the Face Value (FV) of INR 10. 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. Rating further derives strength from its 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. Payment seems to be regular and as per commitments. In view of aforesaid, the company can be considered for normal business dealing 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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Loans = AAA |
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Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
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Date |
31.03.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 27.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-39832429]
[91-22-39832285/ 39832452] Continuously ringing
LOCATIONS
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Registered Office : |
Unilever House, B. D. Sawant Marg, Chakala, Andheri
(East), Mumbai – 400 099, Maharashtra, India
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Tel. No.: |
91-22-39832429/ 39832285/ 32452/ 39830000 |
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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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PLANT LOCATIONS: |
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NORTHERN REGION |
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BAROTIWALA |
· Khasra No. 94-96, 355-409, Village Balyana, Barotiwala IA, Tehsil Kasauli, District Solan - 174 103, Himachal Pradesh, India ·
Khasra No. 1350 – 1318, Bhatoli Kalan, Hill
Top Industrial Area, Jharmajri, Tehsil Baddi, District Solan - 173 205,
Himachal Pradesh, India |
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RAJPURA |
A-5, Phase ll-B, Focal Point, Rajpura - 140 401, Punjab,
India |
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ETAH |
Village Asrauli, G.T. Road, Etah-207 001, Uttar Pradesh,
India |
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HARIDWAR |
Plot No. 1, Sector 1A, Integrated Industrial Estate,
Ranipur, Haridwar - 249 403, Uttarakhand, India |
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NALAGARH |
Hudbust No. 143, Khasra No. 182 / 183 / 187/1, Village
Kirpalpur, Near Nalagarh Fire Station, Tehsil - Nalagarh, District Solan -
174 101, Himachal Pradesh, India |
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ORAI |
A-1,UPSIDC Industrial Area, Orai, District Jalaun - 285
001 Uttar Pradesh, India |
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SUMERPUR |
A-1,UPSIDC Industrial Area, Bharua, Sumerpur, Hamirpur -
210 502, Uttar Pradesh, India |
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EASTERN REGION: |
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HALDIA |
PO Durgachak, Haldia - 721 602, Midnapore, West Bengal,
India |
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KOLKATA |
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TINSUKIA |
Dag No. 21 of 122 FS Grants, Mouza - Tingrai, Off NH No. 37,
Doom Dooma Industrial Estate, District Tinsukia - 786 151, Assam, India |
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SOUTHERN REGION : |
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COCHIN |
Ernakulam North PO, Tatapuram, Cochin - 682 018, Kerala, India |
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HOSUR |
Plot No.50 & 51, SIPCOT Industrial Complex, Hosur -
635 126, Tamilnadu, India |
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HYDERABAD |
Uppal Kalan, Hyderabad – 500 039, Andhra Pradesh, India |
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MANGALORE |
Sultan Battery Road, Boloor, Mangalore – 575 003, Karnataka, India |
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MYSORE |
Plot No. 424, Hebbal Industrial Area, Mysore – 570 016, Karnataka, India |
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PONDICHERRY |
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WESTERN REGION : |
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CHHINDWARA |
5/6 KM Stone, Narsinghpur Road, Lehgadua, Post Khajari, Chhindwara – 480 002, Madhya Pradesh, India |
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CHIPLUN |
B-7/17, Lote Parshuram MIDC, Khed Taluka, District Ratnagiri, Chiplun – 415 722, Maharashtra, India |
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GOA |
Plot Nos. 128 - 139 & 324 - 326, Kundaim Industrial Estate, Kundaim – 403 115, Goa, India |
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KHAMGAON |
C-9, MIDC, Khamgaon, District Buldhana – 444 303, Maharashtra, India |
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MUMBAI |
Aarey Milk Colony, Goregaon, Mumbai – 400 065, Maharashtra, India |
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NASIK |
Plot No. A-8/9, MIDC, Malegaon, Sinnar - 422 103, Nasik, Maharashtra, India |
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SILVASSA |
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Research Centre: |
64, Main Road, Whitefield P O, Bangalore - 560 066, Karnataka, India |
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Regional Offices: |
East Zone: Brooke House, 9 Shakespere Sarani, Kolkata - 700 071, West Bengal, India West Zone: Uttara, Plot No. 2, Sector No. 11, CBD Belapur, Navi Mumbai - 400 614, Maharashtra, India North Zone: Block No. A, Plot No. B, South City I, Delhi - Jaipur Highway, Gurgaon - 122 001, Haryana, India South Zone: 101, Santhome High Road, Chennai - 600 028, Tamilnadu, India Central Zone: Office Space Number
101, 102, 103, 108 and 109, Shalimar Titanium, Vibhut iKhand, Gomti Nagar,
Lucknow – 226 010, Uttar Pradesh, India |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Ramadorai Subramanian |
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Designation : |
Director |
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Address : |
Flat No.1, First Floor, Wyoming Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
68 Years |
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Date of Appointment : |
20.05.2002 |
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DIN No.: |
00000002 |
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Name : |
Mr. Aditya Narayan |
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Designation : |
Director |
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Address : |
B - 20/2, DLF City Phase 1 Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
61 Years |
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Date of Appointment : |
29.06.2001 |
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DIN No.: |
00012084 |
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Name : |
Mr. Harish Manghan Manwani |
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Designation : |
Director |
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Address : |
6 Virgo Ville, Shirly Rajan Road, Bandra West, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
59 Years |
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Date of Appointment : |
29.04.2005 |
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DIN No.: |
00045160 |
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Name : |
Mrs. Kalpana Jaisingh Morparia |
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Designation : |
Director |
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Address : |
B-92, Ocean Gold CHS, Twin Tower Lane Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Appointment : |
09.10.2014 |
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DIN No.: |
00046081 |
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Name : |
Mr. Om Prakash Bhatt |
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Designation : |
Director |
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Address : |
03, Ground Floor, Seagull, M L Dahanukar Marg, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
62 Years |
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Date of Appointment : |
20.12.2011 |
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DIN No.: |
00548091 |
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Name : |
Mr. Pathamadai Balachandran Balaji |
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Designation : |
Director |
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Address : |
1st Floor, Vasukamal Building, Near Agarwal Nursing, 14th Road, Bandra West Mumbai – 400050, Maharashtra, India |
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Qualification : |
· Mechanical Engineer From IIT Chennai · PGDM From IIM Kolkata |
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Date of Appointment : |
01.07.2014 |
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DIN No.: |
02762983 |
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Name : |
Mr. Pradeep Jyoti Banerjee |
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Designation : |
Whole-time Director |
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Address : |
507, 5th Floor, Ashoka Tower – D, DSS Rao Road, Parel, Mumbai – 400012, Maharashtra, India |
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Date of Appointment : |
01.03.2010 |
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DIN No.: |
02985965 |
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Name : |
Mr. Sanjiv Misra |
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Designation : |
Director |
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Address : |
Flat No. 1541 Ats Village, Sector 93-A Noida – 201304, Uttar Pradesh, India |
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Date of Birth/Age : |
65 Years |
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Date of Appointment : |
08.04.2013 |
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DIN No.: |
03075797 |
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Name : |
Mr. Sanjiv Soshil Mehta |
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Designation : |
Managing Director |
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Address : |
Flat No.7a 7th Floor Wing 1 Urmi Aangan 13A Peddar Road, Mumbai – 400026, Maharashtra, India |
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Date of Appointment : |
01.10.2013 |
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DIN No.: |
06699923 |
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Name : |
Mr. Devopam Narendra Bajpai |
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Designation : |
Director |
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Address : |
Meghdoot Tower 'A', Lokhandwala Back Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
23.01.2017 |
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PAN No.: |
AAAPB0651N |
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DIN No.: |
00050516 |
KEY EXECUTIVES
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Name : |
Mr. Devopam Narendra Bajpai |
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Designation : |
Company Secretary |
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Address : |
Meghdoot Tower 'A', Lokhandwala Back Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
01.06.2010 |
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PAN No.: |
AAAPB0651N |
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Name : |
Mr. Pathamadai Balachandran Balaji |
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Designation : |
Chief Financial Officer |
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Address : |
1st Floor, Vasukamal Building, Near Agarwal Nursing, 14th Road, Bandra West Mumbai – 400050, Maharashtra, India |
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Date of Appointment : |
01.07.2014 |
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PAN No.: |
AAEPB3486B |
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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 : |
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, Human Resources |
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Name : |
Mr. P. B. Balaji |
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Designation : |
Executive Director, Finance & IT and Chief Financial 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, Legal & Corporate Affairs and Company Secretary |
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Name : |
Ms. Priya Nair |
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Designation : |
Executive Director, Home Care |
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Name : |
Mr. Sandeep Kohli |
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Designation : |
Executive Director, Personal Care |
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Name : |
Mr. Sudhir Sitapati |
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Designation : |
Executive Director, Refreshments |
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Name : |
Mr. Srinandan Sundaram |
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Designation : |
Executive Director, Sales and Customer Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of Shareholders |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
(A) Promoter & Promoter Group |
1454412858 |
67.19 |
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(B) Public |
710065713 |
32.81 |
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Total |
2164478571 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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A1) Indian |
0.00 |
||
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A2) Foreign |
0.00 |
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Any Other (specify) |
1454412858 |
67.19 |
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UNILEVER PLC |
1114370148 |
51.48 |
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UNILEVER UK & CN HOLDINGS LIMITED |
60086250 |
2.78 |
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UNILEVER OVERSEAS HOLDINGS B V |
18865000 |
0.87 |
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UNILEVER OVERSEAS HOLDINGS AG |
68784320 |
3.18 |
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BROOKE BOND GROUP LIMITED |
106739460 |
4.93 |
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BROOKE BOND ASSAM ESTATES LIMITED |
32820480 |
1.52 |
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BROOKE BOND SOUTH INDIA ESTATES LIMITED |
52747200 |
2.44 |
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Sub Total A2 |
1454412858 |
67.19 |
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A=A1+A2 |
1454412858 |
67.19 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
36803034 |
1.70 |
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Alternate
Investment Funds |
405000 |
0.02 |
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Foreign Portfolio
Investors |
279095302 |
12.89 |
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Financial
Institutions/ Banks |
11179360 |
0.52 |
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Insurance
Companies |
87792187 |
4.06 |
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LIFE INSURANCE
CORPORATION OF INDIA |
55200928 |
2.55 |
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Sub Total B1 |
415274883 |
19.19 |
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B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
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Central
Government/ State Government(s)/ President of India |
20 |
0.00 |
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Sub Total B2 |
20 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital
upto INR 0.200 Million |
246000948 |
11.37 |
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Individual share
capital in excess of INR 0.200 Million |
1726555 |
0.08 |
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NBFCs registered
with RBI |
17946 |
0.00 |
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Any Other
(specify) |
47045361 |
2.17 |
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FOREIGN BANKS |
6220 |
0.00 |
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FOREIGN NATIONALS |
23459 |
0.00 |
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Director or
Director's Relatives |
125168 |
0.01 |
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Bodies Corporate |
28356921 |
1.31 |
|
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Clearing Members |
1738995 |
0.08 |
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Trusts |
4939668 |
0.23 |
|
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Overseas corporate
bodies |
500 |
0.00 |
|
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NRI |
8772844 |
0.41 |
|
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INVESTOR EDUCATION
AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS |
3081586 |
0.14 |
|
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Sub Total B3 |
294790810 |
13.62 |
|
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B=B1+B2+B3 |
710065713 |
32.81 |
BUSINESS DETAILS
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Line of Business : |
The Company is a market leader in the FMCG business comprising primarily of Home Care Personal Care Foods and Refreshments segments. a) Home Care includes detergent bars detergent powders detergent liquids scourers water business etc. b) Personal Care include products in the categories of oral care skin care (including soaps) hair care deodorants talcum powder colour cosmetics salon services etc. c) Foods include branded staples (atta salt bread etc.) and culinary products (tomato based products fruit based products soups etc.) d) Refreshment include tea and coffee and frozen desserts. (Registered Activity) |
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Brand Names : |
· Lux · Lifebuoy · Surf excel · Rin · Wheel · Fair & Lovely · Pond’s · Vaseline · Lakmé · Dove · Clinic Plus · Sunsilk · Pepsodent · Closeup · Axe · Brooke Bond · Bru · Knorr · Kissan · Kwality Wall’s · Pureit etc. |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5976 (Approximately) |
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Bankers : |
·
Bank of America ·
Bank of Baroda ·
Bank of India ·
Citibank N.A. ·
Deutsché Bank ·
HDFC Bank ·
Hongkong & Shanghai Banking ·
Corporation ·
ICICI Bank ·
Indian Bank ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of Hyderabad ·
State Bank of India ·
Syndicate Bank ·
Union Bank of India |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Unilever Plc |
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Subsidiaries: |
· Daverashola Estates Private Limited (100%) · Hindlever Trust Limited (100%) · Jamnagar Properties Private Limited (100%) · Lakme Lever Private Limited (100%) · Levers Associated Trust Limited (100%) · Levindra Trust Limited (100%) · Pond’s Exports Limited (90%) · Unilever India Exports Limited (100%) · Unilever Nepal Limited (80%) · Bhavishya Alliance Child Nutrition Initiatives (100%) · (with effect from March 12 2015) (Section 8 Company) · Hindustan Unilever Foundation (76%) (Section 8 Company) |
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Trust: |
Hindustan Unilever Limited Securitisation of Retirement Benefit Trust (100%) |
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Joint Ventures: |
Kimberly Clark Lever Private Limited (50% control) |
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Employees’ Benefit Plans
where there is significant influence : |
· Hind Lever Gratuity Fund · The Hind Lever Pension Fund · The Union Provident Fund |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
2250000000 |
Equity Shares |
INR 1/- each |
INR 2250.000 Million |
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Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2164349639 |
Equity Shares |
INR 1/- each |
INR 2160.000 Million |
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|
a) Reconciliation of
the number of shares
|
Particulars |
As at 31st
March 2017 Number of Share |
INR in Million |
|
Equity Shares: |
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|
|
Balance as at the beginning of the year |
2163936971 |
2160.000 |
|
Add: ESOP shares issued during the year (Refer Note 51) |
412668 |
0.000 |
|
Balance as at the
end of the year |
2164349639 |
2160.000 |
b) Rights preferences
and restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par value of INR 1 per share. Each shareholder is eligible for one vote per share held. 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. 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.
c) Shares held by
holding company and subsidiaries of holding company in aggregate
|
|
As at 31st March
2017 |
|
Equity Shares of
INR 1 : |
|
|
1114370148 shares (31st March 2016: 1114370148 and 1st April 2015: 1114370148) held by Unilever PLC UK the holding Company |
111.400 |
|
340042710 shares (31st March 2016: 340042710 and 1st April 2015: 340042710) held by subsidiaries of the holding Company |
340.000 |
d) Details of equity
shares held by shareholders holding more than 5% of the aggregate shares in the
Company
|
|
As at 31st March
2017 |
|
Number of shares |
1114370148 |
|
Unilever PLC UK the holding company |
51.49% |
e) Shares reserved
for issue under options
|
|
As at 31st March 2017 Number of shares |
INR in Million |
|
Under 2001 HLL Stock Option Plan: equity shares of INR 1 each at an exercise price of INR 132.05 per share |
-- |
-- |
|
Under 2006 HUL Performance Share Scheme: equity shares of INR 1 each at an exercise price of INR 1 per share |
-- |
-- |
|
Under 2012 HUL Performance Share Scheme: equity shares of INR 1 each at an exercise price of INR 1 per share |
552414 |
0.09 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2160.000 |
2160.000 |
2160.000 |
|
(b) Reserves & Surplus |
62740.000 |
60630.000 |
59280.000 |
|
(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) |
64900.000 |
62790.000 |
61440.000 |
|
|
|
|
|
|
(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 |
5740.000 |
3950.000 |
2860.000 |
|
(d)
long-term provisions |
4850.000 |
5940.000 |
4820.000 |
|
Total
Non-current Liabilities (3) |
10590.000 |
9890.000 |
7680.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
60060.000 |
54980.000 |
52520.000 |
|
(c)
Other current liabilities |
8090.000 |
8640.000 |
9460.000 |
|
(d)
Short-term provisions |
3870.000 |
2900.000 |
2290.000 |
|
Total
Current Liabilities (4) |
72020.000 |
66520.000 |
64270.000 |
|
|
|
|
|
|
TOTAL |
147510.000 |
139200.000 |
133390.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
36540.000 |
29020.000 |
24350.000 |
|
(ii)
Intangible Assets |
3700.000 |
120.000 |
220.000 |
|
(iii)
Capital work-in-progress |
2030.000 |
3860.000 |
4790.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2600.000 |
3190.000 |
3040.000 |
|
(c) Deferred tax assets
(net) |
1600.000 |
1680.000 |
1550.000 |
|
(d) Long-term Loan
and Advances |
6230.000 |
5400.000 |
5400.000 |
|
(e)
Other Non-current assets |
700.000 |
410.000 |
440.000 |
|
Total
Non-Current Assets |
53400.000 |
43680.000 |
39790.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
35190.000 |
24610.000 |
27240.000 |
|
(b)
Inventories |
23620.000 |
25280.000 |
26030.000 |
|
(c)
Trade receivables |
9280.000 |
10640.000 |
7830.000 |
|
(d)
Cash and cash equivalents |
16710.000 |
27590.000 |
25380.000 |
|
(e)
Short-term loans and advances |
3060.000 |
2530.000 |
3230.000 |
|
(f)
Other current assets |
6250.000 |
4870.000 |
3890.000 |
|
Total
Current Assets |
94110.000 |
95520.000 |
93600.000 |
|
|
|
|
|
|
TOTAL |
147510.000 |
139200.000 |
133390.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
344870.000 |
334910.000 |
308056.200 |
|
|
|
Other Income |
5260.000 |
5640.000 |
6183.900 |
|
|
|
TOTAL |
350130.000 |
340550.000 |
314240.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
113630.000 |
112670.000 |
118673.100 |
|
|
|
Purchases of Stock-in-Trade |
41660.000 |
39510.000 |
36979.600 |
|
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
1560.000 |
870.000 |
582.800 |
|
|
|
Excise duty |
25970.000 |
24300.000 |
0.000 |
|
|
|
Exceptional items |
(2410.000) |
310.000 |
(6643.000) |
|
|
|
Employees benefits expense |
16200.000 |
15730.000 |
15788.900 |
|
|
|
Other expenses |
85380.000 |
84340.000 |
83949.400 |
|
|
|
TOTAL |
281990.000 |
277730.000 |
249330.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION |
68140.000 |
62820.000 |
64909.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
220.000 |
150.000 |
168.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX DEPRECIATION AND AMORTISATION |
67920.000 |
62670.000 |
64741.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3960.000 |
3210.000 |
2866.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
63960.000 |
59460.000 |
61874.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
19060.000 |
18090.000 |
18721.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
44900.000 |
41370.000 |
43152.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
|
|
|
|
|
|
Basic |
20.75 |
19.12 |
19.95 |
|
|
|
Diluted |
20.74 |
19.11 |
19.94 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
67570.000 |
56780.000 |
50493.500 |
|
|
|
|
|
|
Net cash[used in]/ generated from operating activities |
49530.000 |
39740.000 |
32719.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2017 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
92220.000 |
|
Total Expenditure |
|
|
73560.000 |
|
PBIDT (Excl OI) |
|
|
18660.000 |
|
Other Income |
|
|
1130.000 |
|
Operating Profit |
|
|
19790.000 |
|
Interest |
|
|
60.000 |
|
Exceptional Items |
|
|
(130.000) |
|
PBDT |
|
|
19600.000 |
|
Depreciation |
|
|
1140.000 |
|
Profit Before Tax |
|
|
18460.000 |
|
Tax |
|
|
5630.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
12830.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
12830.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
9.82 |
11.60 |
9.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
37.16 |
31.48 |
39.34 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
141.17 |
131.87 |
123.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.88 |
2.48 |
2.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.61 |
1.90 |
2.21 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.48 |
0.48 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.11 |
1.06 |
1.05 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.65 |
0.53 |
0.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
309.73 |
418.80 |
385.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
13.02 |
12.35 |
14.01 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
30.44 |
29.72 |
32.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
69.18 |
65.89 |
70.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.31 |
1.44 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.98 |
1.06 |
1.05 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.44 |
0.45 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.31 |
1.44 |
1.46 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1/- |
|
|
|
|
Market Value |
INR 1320.50/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
2160.000 |
2160.000 |
2160.000 |
|
Reserves & Surplus |
59280.000 |
60630.000 |
62740.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
61440.000 |
62790.000 |
64900.000 |
|
|
|
|
|
|
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
308056.200 |
334910.000 |
344870.000 |
|
|
|
8.717 |
2.974 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
308056.200 |
334910.000 |
344870.000 |
|
Profit |
43152.600 |
41370.000 |
44900.000 |
|
|
14.01% |
12.35% |
13.02% |
LEGAL CASES
|
Case details Bench - Bombay |
|
Presentation
Date: 13.07.2017 |
|
|
|
Loading No.: AAPL/271/2017 Filing
Date: 13.07.2017 |
|
Main Matter Lodging No.: NMSL/690/2017
Reg.
No.: NMS/1312/2017 |
|
Petitioner: GUJARAT CO-OPERATIVE MILK MARKETING Respondent: HINDUSTAN UNILEVER LIMITED Petn. Adv.: khaitan legal associates (I12890) Resp. Adv.: KHAITAN AND CO. (0) District: MUMBAI |
|
Bench: Division Status: Pre-Admission Category: Appeal (Interlocutory appln. NMA) Next Date: 12.09.2017 Stage: For Admission Corm: HON’BLE SHRI JUSTICE NARESH H PATIL HON’BLE
SHRI JUSTICE Z.A. HAQ Last date: 21/08/2017 Statue: For Admission Lase Corm: HON’BLE SHRI JUSTICE NARESH H PATIL HON’BLE SHRI JUSTICE Z.A. HAQ |
|
Act: Code of civil procedure 1908 |
|
Case details Bench - Bombay |
|
Presentation
Date: 11.08.2017 |
|
|
|
Loading No.: WPST/23192/2017 Filing
Date: 11.08.2017 |
|
Main Matter Lodging No.: NMSL/690/2017
Reg
No.: NMS/1312/2017 |
|
Petitioner: Hindustan Lever Employees Union Respondent: HINDUSTAN UNILEVER LIMITED Petn. Adv.: Bennet Dcosta (I4519) District: MUMBAI |
|
Bench: Single Status: Pre-Admission Last Date: 18.08.2017 Stage: -- Lase Corm: Registrar (judicial)
|
|
Act: Industrial Dispute Act 1947 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C37012747 |
80067270 |
DEUTSCHE
BANK |
12/05/1999 |
- |
08/12/2014 |
695000000.0 |
HAZARIMAL
SOMANI MARGFORTMUMBAIMH400023IN |
|
2 |
C33695958 |
80067269 |
PUNJAB
NATIONAL BANK |
12/05/1999 |
- |
18/11/2014 |
900000000.0 |
FORESHORE
ROAD BRANCHMUMBAIMUMBAIMH400023IN |
|
3 |
C29734803 |
80067342 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
02/02/1999 |
- |
08/10/2014 |
385000000.0 |
52/60
M.G.ROADMUMBAIMUMBAIMH400023IN |
|
4 |
C24777245 |
80067343 |
STANDARD
CHARTERED BANK |
12/05/1999 |
- |
30/09/2014 |
1190000000.0 |
M.G.ROADMUMBAIMUMBAIMH400023IN |
|
5 |
C00569715 |
10154268 |
STATE
BANK OF HYDERABAD |
30/03/2009 |
15/12/2009 |
18/03/2014 |
937000000.0 |
11-C
MITTAL TOWERNARIMAN POINTMUMBAIMH400021IN |
|
6 |
B97053789 |
80067267 |
BANK OF
AMERICA |
17/05/1999 |
- |
21/02/2014 |
247500000.0 |
EXPRESS
TOWERSMUMBAIMUMBAIMH400023IN |
|
7 |
B97061980 |
80067268 |
ABN AMRO
BANK N V |
17/05/1999 |
- |
11/02/2014 |
22500000.0 |
14 VEER
NARIMAN ROADBOMBAYBOMBAYMH400023IN |
|
8 |
B98140932 |
80067099 |
CITI
BANK N.A. |
22/06/1999 |
- |
10/02/2014 |
445500000.0 |
MUMBAIMUMBAIMUMBAIMH400023IN |
|
9 |
B09116583 |
80062027 |
CORPORATION
BANK |
05/06/1998 |
- |
10/03/2011 |
100000000.0 |
OVERSEAS
BRANCH EARNEST HOUSENARIMAN POINTMUMBAIMH400021IN |
|
10 |
B06278964 |
80062028 |
INDIAN
BANK |
17/05/1999 |
- |
25/01/2011 |
25000000.0 |
SIR P.
M. ROADFORTMUMBAIMH400001IN |
|
11 |
A85238889 |
80030633 |
HDFC
BANK LTD |
04/09/2003 |
- |
19/04/2010 |
60000000.0 |
HINDUSTAN
TIMES HOUSE6TH FLOOR 18-20 K.G. MARGNEW DELHIDL110001IN |
|
12 |
A53886925 |
80050767 |
STATE
BANK OF INDIA |
02/02/1999 |
- |
12/12/2008 |
3237000000.0 |
ACCOUNT
GROUP BRANCHMUMBAIMH400023IN |
|
13 |
A23831886 |
90042938 |
HINDUSTAN
LEVER LIMITED |
17/11/2000 |
17/10/2006 |
17/09/2007 |
200000000.0 |
HINDUSTAN
LEVER HOUSE165/166 BACKBAY RECLAMATIONMUMBAIMH400020IN |
|
14 |
A20976403 |
80030634 |
IL AND FS
TRUST COMPANY LTD. |
04/07/2002 |
07/04/2004 |
20/07/2007 |
250000000.0 |
PLOT NO
C-22 G BLOCK BANDRA KURLA COMPLEXBANDRA (EAST)MUMBAIMH400020IN |
|
15 |
Y10142648 |
90062553 |
ICICI
BANK LTD |
20/05/2002 |
- |
04/09/2003 |
0.0 |
LANDMARK
RACE COURSE CIRCLEBARODAGJ390007IN |
|
16 |
Y10122328 |
90042233 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
22/06/1998 |
07/01/1999 |
12/06/2000 |
0.0 |
IDBI
TOWERCUFFE PARADE; COLABAMUMBAIMH400005IN |
|
17 |
Y10141220 |
90061125 |
THE PUNJAB
NATIONAL BANK |
29/03/1997 |
- |
17/07/1997 |
0.0 |
SANSAD
MARGNEW DELHIDL110001IN |
COMPANY INFORMATION
The ‘Company’ is a public limited Company domiciled in India with its registered office located at Unilever House B.D. Sawant Marg Chakala Andheri (East) Mumbai 400 099. The Company 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 primarily of Home Care Personal Care Foods and Refreshments segments. The Company has manufacturing facilities across the country and sells primarily in India through independent distributors and modern trade.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY AND MARKETS
While the global economies continued to witness slow growth during the current year as well the Indian economy on a macro basis stayed fairly robust. The below par performance of global economy was reflected in a continued slowdown in growth in most emerging and developing economies driven by weaker capital inflows and a subdued global trade. India however was one of the faster growing large economies in the world with a currency that performed better than most other emerging market currencies.
There was a significant upturn in commodity prices after a year of deflation. Consumer spending remained subdued during the early part of the year impacted by two years of drought. The gradual recovery of the market was temporarily impacted by adverse liquidity conditions post demonetisation and especially in the December quarter. Overall this was a year of moderate growth rates across FMCG categories.
Given the backdrop of slow market growth volatile input cost environment and heightened competitive intensity the operating environment for the Company during the year continued to be challenging.
The Company’s performance for the year 2016-17 has to be viewed in the context of aforesaid economic and market environment.
PERFORMANCE OF
BUSINESSES AND CATEGORIES
The Company delivered yet another year of resilient performance aided by healthy marketing and trade investments exciting innovations and stepped up market development and sharper in-market execution. The Company continued to leverage and benefit from the inputs received from Unilever across various aspects of the business including technology innovation services and marketing mix that enabled the Company to launch several new offerings to serve the needs of consumers.
The year began with a sharp upturn in the commodity cycle with crude and vegetable oil prices rising significantly whilst the market continued to remain volatile. The Company had proactively passed on the benefits of lower commodity costs to the consumers when the commodity prices were deflationary last year. During the year the Company had to take calibrated price increases as commodity prices increased sharply.
To fuel growth the Company continued to deploy effective cost savings programmes. These savings not only aid in deploying investments to build brands and capabilities but also help the Company in delivering its profit objective. During the year an extensive review of the business under the ‘Zero Based Budgeting’ project was conducted and the Company has crafted some well-considered plans to further drive operating efficiencies
in the coming years.
The Company strives to be the supplier of choice across the distribution channels it operates in. During the year the Company continued to focus on quality of distribution in General Trade improving in-store presence in Modern Trade and building capabilities in e-commerce. The Company continued to build upon the ‘Winning in Many India’s’ agenda to benefit from geographical focus while leveraging scale. The Company also continued to focus on magnifying innovations in the marketplace through brilliant execution and on building markets of the future or what they call as ‘market development’. During the year the Company re-organised its business under four major categories i.e. Home Care Personal Care Foods and Refreshments.
The change in the reporting structure is in compliance with the new Indian Accounting Standards (converged IFRS Reporting). Home Care category comprises Fabric Wash Household Care and Water businesses. Personal Care category includes Personal Wash Skin Care Hair Care Oral Care Colour Cosmetics and Deodorants. Foods category includes Packaged Foods and Popular Foods. Refreshments category comprises Tea Coffee Ice cream and Frozen Desserts. The residual segment of Others includes Exports Infant and Feminine care.
HOME CARE
The year witnessed volatile crude oil prices coupled with significant competitive intensity. The Company optimised media and trade spends maintained competitive prices and invested in developing new segments to ensure sustainable growth.
The Fabric Wash business delivered strong topline growth through premiumisation led by Surf. In the emerging segments of Machine Wash Surf excel Matic and Comfort Fabric Conditioner continued to perform well. The Company successfully launched Surf excel Matic liquids during the year. Sunlight soap which has been protecting the colours of the consumers’ clothes for 75 years launched a unique mentorship programme -‘Sunlight Banglar Guner Rang’ to preserve the true colours of Bengal which is its rich culture.
In Household Care Vim continued to develop and premiumise the category through the liquids portfolio. The proposition of ‘power of 100 lemons’ combined with a superior product and great activation helped the product become more appealing and desirable amongst consumers. Domex brought its social mission alive by actively driving awareness about the issue of open defecation in India through the ‘See-Through Toilet Installation’ in Mumbai during the Global Citizen event. The activation provided consumers with first-hand exposure to the difficulties and hardship associated with the practice of open defecation thereby driving the need for improved access to toilets.
Pureit the world’s largest selling water purifier continued to strengthen its position as a responsible and purpose-driven brand. Pureit’s mission is to provide safe drinking water to 100 million people by 2020. By 2016 Pureit provided over 74 billion litres of safe drinking water. Pureit continued to target potential consumers from the bottom of the pyramid and partnered with Micro Finance Institutions (MFIs) to provide them access to safe drinking water through affordable instalments. Pureit expanded its play in the growing branded Reverse Osmosis (RO) segment with a successful launch of Classic RO range of water purifiers. This has democratised the segment by providing consumers a quality range of RO water purifiers at an affordable price.
PERSONAL CARE
The strategic thrusts of Personal Care business include strengthening the core accelerating premiumisation investing in developing segments of the future and building capabilities such as digital and e-commerce for the future. This was achieved through innovations cut-through advertising brand engagement platforms and touching millions of consumers through market development efforts. The Company believes that there is substantial potential that exists in all segments within its Personal Care business. The mission of this business is to inspire a billion Indians to attend better to their personal care.
The year witnessed a significant inflation in key raw material prices for the Personal Wash Category. The Company took calibrated pricing actions to offset the cost increases. The price increases in this category impacted the volumes. The business witnessed muted growth in this category for most part of the year. With steps taken to address some issues around Lux Hamam and Lifebuoy soap brands the growth trend was reversed in the last quarter with the category registering reasonable growth. Lux was supported by a big intervention the ’Lux Golden Rose Awards’ a buzz-creating brand engagement platform. The Company continued to invest behind market development of handwash and bodywash.
Skin Care category grew well on the back of both core as well as premium offerings. Fair & Lovely drove consumption through a focused campaign based on local insights and premium offerings like BB cream. Pond’s sustained its momentum by strengthening its proposition of ‘Spotless Radiance’ while Lakmé continued to lead with innovations like the ‘colour-transform’ cream. The Company continued to lead market development of body lotions with Vaseline through the ‘healing power’ activation of the brand. The Company refreshed the portfolio play in Facial Cleansing across Fair & Lovely Pond’s and Lakmé. Towards the end of the year the Company made a foray into the Baby Care segment with the launch of a range of products under the brand ‘Baby Dove’.
Hair Care sustained its strong performance with all brands growing ahead of the market. Innovations and well-crafted activations have led to a preference for Hair Care brands with Dove Clinic Plus Sunsilk and TRESemmé all doing well.
Oral Care had a subdued performance. Closeup was relaunched with an improved product towards the latter part of the year and the brand continued to build the youth-oriented campaign on making the ‘First Move’. Pepsodent has also been strengthened with an improved flavour and an activation built on the insight of children craving for sweets during festive occasions. The Oral Care category is undergoing a shift in its construct with ‘naturals’ ‘freshness’ and ‘care & problem solution’ segments moving towards equal proportions in the market. This reshaping of the category has created new growth opportunities for the Company especially in the ‘naturals’ segment.
Lakmé Colors continues to drive premiumisation by upgrading users through the long lasting ‘9 to 5’ platform and taking the latest trends from the runway to the consumers under the ‘Absolute’ platform. The brand has continued to pioneer the launch of the best makeup innovations with the launch of Argan Oil variant as well as Enrich Matte Lipsticks which have been well received.
In Deodorants through Axe the Company has further strengthened its position at the premium-end with the launch of fine fragrances under the Signature range while building its current assortment with new variants in the perfume sprays segment.
During the year the Company made its foray into the fast-evolving ‘naturals segment’ by reviving the brand LEVER Ayush and through the acquisition of Indulekha. LEVER Ayush was first launched in the year 2002 both in product and services space. LEVER Ayush has been re-launched with new mixes in select geographies as a master brand across major categories like Skin Cleansing Skin Care Hair Care and Oral Care and promises the 5000 year old wisdom of ayurveda for modern day beauty problems. Indulekha has started off well post acquisition gaining distribution and through improved marketing under the Company. The Company will continue to expand the footprint of this brand. The Company also introduced ‘naturals’ variants in core brands such as Fair & Lovely Ayurveda Clinic Plus Ayurveda and TRESemmé Botanique to ensure the Company builds a comprehensive portfolio at scale in this fast growing segment.
FOODS
The Foods business of the Company comprises culinary products such as jams ketchups and squashes under Kissan; soups soupy noodles meal makers and seasonings under Knorr and staple foods comprising atta and salt under Annapurna. While the Company continued to grow ahead of the markets in most categories the overall growth of the categories and consequently their business slowed down as compared to the previous years.
Kissan maintained its leadership across categories while increasing penetration and reaching more households than ever before. Both ketchup and jam showed strong distribution increase and strengthening of consumer preference. The launch of three exciting new variants of premium jams helped the brand reach new households while contributing to the growth of the jams category.
Knorr brand had a healthy performance with the convenient instant soups ‘single serve’ format performing particularly well. The Company expanded its ‘cook up’ soup offerings with the launch of international flavours in a ‘4 serve’ format. This supported by widespread sampling ensured that the soup category has grown in relevance as a healthy in-between meal option. The Knorr Meal Maker portfolio continued to be led by in-store sampling and activations.
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 it is critical that consumers sample the Company’s products and discover the great taste and convenience that the products offer. As an important player in the industry the Company continues to partner with the Regulator towards a more balanced approach to foods regulations which takes care of the consumer’s interest while fostering innovation
REFRESHMENTS
The Refreshments business delivered a good year with both Beverages and the Ice cream & Frozen Desserts portfolio registering healthy growth. Most of the brands continued to grow well and improved their brand equity scores. There were new products and variants launched across categories which were received well by consumers.
The Beverages segment delivered broad based growth across both Tea and Coffee. The growth across key brands was driven by leveraging the ‘Winning in Many India’s’ approach.
Brooke
Bond Red Label walked the talk on its purpose of ‘making the world a more
welcoming place’ by sponsoring India’s first transgender music band – Brooke
Bond Red Label 6-Pack Band. This initiative was lauded as a path-breaking one
and was conferred with several prestigious national and international awards
including a Grand Prix at the Cannes Lions Festival.
Brooke Bond Red Label and 3 Roses Natural Care Tea with its differentiated immunity benefit of using the goodness of Ayurveda ingredients continued to delight consumers. The Company continued to grow the Green Tea category under the brand Lipton on the back of sustained market development.
The Coffee business under the brand BRU delivered strong growth led by the instant coffee franchise. The brand continued its pioneering task of consistently driving penetration of instant coffee through innovative sampling methods and a compelling proposition. The pure coffee franchise of BRU Gold continued to lead category premiumisation.
The Ice cream & Frozen Desserts business continued to deliver strong performance with double-digit growth and improved profitability. During the year there was increased focus on widening distribution and making brands more accessible for consumers. The impulse portfolio continued to grow faster with improved brand equity across Cornetto and Feast. New variants of Cornetto as well as Kulfi performed well in the market.
OUTLOOK
The global economy continues to remain under pressure from the ongoing political policy and economic uncertainties around the world. However it is expected that the global growth should stabilise in future.
The Indian GDP growth rate continues to be one of the fastest growing large economies of the world. Economic growth is expected to further improve on the strengthening consumer sentiment. The medium to long term secular
trends based on urbanisation rising aspirations low level of penetration for most of their categories and improving consumption levels are positive forthe FMCG sector. The Company with its brands talent and investment in capabilities is well placed to leverage this opportunity.
The enactment of the GST legislation has been a milestone reform that will create a win-win environment for all stakeholders and heralds an integrated and productive economy and is expected to further boost economic growth. However there could be temporary transition challenges during the cut-over.
SCHEME OF ARRANGEMENT
Subsequent to the approval of the shareholders at the Court Convened Meeting held on 30th June 2016 to the Scheme of Arrangement for transfer of the balance of ` 2187 crores standing to the credit of the General Reserves to the Profit and Loss Account the Company had filed the petition for sanction of the Scheme of Arrangement with the Hon’ble High Court of Mumbai. Upon the Scheme becoming effective the amount so transferred is proposed to be distributed to the shareholders from time to time by the Board of Directors at its sole discretion in such manner quantum and at such time as the Board of Directors may decide.
Consequent to the notification of certain pending sections of Companies Act 2013 including sections related to the Compromise and Arrangements and National Company Law Tribunal (NCLT) the jurisdiction for sanctioning the Scheme of Arrangement has been transferred to the NCLT from High Court of Mumbai. The Scheme is currently pending with NCLT for sanction.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31st DECEMBER 2018
(INR
IN MILLION)
|
|
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1 |
Income from
Operations |
|
|
|
|
|
|
Sales Products |
832.300 |
819.900 |
2561.600 |
|
|
|
Other Operating Income |
26.700 |
11.000 |
50.500 |
|
|
|
Other Income |
15.200 |
20.400 |
46.900 |
|
|
|
Total Income from
Operations (Net) |
874.200 |
851.300 |
2659.000 |
|
|
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
318.800 |
288.500 |
897.700 |
|
|
b) |
Purchase of Stock-in-trade |
76.800 |
106.100 |
295.700 |
|
|
c) |
Changes in inventories of finished goods work-in-progress and
stock-in-trade |
(5.100) |
(1.700) |
(1.600) |
|
|
d) |
Excise Duty |
0.000 |
0.000 |
69.300 |
|
|
e) |
Employee benefit expenses |
49.100 |
43.500 |
134.500 |
|
|
f) |
Finance costs |
0.500 |
0.600 |
1.600 |
|
|
g) |
Depreciation and amortization expense |
12.100 |
11.500 |
35.00 |
|
|
h) |
Other expenses |
|
|
|
|
|
|
|
110.700 |
102.300 |
303.500 |
|
|
|
|
140.700 |
124.000 |
390.200 |
|
|
Total Expenses |
703.600 |
674.800 |
2125.900 |
|
|
|
|
|
|
|
|
|
3 |
Profit before
exceptional items |
170.600 |
176.500 |
533.100 |
|
|
4 |
Exceptional items |
(2.100) |
3.600 |
0.200 |
|
|
5 |
Profit before tax |
168.500 |
180.100 |
533.300 |
|
|
5 |
Tax Expense |
|
|
|
|
|
|
Current tax |
(29.700) |
(53.700) |
(145.200) |
|
|
|
Deferred tax credit/(change) |
(6.200) |
1.200 |
0.500 |
|
|
6 |
Net Profit /(Loss)
for the period |
132.600 |
127.600 |
388.600 |
|
|
7 |
Other Comprehensive Income |
|
|
|
|
|
|
Items that will be
reclassified subsequently to profit or loss |
|
|
|
|
|
|
Fair value of debt instruments through other comprehensive income |
(0.100) |
(0.100) |
(0.300) |
|
|
|
Tax on above |
0.000 |
0.000 |
0.100 |
|
|
8 |
Other Comprehensive
Income for the period |
(0.100) |
(0.100) |
(0.200) |
|
|
|
Total Comprehensive
Income for the period |
132.500 |
127.700 |
388.400 |
|
|
|
|
|
|
|
|
|
|
Paid up equity share
capital (Eq. shares of INR 1/- each) |
21.600 |
21.600 |
21.600 |
|
|
|
Earnings per share (before/after extraordinary items) of INR 1/- each |
|
|
|
|
|
|
Basic & Diluted |
6.13 |
4.80 |
17.95 |
|
SEGMENT WISE REVENUE RESULTS AND LIABILITIES
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Segment Revenue |
|
|
|
|
- Home Care |
274.100 |
273.900 |
852.700 |
|
- Personal Care |
409.000 |
391.000 |
1236.800 |
|
- Foods |
30.000 |
28.200 |
86.600 |
|
- Refreshments |
124.800 |
122.200 |
381.600 |
|
- Other (Includes Exports Enfant and Feminine Care etc.) |
21.100 |
15.000 |
52.900 |
|
Total Segment
Revenue |
859.000 |
830.300 |
2610.600 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
|
|
from each segment |
|
|
|
|
- Home Care |
35.400 |
38.300 |
118.500 |
|
- Personal Care |
100.700 |
94.800 |
303.400 |
|
- Foods |
1.100 |
1.700 |
6.900 |
|
- Refreshments |
16.900 |
21.400 |
63.800 |
|
- Other (Includes Exports Enfant and Feminine Care etc.) |
(1.100) |
(0.600) |
(2.300) |
|
Sub Segment Results |
153.000 |
155.600 |
490.300 |
|
|
|
|
|
|
Less: i) Financial Costs |
(0.500) |
(0.600) |
(1.700) |
|
II) Finance Income and Other unallocable income net of unallocable expenditure |
16.000 |
25.100 |
44.700 |
|
Total Profit / (Loss) before Tax |
168.500 |
180.100 |
533.300 |
|
|
|
|
|
|
Segment assets |
|
|
|
|
- Home Care |
205.100 |
220.300 |
205.100 |
|
- Personal Care |
471.000 |
462.300 |
471.000 |
|
- Foods |
300.500 |
31.500 |
30.500 |
|
- Refreshments |
150.700 |
145.300 |
150.700 |
|
- Other (Includes Exports Enfant and Feminine Care etc.) |
15.900 |
17.000 |
15.900 |
|
- Un-allocated Corporate assets |
721.300 |
730.400 |
721.300 |
|
Total Segment assets |
1594.500 |
1606.800 |
1594.500 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
- Home Care |
290.800 |
270.700 |
290.800 |
|
- Personal Care |
490.400 |
449.900 |
490.400 |
|
- Foods |
35.000 |
30.500 |
35.000 |
|
- Refreshments |
101.100 |
89.000 |
101.100 |
|
- Other (Includes Exports Enfant and Feminine Care etc.) |
10.600 |
9.000 |
10.600 |
|
- Un-allocated Corporate Liabilities |
93.300 |
113.500 |
93.300 |
|
Total Segment Liabilities |
1021.200 |
962.600 |
1021.200 |
NOTES:
1 Segment revenue, results, assets and liabilities represent amounts identifiable to each of the segments. Other unallocable income net of unallocable expenditure mainly includes interest, dividend, income from current investments (Net) expenses on common services not directly identifiable to segments, corporate expenses and exceptional items.
Segment assets and segment liabilities are as at 31st December 2017, 30th September 2017, 31st December 2016 and 31st March 2017, unallocable corporate assets less unallocable corporate liabilities mainly represent investment of surplus funds and cash and bank.
2 Previous period figures have been re-grouped/re-reclassified wherever necessary, to confirm to this period’s classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Income tax matters |
5810.000 |
6410.000 |
|
Sales tax matters |
1220.000 |
600.000 |
|
Excise duty service tax and customs duty matters |
1930.000 |
2360.000 |
|
Other matters including claims related to employees /ex-employees property related demands etc. |
830.000 |
810.000 |
|
(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 contingent liabilities included above. |
||
FIXED ASSETS:
· Freehold Land
· Buildings
· Leasehold Land
· Plant and Equipment
· Furniture and fixtures
· Vehicles
· Office equipment
·
Railway Slidings
·
Software
·
Brand/Trademarks
PRESS RELEASE
HUL SEEKS NCLT NOD TO
TRANSFER INR 2100.000 MILLION TO P&L ACCOUNT
Mar 16 2018
Mumbai Hindustan Unilever Ltd (HUL) has approached the National Company Law Tribunal (NCLT) to seek approval for a plan to transfer more than INR 21000.000 million from general reserve to profit and loss (P&L) account, said two people familiar with the development.
The maker of consumer staples such as Surf Excel detergent powder and Dove soap, decided to transfer Rs2,187.33 crore from its general reserve to its P&L account in January 2016. Shareholders approved the move in a court-convened meeting in June 2016.
However, the plan is stuck as the regional director of the ministry of corporate affairs, as well as the Registrar of Companies, whose permissions are required to transfer the funds into the P&L account, are yet to clear it. To enable the transfer, the company has approached the tribunal to seek its approval.
“Both RD and RoC have submitted their separate replies in the scheme matter filed by the Hindustan Unilever,” one of the people cited above said, requesting anonymity. “We are waiting for the hearing and it’s for the tribunal to decide whether to approve the company scheme or not.”
A spokesperson for Hindustan Unilever confirmed that it has approached the tribunal. “The scheme is currently pending for sanction by the NCLT. Since the matter is pending with the tribunal, we will be unable to comment on the merits of the matter,” the spokesperson added.
The company, in a written response to Mint’s queries, further said that after the implementation of the scheme, the money will be returned to shareholders. “The company has built up significant reserves over the years through the transfer of profits to the general reserves pursuant to the provisions of the erstwhile Companies Act, 1956,” the spokesperson said.
“Given HUL’s strong financial position and track record of cash generation, the funds represented by such accumulated general reserves is seen to be in excess of the company’s current and anticipated needs,” the spokesperson said.
“In view of this and to uphold good corporate governance, HUL had proposed a scheme between the company and its shareholders to give effect to the proposed transfer and its subsequent payout. The scheme, besides being shareholder friendly, will also drive the efficiency of the company’s balance sheet,” the spokesperson added.
Emailed queries to the ministry of corporate affairs, its regional director for the western region and the Registrar of Companies remained unanswered till press time.
Paras Savla, a partner at audit and consulting firm KPB and Associates, said that unlike under the old Companies Act, it is not mandatory for the company to transfer part of the profits to the general reserves prior to the declaration of dividend under the Companies Act of 2013. Hence it seems that there is no need to maintain the general reserve for the purpose of dividend distribution.
Hindustan Unilever reported a net profit of INR 44900.000 million on a revenue of INR 344870.000 million in the year ended 31 March 2017.
CMT REPORT (Corruption Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts India Prisons Service Interpol
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized blocked frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] 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
|
INR |
|
US Dollar |
1 |
INR 64.91 |
|
UK Pound |
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.