Annual Report 2012-2013 - UB Group

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Notes to the Consolidated Financial Statements (contd.) ` in million Year ended March 31, 2013 Year ended March 31, 2012 24. Employee benefits expenses Salaries, wages and bonus 261.603 6,175.024 Contribution to provident and other funds 40.984 201.429 Employee compensation expenses - (25.550) Workmen and staff welfare 33.578 156.347 336.165 6,507.250 25. Finance cost Interest expenses 5,324.451 15,166.905 Processing charges and bank charges 290.902 192.356 5,615.353 15,359.261 26. Other expenses Rent including lease rent 45.244 552.515 Rates and taxes 52.393 235.266 Insurance premium 4.066 668.696 Communication expenses 9.765 236.422 Travel and conveyance 29.394 555.826 General administrative expenses 190.113 127.779 Repairs & maintenance 82.110 249.757 Vehicle repairs and maintenance 5.892 6.569 Property maintenance expenses 85.571 73.355 Selling and promotion expenses 470.916 4,824.864 Brokerage 5.459 23.265 Commission paid to selling agents 26.159 1,643.040 Freight charges/job charges 212.247 244.501 Miscellaneous expenses 43.759 278.807 Claims paid 0.206 3.552 Legal & professional charges 167.947 562.379 Directors' sitting fees 1.712 2.377 Auditors’ remuneration 3.552 3.792 Bad debts 2.050 90.956 Provision for bad and doubtful debts/advances - 81.500 Loss on sale of investments - 223.184 Loss on assets sold / discarded / written off 10.535 42.185 Amortisation of initial cost on lease of aircraft - 148.519 Amortisation of slot charges - 143.565 Recruitment expenses - 15.195 Hire charges - 319.604 Training expenses - 142.437 1,449.090 11,499.907 84
Notes to the Consolidated Financial Statements (contd.) 27. UB City Luxury residential Project The parent Company has executed a Joint Development Agreement with a Developer on 26th April, 2010 for development of a luxury residential building to be named as “Kingfisher Towers – Residences at UB City” in the available land in UB City. The development of above project (in which the Company is entitled to a share of 55% of super built up area) is under progress and is expected to be completed in 2015. The parent Company has issued allotment letters in respect of seven residential units in Kingfisher Towers by collecting booking amounts of ` 1,135.222 million (Pr year ` 826.925 million). 28 Estimated amount of contracts remaining to be executed, on capital account as on 31.03.13 and not provided for, in the case of : a) The parent company is ` 2.190 million (net of advances) (Pr year ` 5.357 million) b) A subsidiary of the parent Company, UB International Trading Limited, ` 0.591 million (Pr year ` 0.148 million) 29. Fixed Assets : i) The Parent Company’s land in Bangalore was revalued in August 2001, based on an independent valuer’s report. Accordingly, the value of the land was restated at ` 1,707 million, with a corresponding adjustment to the Fixed Assets Revaluation Reserve. The amounts shown in the Balance Sheet are after making adjustments for disposals. ii) Depreciation has been charged under the written-down value method as per the rates prescribed under the Companies Act 1956, in respect of the parent Company and its Indian subsidiaries other than Kingfisher Training and Aviation Services Limited. In respect of Kingfisher Training and Aviation Services Limited and the overseas subsidiaries, depreciation is charged under the straight-line method at the rates prescribed under the statute governing those subsidiaries. The net book value of fixed assets on which straight-line method of depreciation is used, is ` 583.045 million (Pr year ` 555.957 million). 30. The Company has accrued interest of ` 1,003.766 million (Pr year ` 634.916 million) for the year on loans to Kingfisher Airlines Limited as per loan agreement signed with them. Considering, the income stream of the company, realisability of this interest could possibly take protracted period of time beyond those stipulated in the loan agreement. 31. Events occurring after the date of the Balance sheet a) Kingfisher Airlines Limited (KFA) lenders have sold the following investments belonging to the Parent Company and its subsdiary Kingfisher Finvest India Limited : i) 2,446,155 equity shares in United Spirits Limited ii) 215,000 equity shares in McDowell Holdings Limited iii) 10,000,000 equity shares in Mangalore Chemicals & Fertilizers Limited iv) 27,000,193 equity shares in Kingfisher Airlines Limited b) KFA lenders have invoked company’s Corporate Guarantee and demanded payment of dues, due from KFA amounting to ` 64,932.900 million c) the Company and others have filed a suit in Hon’ ble Bombay High Court against the Consortium of lenders who have advanced loans to Kingfisher Airlines Ltd, inter alia seeking the following reliefs: i) for a declaration that the corporate guarantee agreement and pledge agreement, both dated 21st December, 2010 and executed by the Company are void ab-initio and non-est; ii) for a permanent order and injunction, restraining Consortium of Bankers, their servants, agents or assigns, or any other person claiming by, through or under them or any of them, from acting upon, in furtherance or in any manner giving effect to the impugned notices dated 16th March, 2013, or from taking any other or further steps to act upon or in furtherance of the Pledge Agreement dated 21st December, 2010 save and except in accordance with the procedure set out in clause 8.1 of the MDRA, including issuing a notice thereunder. iii) for a permanent order and injunction restraining Consortium of Bankers, their servants, agents or assigns, or any other person claiming by or through or under or any of them, from acting upon or in furtherance of the Corporate Guarantee dated 21st December, 2010 given by the company and Pledge Agreement dated 21st December, 2010. 85
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UNITED BREWERIES [HOLDINGS] LIMITED
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Annual Report 2012-2013 - UB Group

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