Annual Report 2011 - 2012 - United Breweries Limited

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Notes to Financial Statements (contd.)(All amounts in Rs.lacs, unless otherwise stated)Gratuity: Liability towards gratuity is determined on actuarial valuation using the Projected Unit CreditMethod at the balance sheet date. Actuarial Gains and Losses are recognised immediately in the Statement ofProfit and Loss.(iii) Other long term employee benefits:Liability towards leave encashment and compensated absences is recognised at the present value based onactuarial valuation at each balance sheet date.(iv) Short term employee benefits:Undiscounted amount of liability towards earned leave, compensated absences, performance incentives etc. isrecognised during the period when the employee renders the services.2.11 Taxation:Current tax is determined as per the provisions of the Income Tax Act, 1961.(i) Provision for current tax is made, based on the tax payable under the Income Tax Act.1961. Minimum AlternativeTax (MAT) credit, which is equal to the excess of MAT (calculated in accordance with the provisions of section115JB of the Income Tax Act, 1961) over normal income-tax is recognized as an asset by crediting the Statementof Profit and Loss only when and to the extent there is convincing evidence that the Company will be able toavail the said credit against normal tax payable during the period of ten succeeding assessment years.(ii) Deferred tax is recognised, on timing differences, being the difference between taxable income and accountingincome that originates in one period and is capable of reversal in one or more subsequent periods. Deferred taxassets are not recognised unless there is virtual / reasonable certainty that sufficient future taxable income willbe available against which such deferred tax assets can be realised.2.12 Earnings per share:Annualised earnings / (loss) per equity share (basic and diluted) is arrived at based on ratio of profit /(loss) attributableto equity shareholders to the weighted average number of equity shares.2.13 Impairment of Assets:At each Balance Sheet date, the Company assesses whether there is any indication that assets may be impaired.If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the assetexceeds its recoverable amount, an impairment loss is recognised in the accounts to the extent the carrying amountexceeds the recoverable amount.2.14 Provisions, Contingent Liabilities and Contingent Assets:Provisions are recognised when the company has a present obligation as a result of past events, for which it isprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and areliable estimate of the amount can be made. Provisions are reviewed regularly and are adjusted where necessaryto reflect the current best estimates of the obligation. When the company expects a provision to be reimbursed,the reimbursement is recognised as a separate asset, only when such reimbursement is virtually certain.A disclosure for contingent liability is made where there is a possible obligation or present obligation that mayprobably not require an outflow of resources.2.15 LeasesLeases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classifiedas operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on astraight-line basis over the period of the lease.40
Notes to Financial Statements (contd.)3. SHARE CAPITAL(All amounts in Rs.lacs, unless otherwise stated)As atMarch 31, 2012As atMarch 31, 2011Authorised3,674,000,000 (2011: 3,620,000,000) Equity shares of Re.1 each 36,740 36,20058,600,000 (2011: 49,140,000) Preference Shares of Rs.100 each 58,600 49,14095,340 85,340Issued, Subscribed and Paid-up264,405,149 (2011: 254,544,938) Equity shares of Re.1 each fully paid 2,644 2,5453% Nil (2011: 17,283,000) Cumulative Redeemable Preference Shares of— 17,283Rs.100 each fully paid - Series A3% 7,407,000 (2011: 7,407,000) Cumulative Redeemable Preference Shares7,407 7,407of Rs.100 each fully paid - Series B10,051 27,235Cumulative Redeemable Preference Shares - Series A are redeemable at par at the earliest on March 31, 2011and are extendable upto March 31, 2015 based on mutual agreement between the Company and Scottish andNewcastle India Limited (the preference shareholder). The shares have been redeemed at par on April 14, 2011.Cumulative Redeemable Preference Shares - Series B are redeemable at par at the earliest on March 31, 2015.a) Reconciliation of number of sharesEquity SharesAs at March 31, 2012 As at March 31, 2011Nos. Rs. Nos. Rs.Balance as at the beginning of the year 254,544,938 2,545 240,048,255 2,400Issued during the year - amalgamations(Refer Note 38)Scottish & Newcastle India Private Limited at the ratio of6:31 in lieu of equity shares of Millennium AlcobevPvt. Ltd. — — 8,489,270 85UBL Benefit Trust at the ratio of 33:16 in lieu of equityshares of Empee Breweries Ltd. — — 6,007,413 60Heineken International B.V. at the ratio of 135:1in lieu of equity shares of UB Ajanta Breweries Pvt. Ltd. 354,789 4 — —UB Overseas Limited at the ratio of 135:1in lieu of equity shares of UB Ajanta Breweries Pvt. Ltd. 354,789 4 — —Heineken International B.V. at the ratio of 454:1in lieu of equity shares of UB Nizam Breweries Pvt. Ltd. 72,951 1 — —UB Overseas Limited at the ratio of 454:1in lieu of equity shares of UB Nizam Breweries Pvt. Ltd. 72,951 1 — —United Spirits Limited at the ratio of 30:17in lieu of equity shares of Chennai Breweries Pvt. Ltd. 8,500,000 85 — —Public shareholders of erstwhile Millennium BeerIndustries Limited at the ratio of 12:1 504,731 5 — —Outstanding at the end of the year 264,405,149 2,644* 254,544,938 2,545* Rounded off to Rs.2,64441
Page 2: CONTENTSReport of the Directors 1Re
Page 6 and 7: Chairman’s Statement (contd.)whic
Page 8 and 9: March 31, 2012 stood at Rs.1,005.1
Page 10 and 11: Half Marathon and Bangalore World 1
Page 12 and 13: Your Company is implementing severa
Page 14 and 15: Report of the Directors (contd.)CON
Page 16 and 17: Report of the Directors (contd.)CAU
Page 18 and 19: Annexure to Directors’ Report (co
Page 20 and 21: Report on Corporate Governance (con
Page 24 and 25: • To appoint/remove Registrar and
Page 34 and 35: f) Training of Board Members:Having
Page 36 and 37: Annexure to Auditor’s Report30Ref
Page 38 and 39: Referred to in paragraph 9 (b) of t
Page 40 and 41: Balance Sheet as at March 31, 2012(
Page 42 and 43: Cash Flow Statement for the year en
Page 44 and 45: 38Notes to Financial Statements(All
Page 48 and 49: Preference SharesNotes to Financial
Page 50 and 51: 6. LONG-TERM BORROWINGSNotes to Fin
Page 52 and 53: 7. DEFERRED TAX LIABILITIES (NET)No
Page 54 and 55: Notes to Financial Statements (cont
Page 56 and 57: As atMarch 31, 2012Notes to Financi
Page 66 and 67: c) Accounting for Amalgamation:The
Page 70 and 71: (4) Transaction with Heineken Brouw
Page 72 and 73: STATEMENT PURSUANT TO SECTION 212(1
Page 74 and 75: Consolidated Balance Sheet as at Ma
Page 76 and 77: Consolidated Cash Flow Statement fo
Page 78 and 79: Notes to Consolidated Financial Sta
Page 80 and 81: Notes to Consolidated Financial Sta
Page 82 and 83: Preference sharesNotes to the Conso
Page 84 and 85: 6. LONG-TERM BORROWINGSNotes to the
Page 86 and 87: 8. PROVISIONSNotes to the Consolida
Page 88 and 89: Notes to the Consolidated Financial
Page 96 and 97:
Notes to the Consolidated Financial
Page 98 and 99:
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- All asset and liabilities of the
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45. DERIVATIVE INSTRUMENTSParticula
Page 108 and 109:
102Notes:
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Annual Report 2011 - 2012 - United Breweries Limited

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