Annual Report 2011 - 2012 - United Breweries Limited

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Notes to Financial Statements (contd.)(All amounts in Rs.lacs, unless otherwise stated)Year endedMarch 31, 2012 March 31, 201128. CHANGES IN INVENTORIES OF FINISHED GOODS,WORK-IN-PROGRESS AND STOCK-IN-TRADEStock at the end of the year:Finished goods 5,353 2,954Finished goods - Traded 1 46Work-in-progress 12,732 8,41618,086 11,416Less: Stock at the beginning of the year:Finished goods 2,954 2,134Finished goods - Traded 46 198Work-in-progress 8,416 6,233Stock of amalgamated entities - Finished goods 42 525Stock of amalgamated entities - Work-in-progress 409 2,19711,867 11,287(Increase)/ decrease in stocks (6,219) (129)Excise duty movement on closing stock 4,394 466Total (1,825) 33729. EMPLOYEE BENEFITS EXPENSESalaries, wages and bonus 16,248 12,404Gratuity 343 305Contribution to provident and other funds 829 623Welfare expenses 1,403 1,079Total 18,823 14,41154i) Disclosures envisaged in AS 15 in respect of defined benefit plans (Gratuity and Provident Fundadministered by a trust setup by the Company) are given below:2012 2011 2010 2009 2008ParticularsGratuity ProvidentfundGratuityA) Reconciliation of opening and closingbalances of the present value of thedefined benefit obligation:Obligations at period beginning 1,878 3,434 1,614 1,539 1,426 1,161Obligation at period beginning fromAmalgamation 37 — 97 — — —Service cost 326 680 226 85 130 435Interest cost 156 284 126 118 96 93Benefits settled (158) (172) (234) (125) (109) (260)Actuarial (gain)/ loss (20) (4) 49 (3) (4) (3)Obligations at period end 2,219 4,222 1,878 1,614 1,539 1,426B) Change in plan assetsPlan assets at period beginning, at fair value 1,639 3,490 1,542 1,331 1,365 1,161Plan assets at period beginning fromAmalgamation 37 — 54 — — —Expected return on plan assets 128 308 125 102 107 93Actuarial gain /(loss) (10) 50 (13) (17) (76) 108Contributions 20 658 159 251 44 263Benefits settled (158) (172) (228) (125) (109) (260)Plan assets at period end, at fair value 1,656 4,334 1,639 1,542 1,331 1,365
Notes to Financial Statements (contd.)Particulars(All amounts in Rs.lacs, unless otherwise stated)2012 2011 2010 2009 2008Gratuity ProvidentGratuityfundC) Reconciliation of present value of the obligationand the fair value of the plan assetsFair value of plan assets at the end of the year 1,656 4,334 1,639 1,542 1,331 1,365Present value of the defined benefit2,219 4,222 1,878 1,614 1,539 1,426obligations at the end of the periodLiability recognised in the balance sheet (563) 112 (239) (72) (208) (61)D) Expenses recognised in Statement of Profitand LossService cost 326 680 249 84 131 435Interest cost 156 285 126 118 96 93Expected return on plan assets (128) (308) (125) (102) (107) (93)Prior Period adjustment — — — — — (237)Actuarial (gain)/ loss (11) (54) 55 14 62 62Total expenses recognised in Statementof Profit and Loss343 603 305 114 182 260E) Major category of Plan Assets as a % oftotal Plan assetsGovernment Securities — 41% — — — —Corporate Bonds — 59% — — — —Fund balance with insurance companies 100% — 100% 100% 100% 100%F) Description of the basis used to determinethe overall expected rate of return on assetsincluding major categories of plan assetsThe expected return is calculated on the average fund balance based on the mix of investments and theexpected yield on them.Actual return on plan assets 115 — 112 85 31 201G) AssumptionsInterest rate 8.5% 8.5% 8.0% 8.0% 7.0% 8.0%Discount factor 8.5% 8.5% 8.0% 8.0% 7.0% 8.0%Estimated rate of return on plan assets 8.0% 8.25% 8.0% 8.0% 8.0% 8.0%Salary increase 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%Attrition rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%Retirement age 58 58 58 58 58 58The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,promotion and other relevant factors such as supply and demand factors in the Employment market.As per the best estimate of management, Provident Fund contribution of Rs.875 (2011: Rs.850) and Gratuitycontribution of Rs.400 (2011: Rs.350) is expected to be paid to the plans during the year ending March 31, 2013.(ii) Contribution to Provident and Other Funds (Note 29) includes Rs.1,172 (2011: Rs.928) being expensesdebited under the following defined contribution plansProvident Fund 600 — 458 360 282 288Superannuation fund and National Pension 229 — 165 131 109 94schemeTotal 829 — 623 491 391 38255
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CONTENTSReport of the Directors 1Re
Page 6 and 7:
Chairman’s Statement (contd.)whic
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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 46 and 47: Notes to Financial Statements (cont
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 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 100 and 101: - All asset and liabilities of the
Page 106 and 107: 45. DERIVATIVE INSTRUMENTSParticula
Page 108 and 109: 102Notes:
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Annual Report 2011 - 2012 - United Breweries Limited

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