president & cfo - UB Group

More documents

Recommendations

Info

Schedules forming part of account for the year ended March 31, 2009 (Contd.)The Draft Rehabilitation Scheme along with the Scheme of Arrangement is pending with the Board for Industrialand Financial Reconstruction formed under the provisions of Sick Industrial Companies (Special Provisions) Act,1985, for approval.4. Fixed AssetsEstimated amount of contracts remaining to be executed on capital account and not provided for (net ofadvances) – Rs.106.562 Million (2008: Rs.219.396 Million).5. Current Assets, Loans and Advancesa) Loans and Advances include:i) Rs. 11,093.202 Million (2008: Rs.14,987.889 Million) given as loan to the subsidiaries. The entire loan isnon interest bearing.ii) An amount of Rs. 736.429 Million (2008: Rs. 489.847 Million) due from a Tie-up unit secured by the assetsof the Tie-up unit.iii) An amount of Rs. 250 Million (2008: Rs. Nil) due from a proposed tie-up unit secured by the shares ofthe proposed tie-up unit.iv) Rs.3 Million (2008: Rs.3 Million) being amount paid to BDA Limited (BDA) towards reassignment ofcertain Liquor Brands/ Trade Marks pursuant to a Memorandum of Understanding dated March 20,1992. Pending execution of the deed for such assignments and judicial resolutions of various disputeswith BDA pertaining to control of BDA and ownership of the ‘Officers Choice’ and other brands currentlysub-judice at the various courts, the advance given to the party has been provided for as a matter ofprudence. All consequential adjustments arising out of the above matters will be made as and whenascertained.v) Due from an Officer of the Company Rs. 1.193 Million (2008: Rs.1.085 Million). Maximum amountoutstanding at any time during the year Rs. 1.193 Million (2008: Rs.1.085 Million).vi) Due from the Managing Director of the Company Rs. 3.140 Million (2008: Rs. 2.854 Million). Maximumamount outstanding at any time during the year Rs. 3.140 Million (2008: Rs. 2.854 Million).b) Certain confirmation of balances from Sundry Debtors, Loans and Advances, Deposits and Sundry Creditorsare awaited and the account reconciliations of some parties where confirmations have been received are inprogress. Adjustment for differences, if any, arising out of such confirmations/reconciliations would be madein the accounts on receipt of such confirmations and reconciliation thereof. The Management is of the opinionthat the impact of adjustments, if any, is not likely to be significant. In the opinion of the management, allcurrent assets, loans and advances including advances on capital accounts would be realised at the values atwhich these are stated in the accounts, in the ordinary course of business.c) Bank Balance with scheduled bank includes Rs. 154.000 Million (2008: Rs. 205.960 Million) out of the proceedsof the beer business of erstwhile SWCL, sold in an earlier year. The said sum is kept under escrow pendingresolution of various taxation matters.d) The Company has, granted interest free loans in foreign currency amounting to Rs.7,435.245 Million [2008:Rs. 6190.725 Million, excluding Rs. 6836.073 Million, relating to Zelinka cancelled on amalgamation asreferred to in Note 2(B)(II)(d) above] to USL Holdings Limited, BVI (USL Holdings), a subsidiary of the Company,for acquisition of long term strategic investments. Management is of the view that out of these loans,Rs.3,630.300 Million (2008: Rs. 3,987.000 Million), from the inception of the grant of loans, in substance, formpart of the Company’s net investment in the subsidiary, as the settlement of these loans is neither plannednor likely to occur in the foreseeable future and management intends to convert these loans into investmentin share capital of the subsidiary in near future. Accordingly, in accordance with AS 11 - The Effects ofChanges in Foreign Exchange Rates (AS 11), exchange difference aggregating to Rs.463.905 Million [2008:Rs. 106.905 Million excluding Rs.715.043 Million relating to loans to Zelinka referred in Note 2(B)(II)(d) above]arising on such loans has been accumulated in a foreign currency translation reserve, which at the time ofthe disposal of the net investment in these subsidiaries would be recognised as income or as expenses.50
Schedules forming part of account for the year ended March 31, 2009 (Contd.)6. Investmenta)CURRENTFaceValuePurchased duringthe YearNosRs.MillionAcquired onAmalgamation*NosRs.MillionSold/Written off duringthe YearNosRs.MillionTransferred/Cancelledpursuant to scheme ofAmalgamationNosRs.MillionUnquoted InvestmentsUnits (Fully Paid)(Including dividend reinvestment)SBI SHF Liquid Plus 10 5,120,222 51.227 - - 4,497,751 45.000 - -HSBC MF Investments 10 9,092 0.097 - - - - - -ICICI Prudential Liquid Fund 10 37,885 0.379 - - - - - -LONG TERMA. Quoted Investments1. Fully Paid Equity Sharesi) TradeIn Subsidiary CompanyShaw Wallace & Company Limited 10 - - - - - - 15,072,311 4,801.877ii) Non-TradePremier Fertilizers Limited. ** 100 - - - - 300 0.001 - -IndusInd Bank Limited 10 - - - - 10,400 0.468 - -Indo Lowenbraw Breweries Ltd ** 10 - - - - 18 - - -Hero Honda Motors Limited. 2 - - - - 175 0.035 - -Rampur Engineering Co., Limited ** 10 - - - - 1,001 0.010 - -Gammon India Ltd ** 10 - - - - 1000 - - -Ashok Leyland Limited (Rs. 117 ) 1 - - - - 10 0.000 - -Shree Synthetics Limited (Rs.350)** 10 - - - - 35 0.000 - -Crompton Greaves Limited 2 - - - - 280 0.005 - -Daewoo Motors Limited. ** 10 - - - - 50 0.001 - -Exide Industries Limited (Rs. 132 ) 1 - - - - 20 0.000 - -Areva TND (India) Limited(Rs. 387 ) 10 - - - - 6 0.000 - -Harrisons Malayalam Limited. 10 - - - - 20 0.002 - -51
Page 2 and 3:
CONTENTSDr. Vijay MallyaChairmanRep
Page 5 and 6: Report of the DirectorsYour Directo
Page 8 and 9: Report of the Directors (Contd.)The
Page 10 and 11: Report of the Directors (Contd.)ANN
Page 12 and 13: Report of the Directors (Contd.)SL.
Page 14 and 15: Corporate Governance Report1. COMPA
Page 16 and 17: Corporate Governance Report (Contd.
Page 24 and 25: Annexure to Report of the Directors
Page 26 and 27: Auditors' Report to the Members of
Page 28 and 29: Annexure to the Auditors' Report (C
Page 30 and 31: Balance Sheet as at March 31, 2009S
Page 32 and 33: Cash Flow Statement for the year en
Page 34 and 35: Schedules forming part of Balance S
Page 44 and 45: Schedules forming part of Profit &
Page 46 and 47: Schedules forming part of account f
Page 74 and 75: Statement Pursuant To Section 212(1
Page 76 and 77: Details of Subsidiary CompaniesName
Page 78 and 79: BALANCE SHEET ABSTRACTBALANCE SHEET
Page 80 and 81: Consolidated Financial StatementBal
Page 82 and 83: Consolidated Financial StatementCas
Page 84 and 85: Consolidated Financial StatementSch
Page 104 and 105:
Consolidated Financial StatementSch
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
116NOTES
Page 122 and 123:
118NOTES
Page 124:
Level 6-10, UB Tower, UB City, 24 V
show all

president & cfo - UB Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?