Report of the Directors - UB Group

<strong>Report</strong> <strong>of</strong> <strong>the</strong> <strong>Directors</strong> (Contd.)The Spirits exports registered a growth <strong>of</strong> 17% in volumeand 18% in value over <strong>the</strong> previous year, and <strong>the</strong> brandsare available in over 55 countries and 4 international airlinesaround <strong>the</strong> world.The export <strong>of</strong> lea<strong>the</strong>r footwear during <strong>the</strong> year was morethan 8 million pairs and registered a growth <strong>of</strong> 13% in volumeand 24% in value. Your Division added new customers fromU.S.A. and Europe whose requirements are high valueshoes.Your Company’s exports <strong>of</strong> processed foods registered agrowth <strong>of</strong> 56% in value over 2003-04. This growth is due toexports <strong>of</strong> aseptic mango puree to Europe.The Division is expected record good performance during<strong>the</strong> current financial year as well.AMALGAMATIONPursuant to <strong>the</strong> Scheme <strong>of</strong> Amalgamation as approved by<strong>the</strong> Hon’ble High Court <strong>of</strong> Karnataka on August 8, 2005, <strong>the</strong>entire businesses and <strong>the</strong> whole <strong>of</strong> <strong>the</strong> undertakings <strong>of</strong> <strong>the</strong>following Indian Transferor Companies and one ForeignTransferor Company were transferred to and vested in <strong>the</strong>Company effective from <strong>the</strong> respective appointed dates:Indian Transferor Companies : [appointed date <strong>of</strong> merger1st April, 2004]<strong>UB</strong> Networks [Bangalore] Private Limited*The Asian Age [South] Limited*<strong>UB</strong> Global Corporation Limited<strong>UB</strong> Information and Consultancy Services Limited<strong>UB</strong> Transit Systems Limited<strong>UB</strong> General Investments Limited<strong>UB</strong> Pharmaceuticals Limited*M W P Limited*The Asian Age [West] Limited*<strong>UB</strong> Publications Limited** became subsidiaries during <strong>the</strong> year in terms <strong>of</strong>Section 4 (1)(c) <strong>of</strong> <strong>the</strong> Companies Act, 1956.Foreign Transferor Company : [appointed date <strong>of</strong> merger1st October, 2004]United Breweries <strong>of</strong> America Inc.In accordance with <strong>the</strong> Scheme <strong>of</strong> Amalgamation, 7,079,993equity shares <strong>of</strong> Rs.10/- each are to be issued to shareholder<strong>of</strong> <strong>the</strong> Foreign Transferor Company in <strong>the</strong> ratio <strong>of</strong> 1 (One)fully paid up equity share <strong>of</strong> Rs.10/- <strong>of</strong> <strong>the</strong> Company forevery 2 (Two) fully paid up equity shares <strong>of</strong> 1 US $ each heldin United Breweries <strong>of</strong> America Inc., after obtainingnecessary approvals.Consequent to <strong>the</strong> merger <strong>of</strong> <strong>the</strong> foreign transferor company,its subsidiaries viz., Rigby International Corp., UnitedBreweries <strong>of</strong> America, Delaware, Inversiones Mirabel, S.A.,Mendocino Brewing Company Inc, USA, <strong>UB</strong>SN Limited, andUnited Breweries International [UK] Limited, have becomesubsidiaries <strong>of</strong> <strong>the</strong> Company effective from October 1, 2004.S<strong>UB</strong>SIDIARY COMPANIESFollowing are <strong>the</strong> subsidiaries <strong>of</strong> <strong>the</strong> Company as onMarch 31, 2005 :Indian Subsidiary Companies:1. <strong>UB</strong> Electronic Instruments Limited2. <strong>UB</strong> Infrastructure Projects Limited3. Variegate Trading Limited4. <strong>UB</strong> International Trading Limited5. Kingfisher Airlines LimitedForeign Subsidiary Companies :1. United Breweries <strong>of</strong> America Inc., Delaware2. Inversiones Mirabel, S.A.3. Mendocino Brewing Co. Inc., USA4. United Breweries International (UK) Limited5. <strong>UB</strong>SN Limited6. Rigby International Corp. ( approval awaited)In view <strong>of</strong> <strong>the</strong> presentation <strong>of</strong> <strong>the</strong> Consolidated FinancialStatements including subsidiaries, <strong>the</strong> Company has availed<strong>of</strong> <strong>the</strong> exemption in terms <strong>of</strong> Section 212 <strong>of</strong> <strong>the</strong> CompaniesAct, 1956 from attaching <strong>the</strong> individual accounts <strong>of</strong> <strong>the</strong>subsidiaries.2