UBHL annual report - United Spirits Limited

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Auditors' Report to the Board of Directors of United Spirits Limited1. We have audited the attached Consolidated BalanceSheet of United Spirits Limited, its subsidiaries andassociates (hereinafter collectively referred to as‘the Group’), as at March 31, 2012, and also theConsolidated Statement of Profit and Loss and theConsolidated Cash Flow Statement for the year endedon the date, annexed thereto (collectively referredas the ‘Consolidated Financial Statements’). TheseConsolidated Financial Statements are the responsibilityof the Group’s management and have been preparedby the Group’s management on the basis of separatefinancial statements and other financial informationregarding components. Our responsibility is to expressan opinion on these Consolidated Financial Statementsbased on our audit.2. We conducted our audit in accordance with theauditing standards generally accepted in India. ThoseStandards require that we plan and perform theaudit to obtain reasonable assurance whether theConsolidated Financial Statements are free of materialmisstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosuresin the Consolidated Financial Statements. An audit alsoincludes assessing the accounting principles used andsignificant estimates made by management, as well asevaluating the overall financial statement presentation.We believe that our audit provides a reasonable basisfor our opinion.3. We report that:(a) the Consolidated Financial Statements havebeen prepared by the Group’s management inaccordance with the requirements of AccountingStandard 21 on ‘Consolidated Financial Statements’and Accounting Standard 23 on ‘Accounting forInvestments in Associates in Consolidated FinancialStatements’ notified pursuant to the Companies(Accounting Standards) Rules, 2006.(b) We did not audit the financial statements ofcertain subsidiaries, whose financial statementsreflect total assets (after eliminating intra-grouptransactions) of Rs. 92,486.626 Million as at March31, 2012, total revenues (after eliminating intragrouptransactions) of Rs. 16,676.972 Million andnet cash flows aggregating to Rs. 3,916.783 Millionfor the year then ended. We also did not auditthe financial statements of an associate whosefinancial statements reflect the Company’s shareof loss of Rs. ₹5.475 Million for the year then endedincluded in the consolidated financial statements.These financial statements and other financialinformation have been audited by other auditorswhose reports have been furnished to us by themanagement, and our opinion is based solely on thereports of the other auditors.4. Based on our audit and on consideration of reports ofother auditors on the separate financial statements andon the other financial information of the subsidiariesand associates, and to the best of our information andaccording to the explanations given to us, in our opinion,the attached Consolidated Financial Statements give atrue and fair view in conformity with the accountingprinciples generally accepted in India, in case of:(a) the Consolidated Balance Sheet, of the state ofaffairs of the Group as at March 31, 2012;(b) the Consolidated Statement of Profit and Loss, ofthe profit for the year ended on that date; and(c) the Consolidated Cash Flow Statement, of the cashflows for the year ended on that date.For Walker, Chandiok & Co.Chartered AccountantsFirm Registration No: 001076Nper Aashish Arjun SinghPlace : MumbaiPartnerDate : May 29, 2012 Membership No. 21012267
Consolidated Financial StatementsBalance Sheet as at March 31, 2012Rs. MillionNote 2012 2011Equity and LiabilitiesShareholders’ FundsShare Capital 2 1,258.698 1,258.698Reserves and Surplus 3 45,358.981 40,527.480Minority Interest 146.105 175.074Non-current LiabilitiesLong term borrowings 4.1 53,960.231 24,612.329Other Long-term liabilities 4.2 237.457 137.386Long term provisions 4.3 1,688.799 990.853Current LiabilitiesShort-term borrowings 5.1 21,270.928 13,037.678Trade Payables 5.2 19,951.112 14,076.502Other Current Liabilities 5.3 13,930.687 33,574.144Short-term provisions 5.4 762.438 698.749158,565.435 129,088.893AssetsNon-current AssetsFixed AssetsTangible Assets 6.1 20,188.069 14,543.539Intangible Assets 6.2 6,943.818 4,855.518Capital Work in Progress 1,080.282 1,025.514Goodwill on Consolidation 51,674.025 44,320.104Non Current Investments 7 2,168.834 1,370.852Deferred Tax Assets (net) 8 591.851 325.312Long term Loans and advances 9 12,400.054 13,469.402Other Non Current Assets 10 2,793.419 496.355Current AssetsCurrent Investments 11.1 189.167 173.365Inventories 11.2 27,547.602 21,168.196Trade Receivables 11.3 19,729.425 13,868.199Cash and Bank balance 11.4 3,632.266 6,321.804Short term Loans and Advances 11.5 9,625.277 7,149.249Other Current Assets 11.6 1.346 1.484Significant accounting policies 1The accompanying notes are an integral part of the Consolidated Financial Statements.This is the Balance Sheet referredto in our report of even date158,565.435 129,088.893For Walker, Chandiok & Co VIJAY MALLYA ASHOK CAPOORChartered Accountants Chairman Managing DirectorM.R. DORAISWAMY IYENGARDirectorP.A. MURALIChief Financial Officerper Aashish Arjun SinghPartnerV.S. VENKATARAMANCompany SecretaryPlace : MumbaiDate : May 29, 201268
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The TeamAshok CapoorPresident & MDP
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Report of the DirectorsYour Directo
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Report of the Directors (Contd.)Cou
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Report of the Directors (Contd.)ANN
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Report of the Directors (Contd.)SL.
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Corporate Governance Report (Contd.
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Page 32 and 33: CERTIFICATE ON CORPORATE GOVERNANCE
Page 34 and 35: Annexure to Report of the Directors
Page 40 and 41: Annexure to the Auditors' ReportAnn
Page 42 and 43: Appendix 1* to the Auditor's Report
Page 44 and 45: Statement of Profit and Loss for th
Page 46 and 47: Cash Flow statement for the year en
Page 48 and 49: Notes to the financial statements f
Page 78 and 79: Statement Pursuant to Section 212(1
Page 80 and 81: Statement Pursuant to Section 212(1
Page 84 and 85: Consolidated Financial StatementsSt
Page 86 and 87: Consolidated Financial StatementsCa
Page 88 and 89: Consolidated Financial StatementsNo
Page 122: Consolidated Financial StatementsNo
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UBHL annual report - United Spirits Limited

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