UBHL annual report - United Spirits Limited

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Consolidated Financial StatementsCash Flow Statement for the Year Ended March 31, 2012 (Contd.)Rs. Million2012 2011C. Cash Flow from financing activitiesExpenses incurred on arrangement of borrowings (2,632.837) (76.136)Proceeds/(Repayment) of long term loans:Proceeds 30,548.833 8,138.624Repayment (27,801.203) (5,278.523)Proceeds/(Repayment) of fixed deposits 977.950 3,156.435Proceeds/(Repayment) of short term loans (600.000) 1,450.000Working Capital Loan / Cash Credit from Banks (net) 8,522.779 1,218.846Finance Costs paid[including on Finance lease Rs.3.427 Million (2011: Rs 1.350Million)] (8,413.061) (5,475.143)Dividends paid (330.978) (304.415)Corporate Tax on distributed profit (54.309) (52.149)Net cash used in financing activities 217.174 2,777.539Net (Decrease)/ Increase in cash and cash equivalents (2,924.571) (1,739.332)Cash and cash equivalents as at March 31, 2011* 6,116.770 7,686.307Cash and Cash Equivalents of Transferor companies - 169.795Cash and cash equivalents as at March 31, 2012* 3,192.199 6,116.770(2,924.571) (1,739.332)* Refer Note 11.4Notes:1. The above Cash Flow Statement has been compiled from and is based on the Balance Sheet as at March 31, 2012 and therelated Statement of Profit and Loss for the year ended on that date.2. The above Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard - 3 onCash Flow Statements as notified under Section 211(3C) of the Companies Act, 1956 and reallocation required for this purposeare as made by the Company.3. Previous year's figures have been regrouped wherever necessary in order to conform to this year's presentation.This is the Cash Flow Statementreferred to in our report of even date.For 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, 201271
Consolidated Financial StatementsNotes to the financial statements for the year ended March 31, 20121. Significant accounting policies1.1 Basis of preparation of Financial StatementsThe Consolidated Financial Statements relate to United Spirits Limited (the Company) and its subsidiaries and associates(the Group). The Consolidated Financial Statements are prepared in accordance with Accounting Standard (AS) 21 onConsolidated Financial Statements and AS 23 on Accounting for Investments in Associates in Consolidated FinancialStatement as specified in the Companies (Accounting Standard) Rules, 2006, and the relevant provisions of the CompaniesAct, 1956 of India. The Consolidated Financial Statements are prepared by adopting uniform accounting policiesfor like transactions and other events in similar circumstances and are presented to the extent possible, in the samemanner as the Company’s separate financial statement. Accounting policies have been consistently applied exceptwhere a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requiresa change in the accounting policy hitherto in use.The Consolidated Financial Statements of the Group have been prepared under historical cost convention, except asotherwise stated, in accordance with the Generally Accepted Accounting Principles (GAAP) in India, the AccountingStandards as specified in the Companies (Accounting Standard) Rules, 2006, and the relevant provisions of theCompanies Act,1956 of India.On occasion, a subsidiary company whose financial statements are consolidated may issue its shares to third parties aseither a public offering or private placement at per share amounts in excess of or less than the Company’s average pershare carrying value. With respect to such transactions, the resulting gains or losses arising from the dilution of interestare recorded as Capital Reserve/Goodwill. Gains or losses arising on the direct sale by the Company of its investment insubsidiaries or associated companies to third parties are transferred to Statement of Profit and Loss. Such gains or lossesare the difference between the sale proceeds and the net carrying value of the investments.1.2 Subsidiary and Associate Companies considered in the Consolidated Financial Statements:(A) Subsidiary Companies:SlNo.Name of the CompanyCountry ofIncorporationProportion of voting powerProportion ofownership interest (%)held directly or indirectly, ifdifferent from proportion ofownership interest (%)2012 2011 2012 20111 Asian Opportunities & Investments Limited (AOIL) Mauritius 100 100 - -2 United Spirits Nepal Private Limited Nepal 82.46 82.46 - -3 Ramanreti Investments & Trading Ltd. (RITL) India 100 100 - -4 Shaw Wallace Breweries Limited (SWBL) India 100 100 - -5 Palmer Investment Group Ltd.(PIG) British Virgin100 100 - -Islands6 RG Shaw & Company Ltd. (RGSC) U.K. 100 100 - -7 Shaw Scott & Company Ltd. (SSC) U.K. 100 100 - -8 Shaw Darby & Company Ltd. (SDC) U.K. 100 100 - -9 Tern Distilleries Private Limited (Tern) India 100 100 - -10 Thames Rice Milling Company Limited (TRMC) U.K. 100 100 - -11 Shaw Wallace Overseas Limited (SWOL) U.K. 100 100 - -12 JIHL Nominees Limited(JIHL) Jersey Islands 100 100 - -13 Montrose International S.A (MI) Panama 100 100 - -14 USL Holdings Limited (UHL) British Virgin100 100 - -Islands15 USL Holdings (UK) Limited (UHUKL) U.K. 100 100 - -16 United Spirits (UK) Limited (USUKL) U.K. 100 100 - -72
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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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CERTIFICATE ON CORPORATE GOVERNANCE
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Annexure to Report of the Directors
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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
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Page 78 and 79: Statement Pursuant to Section 212(1
Page 80 and 81: Statement Pursuant to Section 212(1
Page 82 and 83: Auditors' Report to the Board of Di
Page 84 and 85: Consolidated Financial StatementsSt
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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