Anheuser Busch Inbev (Sabmiller) India Limited Shares Annual Reports

Anheuser Busch Inbev (Sabmiller) India Limited Shares

Anheuser Busch InBev India Limited, formerly known as SABMiller India Limited, presents its Annual Report for the fiscal year 2020-2021. **General Information:** The Board of Directors consists of Ms. Sapna Taneja, Ms. Rashmi Sharma, Mr. Mahesh Mittal, and Mr. Kartikeya Sharma. Committees include the Stakeholders Relationship Committee, Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee, each with specified members and chairpersons. Price Waterhouse & Co Chartered Accountants LLP are the Statutory Auditors. **Notice of the Annual General Meeting (AGM):** The 32nd AGM will be held on Monday, September 18, 2023, via video conferencing. The notice details ordinary business (adoption of financial statements) and special business including the appointment of Mr. Shantanu Krishna as a Non-Executive Director, approval and ratification of remuneration paid to Mr. Mahesh Kumar Mittal and Mr. Kartikeya Sharma beyond prescribed limits, increase in borrowing limits, and alteration in the Object Clause of the Memorandum of Association. It outlines procedures for participation in the AGM through VC/OAVM, e-voting (remote and during the AGM), and provides instructions to members. Due to MCA Circulars, physical attendance and proxy appointments are dispensed with. Ms. Sarvari Shah is appointed as the Scrutinizer. **Explanatory Statement:** Mr. Shantanu Krishna's appointment as a Non-Executive Director is recommended, citing his legal expertise and commitment to corporate governance. The company received a notice from a member proposing his candidature and his consent to act as a Director. The explanatory statement also addresses the rationale for the proposed increase in borrowing limits from Rs. 2,500 Crore to Rs. 5,000 Crore and the proposed changes to the object clause, encompassing new business ventures in restaurants, bars, hotels, pubs, events, experiences, and seed manufacturing/dealing. **Director's Report:** The Director's Report covers the financial year ended 31 March 2021, presenting a review of the company's performance. Due to COVID-19 related lockdowns and market slowdown, revenue decreased by 15% compared to the previous year. The company remains committed to profitable volume growth through premiumization and cost control. The directors are not recommending a dividend to conserve resources. There were no changes in share capital. The Company has only One Class of Share, that is, Equity Shares having Face Value of Rs. 10 each. There were five Board meetings during the year. The report also covers particulars of contracts/arrangements with related parties, explanations to auditor's remarks, and information on conservation of energy, technology absorption, foreign exchange earnings/outgo, Risk Management policy, and Corporate Social Responsibility initiatives. Key personnel changes and their remuneration are detailed. **Auditor’s Qualifications and Explanations:** The auditor’s report includes qualified opinions, with the qualifications stemming from non-compliance with certain sections of the Companies Act and secretarial standards, non-compliance with RBI directives regarding overdue foreign currency payables, non-availability of complete information regarding MSME vendor status, and a loan granted to a related party that is deemed irrecoverable. Explanation of Board: The document explains the Board’s view on the qualifications including steps taken by management to address these items. This involves compounding / adjudication application for non-compliance of AGM and filing annual returns, compounding application under section 441 of the Companies Act for remediating few compoundable contraventions, making necessary filings for RBI through AD seeking approval to write back amount of over due payables, implementing a process to take vendor confirmations of MSME status, and initiating process of physical verification and valuation of all the plants, **Financial Performance and Position:** Revenue from operations was Rs 28,453 million (2019-20: Rs 33,545 million) with a Loss before tax of Rs (7,053) million (2019-20: (6,828) million). Foreign exchange earnings were USD 82,10,601.26. Comprehensive details of foreign investments in the company are provided. Financial performance is detailed through standalone (audited) figures, highlighting total income, operating expenses, EBITDA, depreciation, amortization, and tax expenses. **Financial Statements (Standalone):** The balance sheet, statement of profit and loss, statement of changes in equity, and statement of cash flow are included. Notes to the financial statements provide detailed accounting policies, disaggregation of revenue, information on assets (including property, plant, and equipment, intangible assets), liabilities, equity, borrowings, commitments, and related party transactions. AB InBev Asia BV holds 777,338,105 equity shares, or 83.73% of the company The director's report details the company's CSR activities, and the Board of Directors confirms compliance with provisions under Section 134(5) of the Companies Act, 2013. **Other Highlights:** * The Independent Auditor’s Report contains qualified opinions due to various non-compliances, as explained in detail. The report emphasizes several matters and includes annexures. * The Secretarial Audit Report notes areas of non-compliance and other relevant points. * Details of General Information relating to the company are included. * A policy on Prevention, Prohibition, and Redressal of Sexual Harassment at the workplace has been adopted.

Anheuser Busch Inbev (Sabmiller) India Limited Shares

Anheuser Busch InBev India Limited (formerly known as SABMiller India Limited) Annual Report 2019-20 covers the financial year ending March 31, 2020. **General Company Information:** Anheuser Busch InBev India Limited is involved in brewing, packaging, distribution, marketing and sale of beer and non-alcoholic beverages in India. Key members of the Board of Directors included Ms. Sapna Taneja, Mr. Arun Monappa, Mr. Gagandeep Singh Sethi, and Mr. Ben Magda J Verhaert. The registered office is located in Mumbai, while the corporate office is in Bengaluru. **Annual General Meeting (AGM):** The notice for the 31st AGM, to be held on April 27, 2022, via video conferencing, outlines both ordinary and special businesses. Ordinary business includes the adoption of audited financial statements for the year ended March 31, 2020, and the appointment of a director. Special business includes the appointment of Mr. Aditya Vikram Jalan as a Non-Executive Director and Mr. Mahesh Kumar Mittal as Director of the Company and also as Whole-time Director of the Company and payment of remuneration to him. It also discusses ratification of remuneration paid to Mr. Mahesh Kumar Mittal for a specific period and the approval and ratification of remuneration paid to Mr. Ben J Verheart beyond the limits prescribed under the Companies Act, 2013, along with a waiver of recovery of excess remuneration. The company will be following MCA circulars and the Companies Act, 2013 for holding the AGM through VC/OAVM, with limited physical attendance, and outlines procedures for e-voting and participating in the AGM. **Report of Board of Directors:** The Board of Directors reports on the state of affairs for the year ended March 31, 2020, noting an increase in revenue due to a focus on premiumization and moderation plans, with a strategy to grow premium brands like Budweiser and Beck's. The company enjoys the support of its financiers, and operations cover major beer markets globally with a portfolio of global, multi-country, and local brands. Due to the COVID-19 pandemic, operations were temporarily stopped starting March 25, 2020, but resumed in a staggered manner. The Board does not recommend any dividend. The company is taking steps to implement localization and price index correction of Corona and Hoegaarden, with local production already underway. There have been changes to Directors. Anheuser Busch InBev India believes its people have carved out a niche in the business environment. **Financial Performance and Health:** Revenue from operations for the year 2019-20 was INR 33,545 million. However, the company reported a loss before taxation of INR 6,828 million. Amalgamation of Crown Beers India Private Limited with Anheuser Busch Inbev India Limited was approved. A deed of assignment was entered for the brand "Foster's" to KALS Breweries Private Limited for INR 75 crore. Equity shares of INR 10 each were allotted on private placement cum preferential basis. **Compliance and Corporate Governance:** The report covers compliance matters and qualifications raised by auditors, including non-compliance with certain sections of the Companies Act, delays in financial statement adoption and e-voting procedures. The company adopted a policy on directors' appointment and remuneration. The company has a vigil mechanism. **Secretarial Audit:** The Secretarial Audit Report from Parikh & Associates notes some qualifications including non-compliance to specific sections of the Companies Act. **Auditor's Report:** Price Waterhouse & Co Chartered Accountants LLP issued a qualified opinion due to the reasons mentioned above and other issues including a loan to a related party with uncertainties about its recoverability, lack of sufficient audit evidence on the amount provided for slow/non-moving/ expired inventory. It discusses the limitations of internal financial controls. It also provides an annexure outlining other specific observations. **Emphasis of Matter:** The auditor draws attention to the management's assessment of the impact of the Coronavirus (Covid-19) on the business operations of the Company. **Additional Points:** The report also details conservation of energy efforts, technology absorption, foreign exchange earnings and outgo, and compliance with Corporate Social Responsibility (CSR) policies. The company's authorized share capital and paid-up share capital are also specified.