Annual Report: 2020
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.
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