INTRRODUCTION

About the company

United Spirits Limited (USL) is an India-based company engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tieup units/ brand franchisees. United Spirits Limited (USL) is the largest spirits company in India and second largest spirit company in the world. The Company operates in two geographic segments: India and Outside India. The India segment is engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tie-up units/ brand franchisees within India. The Outside India segment is engaged in the business of manufacture, purchase and sale of beverage alcohol (spirits and wines), including through tie-up units/brand franchisees outside India. The Companys products include whisky, brandy and rum. Its brands include Dalmore, Jura, Whyte and Mackay, Black Dog, Signature, Romanov, Antiquity, Royal Challenge, Pinky, Romanov, Bagpiper, White Mischief and Four Seasons. In November 2009, the Company acquired Tern Distilleries Pvt. Limited. The company has 20 millionaire brands in its portfolio and enjoys a strong 59% market share for its first line brands in India. United Spirits' brands have won the most prestigious awards for flavours, ranging from Mondial to International Wine and Spirit Competition (IWSC) to International Taste & Quality Institute (ITQI) more than 108 awards & certificates. The Company is known to be an innovator in the industry and has several firsts to its credit like the first pre-mixed gin, the first Tetra pack in the spirits industry in India, first single malt manufactured in Asia and the first diet versions of whisky and vodka in India. USL has a global footprint with exports to over 37 countries. It has a sizeable presence in India with distilleries and sales offices all across the country, and a committed team of over 7500 people dedicated to the fulfilment of the company's mission. It has established manufacturing and bottling plants in every state of India. In addition, to deliver its products to customers located anywhere in India, USL has established a robust distribution network covering the whole country. United Spirits has a global footprint with exports to over 37 countries. It has 79 manufacturing and bottling units across the country and in Nepal and is supported by a robust distribution network to deliver its products to customers located across India.

USL has a committed 7500-strong workforce spread across its offices and distilleries in the country. United Spirits represents the merged entities of the erstwhile McDowell & Co. Limited, Phipson Distillery Limited, United Spirits Limited, Herbert sons Limited, Triumph Distillers and Vintners Private Limited, Baramati Grape Industries Limited, United Distillers India Limited, McDowell International Brands Limited and Shaw Wallace Distilleries Limited. The erstwhile McDowell & Co. Limited was first established as a proprietary business in 1826.USL acquired Balaji Distilleries Limited in 2008. This acquisition gave the company the strategic advantage to consolidate the Groups leadership position in a critical, large and growing State like Tamil Nadu. Currently, the procedural formalities are underway for the acquisition which will take retrospective effect from April 1, 2009.

Mission Of The Company

"To be the most admired global leader in the spirits industry by creating unique high-quality brands for consumers, driven by highly motivated employees and supported by best-in-class processes and continued innovations. United Spirits is and will continue to be responsible towards its stakeholders and the society."

Chairman - Dr. Vijay Mallya Vice Chairman - Mr. S R Gupte President and Managing Director - Mr. Vijay K Rekhi

USL History Time Line

1826 : McDowell and Co.is established as a trading company with its Headquarters in Madras, by an enterprising Scotsman, Angus McDowell. 1898 : McDowell Company Limited is incorporated 1951 : Vittal Mallya acquires Mcdowells, initiating a new era in the history of the company. 1959 : Vittal Mallya envisions an enterprise of his own, built on the foundation of McDowells begin. The first distillery is established in Cherthala, on the banks of Keralas famed Vembanad Lake. 1961 : The first ever distillation plant in the country to produce in the country to produce Extra Neutral Alcohol with French collaboration, is commissioned in Cherthala. 1962 : The Cherthala distillery launches a Golden Grape Brandy, its first product, created in house. 1968 : McDowells No.1 whisky launched and proves to be an instant success. 1968-73 : McDowells Hyderabad distillery is commissioned, followed by one in Ponda(Goa) in 1971 and in Hathidah (Bihar) in 1973. 1973 : VittalMallya acquires Herberstons. Vittal Mallya, his son is, is inducted as Director of McDowell & Co. 1976 : Herbertsons launches Bagpiper Whisky. It is a sell-out clocking 100000 cases in its year of launch. 1977 : Watershed year for the UB Group. VittalMallya goes on a distillery acquisition spree bagging distilleries in Udaipur, Mirganj, Alwar, Serampone and also sets up a plant in Pondicherry. 1980 : In the 80s Master Blender Royal Challenge, popularly known as RC, by skillfully marrying select Scotch whiskies with fine Indian malts. 1983 : Dr. Vijay Mallya takes over as Chairman of UB Group and McDowells. The Company soon earns itself a reputation for innovation in product development and marketing strategy. 1987 : McDowells headquarters shift from Chennai to Bangalore. 1988 : The Group creates a full-fledged Technical Development Centre, one of Asias finest where continuous research work is carried out of product and process development.

1990 : McDowells No.1 Rum launched Celebration (Dark) and Caribbean(White). 1991-1992 : McDowells acquire the spirits business of Forbes Campbell & Company Limted with a manufactory Nashik and its brand portfolio. 1992 : McDowells launches Asias first single Malt, Duet Gin and Vodka variants. 1995 : Carew Phipson Limited, Consolidated Distilleries Ltd and a few other companies merge into McDowells which now owns 9 manufacturing facilities. 1998 : McDowel& Co. Ltd celebrates its centenary. 2005 : McDowells completes acquisition of Shaw Wallace and Company, for its traditional competitor in the market place. 2006 : United Spirits Limited, the flagship of the USD 3 billion plus, UB Group is created through the merger of McDowell & Co. Limited, Herbertson Limited, Triumph Distilleries and Vintners Private Limited, Baramati Grape Industries India Limited, Shaw Wallace Distilleries Limited and four other companies. Bouvet ladubay, subsidiary of France-based Taittinger is acquired. 2007 : Together , Shaw Wallace, McDowells, Herbertsons and Triumph Distillers & Vintners account for group sales exceeding 66 million cases with retail sale value of ever Rs.14000 crore. 2009 : The Company creates history by clocking sales of 100 million cases and moving up to global rank No.2 in volumes.

United Spirits Brands

Whisky
Royal Challenge Dalmore Jura Whyte & Mackay Black Dog whisky Antiquity rare Antiquity blue Signature McDowell's No.1 McDowell's No.1 Platinum Bagpiper Bagpiper Gold Directors Special Old Tavern Haywards McDowells Green Label Gold Riband

Brandy
McDowells No.1 Honey Bee John Ex-Shaw

Liquor
Glavya

Rum
Celebration Rum Old Cask Rum Old Adventurer Rum

Vodka
Romanov White Mischief Pinky

FINANCIAL RESULTS
The summary of financial results of the Company for the financial year ended March 31, 2010 is as under:

2009-2010 The working for the year resulted in Profit before exceptional income Add exceptional income Profit before Depreciation and taxation 419.748 960.42 1,380.16

2008-2009

595.44 0 595.44

LESS: Depreciation Taxation Profit after tax Profit for the year 107.072 570.806 702.29 702.29 80.799 106.769 407.875 407.875

Your Directors have made the following appropriations Proposed dividend Corporate tax on proposed dividend Transfer to general reserve Surplus carried to the Balance Sheet 66.189 11.099 0 624.372 0 0 0 407.875