GLOBUS SPIRITS LIMITED Corporate presentation July 2013 Safe - - PowerPoint PPT Presentation

GLOBUS SPIRITS LIMITED

Corporate presentation July 2013

Safe Harbor

This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Globus Spirits’ future business developments and economic performance. While these forward looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Globus Spirits Limited undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events or circumstances

2

360º model

Bulk Bottling IMFL IMIL

India’s leading Spirits company

Successful 360º model with focus on growing consumer businesses Consumer businesses dominate revenue mix with average share of 65%* in FY09-FY13

• Pioneered IMIL branding, leader in Rajasthan,

Haryana and Delhi

• 3 mainstream brands in young IMFL portfolio
• Bottling for India’s Top 3 IMFL companies
• Amongst the largest and most efficient grain-

based distillery operations in India with ~90 mn bulk litres operating capacity in North India

• 31% CAGR (FY09-13) in revenues*; D/E of 0.2x
• 20 years of operational excellence, governed

by prestigious board of directors

• Marquee

investors including Templeton Strategic Emerging Markets Fund

3

*Proforma revenues, see annexure for details

Table of Contents

 Indian alcobev sector on a spirited growth track  GSL, leading Spirits company  Growth strategy to be pan-India IMIL leader  Financial overview  Shareholding and Board of Directors  Annexure

4

0.5 0.6 0.6 0.7 0.8 1.0 1.1 1.2 1.3

2004 2005 2006 2007 2008 2009 2010 2011 2012

Indian alcobev sector on a spirited growth track

15% CAGR in per-capita consumption

• 2nd largest in the world by volumes and 3rd largest

by value, Indian alcobev industry is estimated over $23bn

• Per-capita consumption on double-digit growth

driven by attractive demographics :

• Current under-penetration: one of the lowest

per-capita consumption globally

• Increasing per-capita income
• Increasing drinking age population
• Increasing societal acceptance
• Accessibility on rise with retail modernization
• Newer alcobev segments

Source: WHO

Ample scope to grow consistently

11.7 11.1 10.2 9.6 8.7 8.2 7.3 4.7 1.3

Germany France UK New Zealand USA Canada Japan China India

Per capita alcohol consumption In Bulk litre

5

Per capita alcohol consumption In Bulk litre

6 Size & Growth Lower income, SEC D segment, ~40% of population excl BPL Consumer Segment More affluent, SEC C+ segments ~11% CAGR** for households - HPI* between 6-10 (~SEC D) Segment Growth ~14%+ CAGR for households - HPI >10 (SEC C+) Flavor dominated market, varies with region Taste Preference North - Whisky, East - Rum, South - Brandy & Rum Regulated vends Point of Purchase Regulated shops, malls, restaurants, bars Highly regulated: Distillery in state of sale, excise of Rs15 per PL Excise Control Less restricted; Higher excise duties of minimum of Rs40 per PL ~30% Alcohol Content 42.8% Rs 30 per nip Min Retail Price Rs 45 per nip (cheap brands)

IMIL & IMFL growing in sync with consumer segments

Source: Industry reports, estimates

 IMIL and IMFL segments differentiated by consuming segments and regulations

*Household Premium Index (HPI) :indicator of ‘Living Standard’ by Indian Readership Survey **CAGR (Q4’10 – Q4’12);

141 157 182 221 247 269 CY07 CY08 CY09 CY10 CY11 CY12e

Mn cases

IMFL: Robust double-digit growth IMIL: Healthy traction in volumes

212 225 242 260 273 281 CY07 CY08 CY09 CY10 CY11 CY12e

Mn cases

7

IMIL: Branding a game changer

 Paradigm shift towards consumerism and branding from commoditized country liquor

Sizable consumer base Branding on rise Evolving market structure Conversion from underreported Move from illicit, toddy

~41% of population belongs to SEC-D and SEC-E excluding the BPL population Consumer pull for branded products providing stickiness to sales volumes Health-conscious consumers with increasing income levels shifting from local/ illegal liquor to IMIL Quota systems being gradually reduced Distribution systems being opened up Move towards quality grain-based IMIL ~77% of consumption goes unrecorded (average 2003-05), indicating scope for growth via conversion from unreported

(Source: WHO, Adult (15+) per capita consumption)

IMIL landscape: Growth amidst restrictions

Moderately growing states Fast growing States IMIL banned states Dry States

Source: State excise departments, as per data available

 Consumption in key states grew at an average CAGR of 11% (FY09-12)

• 36 mn cases (FY12)
• 5% FY09-12 CAGR
• 22 mn cases (FY13)
• 20% FY09-12 CAGR
• 20% YoY FY13
• 25 mn cases (FY13)
• 18% FY09-12 CAGR
• 17 mn cases (FY13)
• 23% FY09-12 CAGR
• 9% YoY FY13
• 18 mn cases (FY12)
• 16% YoY FY12
• 3 mn cases (FY13)
• 18% YoY FY13

9

IMFL: Robust growth aided by premiumisation

 IMFL led by double-digit growth in affluent population

Attractive demographics Premiumisation Newer offerings Modernized distribution

• Households with HPI>20 growing above 20%
• Female drinkers on rise
• Indian

houses move towards premium products, exit cheaper brands

• Imported spirits are growing ~25% YoY and

expected to reach 5mn cases by 2015

• Increased

accessibility and societal acceptance with growth of modern retail and hospitality

• Newer offerings such as low alcohol beers, wines,

achieve success in traditionally whisky led market

• Foreign companies expanding their portfolio
• White spirits, currently ~3% of total IMFL expected

to grow fastest

Table of Contents

 Indian alcobev sector on a spirited growth track  GSL, leading Spirits company  Growth strategy to be pan-India IMIL leader  Financial overview  Shareholding and Board of Directors  Annexure

10

Manufacturing base in Rajasthan and Haryana

• 2 distilleries in Haryana and 1 in Rajasthan with combined
• perational capacity of 90 mn BL.

Leading North Indian spirits company

11

Established consumer spirits company in North India

• IMIL Leadership in all 3 states of operations with 4 brands
• Young IMFL portfolio of 3 mainstream brands

Sustained growth and leadership from 360° approach

• Bottling tie-ups with top Indian IMFL companies, proxy play

for IMFL

• Bulk manufacturing provides strong base to support future

consumer growth

• Stable off-take from manufacturing leads to high utilizations

and quick ramp-up of new capacity

• New plants added in FY13 already at ~85% utilization

Combined operational capacity of 90 mn BL

12

Set-up India’s first grain based distillery in Samalkha (Haryana) Set-up 2nd plant in Behror and entered Rajasthan IMIL market Commenced bottling at Samalkha and entered Haryana’s IMIL market Started bottling for ABD India Entered the Delhi IMIL market Launched first IMFL brand Launched Hannibal Legendary in the rum segment Tie-up with Jagatjit for bottling Launched Country Club in the whisky segment Merged with ADL Launched Nimboo under IMIL Tie-up with USL for bottling Operating capacity up by 42.2mn BL

1994-95 1996-99 2000 2008 2009 2010-11 2012

• One of India’s largest grain-based distillery operations
• Focus on building premium and profitable IMFL portfolio
• Entry into attractive East India market with Bihar
• Tie-up in Maharashtra for IMIL

2013

Evolved from ‘bulk’ to unique ‘360º’ business model

Revenue mix dominated by consumer business

13

Average revenue share of 65% in last five years

• Consumer

business consists

• f

3 mainstream IMFL brands and 4 market- leading IMIL brands

• 26% CAGR achieved in Consumer

revenues over FY09-FY13

• Decline in consumer revenues in FY13

due to rationalization of IMFL brand portfolio and transient de-growth in Haryana

• Bulk gains larger share in FY13 with

addition of bulk capacity

• Bulk capacity expanded rapidly in last 3

years to support consumer business

Proforma Revenue* Break-up

*Proforma revenues calculated by subtracting ABD franchisee revenues from net sales. Please refer annexure for details Revenues in Rs Million

FY09 FY10 FY11 FY12 FY13 Consumer Manufacturing 1,663 2,334 3,419 4,697 65% 69% 70% 69% 55% 35% 31% 30% 31% 45% 4,944 28.8 28.8 43.2 66.4 86.5 FY09 FY10 FY11 FY12 FY13

Operating Capacity (Bulk)

Million Bulk LItres

14

IMIL business: Brand focus yields volumes

Tribute to Rajasthani folk dance ; blend popular in the harsh winter months of the desert region 1st IMIL brand in India positioned as awesome mix of natural lemon flavor with strong yet smooth blend profile Tribute to the most popular romantic tales of the region. Smooth blend to enjoy straight up. Popular dark spirits’ brand Positioned as refreshing and juicy as Orange Ghoomer Nimboo Heer Ranjha Narangi

“Nimboo” market leader in Haryana’s clear (white) IMIL segment

Goldee 1st mixed fruits blend in IMIL Latest launch from GSL Smooth palette with an enjoyable aftertaste

Robust growth in IMIL in last five years

• Revenues at Rs 2,667mn driven by robust five-year CAGR of 28%, volume growth at 20% CAGR
• Leadership in all 3 states of operations: Rajasthan, Haryana and Delhi
• #1 private IMIL company in Rajasthan with market share of 25%
• Among Top 2 IMIL players in Haryana market with market share of 21%
• 3rd largest IMIL player in Delhi with market share of 23%

20% FY09-13 CAGR in IMIL volumes State-wise IMIL sales break-up

15

Rajasthan , 4.2 Haryana, 5.2 Delhi, 0.8 In Mn cases 4.9 6.5 8.8 12.4 10.2 199 229 251 249 261 50 100 150 200 250 300 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 FY09 FY10 FY11 FY12 FY13 IMIL Sales (mn cases) Realisation* (Rs per case) *Blended realizations net of excise

3.4 4.9 4.9 7.2 5.2 21% 22% 20% 27% 21% 0% 5% 10% 15% 20% 25% 30% 1 2 3 4 5 6 7 8 9 10 FY09 FY10 FY11 FY12 FY13 GSL Haryana IMIL Sales GSL Market Share 1.9 2.5 2.6 3.9 4.2 22% 24% 23% 25% 25% 0% 5% 10% 15% 20% 25% 1 2 3 4 5 FY09 FY10 FY11 FY12 FY13 GSL Rajasthan IMIL Sales GSL Market Share

Sustained IMIL leadership in Rajasthan and Haryana

• GSL is the largest private IMIL player in Rajasthan, grew at 23% CAGR (volumes) during FY09-13
• utperforming industry CAGR of 20%
• Haryana is the fourth largest IMIL market in India with 11% growth over FY09-FY13. Hits transient

de-growth in FY13 due to drought and supply disruptions

• GSL maintains market share over 20% with strong brand pull at retail level
• Recently launched Goldee in Haryana to capture dark-spirits market, which comprises ~70% of

total Haryana IMIL market

Outperformed Rajasthan market with 23% CAGR

16

At par with Haryana market with 11% CAGR

In Mn Cases In Mn Cases

17

Branching into IMFL: Young portfolio

Established 3 mainstream brands in key IMFL segments in a short span of 5 years

• Rum brand already approved for CSD
• Focus on premium and profitable brands
• Sales volumes of ~350,000 cases in FY13. Blended realizations up 18% YoY (net of excise)

Whisky product targeted towards young professionals First GSL brand to get approved for CSD Rum market in CSD of over 5 mn cases 3rd largest selling gin in its category in Rajasthan

Whisky Rum White Spirits

IMFL Presence

Manufacturing: backbone for consumer operations

 Manufacturing has shown strong growth with

• perating capacity up 3x since FY10 to ~90mn BL
• New capacities are based on ‘multi-pressure-

distillation’ which converts grains to ENA directly via fermented wash

• Alcohol recovery rate is one of the highest in the

country, achieved through continuous focus on improving efficiencies

18

589 721 1,037 1,460 2,222 FY09 FY10 FY11 FY12 FY13

Strong traction in manufacturing revenues

In Rs Million

Captive consumption

 High percentage of captive consumption for higher margin/ value added businesses

• Average 81% of capacity used captively in

consumer business and third-party bottling

• Capacity enhanced keeping in view alcohol

requirements for consumer business

23 21 42 60 62 77% 108% 81% 73% 63%

0% 20% 40% 60% 80% 100% 120% 10 20 30 40 50 60 70 80

FY09 FY10 FY11 FY12 FY13 Production (Mn BL) Captive Consumption

Bottling volumes grow at 30% CAGR Bulk volumes growing at 29% CAGR

• Bulk revenues grew at high CAGR of 36%, driven by 29% CAGR in volumes over FY09-13
• Addition of 42.2mn BL capacity in FY13 led to increased production, hence, higher bulk sales
• f 38 mn BL and bulk revenues of Rs 1,611mn in FY13
• Franchise bottling aggregate volumes grew at 30% CAGR over FY09-13; Bottling income

growth higher at 36% CAGR to reach Rs 59mn in FY13

19

Strong growth in manufacturing operations

14 14 21 24 38 35 37 35 42 42

• 5

10 15 20 25 30 35 40 45 5 10 15 20 25 30 35 40 45 FY09 FY10 FY11 FY12 FY13 Bulk Sales (mnBL) Bulk Realizations (Rs/BL) 0.7 0.8 1.8 1.3 1.9 26 27 28 29 31

• 5

10 15 20 25 30 35 1 1 2 2 3 3 4 4 FY09 FY10 FY11 FY12 FY13

Bottling volumes (total) Mn Cases Bottling fee (Rs per case)

Table of Contents

 Indian alcobev sector on a spirited growth track  GSL, leading Spirits company  Growth strategy to be pan-India IMIL leader  Financial overview  Shareholding and Board of Directors  Annexure

20

21

Present Future

Near Term Strategy

• One of the largest grain

based distilleries with highest recovery

• Leader in North Indian

IMIL market, made entry into Maharashtra

• Bottling operations

for India’s largest brands of top IMFL players

• Established mainstream

IMFL brands

• Secured

funding from Templeton for manufacturing expansion

• Maintain

unique 360° model

• f

diversified business straddling the entire value chain

• Develop a portfolio of

IMIL and IMFL brands

• Market leadership in all-

India IMIL market

• Commence exports and

supply ENA to super- premium brands globally leveraging its manufacturing strengths

• Enter fast growing IMIL markets

in Eastern India, starting with Bihar

• Grow presence in Maharashtra
• Focus on building profitable

IMFL brands in Premium Segment

• Further improvement in
• perational efficiencies to

reduce costs

Strategic plan for pan-India IMIL leadership

Setting up manufacturing facility in Bihar

Currently present Planned expansion Fast growing IMIL states

 States of interest:

• Current operations are in Rajasthan,

Haryana and Delhi

• Entry planned into fast-growing Eastern

and North Eastern states, starting with Bihar

• Secured licenses for establishing distilleries

in Bihar, West Bengal and Jharkhand

• 360 degree model to be replicated in

new region

• Bottling tie-up in Maharashtra for IMIL

East-India: Expanding for pan India leadership

22

15 16 18 18 2 22 3 Bihar West Bengal Jharkhand FY11 FY12 FY13

Bihar: a big opportunity & a launch pad to East India

• Bihar is a lucrative IMIL market with demand-supply gap of 54 mn BL. Accounts for ~8% of

Indian IMIL market.

• GSL setting up 20mn BL capacity in Bihar, commissioning in FY16
• Bihar would be a stepping stone to rest of Eastern India, especially fast-growing markets of

Jharkhand and West Bengal

• Eastern India is a bulk alcohol deficit region with negligible manufacturing capacities, mostly

dependent on import of spirits from neighbouring states

23

First step towards becoming the only pan-India IMIL company

Combined IMIL Market of over 43mn cases

Mn Cases Source: State excise departments, as per latest year available

Table of Contents

 Indian alcobev sector on a spirited growth track  GSL, leading Spirits company  Growth strategy to be pan-India IMIL leader  Financial overview  Shareholding and Board of Directors  Annexure

24

Figures in Rs Million

25

*Reported revenues adjusted for Franchisee revenues from ABD Bottling, refer annexure

31% CAGR in Revenues* 28% CAGR in profits

129 289 399 409 342 8% 13% 12% 9% 7%

0% 2% 4% 6% 8% 10% 12% 100 200 300 400 500 600 700

FY09 FY10 FY11 FY12 FY13 PAT PAT Margin 1,663 2,334 3,419 4,697 4,944 17% 17% 19% 16% 15%

• 1%

2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000

FY09 FY10 FY11 FY12 FY13 Proforma revenues (Rs mn) EBITDA Margin

Robust growth in revenues, strengthened balance-sheet

56% CAGR in Networth Stronger leverage

• Robust growth in revenues driven by brand launches and capacity expansion
• FY13 EBITDA impacted by sudden rise in broken rice prices due to opening up of exports
• Raised Rs 812mn from Templeton Strategic Emerging Markets Fund and promoters to

fund green field expansion in Bihar

598 1,614 2,085 2,473 3,512 FY09 FY10 FY11 FY12 FY13 0.3 0.1 0.2 0.4 0.2 FY09 FY10 FY11 FY12 FY13 D/E (x)

Table of Contents

 Indian alcobev sector on a spirited growth track  GSL, leading Spirits company  Growth strategy to be pan-India IMIL leader  Financial overview  Shareholding and Board of Directors  Financial and Product Annexure

26

Shareholding Pattern

Promoter s, 67.1% FIIs, 1.4% DIIs, 16.4% Others, 15.1% Major Non-Promoter Shareholders* % shareholding SBI Mutual Fund 8.15% IDFC Premier Equity Fund 7.93% Note: *Templeton Strategic Emerging Markets Fund IV holds 5.04mn cumulative compulsorily convertible preference shares (par value of Rs 140 per CCCPS) which will be converted to equity by FY15. The shareholding would be ~17% on diluted basis

As on March 31, 2013* Outstanding shares – 23.0 mn

27

Board of directors

• Mr. Gautam Premnath

Khandelwal Non-Executive Chairman Over 23 years of experience in senior managerial positions, Mr. Khandelwal is on the Board of many companies such as Nagpur Power & Industries Ltd., Motwane Mfg. Co. Pvt. Ltd., Krohm Solutions Pvt. Ltd., Punjab National Bank etc.

• Mr. Ajay Kumar Swarup

Promoter & Managing Director Over 24 years of experience in the liquor industry. Mr. Swarup promoted GSL in 1993 and prior to that co-promoted Associated Distilleries in 1983. Mr. Swarup completed his schooling from Doon School, Dehrandun; graduated in Economics from St. Stephens College, Delhi University, and is a PGDBM from IIM

• Kolkata. He was President of All India Distillers’ Association during the years 1992

– 95.

• Mr. Manik Lal Dutta

Executive Director Over 36 years of experience in alcohol industry. Mr. Dutta was earlier with UB Group as production head for North India & Nepal operation.

• Dr. Bhaskar Roy

Executive Director and CFO Over 21 years of experience in finance and general management with companies such as Dhampur Sugar Mills Ltd and Saraya Industries Ltd.

• Mr. Shekhar Swarup

Executive Director

• Mr. Swarup joined GSL in 2008. Mr. Swarup has graduated in Business and

Management from University of Bradford, United Kingdom. He has prior experience with Smart Analyst India.

• Mr. Rajesh Kumar Malik

Whole-Time Director Over 29 years of experience in liquor industry with firms such as Tilaknagar industries, Associated Distilleries, etc. 28

Board of directors

• Mr. Rameshwar Dayal

Aggarwal Whole-Time Director Over 25 years of experience in liquor industry with firms such as Royal Distilleries, Som Distilleries, Oasis Distilleries, etc.

• Mr. Joginder Singh Damija

Independent Director Over 46 years of experience in various industries including liquor. Served with major spirit companies including UB Group in multiple positions and as Director and Vice chairman of SAB India.

• Mr. Santosh Kumar Bishwal

Independent Director Extensive experience with companies such Union Carbide, UB Group in senior

• positions. Mr. Bishwal is a faculty at XLRI.
• Mr. Rajesh Sehgal

Independent Director Rajesh Sehgal, senior executive director and head of private equity – South Asia, Middle East and Africa joined the Templeton organization in 1999. He has research responsibilities for companies in India, Africa, and the Middle East. Prior to joining Templeton, Mr. Sehgal worked with SBI Capital Markets Limited as the manager of the Treasury & Investments Group.

• Mr. Kunal Agarwal

Independent Director

• Mr. Agarwal is a Founder Director of Brattle Foods Pvt Ltd and Laxman Logistics

Pvt Ltd. He has prior experience with A.T. Kearney and Citigroup. Mr. Agarwal holds an A.B. (Honours) degree in Economics from Harvard College.

• Mr. Vivek Gupta

Independent Director Over 20 years experience in the industry in senior leadership roles. Mr Gupta is Joint Managing Director of Delton Cables Ltd. Mr. Gupta completed his schooling from Doon School, Dehrandun and holds a B.Com (Honours) degree from Hans Raj College, Delhi University. 29

Key management personnel

Chalam Surampudi Business Head – Projects & Procurement Over 25 years of experience in managing varied businesses, from manufacturing of packaging materials to turnkey systems integration, development & supply of software- and IT-oriented projects and IT education. Mr Surampudi is an Electrical Engineer with a PGDBM from Indian Institute of Management, Kolkata Sudhir Chopra Business Head Over 25 years of experience, Mr. Chopra joined GSL in 2005. Prior to that, he has worked with several companies in the liquor industry, such as John Distilleries, ABD India, USL. Mr. Chopra has a PG – Advance Marketing, PGDBA from University of Bath, United Kingdom. Paritosh Bhandari Head – Marketing & Sales Over 14 years of experience in the field of marketing, branding and launching new

• products. Prior to joining GSL in 2011, Mr. Bhandari has worked with Modi lllva India,

SAB Miller India, Levi Strauss India & Sony Electronics India. Mr. Bhandari is a commerce and management graduate. KP Pandey Senior Vice President Over 49 years of experience in the sugar and alcohol industry, has been associated with the establishment of new distilleries. Mr. Pandey was instrumental in setting up the Hisar distillery, part of erstwhile Associated Distilleries Ltd, now merged in GSL. Mr Pandey is a BSc. graduate with DIFAT from NSI Kanpur. Manoj Gupta GM – Finance Over 15 years of experience in in project financing, taxation, budgeting and

• taxation. Mr. Gupta has worked with several companies in the FMCG industry like Taj

Milk Foods Ltd, etc. Mr. Gupta is a Chartered Accountant. Kavita Sharma GM – Human Resources Over 18 years of experience in human resources and training. Ms. Sharma joined Globus in 2011.Ms. Sharma is graduate from Delhi University and has a management degree in Human Resource Management. 30

Agenda  Indian Alcobev sector on a spirited track  GSL, leading spirits company  Growth strategy to be pan-India IMIL leader  Power-packed performance  Shareholding and Board of Directors  Annexure

31

Historical financials – Profit and Loss report

32 Particulars (Rs Million) FY09 FY10 FY11 FY12 FY13 Net Sales 1,978 2,650 3,783 5,048 5,215 Other Operating Income 17 21 52 22 70 Reported Income 1,996 2,671 3,769 5,070 5,285 Less Franchisee revenues from ABD 333 336 350 373 341 Proforma Income* 1,663 2,287 3,419 4,697 4,944 EBITDA 277 388 645 743 741 EBITDA Margin (proforma) 17% 17% 19% 16% 15% Depreciation 57 44 69 123 165 EBIT 220 344 576 620 576 Other Income 9 12 7 7 11 Finance Cost 30 14 28 48 63 Exceptional Items 117* 1 1 PBT 200 459 554 578 522 Tax 70 170 155 169 180 PAT 129 289 399 409 342 Pat Margin (proforma) 8% 13% 12% 9% 7%

Rationale for proforma adjustment

The difference between reported revenues and proforma revenues is sale value of IMFL cases bottled by GSL in Rajasthan for third parties. The regulatory regime in Rajasthan necessitates companies to account for sale value of third party bottling in own revenues. The entire amount is also reported in costs, neutralizing the impact at an EBITDA level. Hence, proforma revenues eliminate these revenues to provide a better picture of company’s operations. *Deprecation added back due to change in accounting rules

Segmental break-up of revenue

33 Particulars (Rs Million) FY09 FY10 FY11 FY12 FY13 IMIL 978 1,502 2,210 3,083 2,666 IMFL 95 111 172 185 92 Less discounts

• 30

35 Consumer revenues 1,073 1,613 2,382 3,238 2,723 Bulk alcohol 468 509 744 1,005 1,611 Bottling income 17 21 50 38 59 Other manufacturing revenues 104 191 244 417 552 Manufacturing revenues 589 721 1,037 1,460 2,222 Share in proforma revenues FY09 FY10 FY11 FY12 FY13 IMIL 59% 64% 65% 66% 54% IMFL 6% 5% 5% 4% 2% Consumer revenues 65% 69% 70% 69% 55% Bulk alcohol 28% 22% 22% 21% 33% Bottling income 1% 1% 1% 1% 1% Other manufacturing revenues 6% 8% 7% 9% 11% Manufacturing revenues 35% 31% 30% 31% 45%

With improved and healthy balance sheet

34 Particulars (Rs Million) FY09 FY10 FY11 FY12 FY13 Shareholders Funds 598 1,614 2,085 2,473 3,512 Debt 173 137 510 1,064 821 Deferred Tax & Other Liabilities 76 184 267 344 426 Total Liabilities 847 1,935 2,862 3,882 4,760 Net Block 563 893 2,195 2,795 4,152 CWIP 4 469 129 602 208 Investments & Other non- current assets 4 67 72 Net Current Assets 279 573 534 418 328 Total Assets 847 1,935 2,862 3,882 4,760

About Us

Established in 1992, Globus Sprits Limited (BSE code: 533104, NSE Id: GLOBUSSPR, ISIN Id:INE615I01010) is engaged in manufacturing, marketing and sale of Indian Made Indian Liquor(IMIL), Indian Made Foreign Liquor (IMFL), Bulk Alcohol and contract bottling for established IMFL brands. The Company has a well established presence in the IMIL segment and is making its mark in the IMFL segment apart from taking up contract bottling to cater to renowned Indian players. GSL currently operates three modern and fully integrated distilleries at Behror, Rajasthan and Samalkha and Hisar, Haryana. It is one of the largest and most efficient grain based distilleries in India with highest alcohol recovery per unit of grain. For more information about us, please visit www.globusspirits.com or contact:

• Dr. Bhaskar Roy/ Ruchika Bansal

Globus Spirits Limited Phone: +91 11 6642 4600 Fax: +91 11 6642 4629 Email: broy@globusgroup.in ruchika@globusgroup.in Ajay Jindal/ Rupam Prasad Four-S Services Pvt Limited Phone: +91 22 4215 3659 +91 124 425 1442 Email: ajay.jindal@four-s.com rupam.prasad@four-s.com

35