Dabur India
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| Auditor's Report (Dabur India) | Year End : Mar '11 |
We have audited the attached Balance Sheet of Dabur India Limited (the
Company) as at 31st March, 2011 and its Profit & Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes,
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as, evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
i. As required by the Companies (Auditors Report) Order 2003, as
amended, issued by the Central Government in terms of section 227 (4A)
of the Companies Act, 1956, and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanations given to us, we enclose
herewith in the annexure a statement of the matter specified therein.
ii. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of
audit.
iii. In our opinion, proper books of account, as required by law have
been kept by the Company so far as appears from our examination of
books of account.
iv. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
v. Balance Sheet and Profit & Loss Account have been prepared in due
compliances of Accounting Standards referred to in sub section (3C) of
section 211 of Companies Act, 1956.
vi. On the basis of written representations received from the directors
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors of the company is disqualified
for the office of the director within the meaning of section 274 (1)
(g) of the Companies Act, 1956.
vii. In our opinion and according to the information and explanations
given to us, the said accounts read in conjunction with Schedules A to
O and read with other notes appearing in Schedule “P” give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
a) In the case of Balance Sheet, of the State of Affairs of the
company as at 31st March, 2011, and,
b) In the case of Profit and Loss Account, of the Profit for the year
ended on that date; and
c) In the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors Report as referred to in Para I of the said
Report of even date.
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets have been physically verified by the management at
reasonable intervals. As informed, no material discrepancies between
book records and the physical inventories have been noticed on such
verification.
c. Fixed assets disposed of during the year were not material enough
to affect the going concern identity of the company.
2. a. The inventories have been physically verified at reasonable
intervals during the year by the management.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining
proper records of inventory. The discrepancies noticed on verification
between the physical stocks and book records were not material and have
been properly dealt with in the books of accounts.
3. The company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms, or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us there is an adequate internal control system commensurate
with the size of the company and the nature of its business for
purchase of inventory and fixed assets and on the sale of goods. During
the course of our audit no major weakness has been noticed in the
internal controls. We have not observed any failure on the part of the
company to correct major weakness in internal control system.
5. a. Based on audit procedures applied by us and according to the
information and explanations provided by the
management, we are of the opinion that contracts or arrangements
referred to in section 301 of the Act have been entered in the register
maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which appear reasonable as per
information available with the company.
6. The Company has not accepted any deposits from the public.
7. In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
8. On the basis of records produced we are of the opinion that prima
facie cost records and accounts prescribed by the Central Government
under section 209 (1) (d) of the Companies Act, 1956 in respect of
products of the company covered under the rules under said section
have been maintained. However we are neither required to carry out nor
have carried out any
detailed examination of such accounts and records.
9. a. According to information and explanations given to us, the
company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
and protection fund, employees state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
statutory dues to the extent applicable to it. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2011 for a period of more than six months from the date of becoming
payable.
b. There is no disputed due on account of wealth tax and cess. Dues on
account of Sales Tax/ Income Tax/ Excise Duty /Service tax disputed by
the company and not being paid, vis-à-vis forums where such disputes
are pending are mentioned below:
Name of Nature of the dues Amount Period to Forum where the
Statute (Rs in which the dispute is
lacs) amount pending
relates
Sales Tax Classification of
Hajmola Candy 62.39 1997-98 ST. appellate
and Revisional
Board
-do- Classification of
Hajmola Candy 9.58 2000-01 ST. appellate
and Revisional
Board
-do- Classification of
Hajmola Candy 11.66 2001-02 ST. appellate
and Revisional
Board
-do- Sales tax on stock
transfer 26.82 1991-02 Pending before
High Court,
Patna
-do- Short collection of
export certificates 2.31 2003-04 ST. appellate
and Revisional
Board
-do- Dispute on Tax Rate 18.28 1999-00 Pending before
Dy. Commissioner
-do- Intt. on turnover tax
& surcharge 2.84 2001-02 Pending before
Tribunal
-do- Intt. on turnover tax
& surcharge 3.70 2002-03 Pending before
Tribunal
-do- Dispute on Tax Rate 30.12 2000-01 Pending before
Dy. Commissioner
-do- Tax Imposed on Hajmola
Candy 27.77 1996-97 Pending before
Kolkata High
Court
-do- Classification of
Hajmola Candy 7.88 2004-05 ST. appellate
and Revisional
Board
-do- Classification of
gulabari 0.02 1999-00 Pending before
Dy. Commissio-
ner-Appeal
-do- Entry tax matter 0.34 2003-04 Pending before
asstt. Commisi-
oner-Appeal
-do- Entry tax matter 0.49 2004-05 Pending before
asstt. Commisi-
oner-Appeal
-do- Turnover tax on CSD 0.47 2003-04 Pending before
Tribunal
-do- Form 18A dispute 0.45 1999-00 Pending before
Dy. Commisi-
oner-Appeal
-do- Dispute on Tax Rate of
Juice 96.44 2004-05 Pending before
Dy. Commisi-
oner-Appeal
-do- Not filling of Form F 10.17 2004-05 Pending before
Dy. Commisi-
oner-Appeal
-do- Classification of
Hajmola Candy 24.47 2005-06 ST. appellate
and Revisional
Board
-do- Non submission of
Form F 0.33 2006-07 ST. appellate
and Revisional
Board
-do- Non submission of
custom certificate 6.79 2006-07 ST. appellate
and Revisional
Board
-do- Classification of
L.D.M. 15.07 1990-91 Pending before
High court
-do- Classification of
L.D.M. 25.72 1991-92 Pending before
High court
-do- Classification of
L.D.M. 25.35 1992-93 Pending before
High court
-do- Classification of
Hajmola Candy 7.25 1993-94 Writt pettion
filed with
before High
Court.
-do- Classification of
Hajmola Candy 7.03 1994-95 Writt pettion
filed with
before High
Court.
-do- Classification of
Hajmola Candy 7.32 1997-98 Writt pettion
filed with
before High
Court.
-do- Classification of
Hajmola Candy 13.15 1998-99 Writt pettion
filed with
before High
Court.
-do- Non submission of
Form C 2.20 2006-07 Pending before
Dy. Commissi-
oner-Appeal
-do- Non submission of
Form F 7.61 2006-07 Pending before
Dy. Commissi-
oner-Appeal
Sales Tax Dispute on coconut oil 27.27 2008-09 Pending before
Dy. Commissi-
oner-Appeal
-do- Dispute on coconut oil
& Hajmola candy 1.97 2005-06 Pending before
Dy. Commissi-
oner-Appeal
-do- Dispute on coconut
oil & Hajmola candy 0.46 2005-06 Pending before
Dy. Commissi-
oner-Appeal
-do- Dispute on coconut oil. 2.27 1998-99 Pending before
Dy. Commissi-
oner-Appeal
-do- Transporter related
issue. 2.95 2006-07 Pending before
Dy. Commissi-
oner-Appeal
-do- Truck detained at check
post. 0.10 2004-05 Pending before
Dy. Commissi-
oner-Appeal
-do- Classification of
Hajmola Candy 5.53 2003-04 ST. appellate
and Revisional
Board
-do- Non submission of
form C 0.85 2003-04 ST. appellate
and Revisional
Board
-do- Classification of
Hajmola Candy 28.89 1998-99 Pending before
Tribunal-
W.Bengal
-do- Classification of
Hajmola Candy 39.92 1999-00 Pending before
Tribunal-
W.Bengal
-do- Disallowed of Export
sales DIL 14.97 2007-08 Appeal pending
before sales
tax appellate
authority
-do- Disallowed of Export
sales food 35.11 2007-08 Appeal pending
before sales
tax appellate
authority
-do- Demand of Fem products 49.91 2005-06 Appeal pending
before asstt.
Commissioner
-do- Disallowance of Form
C Fem 0.11 2005-06 Appeal pending
before asstt.
Commissioner
-do- Disallowance of export
certificate Fem 6.94 2006-07 Appeal pending
before asstt.
Commissioner
-do- Sales enhance of Fem
products 10.97 2007-08 Appeal pending
before asstt.
Commissioner
-do- Rejection due to not
filing statement of 55.84 2007-08 Appeal pending
Fem before asstt.
Commissioner
-do- Short Recd. of form
C Fem Products 0.78 2002-03 Appeal pending
before asstt.
Commissioner
-do- Short Recd. of form
C Fem products 1.89 2003-04 Appeal pending
before asstt.
Commissioner
-do- Short Recd. of form
C Fem products 2.79 2004-05 Appeal pending
before asstt.
Commissioner
-do- Dispute on entry tax 7.02 2007-08 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on Vat 6.90 2007-08 Pending before
Dy. Commisioner
-Appeal
-do- Non submission of
Form F 75.15 2007-08 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on Tax Invoices 12.99 2008-09 Pending before
Addl. Commissi-
oner Appeal
-do- Dispute on
coconut oil 3.63 2006-07 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on taxability
on Chyawanprash 34.72 2006-07 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on entry Tax
on purchases 115.83 2010-11 Pending before
High court
-do- Dispute on @1% Vat
on Glucose 26.97 2006-11 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on taxability
on odonil 2.21 2001-02 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on taxability
on odonil 3.87 2000-01 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on taxability
on odonil 0.90 2001-02 Pending before
Dy. Commisioner
-Appeal
-do- Damage distruction
disallowed & brand issue 0.48 2001-02 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on stock
transfer 13.60 2001-02 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on stock
transfer 0.58 2002-03 Pending before
Dy. Commisioner
-Appeal
-do- Dispute on taxability
on odonil 0.22 2002-03 Pending before
Dy. Commisioner
-Appeal
Income
Tax Demand u/s 143(3) 11.68 2004-05 CIT (A), Delhi
-do- Demand u/s 158 BFA 7.76 1996-97
to 2002-03 CIT (A), Mumbai
-do- Penalty u/s 271 (1) (C) 11.85 2003-04 -do-
-do- Demand u/s 143 (3) 198.47 2006-07 CIT (A), Delhi
-do- Demand u/s 201(1A) 455.83 2007-08 -do-
-do- -do- 173.70 2008-09 -do-
-do- -do- 81.08 2007-08 -do-
Excise Duty
Classification of Anmol
Coconut Oil 514.60 1993-2001 Dy.Commissioner
Appeals
-do- Modvat on Capital goods 0.82 1996 Dy.Commissioner
Excise Modvat on inputs (57H) 2.42 1998 Tribunal
Duty
-do- Hajmola Candy 113.07 2004-05 Commissioner
Appeals/High
Court
-do- Classification on
Animal Feed supplement 174.75 1994-2003 Commissioner-
Appeals
-do- Post manufacturing
expenses 0.38 2004-05 Commissioner
-do- Classification of
Janma Ghunti 79.86 1994-2000 Commissioner
-do- Kewra Water 3.00 01/00-02/02 Tribunal
-do- S Tax on Royalty 124.17 04/01-03/05 Tribunal
-do- Service tax on ISD 176.77 05/05-06/06 Tribunal
-do- Service tax on FO 73.47 04/04-12/08 Commissioner
Appeals
Excise Classification of
Processed Tamarind 58.95 2004-05 Tribunal
-do- Kewra Water 3.00 2001-02 Commissioner
-Appeals
-do- Post Manufacturing
Expenses 442.96 2002 Commissioner
Appeals
-do- Capital Goods Removal 30.22 2005-06 Tribunal
-do- Valuation of Docetaxel/
Paclitaxel 498.34 1997-2003 Tribunal
-do- Freight on Wt average 1.91 08/01-10/02 Commissioner
-do- MOT Charges 4.60 04/03-03/08 Commissioner
Appeals
-do- PME 29.91 10/96-09/00 Commissioner
Appeals
-do- Exemption in Backward
Area 259.35 2006 Tribunal
-do- Chyawanprash
Classification 2463.34 1988-2010 Tribunal
-do- Gulabari/Keora Water/
Shilajit 8.60 2006 Tribunal
-do- PME 0.34 2006 Commissioner
(Appeal)
-do- Modvat on Capital Goods 0.33 1996 -do-
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year and in the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holder.
12. The company has not granted any loan or advance on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a Chit Fund/ Nidhi/ Mutual Benefit
Fund/ Society. Accordingly, paragraph 4 (xiii) of the order is not
applicable.
14. Based on our examination of the records and evaluations of the
related internal controls, we are of the opinion that proper records
have been maintained of the transactions and contracts relating to
shares, securities, debentures and other investments dealt in by the
company and timely entries have been made in the records. We also
report that the company has held the shares, securities, debentures
and other investments in its own name except for those pending transfer
in Companys name.
15. The company has given guarantees for loans taken by others from
banks or financial institutions. The terms and conditions there-of are
not prima facie prejudicial to the interest of the company.
16. The term loans taken by the company have been applied for the
purpose for which they were raised.
17. No short term fund has been applied for long term purpose.
18. The company has made preferential allotment of shares under
their ESOP Scheme to the parties covered in the register maintained
under section 301 of the Companies Act, 1956 during the year. The price
at which these shares were issued are not prima-facie prejudicial to
the interest of the company.
19. The Company has not issued any secured debentures during the
year.
20. The Company has not raised any fund through public issue during
the year.
21. Based on information and explanations furnished by the management,
which have been relied upon by us, there were no frauds on or by the
company noticed or reported during the year.
For G. Basu & Co.
Chartered Accountants
Firm Registration No.301174E
ANIL KUMAR
Partner
Membership No.9390
New Delhi
Date 27th April 2011
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