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Gillette India

BSE: 507815|NSE: GILLETTE|ISIN: INE322A01010|SECTOR: Personal Care
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« Jun 14
Auditor's Report (Gillette India) Year End : Jun '15
Report on the Financial Statements
 
 1.  We have audited the accompanying financial statements of Gillette
 India Limited (the Company), which comprise the Balance Sheet as at
 June 30, 2015, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 2.  The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014.  This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgements
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder. We conducted our
 audit in accordance with the Standards on Auditing specified under
 Section 143(10) of the Act. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgement, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 financial statements.
 
 Opinion
 
 6.  In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid financial statements give
 the information required by the Act in the manner so required and give
 a true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at June 30, 2015, and its profit and its cash flows for the year ended
 on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 7.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government in terms of Section 143(11) of
 the Act, we give in the Annexure a statement on the matters specified
 in paragraphs 3 and 4 of the Order.
 
 8.  As required by Section 143(3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on June 30, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on June 30, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 a.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements in accordance with
 Generally Accepted accounting practice - also Refer Note 24(a) to the
 financial statements.
 
 b.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 c.  There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 In our opinion and according to the information and explanations given
 to us, the nature of the Company''s business/activities during the year
 are such that clauses (ix) and (xi) of paragraph 3 and 4 of the Order
 are not applicable to the Company. In respect of the other clauses, we
 report as under:
 
 (i) In respect of its fixed assets:
 
 a.  The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b.  The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification
 which, in our opinion, provides for physical verification of all the
 fixed assets at reasonable intervals.  According to the information and
 explanations given to us no material discrepancies were noticed on such
 verification.
 
 (ii) In respect of its inventories:
 
 a.  As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 b.  In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company '' and the nature of its business.
 
 c.  In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (iii) The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013.
 
 (iv) In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 are of special nature and suitable alternative sources are not readily
 available for obtaining comparable, quotations, 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 for the sale of goods and services. During the course of our audit,
 we have not observed any major weakness in such internal control
 system.
 
 (v) According to the information and explanations given to us, the
 Company has not accepted any deposit during the year within the meaning
 of the provisions of Sections 73 and 76 or any other relevant
 provisions of the Companies Act, 2013. According to the information and
 explanations given to us, no order has been passed by the Company Law
 Board or the National Company Law Tribunal or the Reserve Bank of India
 or any Court or any other Tribunal on the Company.
 
 (vi) We have broadly reviewed the cost records maintained by the
 Company, pursuant to the Companies (Cost Records and Audit) Rules,
 2014, as amended and prescribed by the Central Government under
 sub-section (1) of Section 148 of the Companies Act, 2013, and are of
 the opinion that, prima facie, the prescribed cost records have been
 made and maintained. We have, however, not made a detailed examination
 of the cost records with a view to determine whether they are accurate
 or complete.
 
 (vii) According to the information and explanations given to us, and
 according to the books and records as produced and examined by us, in
 our opinion:
 
 a.  The Company is regular in depositing undisputed statutory dues,
 including Provident Fund, Employees'' State Insurance, Income-Tax, Sales
 Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added
 Tax, Cess and other material statutory dues as applicable to it with
 the appropriate authorities.
 
 b.  As at June 30, 2015, the following are the particulars of dues on
 account of Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
 Excise Duty, Value Added Tax and Cess matters that have not been
 deposited on account of any dispute:
 
 Name of             Nature          Forum where 
 Statute             of Dues         Dispute is Pending
 
 The Central         Excise          Appellate Authority - 
 Excise Act,         duty            up to Commissioners/
 1944                                Revisional authorities level
 
                                     Customs, Excise and Service Tax 
                                     Appellate Tribunal 
 
                                     High Court
 
                     Sub-total
 
 Finance Act,        Service         Appellate Authority - 
 1994                tax             up to Commissioners/
                                     Revisional authorities level
 
                     Sub-total
 
 Customs Act,        Custom          Appellate Authority - 
 1962                Duty            up to Commissioners/
                                     Revisional authorities level
 
                                     Customs, Excise and Service Tax 
                                     Appellate Tribunal
 
                     Sub-total
 
 Sales Tax           Sales Tax       Appellate Authority -
 and Laws as         and VAT         up to Commissioners/ 
 per statutes                        Revisional authorities
 applicable                          level
 in various states
 
                                     Appellate Authority -Tribunal
 
                                     High Court
 
                     Sub-total
 
 The Income          Income          Income Tax Appellate
 Tax Act,            Tax             Tribunal
 1961
 
                     Sub-total
 
                     Total
 
 Name of Statute         Period to which                  Amount
                         the Amount                       Involved
                         Relates*                        (Rs. in lakhs)
 
 The Central Excise
 Act, 1944               1993-94 to 1997-                    20,494 
                         98, 2002-03, 2003-04, 2007-08
                         to 2014-15
 
                         1994-98,2004-07                        150
 
                         1990-91                                  9
 
 Sub-total                                                   20,653
 
 Finance Act, 1994       2001-02, 2003-04,                    2,031
                         2005-06, 2007-08 to 2013-14
 
 Sub-total                                                    2,031
 
 Customs Act, 1962       2000-01, 2005-06,                    1,582
                         2006-07, 2012-13
 
                         1995-96                                 27
 
 Sub-total                                                    1,609
 
 Sales Tax and Laws as
 Per Statutes
 applicable in Various
 States                  1999-00 to                           2,616
                         2013-14
 
                         1997-98, 1999-00,                      374
                         2002-03, 2004-05, 2005-06
                         to 2009-10
 
                         2005-06                                 60 
 
 Sub-total                                                    3,050
 
 The Income Tax Act, 
 1961                    2006-07, 2008-09,                    5,882
                         2009-10
 
 Sub-total                                                    5,882
  
 Total                                                       33,225
 
 Out of the total disputed dues aggregating Rs. 33 225 lakhs as above,
 Rs. 5 882 lakhs has been stayed for recovery by the relevant
 authorities.
 
 c The Company has been regular in transferring amounts to the Investor
 Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and Rules made
 thereunder within time.
 
 (viii) The Company does not have accumulated losses at the end of the
 financial year and the Company has not incurred cash losses during the
 financial year covered by our audit and in the immediately preceding
 financial year.
 
 (ix) According to the information and explanations given to us, the
 Company has not given guarantees for loans taken by others from banks
 and financial institutions.
 
 (x) To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no significant
 fraud on the Company has been noticed or reported during the year.
 
                                   For DELOITTE HASKINS & SELLS LLP
 
                                              Chartered Accountants 
 
                          (Firm''s Registration No. 117366WAV-100018)
 
                                                     Shyamak R Tata
 
                                                            Partner 
 
 MUMBAI, August 29, 2015                     (Membership No. 038320)
Source : Dion Global Solutions Limited
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