Hindustan Unilever
BSE: 500696 | NSE: HINDUNILVR | ISIN: INE030A01027 | Personal Care
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Hindustan Unilever
Limited as at 31st March, 2009 and the related Profit and Loss Account
and Cash Flow Statement for the period from 1st January, 2008 to 31st
March, 2009 annexed thereto, which we have signed under reference to
this report. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those 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 statements. 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.
3. As required by the Companies (Auditor’s Report) Order, 2003 as
amended by Companies (Auditor’s Report) (Amendment) Order, 2004
(together ‘the Order’), issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of The Companies Act, 1956’ of
India (the ‘Act’) 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 give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a) We have 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 appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the Act;
e) On the basis of written representations received from the directors,
as on 31st March, 2009, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2009 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Act;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
ii) in the case of the Profit and Loss Account, of the profit for the
period ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE TO THE AUDITORS’ REPORT
[Referred to in paragraph 3 of the Auditors’ Report of even date to the
members of Hindustan Unilever Limited on the financial statements for
the period ended 31st March, 2009]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets are physically verified by the management according to
a phased programme designed to cover all the locations once in two
years, which in our opinion, is reasonable having regard to the size of
the Company and the nature of its assets. Pursuant to the programme,
fixed assets at certain locations were physically verified by the
management during the period and no material discrepancies between the
book records and the physical inventory have been noticed.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the period.
2. (a) Inventory (excluding stocks with third parties) has been
physically verified by the management during the period. In respect of
inventory lying with third parties, these have substantially been
confirmed by them. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventory 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 inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
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 Act. Consequently, clauses
(iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of paragraph 4 of
the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of special nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the Company and
the nature of its business, for the purchase of inventory and fixed
assets and for the sale of goods and services. Further, on the basis of
our examination of the books and records of the Company carried out in
accordance with the auditing standards generally accepted in India and
according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements and exceeding Rs. five lakhs in respect of
any party during the period, which have been made at prices which are
not reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, no fixed deposits were outstanding or accepted during the
period to which the provisions of Sections 58A and 58AA or any other
relevant provisions of the Act and the Companies (Acceptance of
Deposits) Rules, 1975 apply.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub-section (1) of Section 209 of the
Act and are of the opinion that prima facie, the prescribed accounts
and records have been made and maintained. We have not, however, made
a detailed examination of the records with a view to determine whether
they are accurate or complete.
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
provident fund, investor education and protection fund, employees’
state insurance, income-tax, sales tax, wealth tax, service tax,
customs duty, excise duty, cess and other material statutory dues as
applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of wealth tax
and cess which have not been deposited on account of any dispute. The
particulars of excise duty, sales tax, customs duty, income-tax and
service tax as at 31st March, 2009 which have not been deposited on
account of a dispute are as follows:
Name of the statute Nature of dues Amount under dispute
not yet deposited
Rs. Lakhs
The Central Excise Act, Excise duty including 56,51.40
1944 interest and penalty, as
applicable
44,59.71
25.53
Central Sales Tax Act Sales tax including 93,34.02
and Local Sales Tax interest and penalty, as
Acts (including works applicable 15,16.98
contract) 95,21.62
Customs Act, 1962 Customs duty including 56.27
interest and penalty, as
applicable
Income-tax Act, 1961 Income tax including 4,38.79
interest and penalty, as
applicable 1,07.60
31.55
Service Tax Service tax including 84.45
interest and penalty, as
applicable
Periods to which the Forum where the
amount relates dispute is pending
1982,1987 Appellate Authority - upto
1991 to 1995 Commissioner’s level
1997 to 2006
1983 to 1986 Tribunal
1989 to 1991
1994 to 2006
1979 to 1983 Supreme Court
1976, 1977 Appellate Authority - upto
1983 to 2008 Commissioner’s level
1984 to 2004 Tribunal
1983 to 2001 High Courts
1995 Appellate Authority - upto
Commissioner’s level
1979-80 Appellate Authority - upto
1995-96 Commissioner’s level
1985-86 Tribunal
1991-92
1988-89 High Courts
2004 to 2006 Appellate Authority - upto
Commissioner’s level
10. The Company has no accumulated losses as at 31st March, 2009 and
has not incurred any cash losses in the period ended on that date or in
the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the period.
16. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained. The unutilised monies are
lying with bank for further utilisation.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the period.
19. The Company has not issued any debentures during the period.
20. The Company has not raised any money by public issue during the
period.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
period, nor have we been informed of such case by the management.
Sharmila A. Karve
Partner
Membership No: 43229
For and on behalf of
Lovelock & Lewes
Chartered Accountants
Mumbai, 10th May, 2009 |
|
![]() | |
| Source : Religare Technova | |
![]() | |




Online










