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Hindustan Unilever
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« Mar 14
Auditor's Report (Hindustan Unilever) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Hindustan Unilever Limited(the Company), which comprise the Balance
 Sheet as at March 31, 2015, the Statement of Profit and Loss, and the
 Cash Flow Statement for the year ended on that date, and a summary of
 the significant accounting policies and other explanatory information.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
 
 The Company''s Board of Directors is responsible for the matters stated
 in sub-section 5 of Section 134 of the Companies Act, 2013 (the Act)
 with respect to the preparation of these standalone 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
 judgments 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
 
 Our responsibility is to express an opinion on these standalone
 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 sub-section 10 of Section 143 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.
 
 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 auditors'' judgment, 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.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 OPINION
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone 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 March 31, 2015, and its profit and its cash flows for the year ended
 on that date.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (''the
 Order''), issued by the Central Government of India in exercise of
 powers conferred by sub-section 11 of section 143 of the Act, we
 enclose in the Annexure a statement on the matters specified in
 paragraphs 3 and 4 of the Order.
 
 2. As required by sub-section 3 of Section 143 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) I n 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 standalone 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 March 31, 2015 taken on record by the Board of
 Directors, none of the Directors are disqualified as on March 31, 2015
 from being appointed as a Director in terms of sub-section 2 of Section
 164 of the Act.
 
 (f) With respect to the other matters to be included in the Auditors''
 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:
 
 1. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 24 to the
 financial statements;
 
 2. Provision has been made in the financial statements, as required
 under the applicable law or accounting standards, for material
 foreseeable losses, if any, on long-term contracts including
 derivatives contracts - Refer Note 55 to the financial statements; and
 
 3. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in our report
 of even date) (i) (a) The Company has maintained proper records showing
 full particulars including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 over a period of two years. In accordance with this programme, a
 portion of the fixed assets has been physically verified by the
 management during the year and no material discrepancies have been
 noticed on such verification.  In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets.
 
 (ii) (a) The inventory, except goods-in-transit, has been physically
 verified by the management during the year. In respect of inventory
 lying with third parties, these have substantially been confirmed by
 them.  In our opinion, the frequency of such verification is
 reasonable.
 
 (b) The procedures for the 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) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 (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 Act.
 
 (iv) 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 with regard
 to purchase of inventories and fixed assets and sale of goods and
 services. In our opinion and according to the information and
 explanations given to us, there is no continuing failure to correct
 major weakness in internal control system.
 
 (v) The Company has not accepted any deposits from the public in
 accordance with the provisions of sections 73 to 76 of the Act and the
 rules framed there under.
 
 (vi) We have broadly reviewed the records maintained by the Company
 pursuant to the rules prescribed by the Central Government for
 maintenance of cost records under sub- section 1 of Section 148 of the
 Act and are of the opinion that prima facie, the prescribed accounts
 and records have been made and maintained. However, we have not made a
 detailed examination of the records.
 
 (vii) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts
 deducted/accrued in the books of account in respect of 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, Professional tax and other material
 statutory dues have been regularly deposited during the year by the
 Company with the appropriate authorities.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund, Employees''
 State Insurance, Income- tax, Sales tax, Wealth tax, Service tax,
 Customs duty, Excise duty, Value added tax, Cess, Professional tax and
 other material statutory dues were in arrears as at March 31,2015 for a
 period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of Income tax, Wealth tax, Sales tax, Value added tax,
 Service tax, Customs duty, Excise duty and Cess which have not been
 deposited with the appropriate authorities on account of any dispute
 other than those mentioned in Annexure I to this report.
 
 (c) According to the information and explanations given to us and on
 the basis of our examination of the records of the Company, the amount
 required to be transferred to Investor Education and Protection Fund in
 accordance with the relevant provisions of the Companies Act, 1956 (1
 of 1956) and rules made thereunder has been transferred to such fund
 within time.
 
 (viii) The Company does not have any accumulated losses at the end of
 the year and has not incurred cash losses during the year and in the
 immediately preceding financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 bankers. The Company did not have any outstanding dues to any financial
 institution or debentures holders during the year.
 
 (x) According to the information and explanations given to us, the
 terms and conditions on which the Company has given guarantee for loan
 taken by others from bank are not prejudicial to the interest of the
 Company. The Company has not given any guarantees for loan taken by
 others from financial institutions.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not raised any term loans.
 
 (xii) According to the information and explanations given to us, no
 instances of material fraud on or by the Company has been noticed or
 reported during the course of our audit.
 
 Annexure I
 
                                    Amount         Amount deposited
 Name of the    Nature of dues      Demanded       under dispute
 statue                           (Rs. crores)      (Rs in crores)
 
 The Central 
 Excise         Excise duty 
                Including            170.90              4.58
 Act, 1944      Interest and penalty,
                if applicable
 
 The Central 
 Excise         Excise duty Including 19.40              0.43
 Act, 1944      Interest and penalty,
                if applicable
 
 The Central 
 Excise         Excise duty Including  5.30               -
 Act, 1944      Interest and penalty,
                if applicable
 
 Customs Act, 
 1962           Custom Duty,           1.71               -
                Including Interest and
                penalty, if applicable
 
 Central and 
 Local          Sales tax (including  127.83            32.07
 Sales Tax      interest and  penalty,
  Acts          as applicable]
 
 Central and 
 Local          Sales tax (including   21.17              2.5
 Sales Tax      
 Acts           interest  and  penalty,
                as applicable]
 
 Central and 
 Local          Sales tax (including  114.82             75.3
 Sales Tax Acts interest  and  penalty,
                as applicable]
 
 Central and   
  Local         Sales tax (including   22.23             9.42
 Sales Tax Acts interest  and  penalty,
                as applicable]
 
 Service Tax    Appellate Authority    80.55              0.5
 (Finance       upto Commissioner''s
 Act, 1994]     level
 
 Income Tax     Act, Income Tax 
                Including             117.14               -
 1961           interest  and  penalty,
                as applicable
 
 Income Tax     
 Act,           Income Tax Including    0.20               -
 1961           interest  and  penalty,
                 as applicable
 
 Income Tax     
 Act,           Income Tax Including    0.06               -
 1961           interest  and  penalty,
                 as applicable
 
 
 
 Name of the
 statute            Periods to which the   Forum where the dispute is
                     amount relates              pending
 
 The Central Excise
 Act, 1944          1994-2014              Appellate Authority upto
                                           Commissioner''s level
 
 The Central Excise
 Act, 1944          1994-2010             Customs, Excise and Service
                                          Tax Appellate Tribunals of
                                          various states
 
 The Central Excise
 Act, 1944          2003- 2012           High Courts of various states
 
 Customs Act, 1962  2011-2012             Appellate Authority upto
                                          Commissioner''s level
 
 Central and Local
 Sales Tax
 Acts               1985-2015             Appellate Authority upto
                                          Commissioner''s level
 
 Central and Local
 Sales Tax Acts     1984- 2015           Sales Tax Appellate Tribunals
                                         of various states
 
 Central and Local
 Sales Tax Acts     1983-2015            High Courts of various states
 
 Central and Local
 Sales Tax Acts     1985- 2007           Supreme Court
 
 Service Tax
 (Finance
 Act, 1994]         2005-2014            Appellate Authority upto
                                         Commissioner''s level
 
 Income Tax Act,
 1961               1979 - 1980, 1991,  Appellate Authority - upto
 
                    2009 -  2010        Commissioner''s Level
 
 Income Tax Act,
 1961               1963 - 1964         Income Tax Appellate
 
                    1982 - 1983         Tribunal, Mumbai
 
 Income Tax Act,
 1961               1982 - 1983         Bombay High Court
 
 
 
 For B S R & Co. LLP
 Chartered Accountants
 Firm''s Registration
 
 No: 101248W/W-100022
 
 Akeel Master
 Partner
 
 Membership No: 046768
 
 Mumbai: 8 May, 2015
 
 
 
Source : Dion Global Solutions Limited
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