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Pidilite Industries Ltd.

BSE: 500331 | NSE: PIDILITIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE318A01026 | SECTOR: Chemicals

BSE Live

Sep 30, 16:00
1427.50 1.10 (0.08%)
Volume
AVERAGE VOLUME
5-Day
33,668
10-Day
39,454
30-Day
52,772
84,302
  • Prev. Close

    1426.40

  • Open Price

    1437.00

  • Bid Price (Qty.)

    1425.75 (5)

  • Offer Price (Qty.)

    1432.05 (1)

NSE Live

Sep 30, 15:56
1434.25 6.10 (0.43%)
Volume
AVERAGE VOLUME
5-Day
523,090
10-Day
600,117
30-Day
889,332
647,016
  • Prev. Close

    1428.15

  • Open Price

    1433.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1434.25 (1105)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of Pidilite Industries Limited (the Company) as at 31st March 2008, the Profit and Loss Account and also 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. Those standards reguire 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. I. Our report as reguired by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report)(Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 (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 explanation given to us by the management, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. II. Further to our comments in the Annexure referred to in above paragraph, we report that: i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. ii. In our opinion, proper books of account as reguired by law have been kept by the Company so far as appears from our examination of those books. iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. iv. 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. v. On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is, prima facie, disqualified as on 31st March, 2008 from being appointed as a director in terms of Section 274(1)(g) of the Act. vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with notes thereon, give the information required by the Act, in the manner so reguired and give a true and fair view in conformity with the accounting principles generally accepted in India: a. in case of Balance Sheet, of the state of affairs of the Company as at 31st March 2008, b. in case of Profit and Loss Account, of the profit for the year ended on that date and c. in case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to Auditors Report 31st March 2008 Fixed Assets 1. The Company has maintained proper records showing full particulars, including guantitative details and situation of fixed assets. 2. We are informed that the fixed assets of the Company have been physically verified by the Management according to a phased programme designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and nature of its assets. Pursuant to the programme, physical verification was carried out during the year and no material discrepancies was noticed. 3. During the year, the Company has not disposed of a substantial part of fixed assets. Inventories 4. We are informed that the inventories of the Company have been physically verified by the management during the year. In respect of inventories lying with third parties, these have been confirmed by them. 5. In our opinion, the procedures for physical verification of inventories followed by management are reasonable and adequate in relation to the size of the Company and the nature of its business. 6. On the basis of our examination of the records of the Company, we are of the opinion that the Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical verification and book records, not being material, were properly dealt with. Related party transactions 7. The Company has not granted any loans, secured or unsecured to the companies, firms or other parties covered under Section 301 of the Act. 8. The Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under Section 301 of the Act. 9. In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register in pursuance of Section 301 of the Act have been so entered. 10. The above transactions are made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 11. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company, for loans taken by others from banks or financial institutions are, prima facie, not prejudicial to the interest of the Company. Internal Controls 12. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventories and fixed assets and for the sale of goods and services. Further, on the basis of our examination of books and records of the Company and on the basis of information and explanations given to us, we have neither come across nor have been informed of any instances of major weaknesses in the aforesaid internal control system. 13. The function of internal audit, as explained, is being carried out by outside professionals, which in our opinion, is commensurate with the size of the Company and nature of its business. Taxation 14. According to the books and records as produced and examined by us and in accordance with generally accepted auditing practices in India and also based on Managements Representation, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, ESIC, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Excise Duty, Service Tax, Education Cess and other material statutory dues applicable to it. 15. According to the information and explanations given to us and also based on Managements Representation, there were no dues of Custom Duty, Wealth Tax, Service Tax, Education Cess that have not been deposited on account of any dispute, except the following: Name of the statute Amount (Rs in million) Sales Tax Act Sales Tax in Various states 54.95 Sales Tax in Various states 17.36 The Central Excise Act 2.88 Forum where dispute is pending Deputy Commisioner of Sales Tax (Appeal) Sales Tax Tribunal CESTAT Miscellaneous 16. We are informed that the Central Government has prescribed the maintenance of cost records by the Company under section 209(1)(d) of the Act in regard to production of Synthetic Resins. We are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made detailed examination of the records with a view to determine whether they are accurate and complete. 17. The Company has neither accumulated losses as at 31st March 2008 nor has it incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. 18. We are informed that the term loans were applied for the purpose for which the said loans were obtained. 19. Based on our examination of the balance sheet of the Company as at 31st March 2008 on an overall basis and as per the information and explanations given to us, we find that no funds raised on short-term basis were utilised for long-term investment. 20. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. 21. The Clauses (iii) (b), (c), (d), (f), (g), (vi), (xi), (xii), (xiii), (xiv), (xviii), (xix) and (xx) of paragraph 4 and 5 of the Order are not applicable to the Company and hence not reported upon. For HARIBHAKTI & CO Chartered Accountants CHETAN DESAI Place: Mumbai Partner Date : 28th May 2008 Membership No. 17000