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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
36,992
10-Day
32,475
30-Day
53,801
84,302
  • Prev. Close

    1426.40

  • Open Price

    1437.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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 as at 31st March 2009, the Profit and Loss Account for the year ended on that date and also Cash Flow statement attached thereto. The 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 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materia! misstatements. 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. As required 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 (hereinafter referred to as the Act), on the basis of such checks of the books and records as we considered appropriate and the information and explanations given to us during the course of the audit, we enclose 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 paragraph I 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 purpose 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 examinations of those books; c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report arein agreement with the books of account; d) in our opinion, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Act. e) On the basis of the written representations received from the directors of the Company as on 31i: March 2009 and taken on record by the Board of Directors of the Company, we report that none of the directors is disqualified as on 31* 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 read together with Notes thereon give the information reguired by the Companies Act, 1956 in the manner so reguired and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) incase of Balance Sheet, of the state of affairs of the Company as at 31=l March 2009, (ii) in case of Profit and Loss Account, of the profit of the Company for the year ended on that date and (iii) in case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Annexure to Auditors Report 1. The Company has maintained Draper records showing full particulars including quantitative details and situation of its fixed assets. 2 We are informed that the fixed assets 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 ana nature of its assets. Pursuant to the programme, physical verification was carried out and no materia! discrepancy was noticed on sucn verification 3. During the year, the Company has not disposed off a suPstantiai Dart of fixed assets. 4. The management has physically verified the stocks of stores, spares raw materials, packing materials and finished goods. In our opinion, the frequency of verification is reasonable. In respect of inventories lying with third parties, these have been confirmed bv them. 5. The procedures of physical verification of stock followed by the management are reasonable and adeguate in relation to size of the Company and nature of its business 6. On the Dasis of our examination of the records of the Company, we are of trie opinion that the Company- has maintained proper records of inventories and the discrepancies between the physical stocks and the book stocks, noticed on pnysicai verification, as mentioned in paragraph 4, not being material, were properly dealt with. 7. The Company has not granted any loans, secured or unsecured, to tne companies, firms or other parties listed in the register maintained under Section 30! of the Companies Act. 1956. In view of this, clause.-: iii(P),(c) and (d) are not applicable to the Company and hence, not reported upon 8 During the year, tne Company has not taken any loans, secured or unsecured, from the companies, firms or other parties listed in the register maintaineg under Section 301 of the Companies Act, 1956. In view of this, clause iii(f) and (g) are not applicable to the Company and hence, not reported upon. 9. There is 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. There is no continuina failure to correct rnajor weaknesses in internal control system. 10, On tne Pasis of our examination of relevant records and on the Pasis of representation received from the management, particulars of contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act have been so entered. 11. On the basis of our examination of the books of account, relevant information and explanations and representations as provided by the Company, the transactions exceeding Rs 5 lacs made in pursuance of such contracts or arrangements have been made at prices whicn are reasonable having regard to the prevailing market prices at the relevant time. 12 The Company has not accepted any deposits under the provisions of Section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under. 13. The function ol internal audit, as explained, is being carried out by outside professionals, which in our opinion, is commensurate with its size and nature of its business. 14 We are informed that maintenance of cost records has been prescribed by the Centra! Government under ciause (d) of sub section (1) of Section 209 of the Act with respect, 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 15, According to the Pooks and records as produced and examined by us in accordance with generally accepted auditing practices in India and aiso based on Management representations, the Company is 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, Custom Duty, Excise Duty, Cess and other material statutory dues witn the appropriate authorities and there is no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date it became payable. 16. According to the information and explanations given to us and also based on the Managements Representation, there have been no disputed dues ot income Tax, Sales Tax, Wealth tax, Service Tax, Custom Duty, Excise Duty and Cess that have not been deposited on account of any dispute as at the Balance Sheet date, except the following: Name of the Statute Amount (Rs in Million) Forum where dispute pending Sales Tax Act Sales Tax in various states for various years 60.60 Deputy Commissioneror sales tax 17.31 of Sales Tax Tribunal Central Excise Act 4.16 CESTAT Income Tax Act for AY 2008-09 21.02 Commissioner of Income Tax (Appeals) 17 The Company has neither accumulated losses as at 31s March 2009, nor it has incurred any cash tosses either in the financial year under audit and in the immediately preceding financial yea. 18. According to the records of the Company, it has not defaulted in repayment of dues to financial institutions or banks or to debenture nolders. 19. The Company has not granted any loans or advances on the oasis of security by way of pledge of shares, debentures and other securities. 20. In our opinion, considering the nature of activities carried on by the Company during the year the provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to it. 21. The Company has not deait or traded in shares, securities debentures or other investments during the year. 22. In our opinion, and accordingly to the information and explanations given to us, the 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. 23. During the year, the Company has not taken any term loans. 2.4. On the basis of review of utilisation of funds which is based on overall examination of the balance sheet of the Company and related information as made available to us and as represented to us by the Management, no funds raised on short-term basis have been used for long-term purpose. 25. 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 26 As informed to us, The Company has created the security/charge for the debentures issued during the year. 27. The Company has not raised any money Py public issue during the year 28 As per the information and explanations given to us and on the basis of examination of records, no fraud on or by the Company has been noticed or reported during the year, exceot a fraud of Rs 16.64 million on the company committed by ex-employee in respect of dues from debtors. For HARIBHAKTI & CO Chartered Accountants CHETAN DESAI Partner Membership No. 17000 Place: Mumbai Date: 20th May 2009