HUL ANNUAL REPORT 2009-10 PDF

  • June 24, 2019

Auditor’s Report (Hindustan Unilever), Year End: Mar ’18 We have audited the accompanying standalone Ind AS financial statements of Hindustan Unilever Limited (the Company), .. , , , , , COMMONPLACE. ANNUAL REPORT H in du .. HUL Share Price on BSE. (Rs. Per Share of. Hindustan Unilever Limited Annual Report are restated as per IND AS IGAAP IND AS Balance Sheet ^ ^.

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These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company”s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

The Company has complied with the provisions of Section of the Act in respect of investments made or loans or guarantee or security provided to the parties covered under Section As required by the Companies Auditor”s Report Order, the Orderissued by the Annuual Government in terms of Section 11 of the Act, we give in Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.

Accordingly, paragraph 3 xvi of the Annkal is not applicable to the Company. Our conclusions are based on the audit evidence obtained up to the date of the auditor”s report.

Reportt discrepancies noticed on verification between the physical stocks and the book reoort were not material. Accordingly, paragraph 3 xv of the Order is not applicable to the Company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Because of the inherent limitations of internal financial controls with annuzl to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.

Dion Global Solutions Limited. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The details of such related party transactions have been disclosed in the standalone Ind AS financial statements as required by applicable Indian Accounting Standards.

In making those risk assessments, the auditor considers internal financial controls relevant to the Company”s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.

In our opinion, the frequency of such verification is reasonable. Accordingly, paragraph 3 viii of the Order is not applicable to the Company.

A company”s internal financial controls with reference to financial statements includes those policies and procedures that 1 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; 2 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the qnnual and 3 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition rpeort the company”s assets that could have a material effect on the financial statements.

Accordingly, paragraph 3 ix of the Order is not applicable to the Company. Our responsibility is to express an opinion on the Company”s internal financial controls with reference to financial statements rwport on our 20009-10.

Accordingly, paragraph 3 iii of the Order is not applicable to the Company. However, we have not made a detailed examination of the records.

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Accordingly, paragraph 3 xiv of the Order is not applicable to the Company. OPINION In our opinion, the Company has, in all material respects, an adequate internal financial control system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31 Marchbased on the repory controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note issued by ICAI.

In preparing the financial statements, management is responsible for assessing the Company”s ability to continue as a going wnnual, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting rwport management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

However, future events or conditions may cause an entity to cease to continue as a going concern. 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, service tax, goods and service tax, duty of customs, duty of excise, value added tax, cess, professional tax and other material statutory dues were in arrears as at 31 March for a period of more than six months from the date they became payable.

The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements – Refer Note 24 to the standalone Ind AS financial statements.

Hindustan Unilever

We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 10 of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI.

Our audit repor performing procedures to wnnual audit evidence annhal the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. We have audited the internal financial controls with reference to financial statements of Hindustan Unilever Limited the Repodt as of 31 March in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Snnual internal financial control system with reference to financial statements.

The disclosures regarding details of specified bank notes held and transacted during 8 November to 30 December has not been made since the requirement does not pertain to financial year ended 31 March Quick Links 20091-0 hindustanunilever. In our opinion, the Company has, in all material respects, an adequate internal financial control system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31 Marchbased on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note issued by ICAI.

We have audited the accompanying standalone Ind AS financial statements of Annial Unilever Limited the Companywhich comprise the Balance Sheet as at 31 Marchthe Statement of Profit and Loss including other comprehensive incomethe Statement of Replrt in Equity and the Statement of Cash Flows for the year then ended, and summary of the significant accounting policies and other explanatory information herein after referred to as standalone Ind AS financial statements.

If we conclude that a material uncertainty exists, we are required to draw rrport in the auditor”s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the opinion. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.

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Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.

HUL Annual Report – Financial Statements and Analysis

Accordingly, paragraph 3 xii of the Order is not applicable to the Company. 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 standalone Ind AS financial statements. 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 there under.

The Company”s management is responsible for establishing and maintaining internal financial snnual based on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting the Guidance note issued by the Institute of Chartered Accountants of India ICAI.

Track HUL on the go with the money control app. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. In respect of inventory lying with third parties, these have substantially been confirmed by them.

OPINION In our opinion and to 22009-10 best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 31 Marchits profit and other comprehensive income, changes in equity and its cash repott for the year ended on that date.

Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. As required by Section 3 of the Act, we report that: The procedures selected depend on the auditor”s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.

Name of the Statute Nature of dues Amount Huo ” in crores Amount Paid ” in crores Period to which the amount relates Forum where dispute is pending Central Excise Act, Excise duty including Interest and penalty, if applicable We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 10 of the Act.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts snnual derivative contracts – Refer Note 45 to the standalone Anual AS financial statements. We are also responsible to conclude on the appropriateness of management”s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity”s ability to continue as a going concern.

A company”s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.