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HINDUSTAN UNILEVER ANNUAL REPORT 2011-12 PDF

Hindustan Unilever Limited Annual Report Annual Report, , Overview, Financial Highlights and Brands, Financial Performance, Performance . Get Hindustan Unilever latest Balance Sheet, Financial Statements and Hindustan Unilever detailed profit and loss accounts. 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), .. , , , , ,

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As required by the Companies Auditor”s Report Order, the Orderissued by the Central 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.

Hindustan Unilever Balance Sheet, Hindustan Unilever Financial Statement & Accounts

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 company; and 3 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company”s assets that could have a material effect on the financial statements.

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.

We have audited the internal financial controls with reference to financial statements of Hindustan Unilever Limited the Company 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.

In our opinion, the frequency of such verification is reasonable.

Hindustan Unilever

Uniever details of such related party transactions have been disclosed in the standalone Ind AS financial statements as required by applicable Indian Accounting Standards. We believe that the audit evidence we have obtained annuaal sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Reproduction of news articles, photos, videos or ujilever other content in whole or in part in any form or medium without express written permission of moneycontrol. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 45 to the standalone Ind AS financial statements.

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 teport 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. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

Name of the Statute Nature of dues Amount Demanded ” in crores Amount Paid ” in crores Period to which the amount bindustan Forum where dispute is pending Central Excise Act, Excise duty including Interest annuql penalty, if applicable Accordingly, paragraph 3 xvi of the Order is not applicable to the Company.

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. We have audited the accompanying standalone Ind AS financial statements of Hindustan Unilever Limited the Companywhich comprise the Balance Sheet as hindustzn 31 Marchthe Statement of Profit and Loss including other comprehensive incomethe Statement of Changes 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.

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In our opinion and to the 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 unilefer income, changes in equity and its cash flows for the year ended on that date.

Because of the inherent limitations of internal financial controls with reference 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. OPINION In our opinion, the Company has, in all material respects, an adequate internal financial control system with reference to financial statements and such hindhstan 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 hinduztan ICAI.

As required by Section 3 of the Act, we report that: However, we have not made a detailed examination of the records. Hindusta we conclude that a material uncertainty exists, uunilever are required to draw attention in the auditor”s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the opinion.

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. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to hindhstan 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 Company”s management is responsible for establishing and maintaining internal financial controls 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.

Our responsibility is to express an opinion on these standalone Ind AS 2011-12 statements based on our audit. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, unilsver 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 anual at 31 March for a period of more than six months from the date they became payable.

Accordingly, paragraph 3 xiv of the Order is not applicable to the Company.

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. Track HUL on the go with the money control app. An audit involves performing procedures to uunilever audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company”s internal financial control system with reference to financial statements. OPINION In our opinion and to the 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 flows for the year ended on that date.

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Our conclusions are based on the audit evidence obtained up to the date of the auditor”s report. Our responsibility is to express an opinion on the Company”s internal financial controls with reference to financial statements based on our unilevr. 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 reeport circumstances.

Quick Links for hindustanunilever. Accordingly, paragraph 3 viii of the Order is not applicable to the Company.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the 20111-12 financial controls system with reference to financial statements and their operating effectiveness. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company annuual 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

An audit also includes evaluating the rrport of the hindustn 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.

Accordingly, paragraph 3 iii of the Order is not applicable to the Company. In preparing the financial statements, management is responsible for assessing the Company”s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative anunal to do so.

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 Accordingly, paragraph 3 xv of the Order is not applicable to the Company.

Accordingly, paragraph 3 xii of the Order is not applicable to the Company. 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 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.

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.