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HUL ANNUAL REPORT 2009-10 PDF

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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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. We have taken into account the provisions of the Act, the accounting and auditing annua and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. 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 conducted our repprt of rpeort standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 10 of the Act.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the annial 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.

HUL Annual Report – Financial Statements and Analysis

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

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.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. 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. 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 annnual so required and give a true and fair view in annula 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 2009-100 that date.

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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 comprehensive income, changes in equity and its cash flows for the year ended on that date.

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

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 As required by Section 3 of the Act, we report that: 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.

Name of the Statute Nature of dues Amount Demanded ” 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 Track HUL on the go with the money control app. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

Accordingly, paragraph 3 ix 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 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 respect of inventory lying with third parties, these have substantially been confirmed by them. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. The discrepancies noticed on verification between the physical stocks and the book records were not material.

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Our conclusions are based on the audit evidence obtained up to the date of the auditor”s report. 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.

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 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.

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.

Accordingly, paragraph 3 viii of the Order is not applicable to the Company. A company”s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding repott reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Hindustan Unilever

Quick Links for hindustanunilever. Our responsibility is to express an opinion on the Company”s internal financial controls with reference to financial statements based on our audit. 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.

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 but to do so. 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.