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Dabur India Ltd.

BSE: 500096 Sector: Consumer
NSE: DABUR ISIN Code: INE016A01026
BSE LIVE 15:45 | 06 Dec 280.70 -4.50
(-1.58%)
OPEN

284.95

HIGH

284.95

LOW

279.25

NSE LIVE 15:47 | 06 Dec 280.45 -6.00
(-2.09%)
OPEN

285.00

HIGH

285.00

LOW

279.05

OPEN 284.95
PREVIOUS CLOSE 285.20
VOLUME 44646
52-Week high 320.30
52-Week low 231.30
P/E 38.04
Mkt Cap.(Rs cr) 49445.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 280.70
Sell Qty 93.00
OPEN 284.95
CLOSE 285.20
VOLUME 44646
52-Week high 320.30
52-Week low 231.30
P/E 38.04
Mkt Cap.(Rs cr) 49445.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 280.70
Sell Qty 93.00

Dabur India Ltd. (DABUR) - Auditors Report

Company auditors report

Independent Auditor’s Report on the Financial Statements

To

The Members of Dabur India Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Dabur India Limited("the Company") which comprise the balance sheet as at 31st March 2016 thestatement of Profit and loss the cash 3ow statement for the year then ended and asummary of signi3cant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash 3ows of the Company in accordance with theAccounting principles generally accepted in India including the Accounting Standardsspeci3ed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrols that were operating e3ectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing speci3ed underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of a3airs of the Companyas at 31st March 2016 and its Profit and its cash 3ows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of Sub-Section (11) ofSection 143 of the Act we give in the Annexure-2 a statement on the matters speci3ed inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards speci3 ed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors is disquali3ed as on 31st March 2016 from being appointed as a director in terms of Section 164(2) ofthe Act.

f) Our separate report on adequacy of internal financial control system and operatinge3 ectiveness of such controls is enclosed in Annexure-1.

3. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 21 and 23 to the financialstatements.

b) The Company did not have any long-term contract including derivative contract whichmay lead to any foreseeable loss.

c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For G. Basu & Co.
Chartered Accountants
Firm’s registration number: 301174E
S Lahiri
Place: New Delhi Partner
Date : April 28 2016 (Membership number: 51717)

Annexure-1

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Dabur IndiaLimited ("the Company") as of 31st March 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating e3 ectively for ensuring the orderly and e3 cient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated e3 ectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating e3 ectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operating e3ectiveness of internal control based on the assessed risk. The procedures selected dependon the auditor’s judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is su3 cient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly re3ect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material e3ect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating e3ectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For G. Basu & Co.
Chartered Accountants
Firm’s registration number: 301174E
S Lahiri
Place: New Delhi Partner
Date : April 28 2016 (Membership number: 51717)

Auditors’ Report as per the Companies (Auditor’s Report) Order 2016

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of 3xed assets.

b. The 3xed assets have been physically veri3ed by the management at reasonableintervals. As informed no material discrepancies between book records and the physicalinventories have been noticed on such veri3cation.

c. The title deeds of immovable property are held in the name of the Company.

2. The inventories have been physically veri3ed at reasonable intervals during the yearby the management. The discrepancies noticed on physical veri3cation between the physicalstock and book records were not material and have been properly dealt with in the books ofaccounts.

3. The company has not granted any loans secured or unsecured to companies 3rms orother parties covered in the register maintained under Section 189 of the Companies Act2013.

4. The Company has complied to the provisions of Section 185 and 186 of the CompaniesAct 2013 in respect to loans investments guarantees and securities.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Act and the Rules framed there under to the extent noti3ed.

6. On the basis of records produced we are of the opinion that prima facie cost recordsand accounts prescribed by the Central Government under Sub-Section (1) of Section 148 ofthe Companies Act 2013 in respect of products of the company covered under the rulesunder said Section have been made and maintained. However we are neither required to carryout nor have carried out any detailed examination of such accounts and records.

7. a) According to information and explanations given to us the company is regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax custom duty exciseduty value added tax cess and other statutory dues to the extent applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding as at 31st March 2016 for a period ofmore than six months from the date of becoming payable.

b) The dues on account of Sales Tax Income Tax Excise Duty Service tax wealth taxcustom duty value added tax and cess disputed by the company and not being paidvis-a-vis forums where such disputes are pending are mentioned below:-

Name of the Statute Nature of dues Period Amount Forum where Pending
( in crs)
Sales Tax and VAT Laws Central Sales Tax Act 1998-99 to 2013-14 19.73 Assessing Authority
Local Sales Tax Act Value Commissioner’s Level /
Added Tax Entry Tax etc Revision Board
1997-98 to 2003-04 2005-06 to 2011-12 7.85 Appellate Tribunal
1990-91 to 2000-01 2006-07 to 2010-11 6.98 High Courts
2012-13 to 2015-16
Income Tax Act 1961 Income Tax 2009-10 2011-12 to 2015-16 0.38 Assessing Officer
2008-09 0.01 Commissioner (Appeal)
Central Excise Act 1944 Excise Duty 1993 to 2001 1996 & 1998 5.15 Dy. Commissioner
1994-2014 3.32 Commissioner (Appeal)
1994-2014 86.11 Tribunal
Service tax (Finance Act Service Tax 2004-2011 39.01 Tribunal
1994) 2013-2015 0.01 Commissioner (Appeal)

8. Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to any bank or government. Company has no debenture holder or any financialinstitutional borrowing during the year.

9. Neither any term loan has been obtained during the year nor any money was raised byway of public offer (including debt instruments) during the year by the company.

10. No fraud has been noticed or reported on or by the company during the year.

11. The managerial remuneration has been paid or provided in accordance with theprovisions of Section 197 read with Schedule V of the Act.

12. The Company is not a Nidhi Company accordingly paragraph 3 (xii) of the Order isnot applicable.

13. All the transactions with the related parties are in compliance with Section 177and 188 of Companies Act 2013 and the details of related parties transactions have beendisclosed in the Financial Statements as required by the applicable accounting standard.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. The Company has not entered into any non-cash transactions with directors.

16. The Company is not required to be registered under Section

45-IA of the Reserve Bank of India Act 1934.

For G. Basu & Co.

Chartered Accountants

Firm’s registration number: 301174E
S Lahiri
Place: New Delhi Partner
Date : April 28 2016

(Membership number: 51717)

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