HINDUSTAN UNILEVER LIMITED
ANNUAL REPORT 2010-2011
NOTES ON ACCOUNTS
Significant Accounting Policies:
BASIS FOR PREPARATION OF ACCOUNTS:
The accounts have been prepared to comply in all material aspects with
applicable accounting principles in India, the applicable Accounting
Standards notified under Section 211(3c) of the Companies Act, 1956 and the
relevant provisions thereof.
REVENUE RECOGNITION:
Sales are recognised when goods are supplied and are recorded net of trade
discounts, rebates, sales taxes and excise duties (on goods manufactured
and outsourced) but include, where applicable, export incentives such as
duty drawbacks and premiums on sale of import licences. It does not
include inter-divisional transfers.
Income from Property Development Activity is recognised in terms of
arrangements with developers, where applicable.
Income from services rendered is booked based on agreements/ arrangements
with the concerned parties.
Interest on investments is booked on a time proportion basis taking into
account the amounts invested and the rate of interest.
Dividend income on investments is accounted for when the right to receive
the payment is established.
EXPENDITURE:
Expenses are accounted for on accrual basis and provision is made for all
known losses and liabilities. Advertising expenses are charged against the
profit of the year to which the activities relate.
Revenue expenditure on research and development is charged against the
profit of the year in which it is incurred. Capital expenditure on
research and development is shown as an addition to fixed assets.
FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation. Depreciation
is provided (except in the case of leasehold land which is being amortised
over the period of the lease) on the straight line method and at the rates
and in the manner specified in Schedule XIV of the Companies Act, 1956.
However,
* Certain employee perquisite - related assets are depreciated over four to
six years, the period of the perquisite scheme.
* Computers and related assets are depreciated over four years
* Certain assets of the cold chain are depreciated over four / seven years;
and
* Motor vehicles are depreciated over six years.
Assets identified and evaluated technically as obsolete and held for
disposal are stated at their estimated net realisable values.
GOODWILL AND OTHER INTANGIBLE ASSETS:
Intangible assets are stated at cost of acquisition less accumulated
amortisation. Goodwill and other Intangible assets (except computer
software) are amortised over the assets' useful life not exceeding 10
years. Computer software is amortised over a period of 5 years on the
straight line method.
IMPAIRMENT OF ASSETS:
Impairment loss, if any, is provided to the extent, the carrying amount of
assets exceeds their recoverable amount. Recoverable amount is higher of
an asset's net selling price and its value in use. Value in use is the
present value of estimated future cash flows expected to arise from the
continuing use of an asset and from its disposal at the end of its useful
life.
INVESTMENTS:
Investments are classified into current and long-term investments. Current
investments are stated at the lower of cost and fair value. Long-term
investments are stated at cost. A provision for diminution is made to
recognise a decline, other than temporary, in the value of long-term
investments.
INVENTORIES:
Inventories are valued at the lower of cost, computed on a weighted average
basis, and estimated net realisable value, after providing for cost of
obsolescence and other anticipated losses, wherever considered necessary.
Finished goods and work-in-progress include costs of conversion and other
costs incurred in bringing the inventories to their present location and
condition.
SUNDRY DEBTORS AND LOANS AND ADVANCES:
Sundry debtors and Loans and Advances are stated after making adequate
provisions for doubtful balances.
PROVISIONS:
A provision is recognised when there is a present obligation as a result of
a past event, it is probable that an outflow of resources will be required
to settle the obligation and in respect of which reliable estimate can be
made. Provision is not discounted to its present value and is determined
based on the best estimate required to settle the obligation at the year
end date. These are reviewed at each year end date and adjusted to reflect
the best current estimate.
RETIREMENT / POST RETIREMENT BENEFITS:
Contributions to Defined Contribution schemes such as Provident Fund, etc.
are charged to the Profit and Loss account as incurred. In respect of
certain employees, Provident Fund contributions are made to a Trust
administered by the Company. The interest rate payable to the members of
the Trust shall not be lower than the statutory rate of interest declared
by the Central Government under the Employees Provident Funds and
Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made
good by the Company. The remaining contributions are made to a government
administered Provident Fund towards which the Company has no further
obligations beyond its monthly contributions. The Company also provides for
retirement / post-retirement benefits in the form of gratuity, pensions,
leave encashment and medical. Such benefits are provided for based on
valuations, as at the balance sheet date, made by independent actuaries.
Termination benefits are recognised as an expense as and when incurred.
TAXES ON INCOME:
Current tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence, on
timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of reversal
in one or more subsequent periods. Deferred tax assets are not recognised
on unabsorbed depreciation and carry forward of losses unless there is
virtual certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
FOREIGN CURRENCY TRANSLATIONS:
Foreign currency transactions are accounted for at the exchange rates
prevailing at the date of the transaction. Gains and losses resulting from
the settlement of such transactions and from the translation of monetary
assets and liabilities denominated in foreign currencies are recognised in
the Profit and Loss account.
Forward exchange contracts outstanding as at the year end on account of
firm commitment / highly probable forecast transactions are marked to
market and the resultant gain/loss is dealt in the Profit and Loss account.
OPERATING LEASES:
Lease Payments under operating leases have been recognised as an expense in
the Profit and Loss account on a straight line basis over the lease term.
SEGMENT REPORTING:
The accounting policies adopted for segment reporting are in line with the
accounting policies of the Company with the following additional policies
for segment reporting :
a) Inter segment revenue have been accounted for based on the transaction
price agreed to between segments which is primarily market led.
b) Revenue and expenses have been identified to segments on the basis of
their relationship to the operating activities of the segment. Revenue and
expenses, which relate to the enterprise as a whole and are not allocable
to segments on a reasonable basis, have been included under 'Unallocated
corporate expenses'.
Notes to Profit and Loss Account:
1. Earnings Per Share has been computed as under:
For the year ended
31st March,
2011 2010
Net Profit (Rs. Crores) 2,305.97 2,202.03
Weighted average number of Equity shares
outstanding 2,180,310,319 2,180,819,678
Earnings Per Share (Rs.) - Basic (Face
value of Re.1 per share) 10.58 10.10
Weighted average number of Equity shares
(including dilutive) outstanding 2,183,105,312 2,183,954,984
Earnings Per Share (Rs.) - Diluted (Face
value of Re.1 per share) 10.56 10.08
2. Total revenue expenditure (net of recoveries) included in note 8(c),
eligible for weighted deduction under section 35(2AB) of the Income Tax
Act, 1961 aggregates to Rs. 26.44 Crores (2009-10: Rs. 27.55 Crores). The
details are:
Rs. Crores
Location of the R&D facility Bangalore Mumbai
Revenue expenditure eligible u/s 35 (2AB):
a) Salaries & Wages 6.95 10.63
(6.46) (11.73)
b) Materials, Consumables and Spares 0.34 2.81
(1.00) (2.39)
c) Other expenditure directly related to R&D 2.29 3.42
(2.66) (3.31)
(figures in brackets pertain to 2009-10).
3. The Company's significant leasing arrangements are in respect of
operating leases for premises (residential, office, stores, godown etc.)
and computers. These leasing arrangements which are not non-cancellable
range between 11 months and 10 years generally, or longer, and are usually
renewable by mutual consent on mutually agreeable terms. The aggregate
lease rentals payable are charged as Rent in the Profit and Loss account
(refer Note 4).
4. For information on Joint Venture refer Schedule 20 to the Balance Sheet.
5. Taxation adjustments of previous years include interest, etc.
6. Previous year's figures have been regrouped/restated wherever necessary
to conform to this year's classification.
Notes to Balance Sheet:
1. Certain demands for increased wages, etc. received from workmen have
been referred to adjudication. In the opinion of the Company's management,
the ultimate liability to the Company, if any, with respect to such demands
would not have a material effect on the accounts.
2. DEFINED BENEFIT PLANS:
As per Actuarial Valuation as on 31st March, 2011 and recognised in the
financial statements in respect of Employee Benefit Schemes:
Rs. Crores
A B C D
I. Components of Employer
Expense:
(a) Current Service Cost 7.71 6.19 8.90 12.41
(b) Interest Cost 9.71 6.71 36.45 35.12
(c) Expected Return on Plan (6.80) (5.64) (7.57) (7.03)
Assets
(d) Curtailment Cost/(Credit) - - - -
(e) Settlement Cost/(Credit) - - - -
(f) Past Service Cost - 31.54 - -
(g) Acquisition/Divesture - - - -
(Gain)/Loss
(h) Actuarial (Gain)/Loss (2.78) (14.61) (37.60) (66.48)
(i) Total expense/(gain) 7.84 24.19 0.18 (25.98)
recognised in the
Profit & Loss Account
Note: * ((Gain) not recognised
in Profit and Loss account as
the funds are lying in an
Income Tax approved irrevocable
trust fund)
II. Net Asset/(Liability)
recognised in Balance Sheet as
at 31st March, 2011:
(a) Present Value of Obligation 134.12 123.21 436.45 476.85
as at 31st March, 2011
(b) Fair Value of Plan Assets (126.28) (99.02) (103.93) (108.50)
as at 31st March, 2011
(c) (Asset)/Liability recognised 7.84 24.19 332.52 368.35
in the Balance Sheet (Refer
note)
Note:* The excess of assets over
liabilities in respect of
Officer's Pension have not been
recognised as they are lying in
an Income Tax approved irrevocable
trust fund.
III. Change in Defined Benefit
Obligations (DBO) during the year
ended as on 31st March, 2011:
(a) Present Value of Obligation 123.21 101.78 476.85 545.88
as at 31st March, 2010
(b) Current Service Cost 7.71 6.19 8.90 12.41
(c) Interest Cost 9.71 6.71 36.45 35.12
(d) Curtailment Cost/(Credit) - - - -
(e) Settlement Cost/(Credit) - - - (0.09)
(f) Plan Amendments - 31.54 - -
(g) Acquisitions - - - (3.76)
(h) Actuarial (Gain)/Loss 6.39 (11.22) (34.42) (50.91)
(i) Benefits Paid (12.90) (11.79) (51.33) (61.80)
(j) Present Value of Obligation 134.12 123.21 436.45 476.85
as at 31st March, 2011
IV. Changes in the Fair value
of Plan Assets:
(a) Present Value of Plan Assets 99.02 101.78 108.50 115.00
as at 31st March, 2010
(b) Acquisition Adjustment - - - -
(c) Expected Return on Plan 6.80 5.64 7.57 7.03
Assets
(d) Actuarial Gain/(Loss) 9.17 3.39 3.18 11.80
(e) Assets distributed on - - - (0.09)
settlements
(f) Actual Company Contribution 24.19 - 36.01 36.56
(g) Benefits Paid (12.90) (11.79) (51.33) (61.80)
(h) Fair Value of Plan Assets 126.28 99.02 103.93 108.50
as at 31st March, 2011
V. Actuarial Assumptions:
(a) Discount Rate (per annum) 8.15% 7.75% 8.15% 7.75%
(b) Expected Rate of Return 7.00% 7.00% 7.00% 7.00%
on Assets (per annum)
(c) Annual Increase in N.A. N.A. N.A. N.A.
Healthcare Costs (per annum)
The estimates of future salary
increases, considered in
actuarial valuation, take
account of inflation, seniority,
promotion and other relevant
factors, such as supply and
demand in the employment market.
VI. Effect of Increase or
Decrease in Healthcare costs:
Effect of 1% increase in
Healthcare Costs on:
- the aggregate of service
cost and interest cost
- Defined Benefit Obligation
Effect of 1% decrease in
Healthcare Costs on:
- the aggregate of service
cost and interest cost
- Defined Benefit Obligation
VII. Percentage of each
Category of Plan Assets to
total Fair Value of Plan Assets
as at 31st March, 2011:
(a) Government of India 12.00% 16.00% - -
Securities
(b) Corporate Bonds 8.00% 13.00% - -
(c) Bank Deposits (Special - - - -
Deposit Scheme, 1975)
(d) Administered by Life 80.00% 71.00% 100.00% 100.00%
Insurance Corporation
of India
(e) Others - - - -
VIII. Experience Adjustments:
Defined Benefit Obligation 134.12 123.21 436.45 476.85
Plan Assets 126.28 99.02 103.93 108.50
Deficit/(Surplus) 7.84 24.19 332.52 368.36
Experience adjustments on 5.36 7.17 (30.41) (33.52)
plan liabilities
Experience adjustments on 9.17 3.39 3.18 11.80
plan assets
Rs. Crores
E F G H
I. Components of Employer
Expense:
(a) Current Service Cost 0.89 1.13 0.88 1.13
(b) Interest Cost 1.71 1.75 12.23 9.60
(c) Expected Return on Plan (4.78) (4.57) - -
Assets
(d) Curtailment Cost/(Credit) - - - -
(e) Settlement Cost/(Credit) - - - -
(f) Past Service Cost - - - -
(g) Acquisition/Divesture - - - -
(Gain)/Loss
(h) Actuarial (Gain)/Loss 3.53 (5.99) 2.76 4.44
(i) Total expense/(gain) 1.35 *(7.68) 15.87 15.17
recognised in the
Profit & Loss Account
Note: * ((Gain) not recognised
in Profit and Loss account as
the funds are lying in an
Income Tax approved irrevocable
trust fund)
II. Net Asset/(Liability)
recognised in Balance Sheet as
at 31st March, 2011:
(a) Present Value of Obligation 19.07 23.10 170.35 159.31
as at 31st March, 2011
(b) Fair Value of Plan Assets (64.84) (70.22) - -
as at 31st March, 2011
(c) (Asset)/Liability recognised -* -* 170.35 159.31
in the Balance Sheet (Refer
note)
Note:* The excess of assets over
liabilities in respect of
Officer's Pension have not been
recognised as they are lying in
an Income Tax approved irrevocable
trust fund.
III. Change in Defined Benefit
Obligations (DBO) during the year
ended as on 31st March, 2011:
(a) Present Value of Obligation 23.10 27.98 159.31 148.52
as at 31st March, 2010
(b) Current Service Cost 0.89 1.13 0.88 1.13
(c) Interest Cost 1.71 1.75 12.23 9.60
(d) Curtailment Cost/(Credit) - - - -
(e) Settlement Cost/(Credit) - - - -
(f) Plan Amendments - - - -
(g) Acquisitions - (0.18) - -
(h) Actuarial (Gain)/Loss 2.48 (4.14) 1.67 4.44
(i) Benefits Paid (9.11) (3.44) (3.74) (4.38)
(j) Present Value of Obligation 19.07 23.10 170.35 159.31
as at 31st March, 2011
IV. Changes in the Fair value
of Plan Assets:
(a) Present Value of Plan Assets 70.22 67.42 - -
as at 31st March, 2010
(b) Acquisition Adjustment - (0.18) - -
(c) Expected Return on Plan 4.78 4.57 - -
Assets
(d) Actuarial Gain/(Loss) (1.05) 1.85 (1.08) -
(e) Assets distributed on - - - -
settlements
(f) Actual Company Contribution - - 4.82 4.38
(g) Benefits Paid (9.11) (3.44) (3.74) (4.38)
(h) Fair Value of Plan Assets 64.84 70.22 - -
as at 31st March, 2011
V. Actuarial Assumptions:
(a) Discount Rate (per annum) 8.15% 7.75% 8.15% 7.75%
(b) Expected Rate of Return 7.00% 7.00% N.A. N.A.
on Assets (per annum)
(c) Annual Increase in N.A. N.A. 12.00% 12.00%
Healthcare Costs (per annum)
The estimates of future salary
increases, considered in
actuarial valuation, take
account of inflation, seniority,
promotion and other relevant
factors, such as supply and
demand in the employment market.
VI. Effect of Increase or
Decrease in Healthcare costs:
Effect of 1% increase in
Healthcare Costs on:
- the aggregate of service
cost and interest cost 1.26 1.12
- Defined Benefit Obligation 15.33 14.34
Effect of 1% decrease in
Healthcare Costs on:
- the aggregate of service (1.27) (1.16)
cost and interest cost
- Defined Benefit Obligation (14.07) (13.15)
VII. Percentage of each
Category of Plan Assets to
total Fair Value of Plan Assets
as at 31st March, 2011:
(a) Government of India - - - -
Securities
(b) Corporate Bonds - - - -
(c) Bank Deposits (Special - - - -
Deposit Scheme, 1975)
(d) Administered by Life 100.00% 100.00% - -
Insurance Corporation
of India
(e) Others - - - -
VIII. Experience Adjustments:
Defined Benefit Obligation 19.07 23.10 170.35 159.31
Plan Assets 64.84 70.22 - -
Deficit/(Surplus) (45.77) (47.12) 170.35 159.31
Experience adjustments on 5.62 (2.26) 2.18 6.34
plan liabilities
Experience adjustments on (1.05) 1.85 - -
plan assets
A = Gratuity - 2011
B = Gratuity - 2010
C = Management Pension - 2011
D = Management Pension - 2010
E = Officers Pension - 2011
F = Officers Pension - 2010
G = Post Retirement Medical Benefits - 2011
H = Post Retirement Medical Benefits - 2010
3. DERIVATIVE INSTRUMENTS:
The Company uses forward exchange contracts to hedge against its foreign
currency exposures relating to the underlying transactions and firm
commitments.The Company does not enter into any derivative instruments for
trading or speculative purposes. The forward exchange contracts
outstanding as at 31st March, 2011 are as under:
Currency exchange A B C D
a. Number of 'buy' contracts - 110 - -
- (88) - (15)
b. Aggregate 'buy' foreign currency amount - 9.98 - -
(Crores) - (7.45) - (1.08)
c. Number of 'sell' contracts 1 26 - -
(2) (45) - -
d. Aggregate 'sell' foreign currency 0.84 2.48 - -
amount (Crores) (0.87) (4.09) - -
Currency exchange E F G H
a. Number of 'buy' contracts 12 13 - -
(18) (4) - (2)
b. Aggregate 'buy' foreign currency amount 0.78 0.09 - -
(Crores) (0.72) (0.04) - (0.04)
c. Number of 'sell' contracts 7 - 4 -
(23) - (3) (1)
d. Aggregate 'sell' foreign currency 0.25 - 3.76 -
amount (Crores) (0.60) - (6.91) (0.01)
Currency exchange I J
a. Number of 'buy' contracts 3 5
- (2)
b. Aggregate 'buy' foreign currency amount 0.45 0.83
(Crores) - (0.02)
c. Number of 'sell' contracts - -
- -
d. Aggregate 'sell' foreign currency - -
amount (Crores) - -
A = GBP/INR
B = USD/INR
C = THB/USD
D = AUD/USD
E = EUR/USD
F = GBP/USD
G = JPY/USD
H = CAD/USD
I = CHF/USD
J = SEK/USD
(Figures in brackets pertain to 2009-10).
The foreign currency exposures not hedged as at the year end are as under:
Currency GBP USD THB AUD EUR JPY CAD CHF SEK
exchange
Net Unhedged 0.02 0.01 0.07 - 0.00 0.45 0.00 0.01 0.02
Exposure in (0.02) (0.03) - (0.01) (0.02) (0.09) (0.01) (0.01) (0.01)
currency
(Crores)
(Figures in bracket pertain to 2009-10).
4. PROVISIONS:
Rs. Crores
A B C D
Miscellaneous provisions 50.09 - (11.13) 38.96
2009-10 57.48 6.13 (13.52) 50.09
A = As at 1st April, 2010
B = Provision made during the year
C = Amounts utlised/reversed during the year
D = As at 31st March, 2011
Future cash outflow in respect of the above is determinable only on
occurrence of uncertain future events.
Rs. Crores
As at 31st March,
2011 2010
5. CONTINGENT LIABILITIES:
Claims made against the Company not acknowledged
as debts:
Income-tax matters 490.61 295.29
Sales tax matters-gross Rs.124.89 Crores
(2009-10: Rs.178.25 Crores) net of tax 83.34 119.04
Excise and Customs duty matters-gross Rs.77.39
Crores (2009-10: Rs.67.69 Crores) net of tax 51.64 45.20
Other matters-gross Rs.56.07 Crores (2009-10:
Rs.13.42 Crores) net of tax 37.41 8.96
Note:
Future cash outflows in respect of the above are determinable only on
receipt of judgements/decisions pending with various forums/ authorities.
6. MICRO AND SMALL SCALE BUSINESS ENTITIES:
There are no Micro and Small Enterprises, to whom the Company owes dues,
which are outstanding for more than 45 days as at 31st March, 2011. This
information as required to be disclosed under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent such
parties have been identified on the basis of information available with the
Company.
7. INTEREST IN JOINT VENTURE:
The Company's interest, as a venturer, in a jointly controlled entity
(Incorporated Joint Venture in India) is:
Name A B C
Kimberly - Clark Lever Private Limited India 50% 50%
A = Country of Incorporation
B = Percentage of ownership interst as at 31st March, 2011
C = Percentage of ownership interst as at 31st March, 2010
The Company's interest in this Joint Venture is reported as Long Term
Investment (Schedule 4) and stated at cost. However, the Company's share
of each of the assets, liabilities, income and expenses, etc. (each without
elimination of, the effect of transactions between the Company and the
joint venture) related to its interest in this joint venture, based on
director certified financial statements are:
Rs. Crores
As at 31st March,
2011 2010
1. ASSETS:
1. Fixed Assets (including CWIP) 18.22 18.58
2. Current Assets, Loans and Advances:
a) Inventories 26.93 17.00
b) Sundry Debtors 3.04 3.91
c) Cash and Bank Balances 41.49 35.59
d) Other Current Assets 1.19 0.93
e) Loans and Advances 6.19 4.90
f) Debit balance in P&L Account 5.44 -
II. LIABILITIES:
1. Secured Loans - -
2. Deferred Tax Net (1.08) (1.29)
3. Current Liabilities and Provisions:
a) Liabilities (65.17) (37.27)
b) Provisions - -
Rs. Crores
For the year ended
31st March,
2011 2010
III. INCOME:
1. Sales (net of excise duty) 126.19 93.29
2. Other Income 3.33 5.30
IV. EXPENSES:
1. Operating Expenses (139.19) (97.76)
2. Depreciation (2.08) (2.10)
3. Provision for Taxation (including deferred
taxation) 0.21 0.17
V. OTHER MATTERS:
1. Contingent Liabilities 17.05 -
2. Capital Commitments - 1.31
8. Previous year's figures have been regrouped wherever necessary to
conform to this year's classification.
Statements forming part of the Profit and Loss Account:
1. LICENSED/INSTALLED ANNUAL CAPACITIES ON SINGLE SHIFT BASIS (UNLESS
OTHERWISE STATED):
A B C D
Soaps 397138 397138 182917 170250
Synthetic detergents (f) 1209172 1209172 292680 313347
Personal products 332190 307524 128524 128358
Glycerine 15286 15286 6667 6667
Fabric softener 2833 2833 - -
Fatty acids 96833 96833 65000 81667
Perfumery and cosmetic
products 299000000 299000000 55000000 55000000
(units)*
Perfumery and cosmetic
products* 3022 3022 - -
Packet Tea below 1kg and tea
bags* 5000 5000 - -
Instant Tea/Coffee 9833 9833 4553 4553
Frozen Surimi, Fresh and
Frozen fish, Mollusees etc.* 16500 16500 16500 16500
Ice-cream/Frozen desserts
(Million Litres)* (g) 61 61 20 20
Packed Tea* N.A. N.A. 137747 160750
Packed Coffee* N.A. N.A. 22060 22060
Scourers N.A. N.A. 43569 43569
Surface Cleaners (Litres)* N.A. N.A. 10000000 10000000
Water Batteries (Million units) 17 17 4 4
Processed Foods 7269 7269 2417 1667
Canned and Processed Fruits
and Vegetables 42969 42969 16471 14983
A = Licensed/IEM Capacity As at 31st March, 2011 Tonnes
B = Licensed/IEM Capacity As at 31st March, 2010 Tonnes
C = Installed Capacity As at 31st March, 2011 Tonnes
D = Installed Capacity As at 31st March, 2010 Tonnes
a) N.A. - Signifies the Non Scheduled activities for which Industrial
License / IEMs are not required.
b) Licensed capacities include registered capacities of industrial
activities existing prior to the Industries (Development and Regulation)
Act, 1951 and capacities as shown in the Industrial Entrepreneurs
Memorandum (IEM) filed with the Government pursuant to notification no.
477(E) dt.27.07.1991 under the said act.
c) The installed capacities are as per certificate given by a Director on
which the auditors have relied.
d) The capacity mentioned is annual capacity based on maximum utilisation
of plant and machinery.
e) Licensed and installed capacities for the year indicated above include
capacities of entities post merger and closed units.
f) Synthetic detergents includes Laundry Soap Capacities.
g) Ice-creams and Frozen Desserts are alternate capacities.
h) Figures of Licensed / IEM Capacities have been corrected based on the
available Licenses / IEMs.
i) * Represent capacities on 3 shift basis.
Tonnes
For the year ended
31st March,
2011 2010
2. PRODUCTION:
Soaps ('Million nos.) 3,501** 3,216**
Synthetic detergents 936,865** 789,674**
Personal Products ('000 nos.) 9,166,942 6,440,022
Glycerine: Refined - 4,898**
Packed Tea 94,071** 90,104**
Instant Tea 1,347 810
Packed Coffee 15,108** 13,631**
Canned and Processed Fruits and Vegetables 48,189** 36,249**
Frozen Desserts & Ice cream (Million Litres) 18 16
Water Batteries ('000 units) 2,857 3
** Includes:
a) Third party processing:
Soaps - 227 Million Nos. (2009-10: 229 Million Nos.), Synthetic detergents
- 422,192 tonnes (2009-10: 367,486 tonnes), Personal Products ('000 Nos.)
- 545,687 (2009-10: 618,155) Glycerine: Refined - Nil (2009-10: 2,506
tonnes), Packed Tea -18,018 tonnes (2009-10: 9,399 tonnes), Packed Coffee
- 4,865 tonnes (2009-10: 5,138 tonnes), Canned and Processed Fruits and
Vegetables - 27,018 tonnes (2009-10: 21,475 tonnes).
3. SALES (INCLUDING EXPORTS):
For the year ended
31st March, 2011 31st March, 2010
Tonnes Rs. Tonnes Rs.
Crores Crores
Soaps ('Million nos.) 3855 3939.71 3554 3727.28
2* 17*
Synthetic detergents 1416766 4160.10 1184997 3909.23
455* 4004*
Personal Products ('000 nos.) 17296730 5926.17 15027047 5107.33
11213* 128351*
Tea 94719 2097.50 93924 1925.14
113*
Frozen Desserts & Ice
Creams (Million Litres) 23 271.95 22 228.94
Processed triglycerides/
hydrogenated oils/
vanaspati 1728 15.13 1683 14.99
Canned and Processed
Fruits and Vegetables 53398 575.71 41252 427.27
24*
Branded Staple Foods (a) 176268 338.89 187214 324.22
Speciality Chemicals (b) 10 1.04 3075 12.49
4782*
Others (c) 2074.91 1846.91
19401.11 17523.80
Note:
a) Branded staple foods includes breads, wheat flour, iodised salt and rice
in consumer packs.
b) Speciality Chemicals comprises Glycerine and Fine Chemicals.
c) Others includes Coffee, Scourers, Marine products, Agri commodities,
Water, Ayush services etc.
* Figures denote quantities used for captive consumption/ reprocessing/
sales promotion.
4. CLOSING STOCKS (including processed chemicals):
31st March, 31st March,
2011 2010
Tonnes Rs. Tonnes Rs.
Crores Crores
Soaps ('Million nos.) 426 345.69 403 306.20
Synthetic detergents 64775 203.38 62693 179.34
Personal Products ('000 nos.) 1837774 411.26 1409927 302.48
Tea 8683 122.88 7323 105.87
Others 228.96 165.53
1312.17 1059.42
31st March,
2009
Tonnes Rs.
Crores
Soaps ('Million nos.) 400 270.30
Synthetic detergents 65302 180.97
Personal Products ('000 nos.) 1677502 378.66
Tea 8471 109.03
Others 162.25
1101.21
31st March, 31st March,
2011 2010
Tonnes Rs. Tonnes Rs.
Crores Crores
5 RAW MATERIALS CONSUMED@:
Oils, fats and rosins 246492 1163.65 212851 829.25
Chemicals and perfumes 1216780 2907.06 1082781 2514.26
Tea 92381 1112.98 90756 1057.62
Others 680.47 851.13
5864.16 5252.26
@ Relates to the Company's main products and principal raw materials.
31st March, 31st March,
2011 2010
% Rs. % Rs.
Crores Crores
6. VALUE OF IMPORTED AND
INDIGENOUS MATERIALS
CONSUMED:
Raw materials:
- Imported 19 1125.99 19 977.72
- Indigenous 81 4738.17 81 4274.54
Spare parts and components:
(including stores):
- Imported 19 28.30 14 14.97
- Indigenous 81 118.64 86 88.39
7. VALUE OF IMPORTS ON CIF BASIS (excluding purchases from canalising
agencies and imported items purchased locally):
Rs. Crores
For the year ended
31st March,
2011 2010
Raw and packing materials 1,246.19 822.27
Spare parts and components 30.61 14.21
Capital goods 39.08 114.99
1,315.88 951.47
31st March, 31st March,
2011 2010
Tonnes Rs. Tonnes Rs.
Crores Crores
8. PURCHASE OF GOODS:
Processed triglycerides 1729 11.70 1682 10.55
Soaps ('Million nos.) 379 394.51 358 366.15
Synthetic detergents 482438 1053.05 396719 868.37
Personal Products ('000 nos.) 8568848 808.61 8447802 619.76
Frozen Desserts & Ice-creams
(Million Ltrs.) 7 35.85 6 23.14
Tea 774 11.23 2221 20.79
Others (Scourers, edible oils
and fats, etc.) 775.66 582.33
Total 3090.61 2491.09
Less: Excise duty on purchases (272.48) (199.35)
2818.13 2291.74
Rs. Crores
For the year ended
31st March,
2011 2010
9. EARNINGS IN FOREIGN EXCHANGE:
Exports at FOB (including exports to
Nepal and Bhutan) 1,058.92 955.14
Others (income from services,
freight, insurance, claims, etc.) 369.32 345.12
1,428.24 1,300.26
10. EXPENDITURE IN FOREIGN CURRENCY
(on payment basis) (subject to
deduction of tax where applicable):
Consultancy 27.96 26.32
Royalty 80.71 85.20
Other matters:
a) Imports of goods for resale 152.04 139.32
b) Others 110.36 104.43
371.07 355.27
For the year ended For the year ended
31st March, 2011 31st March, 2010
Rs. Crores USD Crores Rs. Crores USD Crores
31st March, 31st March,
2011 2010
Rs. USD Rs. USD
Crores Crores Crores Crores
11. NET DIVIDEND REMITTED IN
FOREIGN CURRENCY:
2008-09 Final to 7 shareholders
on 1,134,849,460 shares of Re.1
each - - 453.94 9.17
2009-10 Interim to 7
shareholders on 1,134,849,460
shares of Re.1 each - - 340.45 7.23
2009-10 Final to 7 shareholders
on 1,134,849,460 shares of Re.1
each 397.20 8.50 - -
2010-11 Interim to 7
shareholders on 1,134,849,460
shares of Re.1 each 340.45 7.64 - -
737.65 16.14 794.39 16.40
12. Previous year's figures have been regrouped wherever necessary to
conform to this year's classification.
Rs. Crores
For the year ended
31st March,
2011 2010
13. DIRECTORS' REMUNERATION:
Salaries 5.40 11.31
Performance Linked Bonus/Commission to
Wholetime Directors 4.01 2.43
Commission to Non-Wholetime Directors 0.40 0.25
Contribution to provident fund 0.54 0.51
Other perquisites 4.87 1.43
15.22 15.93
Note:
1. Provisions for contribution to employee retirement / post retirement and
other employee benefits which are based on actuarial valuations done on an
overall Company basis are excluded above.
2. Performance bonus is for the year 2010, paid subsequent to year end.
Computation of net profits in accordance with Section 198 of the Companies
Act, 1956 and the commission payable to directors:
Rs. Crores
For the year ended
31st March, 2011 31st March, 2010
Net Profit after
taxation 2,305.97 2,202.03
Add: Depreciation and
impairment (as per
accounts) 243.35 184.03
Directors' remuneration 15.22 15.93
Directors' sitting fees 0.10 0.13
Provision/(write back)
for doubtful debts and
advances (net) (22.44) (1.33)
Book deficit/(surplus)
on fixed assets sold,
scrapped, etc. (net) 5.93 7.19
Loss/(Surplus) on
disposal of current
investments (net) (60.21) (19.54)
Provision for diminution
in value of investment/
advances in subsidiaries - (52.10)
Profit arising on
disposal of a long-term
trade investments (40.63) (95.99)
Profit arising from
disposal of unused land
and building (including
residential properties) (141.05) (91.01)
Profit on disposal of
assets of business - (2.20)
Taxation for the year
(after considering
exceptional items) 631.04 617.48
631.31 562.59
2,937.28 2,764.62
Less:
Depreciation 243.35 184.03
Deficit/(Surplus) on
disposal of fixed
assets (net) 5.93 7.19
249.28 191.22
Net profit for Section
198 of the Companies
Act, 1956 2,688.00 2,573.40
Commission to Non-
Wholetime Directors at
1% 26.88 25.73
Commission to
Wholetime Directors
at 5x% 134.40 128.67
Commission payable for
the year 4.41 2.68
Segment Information:
(Rs. Crores)
A B C
REVENUE:
Soaps and Detergents 8,791.56 8,791.56
Personal Products 5,844.10 5,844.10
Beverages 2,343.97 2,343.97
Foods 902.57 902.57
Ice Creams 274.58 274.58
Exports 1,099.65 1,099.65
Other Operations 438.03 - 438.03
Total Segment 19,694.46 - 19,694.46
Eliminations -
Total Revenue (see note 3 to
Segment Information) 19,694.46
RESULT:
Soaps and Detergents 834.06
Personal Products 1,494.81
Beverages 357.76
Foods 12.88
Ice Creams 19.45
Exports 91.55
Other Operations (74.95)
Total Segment 2,735.56
Total Consolidated 2,735.56
Un-allocated expenditure
net of un-allocated income (257.08)
Operating Profit 2,478.48
Interest expense (0.24)
Interest/dividend income
and surplus on disposal of
investments 251.94
Taxation for the year
(including adjustments
of previous years) (576.93)
Profit after taxation and
before exceptional/extra-
ordinary items 2,153.25
Exceptional items-income/
(expenditure)-Segment:
Soaps and Detergents 14.09
Personal Products 9.73
Beverages 2.77
Foods 12.82
Ice Creams 0.46
Exports 7.39
Other Operations 0.66
47.92
Exceptional items-income/
(expenditure)-Unallocated/
Corporate 158.91
Extra-ordinary item-income/
(expenditure)-Unallocated/
Corporate -
Tax charge (net) (54.11)
Net Profit 2,305.97
(Rs. Crores)
D E F
REVENUE:
Soaps and Detergents 8,265.64 8,265.64
Personal Products 5,047.90 5,047.90
Beverages 2,142.43 2,142.43
Foods 730.78 730.78
Ice Creams 231.00 231.00
Exports 1,005.25 1,005.25
Other Operations 342.87 3.85 346.72
Total Segment 17,765.87 3.85 17,769.72
Eliminations (3.85)
Total Revenue (see note 3
to Segment Information) 17,765.87
RESULT:
Soaps and Detergents 1,185.27
Personal Products 1,296.52
Beverages 319.75
Foods 4.44
Ice Creams 12.69
Exports 58.58
Other Operations (72.02)
Total Segment 2,805.23
Total Consolidated 2,805.23
Un-allocated expenditure
net of un-allocated income (239.29)
Operating Profit 2,565.94
Interest expense (6.98)
Interest/dividend income
and surplus on disposal of
investments 148.11
Taxation for the year
(including adjustments of
previous years) (604.39)
Profit after taxation and
before exceptional/extra-
ordinary items 2,102.68
Exceptional items-income/
(expenditure)-Segment
Soaps and Detergents (119.65)
Personal Products 0.27
Beverages (1.15)
Foods (1.20)
Ice Creams (0.09)
Exports (4.67)
Other Operations (0.13)
(126.62)
Exceptional items-
income/(expenditure)-
Unallocated/Corporate 182.07
Extra-ordinary item-
income/(expenditure)-
Unallocated/Corporate 56.99
Tax charge (net) (13.09)
Net Profit 2,202.03
A = For the year ended 31st March, 2011 - External
B = For the year ended 31st March, 2011 - Inter-segment
C = For the year ended 31st March, 2011 - Total
D = For the year ended 31st March, 2010 - External
E = For the year ended 31st March, 2010 - Inter-segment
F = For the year ended 31st March, 2010 - Total
Rs. Crores
A B C D
OTHER INFORMATION:
Soaps and Detergents 2593.22 2221.37 (2969.45) (2516.09)
Personal Products 1492.67 1317.98 (1347.65) (1163.23)
Beverages 922.41 783.74 (580.24) (534.09)
Foods 354.29 209.20 (279.13) (224.50)
Ice Creams 168.98 153.79 (112.83) (105.22)
Exports 518.77 470.58 (323.16) (281.66)
Other Operations 108.77 81.20 (137.40) (131.17)
Total 6159.11 5237.86 (5749.86) (4955.96)
Unallocated Corporate
Assets/(Liabilities) 4064.00 4281.18 (1839.33) (1979.56)
Total Assets/
(Liabilities) 10223.11 9519.04 (7589.19) (6935.52)
A = Segment Assets - As at 31st March, 2011
B = Segment Assets - As at 31st March, 2010
C = Segment Liabilities - As at 31st March, 2011
D = Segment Liabilities - As at 31st March, 2010
Rs. Crores
A B C D E F
Soaps and Detergents 59.11 74.78 80.84 75.42 12.70 32.96
Personal Products 59.81 272.35 59.13 36.46 5.28 19.38
Beverages 23.57 17.21 14.12 8.93 3.27 7.41
Foods 39.15 12.31 1.15 4.00 3.28 7.01
Ice Creams 17.56 10.01 6.85 6.63 0.22 0.81
Exports 6.60 2.77 13.82 14.72 0.22 8.87
Other Operations 10.55 0.20 3.48 0.69 0.39 2.63
Unallocated Corporate
Assets/(Liabilities) 94.96 182.05 41.44 37.18 - -
A = Capital Expenditure - For the year ended 31st March, 2011
B = Capital Expenditure - For the year ended 31st March, 2010
C = Depreciation - For the year ended 31st March, 2011
D = Depreciation - For the year ended 31st March, 2010
E = Non-Cash expenses other than depreciation - For the year ended 31st
March, 2011
E = Non-Cash expenses other than depreciation - For the year ended 31st
March, 2010
Information about Secondary Business Segments:
Rs. Crores
For the year ended
31st March,
2011 2010
REVENUE BY GEOGRAPHICAL MARKET:
India 18,307.99 16,526.93
Outside India 1,386.47 1,238.94
Total 19,694.46 17,765.87
ADDITIONS TO FIXED ASSETS AND INTANGIBLE
ASSETS:
India 216.36 389.63
Outside India - -
Total 216.36 389.63
CARRYING AMOUNT OF SEGMENT ASSETS:
India 6,159.11 5,237.86
Outside India - -
Total 6,159.11 5,237.86
Notes:
1. Business Segments:
The Company has considered business segment as the primary segment for
disclosure. The products included in each of the reported domestic
business segments are as follows:
- Soaps and Detergents include soaps, detergent bars, detergent powders,
detergent liquids, scourers, etc.
- Personal Products include products in the categories of Oral Care, Skin
Care (excluding soaps), Hair Care, Deodorants, Talcum Powder, Colour
Cosmetics, Ayush services, etc.
- Beverages include tea and coffee.
- Foods include Branded Staples (Atta, Salt, Bread, etc.) and Culinary
Products (tomato based products, fruit based products, soups, etc.)
- Ice Creams include Ice Creams and Frozen Desserts.
- Others include Chemicals, Water business, etc.
Segment Revenue relating to each of the above domestic business segments
includes Income from Services provided, where applicable. In addition, the
Company's Exports business segment includes sales of Marine Products etc.
as well as sales of Soaps and Detergents, Personal Products, Beverages and
Foods, etc.
The above business segments have been identified considering:
a) the nature of products and services
b) the differing risks and returns
c) the internal organisation and management structure, and
d) the internal financial reporting systems
2. Geographical Segments:
The geographical segments considered for disclosure are as follows:
- Sales within India includes sales to customers located within India.
- Sales outside India includes sales to customers located outside India.
- The carrying amount of segment assets in India and Outside India is based
on geographical location of assets.
3. Revenue comprises:
Rs. Crores
For the year ended
31st March,
2011 2010
Sales 19,401.11 17,523.80
Income from services rendered (included
in Other Income) 293.35 242.07
19,694.46 17,765.87
4. Previous year's figures have been regrouped wherever necessary to
conform to this year's classification.
Related Party Disclosures:
For the year ended 31st March, 2011:
A. ENTERPRISES WHERE CONTROL EXISTS:
(i) Holding Company:
Unilever PLC
(ii) Subsidiaries:
Brooke Bond Real Estates Private Limited
Daverashola Estates Private Limited
Hindlever Trust Limited
Hindustan Field Services Private Limited
Jamnagar Properties Private Limited
Lakme Lever Private Limited
Levers Associated Trust Limited
Levindra Trust Limited
Pond's Exports Limited
Unilever India Exports Limited
Unilever Nepal Limited
B. OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS, ETC.:
(i) Fellow Subsidiaries:
Binzagr Lever Limited, Arabia
Brooke Bond Assam Estates Limited
Brooke Bond Group Limited
Brooke Bond South India Estates Limited
Conopco, Inc.
Digital Securities Private Limited
Fine Tea Company
Fine Tea Egypt
Hefei Lever Detergents Co. Limited, China
Lever Arabia Limited
Lever Brothers Bangladesh Limited
Lever Brothers Nigeria Limited
Lever Brothers Pakistan Limited
Lever Chile S.A.
Lever Egypt SAE
Lever Faberge Deutschland GmbH
Lever Faberge France
Lever Faberge UK
Lever Israel
Lipton Limited (Head Office)/
Lipton Tea Supply Limited
Lipton Soft Drinks (Ireland)
Nippon Lever K.K.
PT Unilever Indonesia TBK
Sagit SPA, Italy
Severn Gulf FZE
Unilever (China) Limited
Unilever (Malaysia) Holdings Sdn Berhad
Unilever Algerie Unilever Asia Private Limited
Unilever Australia Export Pty. Limited
Unilever Australia Limited
Unilever Best Foods, Vietnam
Unilever Bestfoods & Elida P/S (Vietnam) Limited
Unilever Bestfoods Benelux B.V. Netherlands
Unilever Brasil Limited
Unilever Canada Inc.
Unilever Ceylon Limited
Unilever Cote d'Ivoire
Unilever De Argentina SA
Unilever De Mexico De RL
Unilever Deutschland GmbH
Unilever Ethiopia
Unilever Foods Espana, S.A. Division Frigo
Unilever France S.A.
Unilever Ghana Limited
Unilever Gulf Free Zone Establishment, Arabia
Unilever Hellas
Unilever Hong Kong Limited
Unilever Industries Private Limited
Unilever International Paris
Unilever Iran P.J.S.C.
Unilever Japan
Unilever Kenya Limited
Unilever Korea
Unilever Maghreb Export SA, Tunisia
Unilever Market Development SA
Unilever Market Limited
Unilever Mashreq - Foods
Unilever N.V.
Unilever New Zealand Limited
Unilever Nigeria
Unilever Overseas Holdings AG
Unilever Overseas Holdings B.V.
Unilever Pakistan
Unilever Polska
Unilever Port Sunlight
Unilever Research Laboratory, Colworth House
Unilever Research Laboratory, Port Sunlight
Unilever Sanayi ve Ticaret Turk A.S.
Unilever Singapore Pte Limited
Unilever SNG, Russia
Unilever South Africa (Pty.) Limited
Unilever South Central Europe
Unilever South Korea
Unilever Supply Chain Company
Unilever Taiwan Limited
Unilever Tanzania Limited
Unilever Tea Kenya Limited
Unilever Thai Holding Limited
Unilever Thai Trading Limited
Unilever Tuketim Urunleri Sat Pazarlama
Ticaret A.S.
Unilever U.K. Central Resources Limited
Unilever Uganda Limited
Unilever UK & CN Holdings, UK
Unilever Vietnam
Unilex Cameroon S.A.
Unilever China Investment Company
Unilever Andina Bolivia
Unilever Andina Colombia Limited
Unilever Lipton Ceylon Limited
Unilever Mozambique LDA
Unilever Peru S.A.
Unilever Philipines (Prc), Inc.
Unilever Sri Lanka Limited
Unilever Trading LLC
Unilever Istanbul
AL Gurg Unilever LLC
Unilever Bangladesh Limited
Unilever Australasia
(ii) Joint Venture:
Kimberly Clark Lever Private Limited
(iii) Associate:
Capgemini Business Services (India) Limited (upto 25th March, 2010)
(iv) Key Management Personnel:
Harish Manwani
D. Sundaram (upto July, 2009)
Leena Nair
Hemant Bakshi
Dhaval Buch (upto February, 2010)
Pradeep Banerjee (from March, 2010)
Nitin Paranjpe
Ashok Gupta (upto March, 2010)
Shrijeet Mishra Sridhar Ramamurthy
Gopal Vittal
Dev Bajpai (from June, 2010)
(v) Employees' Benefit Plans where there is significant influence:
Hindustan Lever Gratuity Fund
The Hind Lever Pension Fund
The Union Provident Fund
Disclosure of transactions between the Company and Related Parties and the
status of outstanding balances as on 31st March, 2011:
Rs. Crores
For the year ended
31st March,
2011 2010
Holding Company:
Dividend paid 516.62 556.36
Royalty expense (gross) 265.96 155.27
Income from services rendered 293.35 238.79
Outstanding as at the year end:
- Receivables - 12.90
- Payables 117.26 -
Subsidiaries:
Sale of finished goods/raw materials etc. 18.04 17.54
Income from services rendered 1.42 0.40
Sale of fixed assets 0.53 1.45
Royalty received 0.58 0.14
Management fees Paid 11.12 7.74
Non Compete fees received - 1.10
Expenses shared by subsidiary companies 0.72 0.72
Expenses for services received 132.87 51.01
Consultancy charges - 0.82
Dividend received 25.76 20.80
Deposits transferred to - 0.78
Employee loans transferred to - 0.01
Employee loans transferred from - 0.05
Interest received 1.94 0.75
Rent received 0.88 0.42
Purchase of DEPB Licences 0.65 1.44
Rent paid 0.12 0.12
Inter Corporate Deposits advanced during the year 3.50 9.65
Investment in equity shares 24.90 5.15
Outstanding as at the year end:
- Deposits 16.57 16.57
- Receivables 23.81 18.62
- Payables 17.37 6.53
Fellow Subsidiaries:
Sale of finished goods/raw materials etc. 702.50 570.55
Rent Received 1.10 1.10
Other recoveries 15.13 16.11
Expenses shared by fellow subsidiaries 0.08 32.58
Purchase of finished goods/raw materials etc. 336.14 252.66
Dividend paid 221.03 238.03
Royalty expense 2.94 2.60
Purchase of Tangible Fixed Assets 6.27 -
Software development and procurement of licenses 4.66 16.61
Maintenance and support costs for licences and
software 2.04 3.42
Outstanding as at the year end:
- Receivables 146.21 97.41
- Payables 178.83 128.33
Joint Venture:
Purchase of finished goods/raw materials etc. 251.28 199.34
Disclosure in respect of transactions which are more than 10% of the total
transactions of the same type with related parties during the year:
Rs. Crores
For the year ended
31st March,
2011 2010
Other income 4.53 5.13
Sale of Finished Goods 0.34 -
Dividend received - 2.54
Outstanding as at the year end:
- Receivables 29.99 5.09
Associate:
Expenses for services received - 43.61
Key Management Personnel:
Remuneration 22.47 21.98
Rent paid - 0.44
Dividend paid 0.09 0.08
Employees' Benefit Plans where there is significant
influence:
Contributions during the year 38.33 44.53
Outstanding receivables at the year end 4.33 6.67
Other income:
Kimberly Clark Lever Private Limited 4.53 5.13
Dividend paid:
Unilever PLC 516.62 556.36
Royalty expense (gross):
Unilever PLC 265.96 155.27
Income from services rendered:
Unilever PLC 293.35 238.79
Expenses for services received:
Hindustan Field Services Private Limited 132.87 50.38
Capgemini Business Services (India) Limited - 43.61
Consultancy charges:
Lakme Lever Private Limited - 0.71
Pond's Exports Limited - 0.11
Remuneration:
Nitin Paranjpe 7.92 3.19
Sridhar Ramamurthy 2.75 1.88
Gopal Vittal 2.14 2.48
Dhaval Buch - 1.76
D. Sundaram - 6.38
Purchase of DEPB Licences:
Pond's Exports Limited 0.65 1.44
Maintenance and support costs for licences and
software:
Unilever N.V. 2.04 2.39
Unilever Singapore Pte Limited - 1.03
Software development and procurement of licenses:
Unilever Singapore Pte Limited - 11.14
Unilever N.V. 4.66 5.47
Employee loans transferred to:
Hindustan Field Services Private Limited - 0.01
Employee loans transferred from:
Hindustan Field Services Private Limited - 0.05
Deposits transferred to:
Lakme Lever Private Limited - 0.78
Contributions during the year:
The Union Provident Fund 20.80 23.93
The Hind Lever Pension Fund 17.53 20.46
Hind Lever Gratuity Fund - 0.14
Other recoveries:
Unilever Asia Private Limited 15.13 16.11
Outstanding as at the year end-Deposits:
Unilever India Exports Limited 16.57 16.57
Outstanding as at the year end-Receivables:
Unilever PLC - 12.90
Kimberly Clark Lever Private Limited 29.99 5.09
Outstanding as at the year end-Payables:
Unilever N.V. 48.94 33.78
Unilever Supply Chain Company 56.06 26.67
Unilever Asia Private Limited 8.65 21.43
Unilever Australia Limited 0.68 20.04
Lipton Limited UK 13.43 15.05
Unilever PLC 117.26 -
Sale of finished goods/raw materials etc.:
Unilever Asia Private Limited 91.63 15.23
Unilever Gulf Free Zone Establishment, Arabia 172.43 134.64
Unilever Australia Limited - 73.96
Sale of fixed assets:
Unilever Nepal 0.53 -
Lakme Lever Private Limited - 1.42
Expenses shared by subsidiary companies/fellow
subsidiary companies:
Unilever Supply Chain Company - 32.52
Pond's Exports Limited 0.72 0.66
Dividend received:
Unilever Nepal Limited 25.76 20.70
Kimberly Clark Lever Private Limited - 2.54
Interest received:
Pond's Exports Limited 0.69 0.60
Lakme Lever Private Limited 1.23 0.10
Rent received:
Unilever Industries Private Limited 1.10 1.10
Hindustan Field Services Private Limited 0.88 0.42
Royalty received:
Lakme Lever Private Limited 0.58 0.14
Management fees Paid:
Lakme Lever Private Limited 11.12 7.74
Non Compete fees received:
Lakme Lever Private Limited - 1.10
Purchase of Tangible Fixed Assets:
Unilever De Mexico De RL 0.92 -
Unilever De Argentina SA 2.15 -
Unilever China Investing Company 3.20 -
Purchase of finished goods/raw materials etc.:
Kimberly Clark Lever Private Limited 251.28 199.34
Unilever Supply Chain Company 145.70 86.85
Unilever Australia Limited 30.73 64.87
Unilever Asia Private Limited 87.43 49.37
Rent paid:
Ashok Gupta - 0.43
Unilever India Exports Limited 0.12 0.12
D. Sundaram - 0.01
Investment in equity shares:
Pond's Exports Limited 10.10 -
Lakme Lever Private Limited 14.80 5.15
Inter Corporate Deposits advanced during the
year:
Lakme Lever Private Limited 1.90 9.50
Pond's Exports Limited 1.50 -
In terms of our report of even date
For Lovelock & Lewes
Firm Registration No.: 301056E
Chartered Accountants
Sharmila A. Karve
Partner
Membership No.: 43229
Place: Mumbai
Dated: 9th May, 2011
Nitin Paranjpe Sridhar Ramamurthy
Managing Director and CEO Executive Director (Finance & IT)
and CFO
D.S. Parekh Dev Bajpai
Chairman-Audit Committee Executive Director Legal &
Company Secretary
Vivek Subramanian
Group Controller
Place: Mumbai
Dated: 9th May, 2011
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