DABUR NEPAL PRIVATE LIMITED - Dabur India Limited
DABUR NEPAL PRIVATE LIMITED - Dabur India Limited
DABUR NEPAL PRIVATE LIMITED - Dabur India Limited
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<strong>DABUR</strong> <strong>NEPAL</strong> <strong>PRIVATE</strong> <strong>LIMITED</strong><br />
Annual Report for the financial year ended 31st March, 2009
Contents<br />
Director’s Report 1<br />
Auditor’s Report 4<br />
Balance Sheet 6<br />
Profit & Loss Account 7<br />
Statement of Cash Flow 8<br />
Schedules 9<br />
Accounting Policies & Notes to Accounts 14
DIRECTOr’s RepoRT<br />
To,<br />
The Members,<br />
This report presented by your Directors in respect of Financial year ended on 31st March 2009 has been made out for the limited<br />
purpose in terms of section 212(2)(b) of <strong>India</strong>n Companies Act,1956. Pursuant to section 212(2)(a) and section 212(2)(b) of <strong>India</strong>n<br />
Companies Act, the Balance Sheet of <strong>Dabur</strong> Nepal Private <strong>Limited</strong> as on 31st March 2009 and the Profit & loss Account for the year<br />
ended on that date dealt with by this report have also been made out in accordance with the requirement of <strong>India</strong>n Companies Act<br />
1956,which have been certified by an <strong>India</strong>n firm of Chartered Accountants thereby making out the audit report thereof in accordance<br />
with the requirements of <strong>India</strong>n Companies Act,1956.<br />
FINANCIAL RESULTS<br />
The Financial results of drawn in accordance with <strong>India</strong>n Companies Act are as follows:<br />
(Rs in lacs)<br />
Particulars 2008-09 2007-08<br />
Sales (inclusive Other Income) 27,333.35 24,639.97<br />
Profit before Tax 17.52 566.74<br />
Less: Provision for Tax-current 2.74 125.93<br />
Net profit after tax 14.78 440.81<br />
Balance brought forward 5,467.50 5,039.09<br />
Additional Provision Related to Earlier Years<br />
Income Tax Adjustment for Previous Years 12.40 12.40<br />
Other Adjustment for Previous Years - 2.24<br />
Profit available for appropriation 5469.88 5467.50<br />
Appropriation/allocation:Interim DividendTransferred<br />
-- --<br />
to general reserve<br />
Balance carried over to balance sheet 5469.88 5467.50<br />
OPERATIONS AND ACTIVITY<br />
During the year, the Domestic Sales of your Company has been increased by 11.1%. This growth in sales is achieved despite of the 1<br />
month long factory closure during the month of August – September 2008.<br />
In retrospect to FY 2008-09, the recession has crippled the world economy. As a result of this, the commodity prices touched sky<br />
high with the price of crude oil crossing USD 140 per barrel. Similarly, the cost of other inputs has also increased. Further, during<br />
the year, there was huge appreciation in the value of USD, resulting in huge exchange loss to the Company. As a result of these<br />
factors, the Profit after Tax of your Company has decreased significantly.<br />
FUTURE OUTLOOK<br />
The Global economy is passing through the severe recession. The market demand worldwide has reduced sharply affecting the world<br />
economy negatively, and Nepal is also not an exception to this. Despite of these negative factors, your Company has a very proactive<br />
business plans, and taken sufficient measures to ensure the healthy sales and profit growth along with sound financial health.<br />
EXPANSION/MODERNIZATION<br />
During the year, your Company has carried out the residue activities of the completion of projects initiated in FY 2007-08, and<br />
accordingly has completed the TBA 22 project. Further, project for expansion of Storage space and upgradation of Laboratory<br />
Equipments has been carried out.<br />
MEDICINAL PLANTS PROJECT<br />
Your Company has achieved self sufficiency in endangered spices like Akarkara, Chiraita and Shatavari during this financial year, and<br />
has started to explore the export market for these products for selling surplus materials. In this regard, your Company has displayed<br />
all of its cultivated produce in the World Herbal Fair held in Dubai in the month of November 2008.<br />
As a measure of Public Private Partnership (PPP), Memorandum of Understanding with Institute of Forestry, Hetauda (Ministry of<br />
Forests) has been entered into for establishing Trial and Demonstration of medicinal and aromatic plants at the Institute premises<br />
and Chitwan Forest User Groups. This initiation will help to reduce the cost of growing these plants since we need not have to pay<br />
rent for utilization of Land, and will also help to generate extra revenue since this module of operation has been entered into in the<br />
profit sharing basis.<br />
1
DIRECTORS<br />
During the year, Mr. C. Mohan, Director had resigned from the directorship of the Company w.e.f. 12th May 2008. The Board places on<br />
record its gratitude for the valuable services rendered and guidance provided by Mr. C. Mohan during his tenure with the Company.<br />
Further, during the year, Mr. Amit Burman, Director of the Company has been appointed as Whole Time Director of the Company.<br />
Further, during the year, Mr. Aditya Burman has been appointed as Whole Time Director of the Company.<br />
INTERNAL CONTROL SYSTEM<br />
The Company has a proper and adequate internal control system to ensure safeguard and protection of all assets and that the<br />
transactions are authorized, recorded and reported correctly. The Company’s internal control system comprises audit and compliance<br />
by internal audit checks from Price Waterhouse Coopers Private <strong>Limited</strong>, <strong>India</strong>, the Internal Auditors. The Internal Auditors independently<br />
evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the<br />
Audit and compliance is ensured by the Direct Reporting of Internal Auditors to the Management Committee of the Board.<br />
Further, in order to further strengthen the Internal Control system of the Company, your Company has successfully implemented the<br />
SAP system integrating the all areas of operation.<br />
DIVIDEND<br />
In view of low profit for the year, your Directors do not propose any dividend for the year.<br />
FIXED DEPOSITS<br />
No fixed deposit has been accepted during the year.<br />
DIRECTORS’ RESPONSIBILITY STATEMENT<br />
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors’ Responsibility Statement,<br />
the Directors confirm:<br />
i) That in the preparation of the annual accounts, the applicable accounting standards have been followed and no material<br />
departures have been made from the same;<br />
ii)<br />
That they had selected such accounting policies and applied them consistently and made judgments and estimates that are<br />
reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and<br />
of the profit of the Company for that period;<br />
iii) That they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the<br />
provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and<br />
other irregularities;<br />
iv) That they had prepared the annual accounts on a going concern basis.<br />
AUDITORS REPORT<br />
The observations of Auditors in their report read with the relevant notes to accounts in schedule – 21 are self-explanatory and do not<br />
require further explanation.<br />
PARTICULARS OF EMPLOYEES<br />
Particulars of Employees as required under Section 217(2A) of the <strong>India</strong>n Companies Act, 1956 read with Companies (Particular of<br />
Employees) Rules, 1975 as amended are given in Annexure 1 to the Directors Report.<br />
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO<br />
A. Conservation of Energy<br />
a. Energy Conservation Measures Taken<br />
Your Company has taken following energy conservation measures during the year –<br />
· VFD Drives in Pumps & Motors of Fruit Section has been installed.<br />
· Steam line of Sugar Syrup Preparation Tank has been modified to stop constant draining of steam.<br />
· Jacketed Tank has been replaced by PHEs in Honey Section for attaining desired Filtration & Filling temperature.<br />
· Thermo efficient Coils have been changed in Cooker of Candy Section.<br />
· Energy efficient Refrigeration Unit (both Condensation & Evaporation Unit) has been installed in newly constructed Cold<br />
Stores.<br />
· Automatic Power Factor Control System with 1300 KVAR Capacitor Bank to attain P.F. of 0.98 from present 0.89 has been<br />
commissioned.<br />
b. Additional Investments and Proposals, if any, being Implemented for Reduction of Consumption of Energy<br />
· In order to improve the NEA Power supply on continuous basis and, in turn, reduction of DG operation, a project is going on<br />
to obtain dedicated Feeder and dedicated transmission line from NEA substation to factory.<br />
· Initiations have been taken for procurement of Gasifire Unit to produce Producer Gas from Rice Husk/Biomass to replace F.O.<br />
as Boiler Fuel.<br />
c. Impact of the Measures taken at (a) & (b) above for Reduction of Energy Consumption and Consequent Impact on the<br />
Cost of Production of Goods<br />
2
· Annual Saving of approximately INR 25 lacs on Overheads from measures taken in (a).<br />
· Annual Saving of approximately INR 100 lacs on Overheads from measures taken in (b).<br />
d. Total energy consumption and energy consumption per unit as per Form A attached herewith as Annexure 2.<br />
B. Technology Absorption<br />
Efforts made in technology absorption as per form B is attached herewith as Annexure 3.<br />
C. Foreign Exchange Earnings and Outgo<br />
Total Foreign Exchange Used during 2008-09: INR 1,21,68.32 lacs.<br />
Total Foreign Exchange Earned during 2008-09: INR 194.18 lacs.<br />
ACKNOWLEDGEMENT<br />
Your Directors wish to place on record their appreciation for the continued support and co-operation extended by <strong>Dabur</strong> <strong>India</strong> <strong>Limited</strong>,<br />
Shareholders, Dealers, Customers and all the employees of the Company.<br />
They also wish to place on record their sincere appreciation for the co-operation, assistance and guidance received from various<br />
officers of the Government of Nepal and Government of <strong>India</strong>.<br />
On behalf of the Board of Directors<br />
Pradip Burman<br />
(Chairman)<br />
Date : 7th April, 2009<br />
3
Annexure ‘1’<br />
Statement of particulars of employees pursuant to the provisions of Section 217(2A) of the Companies Act, 1956 read with<br />
Companies (Particulars of Employees) Rules, 1975and forming part of the Director’s Report for the Year Ended 31st March<br />
2009<br />
Name<br />
Designation/Nature<br />
of Duties<br />
Qualification<br />
1. Mr. Amit Burman Whole Time Director MBA, Cambridge,<br />
UK<br />
2. Mr. Chetan Burman Executive Director BA in Business Administration,<br />
UK<br />
Experience<br />
(in Years)<br />
Remuneration<br />
Date of<br />
Appointment<br />
Age<br />
(in Years)<br />
Particulars of Last Employment<br />
19 39,16,978 3-Mar-08 39 Chief Executive Officer<br />
- <strong>Dabur</strong> Foods <strong>Limited</strong><br />
18 20,00,723 1-May-05 37 Dy. General Manager<br />
- Sales & Mktg., <strong>Dabur</strong><br />
<strong>India</strong> <strong>Limited</strong><br />
3. Aditya Burman* Whole Time Director B. Sc. 5 5,18,055 12-Aug-08 29 Fresenius Kabi Oncology<br />
<strong>Limited</strong> (Earlier<br />
known as <strong>Dabur</strong> Pharma<br />
<strong>Limited</strong>)<br />
7. Mr. Udayan Ganguly Chief Executive Director<br />
B. A (Economics),<br />
PGDBM (Marketing)<br />
20 47,24,417 1-Aug-06 43 General Manager -<br />
Sales, (North <strong>India</strong> &<br />
Nepal) Glaxo Smith-<br />
Kline Consumer Healthcare<br />
Ltd.<br />
5. Mr. Indranil Gupta Head of Operations B.E. Mechanical 18 40,74,459 1-Aug-07 39 Since 2005 till July 2007<br />
with DILTechnical Head-<br />
Ice Cream Business,<br />
Unilever, <strong>India</strong><br />
3. Mr. Atul Nagar DGM Purchase B.Sc. & Diploma<br />
in Import & Export<br />
Management and<br />
Material Management<br />
31 26,06,250 1-Sep-06 53 Since 1981 till Aug 2006<br />
with DIL as Sr. Manager<br />
Purchase<br />
Notes:-<br />
1. Gross Remuneration shown above is subject to Tax and comprises salary including arrears, allowances, rent, medical<br />
reimbursement, leave travel benefits, provident fund, Superannuation fund & gratuity in terms of actual expenditure incurred by<br />
the Company.<br />
2. All the employees have adequate experience to discharge the responsibilities assigned to them.<br />
3. None of the employees mentioned above is a relative of any director.<br />
4. Asterisk (*) against a name indicates that the employee is/was in service for part of the year.<br />
5. Nature of employment is on contractual basis except in the case of directors whose terms have been approved by<br />
shareholders.<br />
4
FORM - A<br />
(See Rule 2)<br />
Form of Disclosure of particulars with respect to Conservation of Energy<br />
Annexure ‘2’<br />
1. Electricity<br />
a) Purchased<br />
Units 76,45,711 77,80,013<br />
Total Amount (INR) 2,78,89,836 2,80,05,082<br />
Rate per Unit (INR) 3.6 3.6<br />
b) Own Generation<br />
i) Through Diesel Generator<br />
Units 20,66,675 20,62,551<br />
Units Per Liter of Diesel 2.10 3.6<br />
cost Per Unit (INR) 10.25 10.41<br />
ii) Through Steam Turbine/Generator<br />
Units Nil Nil<br />
Units Per Liter of Fuel Oil Nil Nil<br />
cost Per Unit (INR) Nil Nil<br />
2. Coal (Specify Quality and Where Used)<br />
Quantity (MT) Nil Nil<br />
Total Cost (INR) Nil Nil<br />
Average Rate Per Ton (INR) Nil Nil<br />
3. Furnace Oil<br />
Quantity (MT) 982.50 1,308.8<br />
Total Cost (INR) 2,68,70,948 2,28,79,279<br />
Average Rate Per Ton (INR) 27,349.36 17,481.11<br />
4. Others – Internal Generation<br />
a) HSD<br />
Quantity (KL) 819.09 660.96<br />
Total Cost (INR) 2,43,16,734 1,85,28,665<br />
Average Rate per KL (INR) 2,9687.5 28032.96<br />
b) LDO<br />
Quantity (KL) Nil Nil<br />
Total Cost (INR) Nil Nil<br />
Average Rate per KL (INR) Nil Nil<br />
B. Consumption per Unit of Production<br />
The Company is engaged in production of variety of products; hence the figures of consumption per unit of<br />
production are not ascertainable.<br />
5
Annexure 3<br />
Form B<br />
(See Rule 2)<br />
Form of Disclosure of particulars with respect to Technology Absorption, Research and Development (R&D)<br />
Research and Development<br />
1. Specific Areas in Which R&D Carried by the Company ------NIL-------<br />
2. Benefits Derived as a Result of the Above R&D -------NA-------<br />
3. Future Plan of Action -------NIL-------<br />
4. Expenditure on R&D<br />
Capital<br />
-------NIL-------<br />
b. Recurring -------NIL-------<br />
c. Total -------NIL-------<br />
d. Total R&D expenditure as a percentage of Total Turnover -------NIL-------<br />
Technology Absorption, Adoption and Innovation<br />
S .<br />
No.<br />
Particulars<br />
1. Efforts in brief, made towards<br />
technology absorption,<br />
adaptation and innovation<br />
2. Benefits derived as a result of<br />
the above efforts e.g. product<br />
improvement, cost reduction,<br />
product development, import<br />
substitution, etc.<br />
3. In case of imported<br />
technology (imported during<br />
the last 5 years reckoned from<br />
the beginning of the financial<br />
year) following information<br />
may be furnished<br />
a)Technology imported<br />
b) Year of import<br />
c) Has technology been fully<br />
absorbed<br />
If not fully absorbed, areas<br />
where this has not taken<br />
place, reasons therefore and<br />
future plans of action.<br />
Remarks<br />
· Installation of state of the art Cold Store for keeping Frozen Fruit Conc.<br />
· Installation of High Pressure Hot Water Jet cleaning System in Fruit Juice Section.<br />
· Installation of Hunter Lab to assess the color parameters of Fruit Juice in Fruit Juice Section.<br />
· Installation of on-line Stickering facility on each 1Ltr pack in Fruit Juice Section.<br />
· Installation of on line bottle washing system in Lemoneeze Section.<br />
· Installation of on line coding system in LDM packing line.<br />
· Commencement of production of Hajmola Pudina Tablet.<br />
· Installation of Online Filtration & Filling facility of Honey.<br />
· Installation of Oil Expeller & Filtration System for Badam Tel manufacturing.<br />
· Installation high end Lab Instrument viz.<br />
· High Performance Liquid Chromatography (HPLC) for estimation of purity, assay, etc;<br />
· Gas Chromatograph (GC) for estimation of fatty Acid, Flavors, Perfumes, etc.<br />
· Karl Fischer Apparatus for free Water determination<br />
· Edge Crush Tester, COBB Tester & Compression Strength Tester for analysis of CB Box/tray & other PM.<br />
· Cost Reduction (Cold Store)<br />
· Process Improvement (On line Unit Operations like Stickering/Bottle Washing/Coding/Filtration etc.)<br />
· Product. Development (Pudina Hajmola Tablet, Sweet Badam Tel)<br />
· Quality Improvement (Hunter Lab, Other Lab Instruments)<br />
NA<br />
6
Auditors’ Report<br />
We have verified the attached Balance Sheet of <strong>Dabur</strong> Nepal Private <strong>Limited</strong>, (incorporated at Nepal) as at 31st March, 2009 and<br />
its Profit & Loss Account and the Cash Flow Statement for the year ended on that date, all being made out in accordance with the<br />
requirement of <strong>India</strong>n Companies Act, 1956, from the audited accounts of the body corporate under the statute of the country of its<br />
incorporation and additional certified returns which have been relied upon by us (refer note no. B(1), Schedule “N” of Notes to Accounts).<br />
These financial statements are the responsibility of the body corporate’s management. Our responsibility is to express an<br />
opinion on these financial statements based on our audit.<br />
We conducted our audit in accordance with auditing standards generally accepted in <strong>India</strong>. These standards require that we plan<br />
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An<br />
audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also<br />
includes assessing the accounting principles used and significant estimates made by management, as well as, evaluating the overall<br />
financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.<br />
i. As required by the Companies (Auditors’ Report) Order 2003 issued by the Central Government in terms of section 227 (4A) of<br />
the <strong>India</strong>n Companies Act, 1956, we enclose herewith in the annexure a statement of the matter specified therein.<br />
ii. We hereby report that<br />
a) Proper returns necessary for making out the accounts in accordance with the requirement of <strong>India</strong>n Companies Act, 1956, were<br />
received by us.<br />
b) We have obtained the information and explanations which to the best of our knowledge and belief were necessary for the<br />
purpose of audit.<br />
c) Proper books of accounts, have been kept by the body corporate.<br />
d) The Balance Sheet and Profit & Loss Account dealt with by this report have been made out from the figures which are in agreement<br />
with the books of accounts.<br />
e) Subject to Note No.11 of Notes to Accounts, Balance Sheet and Profit & Loss Account have been prepared in due compliances<br />
of accounting standards referred to in sub-section (3C) of section 211 of Companies Act 1956.<br />
f) In our opinion and according to the information and explanations given to us, the accounts as made out herein read with<br />
other notes appearing in Schedule “N” give the information required by the Companies Act 1956, in the manner so required<br />
to the extent possible and practicable and give a true and fair view in conformity with the accounting principles generally accepted<br />
in <strong>India</strong> ;<br />
(i) In the case of Balance Sheet, of the State of Affairs of the body corporate as at 31st March 2009 and<br />
(ii) In case of Profit & Loss Account of the profit of the body corporate for the year ended on that date; and<br />
(iii) In the case of Cash Flow statement, of the cash flows of the body corporate for the year ended on that date.<br />
For G Basu & Co<br />
Chartered Accountants<br />
J.N. DHAR<br />
Partner<br />
(M. No. 007117)<br />
7
ANNEXURE TO THE AUDITORS’ REPORT as REFERRED TO IN PARA I OF THE SAID<br />
REPORT OF EVEN DATE.<br />
1 a. The body corporate has maintained proper records showing full particulars including quantitative details and situation of fixed<br />
assets.<br />
b. The fixed assets have been physically verified by the Management at reasonable intervals. No material discrepancies between<br />
book records and the physical inventories have been noticed on such verification.<br />
c. Fixed assets disposed off during the year were not material enough to affect the going concern identity of the body<br />
corporate.<br />
2 a. The inventories have been physically verified at reasonable intervals by the management.<br />
b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to<br />
the size of the body corporate and the nature of its business.<br />
c. On the basis of our examination of the records of inventory, we are of the opinion that the body corporate is maintaining<br />
proper records of inventory.<br />
The discrepancies noticed on verification between the physical stocks and book records were not material and have been<br />
properly dealt with in the books of accounts.<br />
3 The body corporate has not granted any loan or advance of the nature of loan (secured or unsecured) to any director, body<br />
corporate, company, firm or parties in which directors are interested.<br />
4. The body corporate has not taken any fresh unsecured loan during the year. The body corporate had accepted unsecured loan<br />
of Rs. 48.13 lacs in the previous year, which remains outstanding at the year end. The body corporate is regular in payment of<br />
interest dues. Since the repayment of the loans has still not been demanded, the question of payment of principle due does<br />
not arise. Terms & condition of the loans are not prima-facie prejudicial to the interest of the body corporate.<br />
5. In our opinion and according to the information and explanations given to us there is an adequate internal control system<br />
commensurate with the size of the body corporate and the nature of its business for purchase of inventory and fixed assets<br />
and on the sale of goods. During the course of our audit no major weakness has been noticed in the internal controls. We<br />
have not observed any failure on the part of the body corporate to correct major weakness in internal control system.<br />
6. According to information and explanation given to us, the transactions of purchases and sales with the directors or companies,<br />
firms or parties where the directors are interested, have been made at prices which are reasonable having regard to prevailing<br />
market prices at the relevant time.<br />
7. The body corporate has not accepted deposit from any sources within the meaning of “Acceptance of Deposit Rule” under<br />
<strong>India</strong>n Companies Act, 1956.<br />
8. The body corporate has reasonably an adequate internal audit system commensurate with its size and nature of business.<br />
9. section 209 (i) (d) of the Companies Act, 1956, is not applicable to the body corporate.<br />
10. a. According to information and explanations given to us, the body corporate is depositing with appropriate authorities undisputed<br />
statutory dues to the extent applicable to it.<br />
b We have been informed that there is no undisputed statutory dues as at the year end which is outstanding for a period of six<br />
months from the date the same became payable.<br />
c According to information and explanations given to us, there has been no disputed statutory dues which has not been<br />
deposited.<br />
11. Based on the audit procedures and on the information and explanations available to us, the body corporate has not availed<br />
any facility from any financial institution or debenture holder. As such the question of default does not arise. Regarding loans<br />
from the banks, the same is default free.<br />
12. The body corporate has not granted any loan or advance secured by pledge of share, debenture or other security.<br />
13. Based on our examination of the records and evaluations of the related internal controls and information given to us we are<br />
of the opinion that the body corporate is not dealing in securities, debentures and other investments. It has one long term<br />
investment which is strategically held in its own name.<br />
14. The body corporate has not given guarantees for loans taken by others from banks or financial institutions.<br />
15. No term loan has been availed by the body corporate from any quarter.<br />
16. According to the information and explanations given to us and on the basis of analysis of financial statement of the body<br />
corporate, we are of the opinion that no fund has been raised on short term basis which has been used by the body corporate<br />
for long term application.<br />
17. The Body corporate has not issued any secured debenture during the year.<br />
18. The Body corporate has not raised any fund through public issue or preferential allotment during the year.<br />
19. Based upon the audit procedures performed and information and explanations given to us, we report that no fraud on or by<br />
the body corporate has been noticed or reported during the course of our audit.<br />
20. bv Other clauses of the order are not applicable to the Body corporate.<br />
For G Basu & Co<br />
Chartered Accountants<br />
J.N. DHAR<br />
Partner<br />
(M. No. 007117)<br />
8
Balance Sheet As at 31st March 2009<br />
(Rs. in lacs)<br />
As At<br />
As At<br />
Schedule 31st March 2009 31st March 2008<br />
Sources Of Funds :<br />
Shareholders’ Funds:<br />
Shareholders’ Funds:<br />
(A) Share Capital A 499.08 499.08<br />
(B) Reserves And Surplus B 6,960.51 6,646.55<br />
7,459.59 7,145.63<br />
Loan Funds:<br />
(A) Secured Loans c 3,830.07 4,690.64<br />
(B) Unsecured Loans D 57.24 48.13<br />
3,887.31 4,738.77<br />
Total 11,346.91 11,884.40<br />
Application Of Funds :<br />
Fixed Assets :<br />
(A) Gross Block f 14,433.47 13,674.66<br />
(B) Less : Depreciation 6,879.46 6,244.59<br />
(C) Net Block 7,554.01 7,430.07<br />
Long Term Investment (In Govt. Securities) -<br />
Current Assets, Loans And Advances:<br />
G<br />
(A) Inventories 5,516.98 6,174.36<br />
(B) Sundry Debtors 4,115.80 3,353.50<br />
(C) Cash & Bank Balances 246.59 345.69<br />
(D) Loans & Advances 1,148.13 2,950.79<br />
11,027.51 12,824.34<br />
Less: Current Liabilities And Provisions<br />
E<br />
(A) Liabilities 6,814.90 7,913.55<br />
(B) Provisions 419.72 459.24<br />
7,234.62 8,372.79<br />
Net Current Assets 3,792.89 4,451.55<br />
Miscellaneous Expenditure - 2.78<br />
(To the extent not written off or adjusted)<br />
Notes To Accounts<br />
N<br />
Total 11,346.91 11,884.40<br />
As per our report of even date attached<br />
for <strong>DABUR</strong> <strong>NEPAL</strong> <strong>PRIVATE</strong> <strong>LIMITED</strong><br />
for G. BASU & CO<br />
CHARTERED ACCOUNTANTS Pradip Burman chairman<br />
J N DHAR R. S. Rana Managing Director<br />
PARTNER<br />
M. No. 007117<br />
Date : 7th April, 2009<br />
Place Kathmandu<br />
9
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2009<br />
(Rs. in lacs)<br />
for the Year Ended For the Year Ended<br />
schedule 31st March 2009 31st March 2008<br />
Income :<br />
H<br />
Sales Less Returns 27,199.52 24,474.95<br />
Other Income 133.84 165.02<br />
Total Income 27,333.35 24,639.97<br />
Expenditure :<br />
Cost Of Materials I 20,171.89 17,797.60<br />
Excise Duty 116.53 83.01<br />
Manufacturing Expenses J 1,456.70 1,124.05<br />
Payments To And Provisions For Employees K 1,635.47 1,392.10<br />
Selling And Administrative Expenses L 2,557.59 2,371.19<br />
Financial Expenses M 404.12 453.75<br />
Depreciation 973.54 851.53<br />
Total Expenditure 27,315.83 24,073.23<br />
Balance Being Net Operating Profit Before Tax 17.52 566.74<br />
Provision For Taxation Current 2.74 125.93<br />
Net Profit After Taxation 14.78 440.81<br />
Balance Brought Forward 5,467.50 5,039.09<br />
Provision For Bonus<br />
Provision For Taxation For Earlier Year Written Back 0.00<br />
Provision For Taxation For Earlier Year 12.40 12.40<br />
Profit Available For Appropriation 5,469.88 5,467.50<br />
Appropriation/Allocation<br />
Transferred To Employees Housing Reserve Fund 0.00<br />
Transferred To General ReseRve 0.00<br />
Balance Carried Over To Balance Sheet 5,469.88 5,467.50<br />
As per our report of even date attached<br />
for <strong>DABUR</strong> <strong>NEPAL</strong> <strong>PRIVATE</strong> <strong>LIMITED</strong><br />
for G. BASU & CO<br />
CHARTERED ACCOUNTANTS Pradip Burman chairman<br />
J N DHAR R. S. Rana Managing Director<br />
PARTNER<br />
M. No. 007117<br />
Date : 7th April, 2009<br />
Place Kathmandu<br />
10
STATEMENT OF CASH FLOW<br />
For The Year Ended<br />
(Rs. in lacs)<br />
For The Year Ended<br />
Particulars 31st March 2009 31st March 2008<br />
A. Cash flow from operating activities<br />
Net Profit Before Tax And Extraordinary Items 17.52 566.74<br />
Add:<br />
Depreciation 973.54 851.53<br />
Loss On Sale Of Fixed Assets 11.29 (0.02)<br />
Loss On Sale Of Investment 2.81 0.00<br />
Interest 404.12 1,391.76 453.75 1,305.26<br />
operating Profit Before Working Capital Changes 1,409.28 1,872.00<br />
Working Capital Changes<br />
Increase/(Decrease) In Inventories (657.38) 1,813.19<br />
Increase/(Decrease) In Debtors 762.29 323.94<br />
Decrease/(Increase) In Trade Payables 1,140.90 (3,553.60)<br />
Increase/(Decrease) In Working Capital 1,245.81 (1,416.47)<br />
cash Generated From Operating Activities 163.47 3,288.47<br />
Interest Paid 404.12 453.75<br />
Tax Paid 2.74 3.08<br />
406.86 456.83<br />
Cash Used(-)/(+)Generated For Operating Activities (A) (243.39) 2,831.64<br />
B. Cash Flow From Investing Activities<br />
Purchase Of Fixed Assets (813.55) (2,416.27)<br />
Sale Of Fixed Assets 2.84 0.00<br />
Sale Of Investment Including Investment In Subsidiaries 2.81 0.00<br />
Cash Used(-)/(+)GeneraTed For Investing Activities (B) (807.90) (2,416.27)<br />
C. Cash Flow From Financing Activities<br />
Repayment(-)/Proceeds (+) Of Long Term Secured Liabilities (283.58) 350.21<br />
Repayment(-)/Proceeds(+) From Short Term Loans (576.99) (1,853.41)<br />
Repayment (-)/Proceeds(+) From Deposits 9.11 0.00<br />
Payment Of Other Advances 1,802.66 1,411.76<br />
Cash Used(-)/+(Generated) In Financing Activities (C) 951.20 (91.44)<br />
Net Increase(+)/Decrease (-) In Cash And Cash Equivalents (A+B+C) (100.10) 323.93<br />
Cash And Cash Equivalents Opening Balance 345.69 21.76<br />
Cash And Cash Equivalents Closing Balance 246.59 345.69<br />
As per our report of even date attached<br />
for <strong>DABUR</strong> <strong>NEPAL</strong> <strong>PRIVATE</strong> <strong>LIMITED</strong><br />
for G. BASU & CO<br />
CHARTERED ACCOUNTANTS Pradip Burman chairman<br />
J N DHAR R. S. Rana Managing Director<br />
PARTNER<br />
M. No. 007117<br />
Date : 7th April, 2009<br />
Place Kathmandu<br />
11
SCHEDULES - Annexed to and forming part of the Balance Sheet as at 31st March 2009<br />
SCHEDULE-A : SHARE CAPITAL<br />
Authorised :<br />
1400000 Equity Shares Of NRS 100 Each 875.00 875.00<br />
(Previous Year 1400000 Equity Shares Of NRS100 )<br />
12<br />
875.00 875.00<br />
Issued ,Subscribed & Paid Up<br />
798520 Equity Shares Of NRS 100 Each Fully Paid Up In Cash) 499.08 499.08<br />
778520 Held By <strong>Dabur</strong> International Ltd, Holding<br />
Company In Corporated In Isle Of Man & Its Nominees<br />
(Previous Year- 798520 Equity Shares Of NRS 100)<br />
SCHEDULE-B : RESERVES and SURPLUS<br />
499.08 499.08<br />
Share Premium Account<br />
As Per Last Account 375.00 375.00<br />
Employees Housing Reserve Fund<br />
As Per Last Account 529.99 495.73<br />
Add : Transferred From Profit & Loss Account 0.79 34.26<br />
530.78 529.99<br />
General Reserve : 584.86 274.06<br />
Profit And Loss Account 5,469.88 5,467.50<br />
Total 6,960.51 6,646.55<br />
SCHEDULE-C : SECURED LOANS<br />
A. Banks and Financial Instituitions<br />
I Term Loans:<br />
Deferred Payment 230.43 514.01<br />
(Secured By Hypothecation Over Machinies Imported Under The Said Facility)<br />
II Short Term Loans - From Banks : 3,599.63 4,176.63<br />
Secured By :<br />
Execution of registered mortgage by deposit of title deeds of company’s entire<br />
land situated at rampur tokani, bara district and the entire immivable properties,<br />
present & future, built thereon and hypothecation & assignment of entire<br />
current assets, present and future, ranking pari-passu amongst Nabil Bank Ltd,<br />
Std. Chartered Bank Nepal Ltd and Nepal SBI Bank Ltd. subject to the priorities<br />
that banks extending term loans ( except that which is covered by guarantees of<br />
indian banks) shall have first charge on the fixed assets and second charge on<br />
current assets while the particpating banks extending working capital, overdraft<br />
and cash credit shall have pari-passu first charge on the current assets and second<br />
charge on fixed assets; and are further secured by a corporate guarantee by the<br />
company’s parent company <strong>Dabur</strong> <strong>India</strong> Ltd; New Delhi and by personal guarantee<br />
by a director of the company.<br />
3,830.07 4,690.64<br />
SCHEDULE-D : UNSECURED LOANS<br />
From Directors 48.13 48.13<br />
Security Deposit From Dealers And Others 9.11 0<br />
Total 57.24 48.13<br />
As At<br />
(Rs. in lacs)<br />
Particulars 31st March 2009 31st March 2008<br />
As At
SCHEDULES - Annexed to and forming part of the Balance Sheet as at 31st March 2009<br />
SCHEDULE-E : CURRENT LIABILITIES AND PROVISIONS<br />
A. Current Liabilities :<br />
Acceptance - 2,215.64<br />
Creditors For Goods 620.53 5,244.50<br />
Creditors For Expenses And Other Liabilities 6,156.63 429.54<br />
Advances From Customers 2.72<br />
Interest Accrued But Not Due On Loans 35.03 23.87<br />
6,814.90 7,913.55<br />
B. Provisions :<br />
For Leave Salary 24.77 18.29<br />
For Housing, Bonus & Gratuity & Other Welfares 32.13 80.86<br />
For Taxation :<br />
Brought Forward<br />
Provision For The Year<br />
Adjusted During Year 362.83 360.09<br />
419.72 459.24<br />
7,234.62 8,372.79<br />
(Rs. in lacs)<br />
Particulars 31st March 2009 31st March 2008<br />
As At<br />
As At<br />
SCHEDULE-F : FIXED ASSETS<br />
Name Of Asset<br />
As On<br />
31.03.08<br />
GROSS BLOCK DEPRECIATION NET BLOCK<br />
Additions Adjustment As On<br />
31.03.09<br />
As On<br />
31.03.08<br />
For the<br />
Year<br />
Adjustment<br />
As On<br />
31.03.2009<br />
As On<br />
31.03.2009<br />
As On<br />
31.03.08<br />
Freehold Land 304.95 20.73 325.68 - - - 325.68 304.95<br />
Building, Roads &<br />
Bridges<br />
2,484.50 160.11 2,644.62 1,149.48 93.38 1,242.86 1,401.76 1,335.02<br />
Plant & Machinery 9,339.58 547.52 9,887.10 4,116.08 763.37 298.06 4,581.40 5,305.70 5,223.49<br />
Furniture & Fixture 917.85 38.71 22.68 933.87 590.56 67.75 18.58 639.73 294.14 327.29<br />
Vehicles 381.30 43.00 32.08 392.23 221.91 41.89 22.04 241.76 150.47 159.40<br />
Computer 229.05 229.05 166.56 7.14 173.70 55.35 62.50<br />
CWIP 17.43 3.50 20.93 - - 20.93 17.43<br />
Total 3,674.67 813.55 54.75 14,433.47 6,244.58 973.54 338.67 6,879.46 7,554.01 7,430.09<br />
Previous Year 10,931.13 889.78 399.12 11,421.80 4,592.58 832.93 8.53 5,416.99 6,004.81<br />
13
SCHEDULES - Annexed to and forming part of the Balance Sheet as at 31st March 2009<br />
(Rs. in lacs)<br />
As At<br />
As At<br />
Particulars 31st March 2009 31st March 2008<br />
SCHEDULE-G : CURRENT ASSETS, LOANS AND ADVANCES<br />
A. Current Assets :<br />
Inventories<br />
- Raw Materials 3,016.92 2,213.09<br />
- Goods In Transit<br />
- Packing Materials, Stores And Spares 936.39 1,569.64<br />
- Stock In Process 202.58 102.76<br />
- Finished Goods 1,361.09 2,288.87<br />
5,516.98 6,174.36<br />
Sundry Debtors (Unsecured & Considered Good) 4,115.80 3,353.50<br />
Cash And Bank Balances :<br />
Cash In Hand 1.90 17.28<br />
- Balance With Non Scheduled Banks<br />
In Current Accounts 244.70 323.53<br />
In Fixed Deposit Accounts - 4.88<br />
246.59 345.69<br />
9,879.37 9,873.55<br />
B. Loans And Advances (Unsecured, Considered Good)<br />
Security Deposit With Various Authorities 696.70 340.29<br />
Advance Payment Of Tax 243.35 95.11<br />
Advances To Suppliers 135.10 894.41<br />
Advances To Employees 17.21 116.16<br />
Other advances recoverable in cash or in kind or for value to be received 55.78 1,504.82<br />
1,148.13 2,950.79<br />
Total (A+B) 11,027.51 12,824.34<br />
14
SCHEDULES - Annexed to and forming part of the Profit and Loss Account for the Year Ended 31st March 2009<br />
(Rs. in lacs)<br />
For The Year Ended For The Year Ended<br />
Particulars 31st March 2009 31st March 2008<br />
SCHEDULE-H : SALES AND OTHER INCOME<br />
A. Sales :<br />
Domestic Sales Less Returns 12,324.25 5,836.08<br />
Export Sales 14,875.26 18,638.87<br />
27,199.52 24,474.95<br />
B. Other Income :<br />
Rent Realised 0.08 5.08<br />
Sales of Scrap 133.51 158.46<br />
Miscellaneous Receipts 0.24 0.32<br />
Profit On Sale Of Fixed Assets - 0.02<br />
Interest Received - 1.14<br />
133.84 165.02<br />
SCHEDULE-I : COST OF MATERIALS<br />
Raw Materials Consumed :<br />
I) opening Stock 2,213.09 1,576.39<br />
II) Add : Purchases 13,536.34 12,465.64<br />
15,749.43 14,042.03<br />
III) Less : Closing Stock 3,016.92 2,213.09<br />
12,732.51 11,828.94<br />
Packing Materials Consumed :<br />
I) opening Stock 1,569.64 977.23<br />
II) Add : Purchases 5,978.18 6,550.47<br />
7,547.82 7,527.70<br />
III) Less : Closing Stock 936.39 1,569.64<br />
6,611.43 5,958.06<br />
Purchase Of Finished Products - 2,163.41<br />
Adjustment Of Stocks In Process And Finished Goods<br />
Opening Stock :<br />
Stock In Process 102.76 55.76<br />
Finished Products 2,288.87 183.06<br />
2,391.62 238.82<br />
Closing Stock :<br />
Stock-In-Process 202.58 102.76<br />
Finished Products 1,361.09 2,288.87<br />
1,563.67 2,391.62<br />
Increase(-)/Decrease In Stock In Process And Finished Goods 827.97 (2,152.80)<br />
SCHEDULE-J : MANUFACTURING AND OPERATING EXPENSES<br />
20,171.89 17,797.60<br />
Power And Fuel 856.78 697.45<br />
Stores & Spares Consumed 277.14 206.55<br />
Repairs & Maintenance<br />
--- Building 73.44 106.01<br />
--- Plant & Machinery 124.69 89.14<br />
--- Others 41.36 24.90<br />
Processing Charges 83.29 -<br />
1,456.70 1,124.05<br />
15
SCHEDULES - Annexed to and forming part of the Profit and Loss Account for the Year Ended 31st March 2009<br />
(Rs. in lacs)<br />
For The Year Ended For The Year Ended<br />
Particulars 31st March 2009 31st March 2008<br />
SCHEDULE-K : PAYMENTS TO AND PROVISIONS FOR EMPLOYEES<br />
Salaries, Wages And Bonus 1,293.42 1,173.39<br />
Contribution To Provident And Other Funds 129.50 63.86<br />
Workmen And Staff Welfare 149.77 110.14<br />
Directors’ Remuneration 62.78 44.71<br />
1,635.47 1,392.10<br />
SCHEDULE-L : SELLING AND ADMINSTRATIVE EXPENSES<br />
Rent 36.62 41.04<br />
Rates And Taxes 1.16 -<br />
Insurance 128.95 85.55<br />
Sales Tax 0.86<br />
Freight And Forwarding Charges 85.39 968.38<br />
Cartage And Coolie - 38.16<br />
Commission, Discount And Rebate 209.20<br />
Advertising And Publicity 847.48 421.08<br />
Travel & Conveyance 229.50 189.51<br />
Legal & Professional 40.09 30.93<br />
Telephone , Fax Expenses 57.81 87.41<br />
Security Expenses 55.27 48.48<br />
General Expenses 831.97 262.80<br />
Auditors’ Remuneration: 3.97 2.13<br />
Donation 15.22 11.34<br />
PrOvsion For Doubtful Debts - 184.38<br />
Loss On Sale Of Investments (Other Than Trade) 2.81 -<br />
Loss On Sale Of Fixed Assets 11.29<br />
2,557.59 2,371.19<br />
SCHEDULE-M : FINANCIAL EXPENSES<br />
Interest (Other Than Fixed Period Loan) 315.43 368.03<br />
Bank Charges 88.69 85.72<br />
404.12 453.75<br />
16
SCHEDULES - Annexed to and forming part of the Accounts for the Period Ended 31st March 2009<br />
Schedule N –Accounting Policies & Notes To Accounts<br />
(All Figures in Rupees Lacs)<br />
A. ACCOUNTING POLICIES<br />
significant Account Policies are sumarized below<br />
a. Accounting Convention:<br />
The accounts have been prepared in accordance with the historical cost convention.<br />
b. Fixed Assets and Depreciation:<br />
· Fixed assets are stated at cost less impairment loss, if any.<br />
· Cost includes inward freight and expenses incidental to acquisition and installation.<br />
· Depreciation on Fixed Assets have been provided for on straight line method at rates specified in schedule XIV of the <strong>India</strong>n<br />
Companies Act 1956.<br />
c. Impairment of Assets:<br />
The body corporate identifies impairable assets at the year-end in term of cash generating unit (CGU) concept based on para-5 to<br />
13 of AS -28 issued by ICAI for the purpose of arriving at impairment loss on fixed assets and capital work-in-progress (as required<br />
under para –34, As-28) being the difference between the book value and recoverable value of relevant assets. Impairment loss<br />
if any when crystallizes is charged against revenue of the year. Entire plant constitute as single CGU.<br />
d. Inventories:<br />
Stocks are valued at lower of cost or net realizable value. Basis of determination of cost remain as follows:<br />
· Raw materials, Packing materials, Stores & Spares On FIFO Basis<br />
· Work-in-process At cost of input plus overhead<br />
upto the stage of completion.<br />
· Finished goods At cost of input plus appropriate Overhead.<br />
e. Retirement Benefits:<br />
Provision is made for gratuity and leave salary payable to the staff in accordance with local labour laws as per management<br />
estimate on the assumption of all employees retiring on year end.<br />
f. Recognition of Income and expenses:<br />
· Sales and purchases are accounted for on the basis of passing of title to the goods.<br />
· All items of incomes and expenses have been accounted for on accrual basis.<br />
g. Contingent Liabilities:<br />
Disputed liabilities and claims including claims raised by fiscal authorities, pending in appeal/court, for which no reliable estimate<br />
can be made of the amount of obligation or which are remotely poised for crystallization are not provided in accounts but<br />
disclosed in notes on accounts. However, present obligation as a result of past event with possibility of outflow of resources,<br />
when reliably estimable, is recognized in accounts.<br />
h. Translation of accounts of the body corporate from the currency of country of it’s incorporation NRS to INR :<br />
Currency of Nepal not being fluctuable vis-à-vis reporting currency, the same has been translated at flat rate determined in the<br />
ratio of Nepalese and <strong>India</strong>n currency.<br />
i. Translation of Foreign Currency:<br />
· Receivables/payables (excluding for fixed assets) in foreign currencies are translated at the exchange rate ruling at the year<br />
end and resultant gain or loss, is accounted for in the profit & Loss Account.<br />
· Capital as well as revenue implication of exchange fluctuation charged or credited to revenue, are disclosed in notes to<br />
accounts.<br />
17
B. NOTES TO ACCOUNTS<br />
1. Accounts of the body corporate (a wholly owned subsidiary of <strong>Dabur</strong> <strong>India</strong> Ltd., a company incorporated in <strong>India</strong>), incorporated<br />
in Nepal, originally audited by overseas auditors pursuant to law of the country of its incorporation, have been made out as per<br />
requirement of <strong>India</strong>n Companies Act in due adherences of sub section 2(a) and 2(b) of section 212 of Companies Act, 1956. This<br />
entailed drawing up the balance sheet, profit & loss account (including auditor’s report thereon) of the subsidiary in a manner<br />
so as to make it appear conforming to requirements of <strong>India</strong>n Companies Act, 1956, for the purpose of annexing the particulars<br />
of the body corporate with its holding company under section 212 (1) of the Companies Act, 1956.<br />
Modification of accounts warranted under the exercise predominantly related to<br />
(a)<br />
(b)<br />
Translation of treatment of various heads of accounts in terms of accounting standards referred to in section 211(3c) of the<br />
Companies Act, 1956.<br />
Presentation of accounts in terms of schedule VI of Companies Act, 1956, including disclosure of necessary information as<br />
laid down under section 211(1) and 211(2) of Companies Act 1956.<br />
2. Test of impairment in terms of A (C ), schedule N did not prima facie provide any exigency of impairment thereby ruling out the<br />
cause of providing for any impairment loss.<br />
3. Income and Expenditure in Foreign Currency<br />
This being a body corporate incorporated in Nepal., information relating to import, export, expenditure in foreign currency & CIF<br />
value of import are superfluous herein.<br />
4. Managerial Remuneration (paid or payable during the year, to the Directors) :<br />
Payments made to the Directors amount to Rs. 62.78 (previous year Rs. 44.71) on account of salary.<br />
5. Segment Report.<br />
The primary segment identified for body corporate being lone FMCG segment, all the products fall in within its purview, no<br />
segment report has been provided herein.<br />
6. Contingent Liabilities:<br />
a. Claims against the company not acknowledged as debts: In respect of Income Tax under appeal Rs. 42.56 (previous year Rs.<br />
NIL).<br />
b. In respect of bank guarantees executed Rs.2232.29 (previous year Rs.1647.51).<br />
c. In respect of Letter of Credits Rs.1947.85 (previous year Rs.2208.24)<br />
d. Additional demand on account of VAT Rs. 151.25 ( previous year Rs.151.25)<br />
e. Estimated amount of contract remaining to be executed on capital account Rs. 111.29<br />
(previous year Rs. 169.07)<br />
7. CIF value of Imports 2008-09 2007-08<br />
Raw Material 12143.03 11759.89<br />
Packing Material 4169.91 5290.91<br />
Stores & Spares 69.76 98.74<br />
Capital Goods 547.52 2250.06<br />
----------- ----------<br />
16930.22 19400.60<br />
----------- ----------<br />
8. Value of Raw Materials, Stores & Spares consumed<br />
Raw Material<br />
Packing Material , Stores & Spares<br />
31.03.2009 31.03.2008 31.03.2009 31.03.2008<br />
Value % Value % Value % Value %<br />
Imported 11217.73 88.10 10993.04 92.93 4846.51 70.36 5324.58 86.37<br />
Indigenous 1514.78 11.90 835.91 7.07 2,042.06 29.64 840.03 13.63<br />
Total 12,732.51 100.00 11,828.95 100.00 6,888.57 100.00 6,164.61 100.00<br />
18
9. Particluars in respect of Goods Manufactured<br />
Class of Goods Unit Licenced<br />
Capacity<br />
Lal Dant Manjan MT 8,000.00<br />
(8,000.00)<br />
Real Fruit Juices KL 80,744.00<br />
(80,744.00)<br />
Installed<br />
Capacity<br />
7,200.00<br />
(7,200.00)<br />
87,597.00<br />
(87,597.00)<br />
Production Opening Stock Closing Stock Sale<br />
Qty Qty Value Qty Value Qty Value<br />
1,728.14<br />
(3,166.73)<br />
49,063.53<br />
(45,560.23)<br />
11.49<br />
(7.96)<br />
374.61<br />
(114.55)<br />
7.54<br />
(9.46)<br />
2,071.02<br />
(71.97)<br />
Others 210.31<br />
(211.47)<br />
Total 2,288.87<br />
(292.90)<br />
(Previous year figures in bracket)<br />
22.39<br />
(11.49)<br />
788.41<br />
(374.61)<br />
18.26<br />
(7.54)<br />
1,063.37<br />
(2,071.02)<br />
279.46<br />
(210.31)<br />
1,361.09<br />
(2,288.87)<br />
1,717.24<br />
(3,163.44)<br />
48,649.73<br />
(45,300.17)<br />
1,626.53<br />
(4,341.12)<br />
15,993.05<br />
(7,723.52)<br />
9,579.94<br />
(12,411.31)<br />
27,199.52<br />
(24,475.95)<br />
10. Pursuant to adoption of AS 15 as revised by ICAI, treatment of defined benefits obligations have been changed in terms of<br />
standards with the following adjustments incorporated in accounts<br />
A. GRATUITY<br />
(i) Changes in Present Value of Obligation<br />
2008-09 2007-08<br />
Opening defined benefit obligation 90.05 47.18<br />
Current Service Cost 14.33 9.24<br />
Interest Cost 6.40 3.65<br />
Actuarial Gain/Loss due to change in assumption (23.38) 2.88<br />
Amalgamation 0.00 0.00<br />
Benefits Paid (9.33) (8.39)<br />
(ii) Change in Fair value of Assets<br />
78.07 54.58<br />
2008-09 2007-08<br />
Opening Fair Value of Plan Assets 39.19 39.42<br />
Expected return on Plan Assets 3.13 3.15<br />
Employer contribution 17.70 5.39<br />
Actuarial Gain/Loss on Plan Asset (3.13) (0.79)<br />
Benefits Paid (9.33) (8.39)<br />
(iii) Amount Recognized in Balance Sheet<br />
47.55 38.79<br />
2008-09 2007-08<br />
Present value of funded obligations 78.07 54.58<br />
Fair value of plan assets 47.55 38.79<br />
Net liability 30.52 15.78<br />
Amount in Balance sheet provision for Gratuity 30.52 15.78<br />
Net Liabilty 3052 15.79<br />
(iii) Amount Recognized in the Statement of Profit & Loss Account<br />
19
2008-09 2007-08<br />
Current Service Cost 14.33 9.24<br />
Interest on defined benefits obligations 6.40 3.65<br />
Expected return on plan assets (3.13) (3.15)<br />
Net actuarial loss (20.25) 3.67<br />
Amount included in employee benefit (2.65) 13.42<br />
(iii) Asset information<br />
2008-09 2007-08<br />
Insurer Managed Fund 100% 100%<br />
B. LEAVE ENCASHMENT<br />
(i) Reconciliation of opening and closing balance of the present value of defined benefit obligations:<br />
2008-09 2007-08<br />
Opening defined benefits obligation 18.29 17.62<br />
Current service cost 3.50 1.83<br />
Interest cost 0.85 0.94<br />
Actuarial Gain/Loss due to change in assumption 16.13 11.14<br />
Amalgamation 0.00 0.00<br />
Benefits Paid (14.00) (13.23)<br />
24.77 18.29<br />
(ii) Change in Fair Value of Assets<br />
2008-09 2007-08<br />
Opening fair value of plan assets 0.00 0.00<br />
Expected return on plas assets 0.00 0.00<br />
Employer contribution 0.00 0.00<br />
Benefits paid 0.00 0.00<br />
Ending assets 0.00 0.00<br />
(iii) Amount recognized in Balance Sheet<br />
2008-09 2007-08<br />
Present value of fund obligation 24.77 18.29<br />
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Fair value of plan assets 0.00 0.00<br />
Amount in Balance Sheet 24.77 18.29<br />
Provision for Leave encashment 24.77 18.29<br />
Net Liability 24.77 18.29<br />
(iv) Amount recognized in Statement of Profit & Loss Account<br />
2008-09 2007-08<br />
Current service cost 3.50 1.83<br />
Interest cost 0.85 0.94<br />
Expected return on plan assets 0.00 0.00<br />
Net Actuarial gain/loss to be recorded in the year 16.13 11.94<br />
Amount included in employee benefit expenses 20.48 13.90<br />
(v) Assets Information insurer Managed Funds<br />
2008-09 2007-08<br />
Insurer Managed Fund NA NA<br />
Summary of Actuarial assumptions<br />
2008-09 2007-08<br />
Discount rate 7.5% pa 8.5% pa<br />
Expected rate of return on plan assets 8% pa 8% pa<br />
Salary escalation ratio 0.05 0.06<br />
11. Revenue and capital implication of exchange fluctuation to the extent realized have not been determined. However, this has no<br />
implication on Profit and Loss Account and Balance Sheet.<br />
12. All the figures have been expressed in Rs. Lacs unless stated otherwise.<br />
13. The classification regarding small scale industries as defined under Micro, Small and Medium Development Board, 2006 is not<br />
applicable to this company and the company has not classified its creditors on the basis of the definition of Micro, Small &<br />
Medium Development Board ‘2006.<br />
14. Additional Information as required under Part IV of Schedule VI of the Companies Act.<br />
1. Registration details<br />
Registration No.<br />
Not Available<br />
Balance Sheet Date 31/03/2009.<br />
2. Capital Raised during the year (Rs. ‘000)<br />
Public issue<br />
Bonus issue<br />
Right issue<br />
Other Issue<br />
nil<br />
nil<br />
nil<br />
nil<br />
3. Position of Mobilisation & deployment of fund (Rs. ‘000)<br />
Total Liabilities 1858152<br />
Total Assets 1858152<br />
Sources of Funds :<br />
Paid up capital 49908<br />
Reserve & Surplus 696050<br />
Secured Loan 383007<br />
Unsecured Loan 5724<br />
Application of funds<br />
Net Fixed Assets 755401<br />
Net current Assets 379289<br />
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4. Performance of the Company (Rs. ‘000)<br />
Turnover 2732206<br />
Profit before tax 1751<br />
Profit After tax 1477<br />
5. Generic Name of three principal products/ services of the company<br />
Item Code<br />
Product Description<br />
Juices<br />
Hair Oil<br />
Toothpowder<br />
(Item codes not available)<br />
Signatures to the Schedules “A” to “N” Annexed to and forming part of the Accounts.<br />
As per our report of even date attached<br />
for <strong>DABUR</strong> <strong>NEPAL</strong> <strong>PRIVATE</strong> <strong>LIMITED</strong><br />
for G. BASU & CO<br />
CHARTERED ACCOUNTANTS Pradip Burman chairman<br />
J N DHAR R. S. Rana Managing Director<br />
PARTNER<br />
M. No. 007117<br />
Date : 7th April, 2009<br />
Place Kathmandu<br />
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