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Ma Rico

Ma Rico

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Published by Simran Kaur
MARICO an fmcg product
MARICO an fmcg product

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Categories:Topics, Art & Design
Published by: Simran Kaur on Mar 09, 2011
Copyright:Attribution Non-commercial


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MaricoMarico LimitedLogo
Edible Oil, Hair Oils, Skin Care,Fabric Care, etc.
2,046.35crore(US$454.29 million)
1000 (2010)
) is a leadingIndiangroup providing consumer  products and services in the areas of Health and Beauty based inMumbai.
During 2009-10, the company generated a Turnover of about Rs.26.6 billion (USD 600Million)
, in respect of its food, hair care and skin care related activities. Marico's ownmanufacturing facilities are located at Goa, Kanjikode, Jalgaon, Pondicherry, Dehradun,Baddi, Paonta Sahib and Daman.InBangladesh, Marico operates throughMarico Bangladesh Limited, a wholly owned subsidiary Manufacturingfacility atMouchak , near Gazipur.
The organisation holds a number of brands viz. Parachute,Saffola, Sweekar, Hair&Care, Nihar, Shanti, Mediker, Revive, Manjal, Kaya Skin Clinic,Aromatic, Fiancee,HairCode, Caivil, Code 10 and Black Chic.Marico’s brands and their extensions occupy leadership positions
withsignificant market shares
in a number of health and beauty areas.The major brands of Marico holding significant market share are Parachute and Saffola.Parachute is essentially edible coconut oil. The other sub brands of Parachute are Nihar,Uttam and Oil of Malabar which are also edible coconut oils. Saffola is essentially
blended refined edible oil which is claimed to be beneficial for Heart health. It ismarketed under the names of New Saffola, Tasty and Active. All of them contain blendedvegetable oils in various proportion. The main type of oils which are blended includeRice Bran oil, Kardi oil or Safflower oil, Corn oil and Soya oil.In addition to being a producer of consumer products the organisation also operates KayaSkin Clinic(of which (as of 2010) 81 exist in India, 13 inUAE
) and 2 in Bangladesh.Marico recently acquired the aesthetics business, of the Singapore based Derma Rx AsiaPacific Pte. Ltd. (Derma Rx), under the Kaya portfolio. All the services offered atKayaSkin Clinicare designed and supervised by a team of over 250 dermatologists and carriedout by certified skin practitioners who have undergone more than 300 hours of training.The services are US FDA approved and tested in-house, and conform to the highestinternational quality standards.Kaya Skin Clinichas over 600,000 satisfied customers.Harsh Mariwala is the Chairman and MD of this organisation. The company has 3divisions the Consumer Products Group(CPB), The International Business Group andKaya Skin Clinic. CPB is headed by Saugata Gupta. Kaya Skin Clinic is headed by Ajay Pahwa.The company in recent years has been known for its foreign acquistions in countries suchas South Africa, Egypt and Singapore.
Auditor's Report
1. We have audited the attached Balance Sheet of 
Marico Limited
(the"Company") as at March 31,2010, and therelated Profit and Loss account and CashFlow Statement for the year ended on that date (all together referred toas‘financial statements’) annexed thereto, which we have signed under reference tothis report. These financialstatements are the responsibility of the Company’sManagement. Our responsibility is to express an opinion onthese financial statementsbased on our audit.2. We conducted our audit in accordance with the auditing standards generally acceptedin India. Those Standardsrequire that we plan and perform the audit to obtain reasonableassurance about whether the financial statementsare free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amountsand disclosuresin the financial statements. An audit also includes assessing the accounting principlesused andsignificant estimates made by Management, as well as evaluating the overallfinancial statement presentation. Webelieve that our audit provides a reasonable basisfor our opinion.3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by theCompanies (Auditor’s Report)(Amendment) Order, 2004 (together the"Order"), issued by the Central Government of India in terms of sub-section (4A)of Section 227 of ‘The Companies Act, 1956’ of India (the ‘Act’) andon the basis of such checks of thebooks and records of the Company as we consideredappropriate and according to the information andexplanations given to us, we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.4. As detailed in Note 24 of Schedule R to the financial statements and for reasonsstated therein, the Companyhas made a provision of 
29.35 crores towards contingencieson account of possible excise obligations whichmay arise in the event of unfavourableoutcome of the matter, which is assessed by the management to be ‘lessthanprobable’. The said provisioning is not in accordance with the requirements ofAccounting Standard 29 on
"Provisions, Contingent liabilities and Contingentassets", as per which, the provision should be recognised only inthe event,unfavourable outcome is assessed to be ‘more than likely’. The resultant excessprovision is in the natureof reserves as defined in part III of Schedule VI of the Act.Had the Company not recognised the said contingency provision, the "Manufacturingand Other expenses" for theyear would have been lower by
29.35 Crore, Profitbefore tax for the year would have been higher by
29.35Crore, Profit after tax for theyear and balances in Reserves and Surplus as at the year end would have beenhigher by Rs19.60 Crore respectively and contingent liability as at the year end would have beenhigher by
29.35 Crore.5. Further to our comments in the Annexure referred to in paragraph 3 above, we reportthat:(a) We have obtained all the information and explanations which, to the best of ourknowledge and belief, werenecessary for the purposes of our audit;(b) In our opinion, proper books of account as required by law have been kept by theCompany so far as appearsfrom our examination of those books;(c) The Balance Sheet, Profit and Loss account and Cash Flow statement dealt with bythis report are in agreementwith the books of account;(d) Subject to the matter referred in paragraph 4 above, in our opinion, the BalanceSheet, Profit and Loss accountand Cash Flow statement dealt with by this report complywith the accounting standards referred to in sub-section(3C) of Section 211 of the Act;(e) On the basis of written representations received from the directors, as on March31,2010 and taken on recordby the Board of Directors, none of the directors isdisqualified as on March 31,2010 from being appointed as adirector in terms of clause (g)of sub-section (1) of Section 274 of the Act;(f) In our opinion and to the best of our information and according to the explanationsgiven to us and subject to thematter referred in paragraph 4 above the said financialstatements together with the notes thereon and attachedthereto give, in the prescribedmanner, the information required by the Act, and give a true and fair view inconformitywith the accounting principles generally accepted in India:(i) in the case of the Balance Sheet, of the state of affairs of the company as atMarch 31, 2010;(ii) in the case of the Profit and Loss account, of the profit for the year ended onthat date; and(iii) in the case of the Cash Flow statement, of the cash flows for the year ended onthat date.For 
Price Waterhouse
Chartered AccountantsFirm Registration No. 301112E

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