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Reckitt Benckiser

Report & Accounts 2008

Reckitt Benckiser (India) Limited

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www.sansco. Chairman & Managing Director Alfred Kurt Gaspers.com . Haryana REGISTRARSAND SHARE TRANSFER AGENTS C B Management Service (Private) Limited P-22.A.l\lon Executive Director David Walter Poulter.2008) Manish Dawar.Non Executive Director(w. Phase III.2008) AUDITORS Price Waterhouse BANKERS The Hongkong and Shanghai Banking Corporation Limited CitiBankN. C O R P O R A T E OFFICE Enkay Centre.reportjunction. Won Executive Director Colin Day. Okhla Industrial Estate.12.12.e.f. Executive Director (w. Vanijya Nikunj. Executive Director.Non Executive Director Jose Joaquin Camera Gonzalez.Annual Reports Library Services . CFO & Company Secretary Sreenivas Rao IMandigam.SANSCO SERVICES . Gurgaon-122016. Phase V. 17. 2nd Floor. Udyog Vihar.e. New Delhi-110020. Kolkata-700019. Okhla. West Bengal CONTENTS Directors' Report Annexure to Directors' Report Auditors' Report Balance Sheet Profit and Loss Account Cash Flow Statement Schedules to the Accounts Balance Sheet Abstract and General Business Profile Subsidiary Company 2 4 7 10 11 12 13 33 34 www.f.net RECKITT BENCKISER (INDIA) LIMITED BOARD OF DIRECTORS Chancier Mohan Sethi. R E G I S T E R E D OFFICE 227. Bondel Road. 17.

Optrex Ltd. CFO and Company Secretary Other Directorships Reckitt Benckiser (Bangladesh) Ltd. German) Non-Executive Director Other Directorship Reckitt Benckiser (Lanka) Ltd. Optrex S. Reckitt Benckiser pic Reckitt Benckiser Healthcare International Ltd. Indian) Executive Director.L. Ltd. Colin Day (54. Sreenivas Rao Nandigam (40. Indian) Executive Director Jose Joaquin Camero Gonzalez (53.L.com .reportjunction. Ltd. Reckitt Benckiser (Lanka) Ltd. Reckitt Piramal Pvt.www. Colombian) Non-Executive Director Other Directorships Reckitt Benckiser Espana S. Lancaster Square Holdings S. www. Indian) Chairman & Managing Director Chairman Reckitt Piramal Pvt. Lancaster Square Holdings S. Other Directorships Reckitt Benckiser (Bangladesh) Ltd. British) Non-Executive Director Other Major Directorships Flyglass Ltd.L.L. PT Reckitt Benckiser Indonesia Reckitt Benckiser (Lanka) Ltd.sans Reckitt Benckiser BOARD OF DIRECTORS Chander Mohan Sethi (60. WPP Group pic Cadbury pic Manish Dawar (43.SANSCO SERVICES . Alfred Kurt Caspers (48. David W Poulter (46. British) Non-Executive Director Other Directorships Reckitt Benckiser Pakistan Ltd.Annual Reports Library Services .

A sum of Rs.910 32.623 lakhs towards interim dividends and Rs. the Company's F. 1956 are attached and forms part of this Report.com .181 (4. was a permanent invitee to the Audit Committee. he was appointed as a Whole Time Director for a period of 5 years on such terms and conditions as have been detailed in the notice to the ensuing Annual General Meeting. Rs. 275 lakhs.O.961 4. the balance carried forward in the of the Companies Act. Directors 26. Executive Director.152. Mr.797 15 2007 133.130 157. Considering the Details of conservation of energy.970 lakhs. Your Board recommends his reproducts enjoy the patronage of the consumers.B. 1975 for the year 2008.f. retires by rotation at the ensuing Annual General Meeting and being eligible.466 2. approach to the market and its investment in the brands has Subsidiary Company resulted in good growth numbers.Annual Reports Library Services . 1956 and the Articles of profit after tax was Rs. even in current difficult market Particulars of M/s.32. The Company's appointment.475 (2.132 138.211) 27. your Board recommends a exchange earnings and outgo as required to be made pursuant to final dividend of Rs.e. Technology & Foreign Exchange per share on 1st Nov.net RECKITT BENCKISER (INDIA) LIMITED DIRECTORS' REPORT The Directors present the Annual Report together with the Statement of Accounts for the year ended December 31.091 124.519 3.934 Export Performance In the year 2008. 2008 and further declared 2nd Interim Dividend of Rs.reportjunction. 2008: Rs. Your Board recommends his appointment as a Whole Time Director. The Board of Directors declared an Interim Dividend of Rs.280 4. value of exports stood at Rs.416 2.797 lakhs has been transferred to general reserve Particulars of Employees and after appropriation of Rs. the Report of Board of Directors) Rules.191 11. the Audit Committee of the Board of Directors comprised of the following members: Mr.221) 152. 25.310 7. an increase of about 17%. The net sales for the year 2008 grew to Rs.310 lakhs in 2007. offers The Company continued with the trend of launching new and innovative products in the market which has ensured that its himself for re-appointment. Lakhs Financial Results Sales Less: Excise duty Net sales Other income Total income Expenditure Profit before tax Provision for taxation Profit after tax Profit brought forward Total profits available for appropriation Appropriations: Interim dividend Final dividend Corporate dividend tax Transfer to general reserve Balance carried forward Performance 2008 156. 757.507. Colin Day Mr.961 lakhs from Mr. subject to the consent of the members. Colin Day.181 lakhs and the In accordance with the Companies Act.970 3. Jose Joaquin Camero Gonzalez.669 31.442 110. David Poulter Non Executive Director Executive Director Non Executive Director Mr. Further. foreign Company's performance for the year. Mr.623 788 2.014) 25. Martinez ceased to be a member of the Board w. a subsidiary of conditions. The profit Mr. www.205 (3.165) 131. forms part of this profit and loss account is Rs 15 lakhs.per share on 23rcl Jan. 22.237 28. 2009.www. 2.2008.27. 788 lakhs towards final dividend and the Information in accordance with sub-section (2A) of Section 217 corporate dividend tax thereon. an abstract of which was also sent to the members. Reckitt Piramal Private Limited. Manish Dawar.639 25.669 During the year 2008. Sreenivas Rao Nandigam was appointed as an Additional Director by the Board of Directors at their meeting held on December 17.SANSCO SERVICES . 1956 read with the Companies (Particulars of Employees) Rules.sansco.Details of Energy Conservation.131. Audit Committee During the year 2008. 1988 are given as an Reserves and Provisions annexure to this Report. the Company as required under Section 212 of the Companies Dividend Act. Daniel C. 37.per share which shall be subject to approval clause (e) of sub-section (1) of Section 217 of the Companies Act. before tax for the year 2008 stood at Rs.182 (3. technology absorption. Association of the Company.743 36. 2008. C M Sethi Mr. The Board of Directors at their meeting held an increase of about 14% in the total income which resulted in the on December 17. There was September 26. 1956 read with the Companies (Disclosure of Particulars in of the members at the ensuing Annual General Meeting. 2008 filled in the casual vacancy by appointing profit before tax increasing by the same percentage.

1956 and being eligible. proper explanations relating to material departures have been given. They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period. Okhla Industrial Estate. 1956. Okhla. including its shareholders. DIRECTORS' REPORT (Continued) Report and is given in the annexure. 2009 (Manish Dawar) Executive Director. your Directors confirm that: i) In the preparation of the Annual Accounts. On behalf of the Board (Chander Mohan Sethi) Chairman and Managing Director Benckiser preventing and detecting fraud and other irregularities.Annual Reports Library Services . ii) Gurgaon February 28. Auditors of the Company.www.reportjunction.sansc<Lnet > Reckitt . NewDelhi-110020. retire at the ensuing Annual General Meeting in accordance with the provisions of the Companies Act. iv) They have prepared the accounts on a going concern basis Acknowledgements The Board thanks all its stakeholders.cgjiet SANSCO SERVICES . Directors' Responsibility Statement Pursuant to provisions of sub-section (2AA) of Section 217 of the Companies Act. CFO and Company Secretary iii) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for Registered Office: 227. suppliers and its employees for the support given by them to the Company and its management. customers. Auditors M/s.com . Phase III. the applicable accounting standards have been followed and wherever required. Price Waterhouse. have indicated their willingness to continue in office and are recommended for reappointment as the auditors of the Company for the year 2009. www. bankers.

a) for the existing products.76 385. CONSERVATION OF ENERGY (a) Energy conservation measures taken: i) At Mysore Factory. TECHNOLOGY ABSORPTION : (c) a. lakhs) Rate/ unit (Rs) Own Generation Through Diesel Generator : Units (lakhs) Units per litre of diesel oil Cost/ unit (Rs. e) Packaging design optimization.83 29.93 24.41 4. 1956] 1 Electricity (Units/ MT) A. b) for introducing new products and packaging. d) Substitution of imported raw materials with indigenous raw materials. Specific areas in which R&D was carried out by the Company: The benefits flowing from the Global R&D activities have been a contributing factor for new product development and up-gradation of existing products.88 168. Several global formulations were modified to adopt them to Indian conditions. 2.) 2. on account of further streamlining the PCMX operations and optimizing the utilization of the equipments.87 102.SANSCO SERVICES . B.76 196. (b) Impact of the above measures: There has been marginal decrease in the per unit consumption of energy.56 3. Consumption per unit of production: Foreign Exchange Earnings and Outgo [Section 217 (1) (e) of Particulars the Companies Act.68 3.51 3. which is undertaken in all the units. Future plan of action: Particulars Power and Fuel Consumption 1 .sansco.15 The Global R&D benefits will be available on continuous basis conforming to international standards.19 10.www. Technology Absorption.09 1174. there has been a reduction in the consumption of energy. Research and Development (R&D) 1. Moreover.Annual Reports Library Services .58 29. c) Formula optimization. Total energy consumption and energy consumption per unit of production is as under: FORMA 2008 2007 Drugs Pharmaceuticals 2 Furnace Oil (Litres/ MT) Drugs Pharmaceuticals 1137. The R&D work is being carried out on behalf of Category Development Centre by the Company's Scientific Services Group. Electricity : Purchased : Unit (lakhs) Total amount (Rs.96 28. Furnace Oil : Quantity (kiloliters) Total amount (Rs.43 111.56 978.89 - 393. b) Cost reduction.com .50 349. there has been a reduction in the consumption of energy due to optimizing the utilization of the equipments.66 - Note: There exists no specific standard as the consumption per unit depends on the product mix.reportjunction. energy conservation measure is an on-going process.10 10.83 15.56 36. 3. ii) At Hosur Factory.30 95. lakhs) Average rate (Rs/ litre) 2008 2007 42.net RECKITT BENCKISER (INDIA) LIMITED ANNEXURE TO DIRECTORS' REPORT Report on Conservation of Energy. Benefits derived as a result of the above R&D initiatives: a) Product innovation and new product launches. www.

the outgo was Rs. Technology absorption. royalty and payment of dividend to non-resident shareholders.90 lakhs during the period under review. 2.sansc Reckitt Benckiser ANNEXURE TO DIRECTORS' REPORT (Continued) c) improved and more efficient manufacturing processes and technologies. adaptation and innovation: Working with Global Lead Technical Centres. 57. Benefits derived as a result of the above: Efforts from Research & Development and Scientific Services Group have yielded following benefits: a) b) c) d) Rs. performance and new product launches. Details of imported technology: b. Smooth transition of technologies and processes from pilot plants to factories for commercial production.15 lakhs 0. 4. 37.reportjunction. Expenditure on R&D : Capital Recurring Total Total R & D expenditure as a % of total turnover e) 3.com . Substitution of imported raw materials with indigenous ones. Efforts in brief. e) f) development of formulae and products for meeting the specific needs of the developing markets. Improved performance by way of better shelf life and product stability in local conditions.56 lakhs Rs. whereas. improved product designs for reducing carbon emissions.50 lakhs mainly on account of raw and packing materials. Clearasil to help fast track the technology absorption. Quicker technology absorption and transfer from global R&D labs.32 % d) replacement of raw material for improved safety of consumers and the environment. the Company has been able to absorb and adapt inputs received from such centres through Scientific Services Group to improve the quality. adaptation and innovation: 1. Pilot plant facilities were set up for personal care products like Veet. made towards technology absorption. 458. Improved product quality and safety. www.887.SANSCO SERVICES . 274. FOREIGN EXCHANGE EARNINGS AND OUTGO: The foreign exchange earnings of the Company amounted to Rs.59 lakhs Rs. No technology has been imported during the period under review.Annual Reports Library Services . C. 496.www.

Cadbury India Ltd. MBA B.272 7.005 3.850 17.394.747 508.169 2.933.109 3. 24. PGDM B.711.123. Ltd.Tech PGDM (Marketing) B.Sc.Tech. New Initiatives Chief Execuitve.E. Director 8. Pepsico India Holdings Pvt.306 1.870 3.IS Regional Marketing Director R&D SSG Director Vice President .171. Delhi Manager.A .792. Unilever India Ltd.Tech. Sales Accounts Manager. Ltd.190 Qualification Total Experience Date ol Joining 26-Sep-08 2-Jan-08 3-Apr-08 18-Aug-08 17-Jan-08 6-Jan-03 1-Dec-08 16-Jun-08 7-May-08 16-Apr-04 7-Aug-08 19-May-04 30-Jun-08 19-Sep-08 16-Jan-06 29-Sep-03 Previous Employment Area Sales Manager. Britannia Industries Ltd. 200.469. www. Johnson & Johnson Ltd.545 3.972 1.441.409 4.Procurement Production Manager (Soap) Factory Manager Zonal Sales Manager Regional Manager NPS Manager VP Supply Executive Director Commercial Controller General Manager . Price Waterhouse Director RA.Com. Britannia Industries Ltd.Business & Engineering B.657.326.044.897.Com B. CFO & Company Secretary Marketing Manager Brand Manager Regional Manager Supply Controller Head of Regulatory and Medical Affairs Marketing Manager Regional Manager Regional Manager Head of Global Service Centre Head of Procurement Head of Legal Sales Director .356. Whirlpool of India Limited General Marketing Manager.615 4. MBA M. MBA P.192 3.Tech CA LLB. MBA M.875 3.133.188.429. GM. Britannia Industries Ltd.086 23.E.628 3.270 3.921 4. Glaxosmithkline CH Ltd.420 3.178 5. Indian Explosives Limited Brand Manager. ACA.968.668 4.379 2.949 Qualification Total Experience Date of Joining 2-Jun-97 7-Dec-94 1-Nov-07 1-Nov-07 24-Jun-04 3-Dec-07 22-May-07 16-NOV-84 6-Oct-04 2-Dec-91 3-Jan-05 16-Nov-04 18-Aug-Q4 6-Mar-01 4-May-06 1-Apr-02 1-Aug-01 1-Aug-01 1-Jul-85 10-Jun-02 3-Dec-07 8-May-06 16-Mar-94 22-May-06 19-Sep-01 31-Dec-04 24-May-07 17-Dec-01 13-Dec-07 3-Sep-01 1-Sep-06 1-Apr-07 2-Jan-07 2-Jun-97 11-Dec-06 Previous Employment Manager (Technical Services).P M SIR MBA MBA 10 22 18 18 12 12 9 37 10 30 22 9 16 33 10 18 11 10 23 9 15 10 28 11 21 17 10 16 21 25 11 35 20 10 16 Employed for part of the year and were in receipt of remuneration exceeding Rs. Cadbury India Limited Area Sales Manager. Sales Manager. PGD (PM&IR) B.Pharma. No employee is a relative of any director of the Company. Ranbaxy Labs Ltd. ACS MBA B.913 2.918. Regional Supply Chain Director-Asia (Skin Category). Cargill Foods Pvt Ltd.875.253 28.794.423.com .796 3. 2008 and has been calculated in compliance with the relevant provisions of the Companies Act. Gillete Ltd.591.E.Sc (Applied Science) CA M.590 13. 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 MBA CA M. PSG Oman 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 35 49 41 41 36 37 36 60 34 53 45 32 39 58 35 43 38 33 46 34 41 36 54 35 47 39 41 44 44 51 41 58 46 35 41 MBA B. Unilever India Ltd.796 1.Tech B. Berger Paints India Ltd.A.242 4.Sc (Food Technology) PGDM 4 13 16 6 12 21 17 20 14 16 22 21 16 11 18 10 Remuneration received/ remuneration relates to the year ended December 31. Manager(PSO). Regional Sales Manager. Gillettte India Ltd. PGD in Administration MBA B.030 13. Business Head Supply Chain.Quality Regional Manager Total Remuneration 710. Marketing Manager.127. IT Manager.per annum SI No Name Abhishek Prasad Amit Kumar Bhattacharya Anil Dhamija Anup Dhingra Anuradha Sehgal Aseem Chhiber Ashish Pande C M Sethi Dimple Sidhar Govindan Sankunny Guru Mounagurusami Harmeet Bhalla Jaideep A Jaishree Kasliwal K Ravishankar Manish Dawar Manoj Sahay Mohit Marwaha N Padmanabhan Nandita Johar Neeraj Pant Nitish Bajaj Prahlad Mishra Pritesh Talwar Pronoy Kumar Roy Radha Mohan Gupta Rajesh Jha Ratanjit Das S N Kannan Sekhar Rai Choudhuri Stefan Gaa Sudhir Dtiawan Suvamoy Roy Ctioudhury T Ganesh Tom Thomas Age Designation Marketing Manager Production Manager Factory Manager Head of Manufacturing Marketing Manager Market Research Manager Regional Manager Managing Director Marketing Manager Head of Talent Management Factory Manager Trade Marketing Head Procurement Manager R & D SSG Manager Packaging Development Manager Executive Director. ICI India Ltd.909 3.Sc M.276. Ltd.284 3. Johnson & Johnson Ltd.191.E B. Pepsico India Holdings Ltd. Manager Taxation.reportjunction.153 54.797. Purchasing Manager.ANNEXURE TO THE DIRECTORS' REPORT Statement of Particulars of Employees Forming Part of the Directors Report Employed for full year and were in receipt of remuneration exceeding Rs. PGDM B. Other terms and conditions are as per Company's rules. Branch Manager. Serum Institute of India Assistant Manager. Britannia Industries Ltd.869. Arvind Mills Ltd.A .905.418.00. PGDMM.481 1. Berger Paints India Ltd. PGDM LL. Ranbaxy API Division Corporate Quality Manager. Chief Financial Officer.Sc M. Pepsi Foods Pvt. Godrej Sara Lee Ltd. Area Sales Manager. MBA B.977. India Quality Services Manager.OOO/. Kellogs India Pvt.993.B MBA CA M. MBA MBA PGDM (Marketing) B.E.273 2. Ltd.Ltd.Sc.538.Com (Hons).0007.998. Ltd. DIE B. Baxter (I) Ltd.614.745.646.Tech. Finance Head.471. Johnson & Johnson Ltd. Sr. All appointments are/ were contractual.924. General Manager-Plant. Dart Manufacturing India Pvt Ltd.313. Sr. Agrotech Foods Ltd. Hewitt Associate India Pvt.964 4. Dabur Foods Ltd.070. MBA B.per month SI No Name Abhishek Singh Ajay Thukral Alok Mehrotra Amit Kumar Bajla Atul Chandra Jha Biiju M Padmanabhan Kashinath Jha Mahendra Singh Shekhawat Martand Singh Monoj Chakraborty Ravi Gupta S Ravi Kumar Sreenivas Rao Sundeep Kohli Umesh Naik Vikram Mohan Sharma Age 30 38 41 28 40 45 40 42 34 41 44 48 40 38 44 35 Designation Regional Trade Marketing Manager Financial Controller Head of Quality Factory Accountant Supply HR Manager GM . Area Sales Manager.Tech M. India Group Lead (Finance). Chief Information Officer.507.032.434. General Manager.717 17. Pepsico India Holding Pvt. SGS India Ltd. Director Operations-Ethicon. Resource Planning Manager. William Sons. India Ltd.HR Marketing Manager National Key Accounts Manager Total Remuneration 3.325.903 8. PGD (Packaging Technology) B.421 3. Brand Manager.Tech.India Head of Tax Vice President .231 5.219 3. Assistant Manager. General Manager.680. Head of General Laboratory.565 3. Whirlpool of India Limited Manufacturing Manager.191 3. GM HR . MBA B.776 628. Reebok India Area Sales Manager.Tech.552 1.353 4.576 3. Factory HR Manager.Sc B. ABEE Engineering Corporation Unit Head.396. 1956. Nestle India Divisional Sales Manager. Dabur India Ltd. Medical Representative. Perfetti India Ltd.Tech CA B.E.128. SmithKline Beecham Brand Manager. Hindustan Coca Cola Beverages Pvt.275 2. Legal Counsel. Factory Manager.933 3. M.Tech MBA B. Branch Manager.520.050 1. UHU GmbH Bolton Group. Tropicana Bevereages Co.Sc B.Hd B.

reportjunction. firms or other parties covered in the register maintained under Section 301 of the Act. AUDITORS' REPORT TO THE MEMBERS OF RECKITT BENCKISER (INDIA) LIMITED Benckiser 1. as well as evaluating the overall financial statement presentation. 2003.SANSCO SERVICES . (ii) (a) The inventory has been physically verified by the management during the year. 1956' of India (the 'Act') and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us. (b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the items over a period of two years. As required by the Companies (Auditor's Report) Order. These financial statements are the responsibility of the company's management. as amended by the Companies (Auditor's Report) (Amendment) Order. 2004 are not applicable. According to the information and explanations given to us. a substantial part of fixed assets has not been disposed of by the company during the year. Further. from companies. commenting on (v) www. clauses iii (f) and iii (g) of paragraph 4 of the Companies (Auditor's Report) Order. Our responsibility is to express an opinion on these financial statements based on our audit. 2004. there have been no contracts or arrangements referred to in Section 301 of the Act during the year to be entered in the register required to be maintained under that Section. (iii) (a) The company has not granted any loans. in our opinion.www. iii (c). We have audited the attached Balance Sheet of Reckitt Benckiser (India) Limited. (c) On the basis of our examination of the inventory records. 2. (b) In our opinion. as at December 31. fixed assets and for the sale of goods and services. We believe that our audit provides a reasonable basis for our opinion. we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. (c) In our opinion and according to the information and explanations given to us. there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory. evidence supporting the amounts and disclosures in the financial statements. secured or unsecured. 2004 are not applicable. Accordingly. (iv) In our opinion and according to the information and explanations given to us.com .net > Reckitt . Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We conducted our audit in accordance with the auditing standards generally accepted in India. An audit includes examining. to companies. is reasonable having regard to the size of the company and the nature of its assets. clauses iii (b). issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act. iii (d) of paragraph 4 of the Companies (Auditor's Report) Order. 2003. Accordingly. the frequency of verification is reasonable.Annual Reports Library Services . 3. In our opinion. 2008 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. which in our opinion. a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. as amended by the Companies (Auditor's Report) (Amendment) Order. the company is maintaining proper records of inventory. (b) The company has not taken any loans. 2003. An audit also includes assessing the accounting principles used and significant estimates made by management. which we have signed under reference to this report. as amended by the Companies (Auditor's Report) (Amendment) Order. the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. Pursuant to the programme. secured or unsecured. Accordingly. we further report that: (i) (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. on a test basis. on the basis of our examination of the books and records of the company.sansco. and according to the information and explanations given to us. The discrepancies noticed on physical verification of inventory as compared to book records were not material.net co. firms or other parties covered in the register maintained under Section 301 of the Act.

www. 2008 which have not been deposited on account of a dispute are given in Note 5 (ii) on Schedule 17 of Notes to Accounts.2008 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.www. According to the records of the company examined by us and the information and explanations given to us. excise duty and cess as at December 31. The company has not raised any money by public issues during the year. the maintenance of cost records has been prescribed under clause (d) of subsection (1) of Section 209 of the Act and are of the opinion that prima facie. securities. service tax. in our opinion. we report that: (a) We have obtained all the information and explanations. pursuant to the Rules made by the Central Government of India. The provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to the company. In our opinion. the company is generally regular in depositing undisputed statutory dues including provident fund.SANSCO SERVICES . The company has not issued any debentures during the year. with the appropriate authorities. (x) (xviii) (xix) (xx) (xxi) The company has no accumulated losses as at December 31. nor have we been informed of such case by the management. (viii) We have broadly reviewed the books of account maintained by the company in respect of products where. sales tax. Further to our comments in paragraph 3 above.2008. employees' state insurance. income-tax. the particulars of dues of income-tax. cess. (xiii) (xiv) (xv) (xvi) (xvii) (ix) (a) According to the information and explanations given to us and the records of the company examined by us. and according to the information and explanations given to us. debentures and other securities. In our opinion. the company is not a dealer or trader in shares. which to the best of our knowledge and belief were necessary for the purposes of our audit. noticed or reported during the year. excise duty and other material statutory dues as applicable. during the year. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year. the prescribed accounts and records have been made and maintained. customs duty.sansco. the company has not taken any loans from financial institution or bank or debenture holders 4. sales-tax. made a detailed examination of the records with a view to determine whether they are accurate or complete. We have not.reportjunction. customs duty. wealth tax. The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the Rules framed there under. There are no amounts outstanding which are due for more than six months as at December 31. During the course of our examination of the books and records of the company. On the basis of an overall examination of the balance sheet of the company.net RECKITT BENCKISER (INDIA) LIMITED AUDITORS' REPORT (Continued) transactions made in pursuance of such contracts or arrangements does not arise. debentures and other investments. however.Annual Reports Library Services . we have neither come across any instance of fraud on or by the company. wealth tax. (xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares. carried out in accordance with the generally accepted auditing practices in India. and according to the information and explanations given to us. in our opinion and according to the information and explanations given to us. the company has an internal audit system commensurate with its size and nature of its business. service tax. the company has not given any guarantee for loans taken by others from banks or financial institutions during the year. there are no funds raised on a short-term basis which have been used for long-term investment.com (xi) . (b) According to the information and explanations given to us and the records of the company examined by us. In our opinion. The company has not obtained any term loans.

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