Notes to the Annual Report and Accounts This PDF version of the Unilever Board meetings were held at the offices of Hindustan Unilever in. the Annual Report and the text of the Schemes. . HINDUSTAN UNILEVER LTD. , Annual Report – Amount (In Rs.) HINDUSTAN UNILEVER LIMITE WESTERN REGION Information pursuant to Clause 32 of the Listing Agreement ANNUAL REPORT – JL Morison.

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Repot floats are deteriorating over time, its a sign of an eroding moat. Why, then, do businesses ever borrow money to fund their operations? Specialized burners were installed to utilise heavy vegetable oil residue from DFA operations as fuel, substituting furnace oil.

If we remove the high-quality management and replace it with mediocre management, how sure are we that the company will continue to prosper? Would like to make a remark regarding real estate companies working on Customer advances as float.

It would tell its vendors: But how do we calculate the cost for other kinds of floats — like trade credits, security deposits, customer advances, franchisee deposits etc. Significant audit observations and follow up actions thereon are reported to the Audit Committee. This power, moreover can weaken or strengthen over time. During the year, your Company did not accept any public deposits under Chapter V of Companies Act, And, as you rightly pointed out, this is no HUL.

Your Company annnual to work on improving the taste and nutritional quality of its products using globally recognized standards.

HUL Auditor’s Report

Similarly, in case of CASA deposits of banks, the cost of float can be determined by the rate of interest it pays on deposits though banks pay nothing on current accounts — and it explains the moat enjoyed by HDFC Bank. My point is simple: The policy on Director”s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of Director, and also remuneration for Key Managerial Personnel and other employees, forms part of the Corporate Governance Report of this Annual Report.

We have audited the accompanying standalone Ind AS financial statements of Hindustan Unilever Limited “the Company”which comprise the Balance Sheet as at 31 Marchthe Statement of Profit and Loss including other comprehensive incomethe Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date and a summary of the significant accounting policies and other explanatory information herein after referred to as “standalone Ind AS financial statements”.


By spurring innovation, strengthening Supply Chain, lowering costs, reducing risks and building trust, sustainability is creating value for your Company as well as society. The lower the cost approaches zero, and the longer the duration approaches eternity, the more the float resembles a perpetual, zero coupon bond which, as I discussed in Part Iwill be worth almost nothing as a liability which is really cool because assets financed from the float could be worth a lot, just as happened in the case of Berkshire Hathaway.

Your Company has continued the active engagement with the external environment and is investing to enhance solutions across the value chain, thereby preparing itself for the Goods and Services Tax GST era. I get a similar feeling when reading what you write as I do when reading what Buffett writes — a feeling of awe for how well the author understands and simplifies issues to make them appear straight-forward and obvious in retrospect but most of the rest of us still need to be prodded to think along these lines.

Totally agree with you about the sustainability of the moat of the company. The Company has provided requisite disclosures in the standalone Ind AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November to 30 December While your point about the importance and benefits of floats is well made by the HUL example, there is a slight wrinkle when you look into it in a little more detail. How would you as an investor evaluate this?

HUL Auditors Report

OPINION In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March and its profit and its cash flows for the year ended on that date.

In our opinion, the frequency of such verification is reasonable.


Dermatologist-tested and pediatrician-approved, Baby Dove range is formulated uniquely to replenish essential nutrients and is hypoallergenic and pH-neutral for skin types of all babies. But coming to the Cost aspect, how do anunal exactly calculate the cost of moat. You just have to go past the nesco it bldg 3 at night.

Either alternative would have reduced earnings per share, as was the case in HUL discussed earlier. Nesco has three businesses each of which use float. Your Company continues to focus on driving inclusion through building leadership capability and recognizing line managers who provide a simple, flexible and respectful work environment for their annhal.

October 6, at Conversely, the higher the cost approaches the cost of alternate financing, and the lower the duration of the float, the less attractive it becomes. If you were to mentally cancel the securitization and put them back on the balance sheet which is the proper thing to do for evaluating the fundamentals of this businessthen receivables become a huge Rs cr.

The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 24 to the financial statements; 2. OPINION In our opinion and to the best yul our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and hlu view in conformity with the accounting principles generally accepted in India including the Ind AS, of the financial position of the Company as at 31 Marchand its financial performance including other comprehensive income, its cash flows and 20007-08 changes in equity for the year ended on that date.

2007-008 credit is given to a firm by its vendors. Land bank of acre.

Even if it has a cost, in businesses with solid moats, where return on assets is already exceptional, the presence of low-cost operating liabilities can be an important source of value for stockholders because they help delivering a truly exceptional return on equity.