Nestle Accounting Practices

8557 WordsDec 26, 200935 Pages
Management Accounting -I Final Project Report Company – Nestlé India Submitted By Rahul –PGP25259 Praveen – PGP25258 Pratyush – PGP25257 Prachal Mehrotra – PGP25255 Prajeesh Jayaram L – PGP25256 Sanjay Dhir – FPM10013 1. About Nestlé Nestlé is a food and package multinational with its headquarters situated in Vevey, Switzerland. The company came into being in 1905, after a merger between Anglo-Swiss Milk Company and FarineLactée Henri Nestlé Company. The company now has a strong presence worldwide and had an annual turnover of 87 billion Swiss francs in 2008. Nestlé is the world 's foremost Nutrition, Health and Wellness company. Nestlé India Limited is the Indian arm of Nestlé SA, which holds a 51% stake in the…show more content…
Annexure to the auditor’s report mentions that the Company has, during the year, not granted any loans, secured or unsecured to companies, firms or other parties nor taken any loans, secured or unsecured from companies, firms or other parties. It has also not made any preferential allotment of shares, issued any debentures or raised any money by way of public issue during the year. Annexure to the auditor’s report mentions that the Company has adequate internal control systems. It further observes that no major weakness in the internal control system has been noticed. Annexure to the auditor’s report mentions that the Company has been regular in depositing undisputed statutory dues with the appropriate authorities. Annexure to the auditor’s report mentions that the disputed dues of the company include Sales Tax, Service Tax, Income Tax and Excise Duty to the tune of approx. 34 crore including 13 crore of Sales Tax amount which is disputed for the period ranging from 1992-2007. *Influence of Auditors’s* Report on Financial Statements Analysis: All the financial statements and figures can be assumed to be accurate. The entire inventory mentioned can be assumed to be accurate. Since no preferential shares, debentures or public issues have been offered by the company, the share capital can be assumed to be same as that of last
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