Nestle Accounting Practices - 8557 Words

Management Accounting -I Final Project Report Company – Nestlà © India Submitted By Rahul –PGP25259 Praveen – PGP25258 Pratyush – PGP25257 Prachal Mehrotra – PGP25255 Prajeesh Jayaram L – PGP25256 Sanjay Dhir – FPM10013 1. About Nestlà © Nestlà © 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 FarineLactà ©e Henri Nestlà © Company. The company now has a strong presence worldwide and had an annual turnover of 87 billion Swiss francs in 2008. Nestlà © is the world s foremost Nutrition, Health and Wellness company. Nestlà © India Limited is the Indian arm of Nestlà © 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 t o 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 lastShow MoreRelatedNestle Business Ethics1126 Words   |  5 Pagesfew examples of unethical practices performed by professional organizations. Nestlà © is a Swiss food and drink company. The company’s products include cereal, coffee, tea, water, and other food and drink products. Nestlà © is a very well-known and successful brand. It was reported that 29 of their brands currently have sales of over one billion dollars annually, and it has around 333,000 employees. Although its products are well-known and its businesses are successful, Nestlà © is one of the most hatedRead MoreThe Ethical Dilemma Of Nestle s Mass Marketing925 Words   |  4 Pagesemotional comfort due to skin-to-skin contact. So did Nestle know this when marketing to underdeveloped nations? If so, did they choose to market more efficiently and aggressively to save its public image and improve profit? And lastly was the intent of Nestle to place value in a product that was inadequate and targeted exclusively to a vulnerable market? The answer to these questions is yes. I will provide a detailed analysis of the facts and how Nestle not only targeted the most vulnerable, but alsoRead MoreIfrs Reporting1865 Words   |  8 Pagescompany and the reporting in another country? Facts: Rob Carpenter senior manager at a prestigious accounting firm, recently transferred to the international division of acquisition and mergers. Mr. Carpenter was recently asked to make a recommendation regarding Nestle. Mr. Carpenter unfamiliar with the accounting in Switzerland has realized substantial differences between Swiss and U.S. accounting standards. Surprisingly, there are many â€Å"unnecessary† details in Nestle’s annual report including thingsRead MoreEthics in Accounting1196 Words   |  5 PagesEthics in Accounting By Pace University – New York Accounting for Decision Making, MBA 640 Fall 2011 Required Research Paper Page 1 of 11 Table of Contents Number Content Page Number 1 Introduction 3 2 Ethics in Accounting 4 3 Enron Scandal 6 4 Satyam Scandal 8 5 Conclusion 10 6 References 11 Page 2 of 11 Introduction †¢ What is â€Å"Ethics†? Ethics, also known as moral philosophy, is a branch of philosophy that addresses questionsRead MoreProductivity and Quality Management9708 Words   |  39 PagesINTRODUCTION 5 1.1 MEASURING PRODUCTIVITY IN THE MANUFACTURING AND SERVICE SECTORS 1.1.1 Productivity Defined and Explained 5 1.1.1.1 Why Productivity 7 1.1.2 Manufacturing Sector Productivity 8 1.1.3 Service Sector Productivity 14 1.1.4 Nestle Lanka Performance Measures 15 1.2 TOTAL QUALITY CONCEPTS 1.2.1 Total Quality Management Models 26 1.2.1.1 The origin of TQM 26 1.2.1.2 Total quality defined 26 1.2.1.3 Why TQM 27 1.2.1.4 TQM models 28 1.2.2 Issues in ApplicationRead MoreNestle Tries for an All-for-One Global Strategy2895 Words   |  12 Pages624 Part Four Building and Managing Systems Nestlà © Tries for an All-for- One Global Strategy CASE STUDY N estlà © is the largest food and beverage company in the world. Headquartered in Vevey, Switzerland, the company has annual revenues in excess of $70 billion and nearly 250,000 employees at 500 facilities in 200 countries. Best known for its chocolate, coffee (it invented instant coffee), and milk products, Nestlà © sells hundreds of thousands of other items, most of which are adaptedRead MoreErp System Implication1974 Words   |  8 Pagesindustries Enterprise Systems are the same, the basic concept of Enterprise Systems is focused mainly on standardization, synchronization and improved efficiency. ERP is basically the successor to material resource planning (MRP) and integrated accounting systems such as payroll, general ledger, and billing. The benefits of Enterprise Systems are very significant: coordinating processes and information, reducing carrying costs, decreasing cycle time and improving responsiveness to customer needsRead MoreThe Sky Wrench Aviation ( Swa ) Resource Pl anning Implementation Project Proposal For Managing It Resources2002 Words   |  9 Pagescurrent and future customer’s needs. This project will be undertaken to ensure the safe, secure, timely and cost effective management of Sky Wench Aviation’s proprietary information as well as customer data. 2. Background 2.1 Our current business practices are dated and our current ERP system rooted in 1970s Cobol programing technology is preventing clear, concise and accurate communications and data processing by our manufacturing, finance, marketing and customer management abilities. Over the yearRead MoreThe Purpose, Impacts And Responsibilities Of Businesses2310 Words   |  10 Pagessustainable practices. Sustainability is a broad term and involves the integration of a host of strategies to achieve a desired outcome with regards to the way businesses operate. Strategies such as, green technology, eco manufacturing, eco machining, clean production and so on, have to be employed to alleviate environmental concerns such as pollution, material toxicity, greenhouse gas emissions and much more. The challenge now for businesses is to redesign processes and practices that will resultRead MoreFinancial Analysis of Nestle6942 Words   |  28 PagesFINANCIAL ACCOUNTING TABLE OF CONTENTS TABLE OF CONTENTS Sr. No. | TOPIC | PAGE NO. | 1 | Introduction to NESTLE | 3 | 2 | Balance sheet | 7 | 3 | Schedules forming part of balance sheet | 9 | 4 | Profit and Loss Account | 21 | 5 | Schedules forming part of profit and loss account | 23 |