code: public boolean isValuePresentInDropDown(final By by, final String value) {
  		WebElement element = driver.findElement(by);
  
  		StringBuilder builder = new StringBuilder(".//option[@value = ");
  		builder.append(escapeQuotes(value));
  		builder.append("]");
  		List<WebElement> options = element.findElements(By.xpath(builder
  				.toString()));
  
  		return options != null && !options.isEmpty();
  	}
docs: Checks if the VALUE is present in the drop-down. This considers the VALUE
  attribute of the option, not the actual display text. <br/>
  For example if we have the following situation: &lt;select id="test"&gt;
  &lt;option value="4"&gt;June&lt;/option&gt; &lt;/select&gt; we will call
  the method as follows: isValuePresentInDropDown(By.id("test"), "4");
  
  @param by
  he method of identifying the drop-down
  @param value
  the value to search for
  @return true if the value is present in the drop-down or false otherwise