Atul Ltd 2008-09

Annexure to Auditors’ Report (Contd.) the company has not defaulted in repayments the compliance of Section 58AA or obtaining any order from Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal does not arise; vii In our opinion the company has an adequate internal audit system commensurate with the size of the company and the nature of its business; viii. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of the products of the Company to which the said rules are made applicable, and are of the opinion that, prima-facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate; ix. (a) According to the records of the Company, it has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess and other statutory dues with the appropriate authorities, according to the explanation given to us there are no arrears of statutory due which have remain outstanding at the last date of financial year, for a period of more than six months from the date they became payable; b) According to the information and explanations given to us and on the basis of our examination of the documents and records the disputed statutory dues which have not been deposited with the appropriate authorities are as under; Nature of Statute Nature of Dues Period to which Amount Forum where dispute amount relates Rs in lacs is pending (b) The Central Excise Act, 1944 Central excise 1995-96 to 2006-07 343.07 Joint Commissioner 1995-96 to 2006-07 51.44 Commissioner (Appeals) 1986-1998 to 2003-04 518.05 Customs, Excise & Service Tax Appellate Tribunal 1991-1994 7.09 Gujarat High Court Total : 919.67 The Customs Act, 1962 Customs duty 1994 to 1998 60.12 Commissioner (Appeals) 1993 to 1998 253.23 Customs, Excise & Service Tax Appellate Tribunal Total : 313.35 The Income Tax Act, 1961 Income tax (a) 2001-02 256.12 Income tax Appellate Tribunal 2001-02 22.26 Income tax Appellate Tribunal 2002-03 335.42 Commissioner of Income tax (Appeals) 2003-04 227.95 Commissioner of Income tax (Appeals) Total : 841.75 Gujarat Sales Tax Act, 1969 Sales tax 1998-99 12.14 Gujarat Sales Tax Tribunal, Ahmedabad 2004-05 98.89 Joint Commissioner of Commercial Tax, Baroda Total : 111.03 (a) Net of amounts deposited. (b) Necessary stay received from respective authority. 50