52 / 116
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