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Atul Ltd | Annual Report 2010-11
Annexure
to the Report of the Auditors
complied with the provisions of Sections 58A
and 58AA or any other relevant provisions of the
Act and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted
from the public. According to the information and
explanations given to us, no Order has been passed
by the Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any Court
or any other Tribunal on the Company in respect of
the aforesaid deposits.
vii. In our opinion, the Company has an internal audit
system commensurate with its size and nature of its
business.
viii. We have broadly reviewed the books of account
maintained by the Company in respect of products
where, pursuant to the Rules made by the Central
Government of India, the maintenance of cost
records has been prescribed under clause (d) of sub-
section (1) of Section 209 of the Act, and are of the
opinion that prima facie, the prescribed accounts
and records have been made and maintained. We
have not, however, made a detailed examination of
the records with a view to determine whether they
are accurate or complete.
ix. (a) According to the information and explanations
given to us and the records of the Company
examined by us, in our opinion, the Company is
regular in depositing the undisputed statutory
dues including Provident Fund, Investor
Education and Protection Fund, Employees
State Insurance, Income-tax, Sales-tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty,
Cess and other material statutory dues as
applicable with the appropriate authorities.
(b) According to the information and explanations
given to us and the records of the Company
examined by us, the particulars of dues of
income-tax, sales-tax, customs duty, excise
duty and cess as at March 31, 2011 which have
not been deposited on account of disputes are
as follows:
x. The Company has no accumulated losses as at
March 31, 2011 and it has not incurred any cash
losses in the financial year ended on that date or in
the immediately preceding financial year.
xi. According to the records of the Company examined
by us and the information and explanation given to
Name of the statute Nature of dues Amount
(
`
crores) (a)
Period to which the
amount relates
Forum where the dispute is
pending (b)
The Central Excise Act,
1944
Central excise
10.63
0.34
5.81
5.11
From 1992-93 to
2009-10
[Joint Commissioner
Commissioner (Appeals)
Customs, Excise & Service
Tax Appellate Tribunal
Gujarat High Court
Assistant Commissioner]
Total :
21.89
The Customs Act, 1962 Customs duty
1.27
1.76
13.65
1994 to 1998
1993 to 1998
1996-97 to 2007-08
[Commissioner (Appeals)
Customs, Excise & Service
Tax Appellate Tribunal,
Assistant Commissioner]
Total :
16.68
The Income Tax Act,
1961
Income tax
4.53
0.80
15.66
1991-92 to 2007-08 [Gujarat High Court,
Income Tax Appellate Tribunal,
Commissioner of Income tax
(Appeals)]
Total :
20.99
Gujarat Sales Tax Act,
1969
Sales tax
0.74 2005-06
Joint Commissioner of
Commercial Tax (Appeals)
Total :
0.74
(a) Net of amounts deposited
(b) Necessary stay received from respective authority