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Atul Ltd
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Annual Report 2009-10
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, however, not 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, 2010 which have not
been deposited on account of a dispute are
as follows:
Name of the statute Nature of dues Amount
(Rs crores) (a)
Period to which the
amount relates
Forum where the dispute is
pending (b)
The Central Excise
Act, 1944
Central excise
6.46
0.51
5.19
0.01
5.09
1995-96 to 2006-07
1995-96 to 2006-07
1986-98 to 2003-04
1991-94
1992-93 to 2009-10
{Joint Commissioner,
Commissioner (Appeals),
Customs, Excise and Service Tax
Appellate Tribunal,
Gujarat High Court,
Assistant Commissioner}
Total
17.26
The Customs Act,
1962
Customs duty
0.59
1.76
13.65
1994 to 1998
1993 to 1998
1996-97 to 2007-08
{Commissioner (Appeals),
Customs, Excise and Service Tax
Appellate Tribunal,
Assistant Commissioner}
Total
16.00
The Income Tax Act,
1961
Income tax
2.36
1.84
2003-04
2004-05
{Gujarat High Court,
Commissioner of Income tax
(Appeals) }
Total
4.20
Gujarat Sales Tax
Act, 1969
Sales tax
1.02 2004-05
Joint Commissioner of Commer-
cial Tax (Appeals)
Total
1.02
(a) Net of amounts deposited.
(b) Necessary stay received from respective authorities.
Annexure
to the Report of the Auditors
61