Statutory Reports
Corporate Overview
69th Annual Report 2013-14
128
Financial Statements
(Standalone)
(vii)
In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A, 58AA or
any other relevant provisions of the Companies Act, 1956 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 the National
Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.
(viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(ix)
We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by
the Central Government under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that
prima facie
, the prescribed cost records have
been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate
or complete.
(x)
According to the information and explanations given to us in respect of statutory dues:
(a)
The Company has generally 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, Customs Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities. We are informed by the Company that the Employees’ States Insurance Act, 1948 is applicable
only to certain locations of the Company. With regard to the contribution under the Employees’ Deposit Linked Insurance Scheme, 1976 (the
Scheme), we are informed that the Company has its own Life Cover Scheme, and consequently, an application has been made seeking an
extension of exemption from contribution to the Scheme, which is awaited.
(b)
There were no undisputed amounts payable in respect of 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 in arrears as at March 31, 2014
for a period of more than six months from the date they became payable.
(c)
Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on March 31, 2014 on
account of disputes are given below:
Name of
Statute
Nature of Dues
Forum where
Dispute is Pending
Period to which the Amount Relates
Amount Involved
(
`
in crores)
Income-tax
Act, 1961
Income-tax
Commissioner (Appeals)
2004-05,2005-06,2008-09,2009-10,2010-11
23.66
Income-tax
Appellate Tribunal
2009-10
2.74
Central Excise
Laws
Excise Duty & Service Tax Tribunal
1993-94, 2002-03, 2004-05 to 2013-14
1,886.01
Excise Duty & Service Tax Commissioner (Appeals)
1984-85, 1995-96, 2003-04, 2009-10 to 2013-14
5.37
Sales Tax Laws Sales Tax
Supreme Court
1995-96
13.01
Sales Tax
High Court
1984-85 to 1988-89, 1990-91, 1993-94, 1994-95,
1997-98, 1999-00, 2001-02 to 2004-05
159.24
Sales Tax
Tribunal
1983-84, 1988-89, 1989-90, 1992-93, 1995-96, 1998-
99, 2000-01, 2002-03 to 2004-05, 2007-08, 2010-11
14.84
Sales Tax
Commissioner (Appeals)
1996-97, 1998-99, 2001-02
0.20
Sales Tax
Joint Commissioner
1997-98, 1999-00 to 2012-13
449.13
Sales Tax
Additional Commissioner
1989-90, 1997-98, 2001-02 to 2013-14
100.06
Sales Tax
Deputy Commissioner
1979-80, 1986-87, 1988-89, 1991-92, 1992-93, 1994-
95, 1995-96, 2000-01 to 2001-02, 2003-04, 2005-06,
2007-08 to 2009-10, 2013-14
6.22
Sales Tax
Assistant Commissioner
1990-91, 1995-96, 1997-98, 1999-00, 2008-09, 2010-
11, 2011-12
3.95
Sales Tax
Trade Tax Officer
1989-90, 1995-96 to 2001-02, 2006-07
1.97
Custom Laws Custom Duty
Tribunal
1998-99, 2008-09, 2011-12
4.46
(xi)
The Company does not have any accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial year.
(xii)
In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
