63
opinion, that prima facie, the prescribed accounts and
records have been made and maintained. We have not,
however, carried out a detailed examination of the same.
10. a)
As per information and explanations given to us
the Company has been 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, Custom Duty, Excise Duty, Cess, Octroi,
Entry Tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at
the year end outstanding for a period of more than six
months from the date they become payable.
b) We have been informed that disputed demands of
`
57.11 million in respect of Sales Tax and Service Tax
are pending in appeals with the Commissioner Appeals/
High Court as per details below:
Particulars
Amt Demanded
Remarks
(
`
)
Entry Tax
55,538,311
Appeal pending
with Supreme Court
Service Tax
346,927
Appeal pending with
High Court, Rajasthan
Sales Tax Cases
1,224,155
Appeal pending before
Commissioner (Appeals)
11. There are no accumulated losses of the company as at the
end of the year. The company has not incurred cash losses
during the financial year covered by our audit and in the
immediately preceding financial year.
12. Based on our audit procedures and on the basis of information
and explanations given to us by the management, we are of
the opinion that there is no default in repayment of dues to
the Financial Institutions, banks or debenture holders as at
the year end.
13. The Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and
other securities. Hence paragraph 4 (xii) of the order is not
applicable.
14. In our opinion, the Company is not a chit fund/ nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause
(xiii) of paragraph 4 of the order are not applicable to the
Company.
15. According to information and explanations given to us the
Company has not given any guarantee for loan taken by
others from banks or financial institutions, the terms and
conditions whereof are prejudicial to the interest of the
company.
16. According to the information and explanations given to us
the term loans taken by the Company have been applied for
the purposes for which the loans were obtained.
17. According to the information and explanations given to
us and on overall examination of the Balance Sheet of the
Company, we are of the opinion that the funds raised on short
term basis have not been utilized for long term investment.
18. During the year the Company has not made any preferential
allotment of shares to parties and Companies covered in the
Register maintained u/s 301 of the Companies Act 1956. As
such paragraph 4 (xviii) of the order is not applicable.
19. Since the Company has not raised money by way of Public
Issue during the year paragraph 4 (xx) of the order is not
applicable.
20. Based upon the audit procedures performed and information
and explanations given by the management, we report that,
no fraud on or by the Company has been noticed or reported
during the course of our audit for the year ended 31.03.2013.
21. Other clauses of the order are not applicable to the Company
for the year under report.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 30 April, 2013
Membership No. 91885
