Amal Ltd 2011-12

25 (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows: Name of the statute Nature of dues Amount ( ` in ‘000) Period to which the amount relates Forum where dispute is pending The Gujarat Sales Tax Act, 1969 Sales Tax 1,039 1999-00 Gujarat VAT Tribunal The Gujarat Sales Tax Act, 1969 Sales Tax 1,864 2001-02 Gujarat VAT Tribunal The Gujarat Sales Tax Act, 1969 Sales Tax 2,385 2002-03 Gujarat VAT Tribunal The Gujarat Sales Tax Act, 1969 Sales Tax 1,380* 2003-04 Gujarat VAT Tribunal * Out of the above, ` 50,000/- has been paid under protest by the Company. (x) In our opinion, the accumulated losses of the Company as at March 31, 2012 are more than 50% of its net worth as at the end of the year. Further, the Company has incurred cash loss during the current year and in the immediately preceding previous year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi | mutual benefit fund | society. Therefore, the provisions of Clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4(xiv) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. (xvi) The Company has not obtained any term loans. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised to the tune of ` 12,884 (in ‘000) on short-term basis have been used for long-term investment, majority of which is on account of additions to fixed assets. (xviii)According to the information and explanations given to us, the Company has not made any preferential allotments of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act. (xix) According to the information and explanations given to us, no debentures have been issued by the Company during the year. (xx) The Company has not raised money by way of public issue during the year. (xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For Haribhakti & Co. Chartered Accountants Firm Registration No. 103523W Rakesh Rathi Place: Mumbai Partner Date: May 5, 2012 Membership No. 45228