Amal Ltd 2014-15

Amal Ltd | Annual Report 2014-15 Annexure to independent auditors’ report Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even date to the members of Amal Ltd on the financial statements for the year ended 31-03-2015 i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. b) During the year, certain fixed assets have been physically verifiedby themanagement and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. ii) a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company is maintaining proper records of inventory. As informed, no material discrepancies were noticed on physical verification carried out during the year. iii) As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions stated in paragraph 3 (iii)(a) and 3 (iii)(b) of the Order are not applicable. iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct any major weaknesses in aforesaid internal control system of the Company. v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the provisions of Sections 73 to 76 of the Act and the rules framed there under. vi) We have broadly reviewed the books of account maintained by the Company in respect of products where the maintenance of cost records has been specified by the Central Government under sub-section (1) of Section 148 of the Act and the rules framed there under and we 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 records with a view to determine whether they are accurate or complete. vii) a) The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, employees’ state insurance, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it. b) According to the information and explanation given to us, the dues outstanding with respect to, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty or cess, as applicable to it, 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 (including interest and penalty) 5247 2001-02 to 2003- 04 Joint Commissioner, Surat CST Act, 1956 Sales Tax (including interest and penalty) 381* 2003-04 Gujarat VAT Tribunal, Ahmedabad