Amal Ltd 2016-17

Amal Ltd | Annual Report 2016-17 Annexure - 1 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 IND AS financial statements for the year ended March 31, 2017 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Property, plant and equipment. (b) During the year, Property, plant and equipment have not been physically verified by the Management. However, 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. (c) According to the information and explanation given to us, the title deeds of immovable properties other than self- constructed properties recorded as Property, plant and equipment in the books of account of the Company as on March 31, 2017 are held in the name of the Company. (ii) The inventory has been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable. 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, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, paragraph 3 (iii) (a), 3 (iii)(b) and 3 (iii)(c) of the Order are not applicable to the Company. (iv) Based on information and explanation given to us in respect of loans, investments, guarantees and securities, the Company has complied with the provisions of Section 185 and 186 of the Act. (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. The Company has received share application money in earlier years towards which shares are to be issued as per Modified Sanctioned Scheme(MS-13) approved by Board for Industrial and Financial Reconstruction (BIFR). Considering the exemptions available under the Scheme approved by BIFR and pending approval for listing from Stock Exchanges, such share application money pending allotment has not been treated as public deposit under the Act. (vi) According to the information and explanation given to us, Central Government has not prescribed the maintenance of cost records for any of the products of the Company under sub- section (1) of Section 148 of the Act and the rules framed there under. (vii) (a) According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, employees’ state insurance, income tax, sales 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 explanations given to us, no undisputed amounts payable in respect of provident fund, employees’ state insurance, income tax, sales tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the information and explanation given to us, the dues outstanding with respect to, income tax, sales tax, service tax, value added tax, customs duty, excise duty on account of any dispute, ar e as follows: