Annual Report 2008-2009 - Bharat Petroleum

(v) In respect of transactions entered in the register maintained under section 301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanation given to us, there were no transactions
that need to be entered in the Register maintained in pursuance of section 301 of the Companies Act,
1956.
b) As there are no transactions that need to be entered in the Register maintained pursuant to section 301
of the Companies Act, 1956, sub-clause (b) of sub-para (v) of Para 4 of the Order regarding reasonability
of price at which such transactions have been entered is not applicable.
(vi)
In our opinion and according to the information and explanation given to us, the company has complied with the
directives issued by the Reserve Bank of India, the provision of section 58A and 58AA of the Companies Act,
1956 and the rules framed there under.
(vii) In our opinion, the company has an adequate internal audit system commensurate with the size and the nature
of its business.
(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the
Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956
and are of the opinion that prima facie the prescribed records have been kept and maintained. We have not
made a detailed examination of these records.
(ix)
According to the information and explanations given to us, in respect of statutory and other dues:
a) According to the records of the Company, the company has been generally regular in depositing
undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees’
State Insurance Fund, Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and
any other statutory dues, with appropriate authorities during the year. According to the information and
explanations given to us, no undisputed amounts payable in respect of Income tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty and Excise Duty were outstanding, at the year end for a period of more than
six months from the date they became payable.
b) The details of disputed dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty,
cess, which have not been deposited are given in Annexure I.
(x)
The company does not have any accumulated losses at the end of the financial year. The Company has not
incurred any cash losses during the financial year covered by our audit and in the immediately preceding
financial year.
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