2009-10 Annual Report - SPML

ANNUAL REPORT 2009-10(viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government for themaintenance of cost records under section 209(1)(d) of the Companies Act, 1956, in respect of wind power and are of the opinion that prima facie,the prescribed accounts and records have been made and maintained.(ix) (a) Undisputed statutory dues of provident fund, investor education and protection fund, employees’ state insurance, income-tax, sales-tax, wealthtax,service tax, customs duty, excise duty, cess, etc. have generally been regularly deposited with the appropriate authorities although therehave been certain cases of delays in deposit during the year. Further, since the Central Government has till date not prescribed the amount ofcess payable under section 441 A of the Companies Act,1956, we are not in a position to comment upon the regularity or otherwise of thecompany in depositing the same.(b) According to the information and explanations given to us, undisputed dues in respect of income-tax, wealth-tax, sales tax, customs duty, exciseduty, cess and other statutory dues which were outstanding at the year end for a period of more than six months from the date they becamepayable, are as follows:Name of the statute Nature of the dues Amount (Rs in thousands)Period to which theamount relatesSale Tax Act for various States Sales Tax on sale of goods 7,073 2003-04 to 2008-09Works Contract Tax deductedwhile payment to contractors7,381 2002-03 and 2006-07to 2008-09Income Tax Act,1961 Tax Deducted at Source 255 2006-07The Finance Act, 1994Service Tax on constructioncontracts1,503 2009-10(c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty andcess on account of any dispute, are as follows:Name of the StatuteNature of The DuesAmount(Rs. in thousands)Period to whichthe amount relatesForum where Dispute ispendingWest Bengal CST Act Non-submission of ‘C’ Forms 10,510 2005-06 Deputy Commissioner(Commercial Taxes), KolkataWest Bengal Vat ActTax liability determined at full ratepending submission of documentsTax liability determined at full ratepending submission of documents75,000 2006-07 Sen. Joint Commissioner ofCommercial Taxes1,58,950 2006-07 Sen. Joint Commissioner ofCommercial TaxesMP General Sales TaxActDemand due to entry tax liability 3,467 2004-05 Joint Commissioner (Appeal),BhopalDelhi Sales Tax Act Non-submission of ‘C’ Forms 1,704 1991-92,1999-00,1998-99Deputy Commissioner(Commercial Tax) Asst. STO,DelhiKerala VAT Act Demand on advances received 7,134 2007-08 CTO - WC - ErnakulamAndhra Pradesh VAT Act Demand due to differential rates 4,229 2008-09 Commercial Tax (Appeal)(x)The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately precedingfinancial year.(xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that, the Companyduring the year have defaulted in repayment of dues including working capital facilities to certain banks to the extent of Rs.3,959,484 thousands ofwhich Rs.3,580,951 thousands was paid during the year and the balance Rs.378,533 thousands was overdue as on 31st March 2010 has since beenfully paid. The Company has no outstanding dues in respect of a financial institution or debenture holders.29