Download the Annual Report for 2010-11. - kiocl limited

Auditors' Report (Contd.)5. a. In our opinion and according to the information and explanations given to us, thereare no particulars of contracts that need to be entered into the register maintained inpursuance of Section 301 of the Act.b. In view of the above comment, para 4(v)(b) of the Order is not applicable.6. The Company has not accepted deposits from the public. Accordingly Paragraph 4(vi) isnot applicable for the Company.7. The Company has an Internal Audit System commensurate with its size and nature of itsbusiness.8. The Company has not been required by the Central Government to maintain cost recordsu/s 209(1 )(d) of the Act.9. a. According to the information and explanations given to us, the Company is regular indepositing undisputed statutory dues including Provident Fund, Investor Education andProtection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, CustomDuty, Cess, Excise Duty, Service Tax and other Dues with the appropriate authorities.As explained to us, the scheme of Employees State Insurance is not applicable to theCompany. There were no undisputed liabilities of above nature as at the date of theBalance Sheet outstanding for a period of more than 6 months.b. According to the information & explanations given to us, there are no dues payable inrespect of Sales Tax, Income Tax, Excise Duty, Wealth Tax, Custom Duty and Cess,which were disputed except the following:Statute & Nature of Period to which the Forum AmountDispute matter pertains ( ` in Lakhs )Central Excise - Levy 2009-10 CESTAT, Bangalore 371.28of Education CessCentral Excise - Special 2010-11 Assistant Commissioner 1478.66Additional Dutyof Central Excise,MangaloreIncome Tax 2007-08 CIT (Appeals), Bangalore 4557.5210. There are no accumulated losses as at the date of the Balance Sheet. The Company hasnot incurred cash losses during the financial year covered by our audit. The Company hadincurred cash losses in the immediately preceding financial year.75