2011-12 - Diamines And Chemicals Limited

ix. a. According to the information and explanations given to us and the records examined by us, theCompany has been regular in depositing undisputed statutory dues including Provident Fund,Investor Education and Protection Fund, Employees’State Insurance, Income-tax, Sales-tax,Service-tax, Customs duty, Excise duty, Cess and other material Statutory dues applicable to it andthere were no arrears of such Statutory dues as on March 31, 2012 for a period of more than sixmonths from the date they became payable.b. According to the information and explanations given to us, as may be applicable, given hereinbelow are the details of dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,Excise Duty, Cess which have not been deposited on account of disputes and the forum where thedispute is pending:Name of the Nature of the Amount (`) Period to which Forum wherestatute dues the amount relate dispute is pendingThe Income-tax Act, Tax on account 1,618,523 Assessment Assessing Officer1961 of disallowances year 07-08The Finance Act, Service Tax/ 1,869,040 Financial Year Commissioner1994 Excise 2005-2012 of Central Excise(Appeals)x. There are no accumulated losses of the Company as on March 31, 2012, and the Company has notincurred any cash losses during the financial year covered by our audit and in the immediately precedingfinancial year.xi. According to the information and explanations given to us and records of the Company examined byus, the Company has not defaulted in repayment of dues, if any, to a financial institution, bank ordebenture holders.xii. According to the information and explanations given to us, the Company has not granted any loansand / or advances on the basis of security by way of pledge of shares, debentures and other securities.xiii. As the Company is not a chit fund, nidhi, mutual benefit fund or society, Clause (xiii) of the Order is notapplicable.xiv. According to the information and explanations given to us, as the Company is not dealing or trading inshares, securities, debentures and other investments, the requirements of Clause 4(xiv) of the Orderrelating to the maintenance of the proper records of the transactions and contracts and making oftimely entries therein are not applicable.xv.According to the information and explanations given to us, as the Company has not given any guaranteefor loans taken by others from banks or financial institutions, the requirements of Clause 4(xv) of theOrder to comment on whether the terms and conditions, whereof are prejudicial to the interest of theCompany, is not applicable.xvi. According to the information and explanations given to us, the term loans have been applied for thepurpose for which they were raised other than amounts temporarily invested pending utilisation of thefunds for the intended use.xvii. According to the information and explanations given to us and on an overall examination of thebalance sheet of the Company, we report that, the funds raised on short-term basis have not been usedfor long-term investments.xviii. According to the information and explanations given to us, as the Company has not made anypreferential allotment of shares during the year, Clause 4(xviii) of the Order is not applicable.xix. According to the information and explanations given to us, as the Company has not issued anydebentures, the question of creating security or charges in respect thereof does not arise.xx.As the Company has not raised any money by public issue during the year, Clause 4(xx) of the Orderrequiring to disclose the end use of money raised and verifying the same is not applicable.xxi. Based on the audit procedures performed and information and explanations given to us by themanagement, we report that no fraud on or by the Company has been noticed or reported during thecourse of our audit.For BANSI S. MEHTA & CO.Chartered AccountantsFirm Registration No. 100991WPARESH H. CLERKPlace : VADODARAPartnerDated : May 17, 2012 Membership No. 3614823