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Annexure to Auditors’ ReportAnnexure referred to in paragraph 3 of the report of even date of the auditors to the membersof TIL LIMITED on the financial statements for the year ended 31st March, 20091. (a) The Company has maintained proper records to show fullparticulars including quantitative details and situation offixed assets.(b) The fixed assets of the Company are physically verifiedby the management according to a phased programmedesigned to cover all the items over a period of three years,which in our opinion, is reasonable having regard to the sizeof the Company and the nature of its assets. Pursuant to theprogramme, a part of the fixed assets has been physicallyverified by the management during the year and no materialdiscrepancies between the book records and the physicalinventory have been noticed.(c) In our opinion, and according to the information andexplanations given to us, a substantial part of fixed assetshas not been disposed off by the Company during the year.2. (a) The inventory of the Company (other than stocks with thirdparties) has been physically verified by the managementduring the year. In respect of inventory lying with thirdparties, these have substantially been confirmed by them.In our opinion the frequency of verification is reasonable.(b) In our opinion, the procedures of physical verification ofinventory followed by the management are reasonable andadequate in relation to the size of the Company and natureof its business.(c) On the basis of our examination of the inventory records, inour opinion, the Company has maintained proper records ofinventory. The discrepancies noticed on physical verificationof inventory as compared to book records, which were notmaterial, have been properly dealt with in the books ofaccount.3. The Company has neither granted nor taken any loans, securedor unsecured, to/from companies, firms or other parties coveredin the register maintained under Section 301 of the Act.4. In our opinion and according to the information and explanationsgiven to us, having regard to the explanation that certain itemspurchased are of special nature for which suitable alternativesources do not exist for obtaining comparative quotations, thereis an adequate internal control system commensurate withthe size of the Company and the nature of its business, for thepurchase of inventory, fixed assets and for the sale of goods andservices. Further, on the basis of our examination of the booksand records of the Company, and according to the informationand explanations given to us, we have neither come across norhave been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.5. According to the information and explanations given to us, therehave been no contracts or arrangements during the year referredto in Section 301 of the Act, the particulars of which are requiredto be entered in the register maintained under that Section.Further, there have been no transactions made in pursuance ofsuch contracts and exceeding the value of rupees five lacs inrespect of any party during the year.6. In our opinion and according to the information and explanationsgiven to us, the Company has complied with the provisionsof Sections 58A and 58AA or any other relevant provisions ofthe Act and the Companies (Acceptance of Deposits) Rules,1975, as applicable, with regard to deposits accepted from thepublic. According to the information and explanations given tous, no order under the aforesaid sections has been passed bythe Company Law Board or National Company Law Tribunal orReserve Bank of India or any Court or any other Tribunal on theCompany in respect of the aforesaid deposits.7. In our opinion, the Company’s present internal audit system ( firmof chartered accountants has been appointed for the purpose)as conducted in a phased manner is commensurate with its sizeand nature of business.8. The Central Government of India has not prescribed themaintenance of cost records under clause (d) of sub-section(1) of Section 209 of the Act, for any of the products of theCompany.9 (a) According to the information and explanations given to usand records of the Company examined by us, in our opinion,the Company is regular in depositing during the year theundisputed statutory dues including Provident Fund, InvestorEducation and Protection Fund, Employees’ State Insurance,Income Tax, Sales Tax, Wealth Tax, Service Tax, CustomsDuty, Excise Duty, Cess and other material statutory dues,as applicable, with the appropriate authorities.(b) According to the information and explanations given to usand the records of the Company examined by us, as at 31stMarch, 2009, there were no dues in respect of CustomsDuty, Wealth Tax and Cess which have not been depositedon account of dispute other than certain disputed duesof Income Tax, Sales Tax, Service Tax and Excise Duty inrespect of which amounts involved and the forum at whichdispute is pending are set out below:Name of theStatuteThe Central SalesTax Act, 1956The Uttar PradeshTrade Tax Act,1948Nature ofDuesSales Tax dues forthe year 2003-04.Entry Tax duesfor thefinancial year2004-05.Amount(Rs. in lacs)[net ofpayments]9.866.42Forum where disputeis pendingThe JointCommissioner(Appeals), Ghaziabad,Uttar Pradesh.The JointCommissioner(Appeals), Ghaziabad,Uttar Pradesh.
052053Name of theStatuteThe Central SalesTax Act, 1956Nature ofDuesSales Tax duesfor theyear 2004-05.Amount(Rs. in lacs)[net ofpayments]11.80Forum where disputeis pendingThe JointCommissioner(Appeals), Ghaziabad,Uttar Pradesh.basis of security by way of pledge of shares, debentures andother securities.13. Provisions of any special statute applicable to chit fund / nidhi/ mutual benefit fund / societies are not applicable to theCompany.14. In our opinion, the Company is not a dealer or trader in shares,securities, debentures and other investments.15. In our opinion, and according to the information and explanationsgiven to us, the terms and conditions of the guarantees given bythe Company, for loans taken by others from banks or financialinstitutions, are not prejudicial to the interest of the Company.16. In our opinion, and according to the information and explanationsgiven to us, the term loans have been applied for the purposesfor which they were obtained.17. On the basis of an overall examination of the Balance Sheet ofthe Company, in our opinion and according to the informationand explanations given to us, there are no funds raised on shortterm basis which have been used for long term investment.18. The Company has not made any preferential allotment of sharesto parties and companies covered in the register maintainedunder Section 301 of the Act during the year.19. The Company had neither any outstanding debenture at thebeginning of the year nor has it issued any debenture duringthe year and accordingly, the question of creation of security orcharges in this respect does not arise.20. The Company has not recently raised any money by publicissue.21. During the course of our examination of the books and recordsof the Company, carried out in accordance with the generallyaccepted auditing practices in India, and according to theinformation and explanations given to us, we have neither comeacross any instance of fraud on or by the Company, noticed orreported during the year, nor have we been informed of suchcase by the management.Financial Statements (TIL)The Uttar PradeshValue Added TaxAct, 2008The Income taxAct, 1961The Income taxAct, 1961The Central ExciseAct, 1944The Central ExciseAct, 1944Entry Tax dues forthe financial year2008-09.Income taxdues for theassessment year2004-05Income taxdues for theassessment year2006-07Excise valuationdisputes for thefinancial year2002-03.Clearance ofExcise exemptedgoods in thefinancial year2003-04.12.3810.0010.2818.5766.50The JointCommissioner(Appeals) / TheDeputy Commissioner(Appeals), Ghaziabad,Uttar Pradesh.Commissioner ofIncome-tax (Appeals)Commissioner ofIncome-tax (Appeals).Customs, Excise andService Tax AppellateTribunal, Chennai.Customs, Excise andService Tax AppellateTribunal, Kolkata.The Central ExciseAct, 1944Finance Act, 1994Dispute regardingduty exemptioncertificateproduced by acustomer.Service Tax duesfor the periodAugust 2004 toJuly 20079.54 Commissioner(Appeals) Kolkata104.42Customs, Excise andService Tax AppellateTribunal, New Delhi.Finance Act, 1994Service Tax duesfor the periodOctober 2006 toJanuary 20086.60The Commisioner ofCentral Excise, Jaipur.10. The Company has no accumulated losses as at 31st March,2009, and it has not incurred any cash losses in the financialyear ended on that date or in the immediately preceding financialyear.11. According to the records of the Company examined by us andthe information and explanations given to us, the Company hasnot defaulted in repayment of dues to any financial institution orbank or debenture holders as at the Balance Sheet date.12. The Company has not granted any loans and advances on thePlace : KolkataDate : 11th May, 2009.S.K.DebPartnerMembership Number – 13390For and on behalf ofPrice WaterhouseChartered Accountants
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TIL Limited1, Taratolla Road, Garde
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