Annual Report FY 2009-10 - Welspun

th15 Annual Report 2009-10Name of the Statute(Nature of dues)Sales Tax (VAT)The Central Excise Act,1944- Excise DutyAmount(Rs. in million)Period to which theamount relates214.59 2009-2010 Assessment StageForum where dispute is pending0.09 2003-2004 Commissioner of Central Excise andCustoms0.08 2007-2008 Assistant Commissioner of Central Exciseand Customs- Service Tax31.20 2004-2005 and2005-2006Custom Excise and Service Tax AppellateTribunal (CESTAT)7.82 2005-2006 and2006-2007Custom Excise and Service Tax AppellateTribunal (CESTAT)45.90 2006-2007 to2008-200926.13 2005-2006 to2008-20090.31 2007-2008 to2009-2010Commissioner of Central Excise andCustomsCommissioner / AdditionalCommissioner of Central Excise andCustomsDeputy Commissioner of Central Exciseand Customs(x)The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during thefinancial year covered by our audit and in the immediately preceding financial year.(xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to financialinstitutions, banks and debenture holders.(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and othersecurities.(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society.(xiv) The Company is not dealing or trading in securities, debentures and other investments.(xv) In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company hasgiven guarantee for loans taken by subsidiaries and others from banks and financial institutions are prima facie not prejudicial tothe interest of the Company.(xvi) According to the information and explanations given to us and records of the Company examined by us, the Company has notraised any term loan during the year.(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of theCompany and related information as made available to us, we are of the opinion that there are no funds raised on short termbasis which have been used for long term investments.(xviii) During the year, the Company has made preferential allotment of shares under the ESOP scheme to the parties covered in theregister maintained under section 301 of the Companies Act, 1956. The price at which these shares were issued is not primafacieprejudicial to the interest of the Company.54