Annual Report 2010-2011 - Gammon India

Name of
the Statute
State Nature of the dues Amount
in Crores
Period to which it
relates
Forum where
Dispute is pending
Service Tax Karnataka Non Inclusion of value of Material 0.25 2006-07 DG – CEI
Service Tax Karnataka Non Inclusion of value of Material 2.57 2006-09 DG – CEI
Service Tax Imports Show Cause cum demand notice 1.92 A.D.G-CET
Excise Chennai Disputed Demand 0.03 2006 CESTAT Chennai
Custom
Disputed Demand of NHAI
0.32 2001-02 S.C.
Duty
Project
Sales Tax Rajasthan Dispute in Increase in EC fees,
Interest
0.81 2005-06 to 2007-08 DC – Appeals
(x) The Company does not have any accumulated losses and has not incurred cash losses in current year and the previous
year.
(xi) In our Opinion and according to the information and explanation given to us by the Management the Company has not
defaulted in repayment of dues to a financial institution or bank or debenture holders.
(xii) On the basis of the audit procedures followed, the test checks of the transactions during the course of our audit and the
representations from the management, the Company has maintained adequate records for loans granted on the basis of
security by way of pledge of shares.
(xiii) The Company is not a nidhi/mutual benefit fund/societies and accordingly clause (xiii) is not applicable.
(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments.
Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not
applicable to the Company.
(xv) According to the information and explanations the Company has given corporate guarantee for loans taken by other
companies from banks or financial institutions. The other terms and conditions are not prima-facie prejudicial to the
interest of the Company.
(xvi) The term loans taken during the year have been applied for the purpose for which the loans were obtained.
(xvii) According to the information and explanation given to us, on an over all examination of the Balance sheet of the Company,
we report that no short term funds have been applied towards long term purposes.
(xviii) The Company has made allotment of equity shares against equity warrants allotted in the previous year to parties and
Companies covered in the Register maintained under Section 301 of the Act. The equity warrants were priced at a price
prescribed in SEBI Issue of Capital and Disclosure Regulations 2009 and therefore the same are not prejudicial to the
interests of the Company.
(xix) The Company has raised secured redeemable debentures aggregating to ` 100 crores during the year the securities in
respect of which have been created before the balance sheet date.
(xx) The Company has not raised any money by public issues during the year and accordingly clause (xx) of Companies
(Auditors’ Report) Order, 2003 is not applicable.
(xxi) Based on the audit procedures performed and the information and explanation given by the management we report that
no fraud on or by the Company has been noticed or reported during the year.
Mumbai, Dated: 12 th August, 2011
For NATvARLAL vEPARI & CO.
Chartered Accountants
Firm Registration No. 106971W
N. Jayendran
Partner
M. No. 40441
A NNUAL R EPORT I 2010/11
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