nagarjuna information systems limited - Nagarjuna Fertilizers

NAGARJUNA OIL CORPORATION LIMITED
(vii)
In our opinion the company has an internal audit system commensurate with the
size and nature of its business.
(viii) As the project is under implementation, the provisions of clause viii of paragraph
4 of the Companies (Auditors’ Report) Order, 2003 is not applicable.
(ix)
(a) According to the information and explanations given to us and the records of
the company, the company has been regular in depositing undisputed statutory
dues including provident fund, income tax, customs duty, service tax and other
applicable statutory dues with the appropriate authorities. According to the
information and explanations given to us, there are no arrears of statutory dues as
at 31 st March 2007 which are outstanding for a period of more than 6 months from
the date they became payable.
(b) According to the information and explanations given to us, there were no dues
of income tax/ sales tax/ wealth tax/service tax/ customs duty/ excise duty/ cess
which have not been deposited on account of any dispute.
(x)
(xi)
As the project is under implementation stage the company has no accumulated
losses at the end of the financial year and has not incurred any cash losses in the
financial year under report and in the immediately preceding financial year.
The Company has defaulted in repayment of dues to banks / financial institution as
follows:
Bank / Financial
Institution
Date / Period of
Default
Particulars
Principal O/s
(Rs.)
Interest O/s
(Rs.)
Karur Vysya June 2001 to Devolvement of
0 7,23,78,018
Bank Ltd. March 2007 Letters of Credit
Indian Overseas January 2005 to Devolvement of 18,92,77,976 1,69,07,420
Bank
March 2007 Letters of Credit
UTI Bank Ltd January 2005 to Devolvement of 48,76,35,483 16,56,00,747
March 2007 Letters of Credit
Exim Bank March 2007 Overdue Interest 0 1,85,76,717
(xii)
According to the information and explanations given to us, the company has not
granted any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) The company is not a Chit Fund/Nidhi/Mutual fund/Society. Accordingly the
provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 are
not applicable to the company.
(xiv)
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 are not applicable to the company.