File_2012_Document1

112 Jindal Steel & Power Limited Business Leadership Sustainable Operations Excellent Governance Robust FinancialsStandaloneAnnual Report 2011-121138. We have broadly reviewed the cost accounting recordsmaintained by the Company pursuant to the companies(Cost Accounting Records) Rules, 2011 prescribed bythe Central Government under section 209 (1)(d) ofthe Companies Act, 1956 and are of the opinion that,prima facie, the prescribed records have been made &maintained. We are however, not required to carry out adetailed examination of the same.9. (a) In our opinion and according to the information andexplanations given to us and according to the recordsof the Company, undisputed statutory dues includingProvident Fund, Investor Education and ProtectionFund, Employees State Insurance, Income tax, Salestax, Wealth tax, Service tax, Custom duty, Excise duty,Name of the Statute Nature of dues Amount(` in Crore)Central Excise and SaltAct, 1944Central Sales Tax Act/Local Sales Tax Act /Entry TaxCentral SalesTax Act/Local Sales Tax Act/EntryTaxCentral Sales Tax Act/Local Sales Tax Act/EntryTaxChhattisgarh State Govt.LawBusiness & OtherConstruction WorkersWelfare Cess Act, 1996(b)Cess and other material statutory dues, whereverapplicable, have been regularly deposited with theappropriate authorities during the year and thereare no such undisputed statutory dues payable for aperiod of more than six months from the date theybecame payable as at 31st March, 2012.According to the information and explanations givento us and as per the books and records examined byus, there are no dues of Custom duty and Wealth taxwhich have not been deposited on account of anydispute, except the following in respect of disputedExcise duty, Sales tax, Service tax, Cess, Entry tax,Income tax and the forum where dispute is pending:Forum where dispute is pendingAmount deposited(` in Crore)Excise Duty 1.55 Chhattisgarh High Court, Bilaspur 1.000.70 Appellate Commissioner, Raipur NIL92.41 CESTAT, New Delhi 0.472.54 Chhattisgarh High Court, Bilaspur NIL0.10 Madhya Pradesh High Court,JabalpurNILEntry Tax 45.93 Deputy Commissioner, Commercial14.36Tax (Appeals), RourkelaEntry Tax 0.15 Additional Commissioner,0.02Commercial tax (Appeals), CuttackState Sales Tax/ Valueadded tax0.20 Deputy Commissioner, CommercialTax (Appeals), Cuttack0.60 Additional Commissioner,Commercial Tax (Appeals), CuttackCentral Sales Tax 0.44 Orissa High Court, Cuttack 0.440 .72 Deputy Commissioner, Commercial0 .29Tax, Cuttack0.26 Deputy Commissioner, CommercialTax(Appeals) , Rourkela0.13Energy Development136.75 Honorable Supreme Court NILCessCess 2.28 Orissa High Court, Cuttack 0.05Income Tax Act, 1961 Income Tax 186.56 Income Tax Appellate Tribunal,New Delhi1.20 Commissioner of Income Tax(Appeals), Rohtak0.040.091.220.6410. The Company does not have accumulated losses as atthe end of the financial year. There are no cash lossesduring the financial year and in the immediately precedingfinancial year.11. According to the information and explanations given tous and as per the books and records examined by us, theCompany has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders.12. According to the information and explanations given to us,the Company has not granted any loans and advances onthe basis of security by way of pledge of shares, debenturesand other securities.13. The Company does not fall within the category of Chitfund / Nidhi / Mutual Benefit fund / Society and hencethe related reporting requirements of the Order are notapplicable.14. According to the information and explanations given to us,the Company is not dealing or trading in shares, securities,debentures and other investments and hence the relatedreporting requirements of the Order are not applicable.15. The Company has given guarantees against loans takenby others from banks and financial institutions; the termsand conditions of such guarantees are not, prima facie,prejudicial to the interest of the Company.16. In our opinion and according to the information andexplanations given to us, the term loans raised during theyear by the Company have been applied for the purposefor which the said loans were obtained, where the lendershave stipulated such end use.17 According to the information and explanations given to usand as per the books and records examined by us, on anoverall examination of the Balance Sheet of the Company,the funds raised by the Company on short-term basis havenot been applied for long-term investment.18 The Company has not made any preferential allotment ofshares to parties and companies covered in the registermaintained under section 301 of the Companies Act, 1956.19. According to the information and explanations givento us and on the basis of the records examined by us,the Company has created necessary securities for thedebentures issued in earlier years.20. The Company has not raised any money by way of publicissue during the years.21. During the course of our examination of the books andrecords of the Company carried out in accordance withthe generally accepted auditing practices in India, we haveneither come across any instance of fraud on or by theCompany, noticed and reported during the year, nor havewe been informed of such case by the management.For S. S. KOTHARI MEHTA & CO.Chartered AccountantsFRN No. 000756N(Arun K. Tulsian)Place: New DelhiPartnerDated: 27th April, 2012 Membership No. 89907