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« Mar 11
Auditor's Report (MMTC Ltd) Year End : Mar '12
1. We have audited the attached Balance Sheet of MMTC Limited as at
 March 31, 2012, the Statement of Profit and Loss and the Cash Flow
 Statement for the year ended on that date, both annexed thereto in
 which are incorporated the accounts of Corporate Office, Mica Division,
 Jhandewalan Regional Office and Sub-Regional Offices which are under
 Jhandewalan Regional Office audited by us and the other Regional
 Offices and Sub-Regional Offices audited by the other Auditors. These
 financial statements are the responsibility of the Company''s
 Management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 2.  We conducted our audit in accordance with auditing standards
 generally accepted in India.  Those Standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatements. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the Management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended) and read together with the Companies (Auditor''s Report) Order,
 2004 (hereinafter referred to as the order) issued by the Central
 Government of India in terms of Section 227(4A) of the Companies Act,
 1956 and on the basis of such checks of the records of the Company as
 we considered appropriate and according to the information and
 explanations given to us, we give in the Annexure, a statement on the
 matters specified in paragraphs (4) and (5) of the said Order.
 
 4.  Further to our comments in the Annexure referred to in paragraph
 (3) above, we report as follows: -
 
 (i) Non-provision of liability, if any, in case of extension of time /
 waiver / write off of GR-1 forms. (Refer note no. 23)
 
 (ii) Balances under Sundry Debtors/claims Recoverable / Loans &
 Advances / Sundry Creditors / Other Liabilities have not been confirmed
 in some cases by the parties.  Adjustments, if any, required upon such
 confirmation are not ascertainable. (Refer note no. 39)
 
 (iii) Our observations in respect of the inadequacies in the internal
 control systems, as stated in para (iv) of Annexure to main audit
 report, which may have consequential effect on the accounts for the
 year. (Effect not ascertainable).
 
 (iv) Attention is invited to an ad-hoc provision of Rs. 1002.05 million
 made on account of certain acts of commission & omission pertaining to
 recoverable from debtors at Regional Office Chennai. (Refer note no.
 17)
 
 5.  We further report that: -
 
 (a) We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit except as otherwise stated in report;
 
 (b) In our opinion, proper books of account as required by law, have
 been kept by the Company so far as appears from our examination of the
 books;
 
 (c) Proper returns, adequate for the purpose of our audit have been
 received from Regional Offices, Sub Regional Offices and Branches not
 audited by us. Reports of Regional Auditors have been considered while
 preparing our report;
 
 (d) The Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 accounts and with the audited returns from the Regional Offices;
 
 (e) In our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement dealt with by this report are in compliance with
 the Accounting Standards referred to in Section 211 (3C) of the
 Companies Act, 1956;
 
 (f) Being a Government Company, pursuant to the gazette notification
 No.GSR 829 (E) dated 21-10-2003 issued by Government of India,
 provisions of clause (g) of sub-section (1) of section 274 of the
 companies Act 1956 are not applicable to the company.
 
 6.  We further report that, the impact of paragraphs 4(i) to 4(iii)
 above on the profit of the year and the assets and liabilities
 appearing in the Balance Sheet, could not be ascertained. In our
 opinion and to the best of our information and according to the
 explanations given to us, the said accounts read together with the
 Significant Accounting Policies and notes thereon, give the information
 required by the Companies Act, 1956 in the manner so required, other
 than as stated above, and give a true and fair view in conformity with
 the accounting principles generally accepted in India:
 
 (i) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2012;
 
 (ii) In the case of the Statement of Profit and Loss, of the Profit of
 the Company for the year ended on that date; and
 
 (iii) In the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Annexure to the Auditors'' Report
 
 Referred to in paragraph 3 of the Auditor''s Report of even date to the
 members of MMTC Limited on the financial statements for the year ended
 March 31, 2012.
 
 (i) In respect of fixed assets:
 
 (a) The Company has generally maintained proper records showing full
 particulars including quantitative details and situation of the fixed
 assets.
 
 (b) As explained to us, all the fixed assets have been physically
 verified by the Management during the year; which, in our opinion is
 reasonable having regard to the size of the company and the nature of
 its assets. No material discrepancies were noticed on such
 verification.
 
 (c) In our opinion and according to the information and explanations
 given to us, no substantial part of the fixed assets has been disposed
 off by the Company during the year and therefore the going concern
 assumption is not affected.
 
 (ii) In respect of its inventories:
 
 (a) As explained to us, the inventories excepting in case of goods in
 transit, stocks lying in Central / State Warehouses (where confirmation
 were obtained from the parties and relied upon) were physically
 verified during the year by the Management at reasonable intervals.
 
 (b) In our opinion, procedures of physical verification of inventory
 followed by the Management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) On the basis of our examination of records of the inventory, in our
 opinion, the Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stock and
 the books of account were not material except in the case of inventory
 of pulses at Regional Office Mumbai which has been properly dealt with
 in the books of account.
 
 (iii) In respect of loans:
 
 (a) As informed to us, the Company has not granted any loans, secured
 or unsecured to Companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.In
 view of this, sub clauses (b),(c) and (d) of clause (iii) are not
 applicable.
 
 (b) As informed to us, the Company has not taken any loans, secured or
 unsecured from Companies, firms or other parties covered in the
 register maintained under Section 301 of the Companies Act, 1956. In
 view of this, sub clauses (e), (f) and (g) of clause (iii) are not
 applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the company and the nature of its business for the
 purchase of inventory, fixed assets and for the sale of goods &
 services. However, there is inadequate internal control systems
 in-regard to obtaining confirmation / reconciliation of outstanding
 balances, accounting of tax deducted at source on payments made by
 other parties. Further, on the basis of our examination and according
 to the information and explanations given to us, we have come across
 instances where there is total lack of internal control system
 particularly at Regional Office Chennai, Regional Office Hyderabad and
 Jhandewalan Regional Office in areas of obtaining bank balance
 confirmation, confirmations of FDR / BG, procedure / system for
 obtaining buyer''s credit, forward cover.
 
 Further, the internal control mechanism needs to be strengthened,
 besides the areas mentioned hereinbefore, in the following areas:
 
 (a) Risk management particularly of foreign exchange exposure and its
 subsequent documentation / record keeping and also time-to-time
 monitoring of the risk to the company.
 
 (b) Periodic quantitative reconciliation of goods traded by the company
 (particularly bullion) between the ERP and other standalone inventory
 system.
 
 (c) Active and prompt follow-up of old debts, advances, claims, court
 cases and recoveries etc arising out of execution of decrees/awards in
 favor of the company, by respective Commodity Division.
 
 (v) (a) In our opinion and according to the information and
 explanations given to us, there are no contracts and arrangements
 referred to in Section 301 of the Companies Act 1956, particulars of
 which need to be entered into a register maintained under Section 301
 of the Act.
 
 (b) Accordingly the provisions of the clause V (b) of paragraph 4 of
 the order (as amended) are not applicable to the company
 
 (vi) The directives issued by the Reserve Bank of India and the
 provisions of Section 58A and 58AA or any other relevant provisions of
 the Companies Act, 1956 and the rules framed there-under have been
 complied with, in respect of deposits accepted from the Public. We have
 been informed that, no order has been passed by Company Law Board or
 National Company Law Tribunal or Reserve Bank of India or any other
 Court or Tribunal in this regard.
 
 (vii) The Company has an internal audit system, which in our opinion is
 commensurate with the size of the Company and nature of its business.
 However, keeping in view our observations regarding inadequacies in
 internal control systems, the internal audit system needs to be
 revamped, strengthened and its effectiveness be enhanced.
 
 (viii) As informed to us, the maintenance of cost records under Section
 209 (1) (d) of the Companies Act, 1956 has not been prescribed by the
 Central Government.
 
 (ix) (a) According to the information and explanations given to us and
 the records as produced and examined by us, in our opinion, the Company
 is regular in depositing with appropriate authorities undisputed
 statutory dues including provident fund, investor education and
 protection fund, employees state insurance, income-tax, sales-tax,
 wealth tax, service tax, customs duty, Excise Duty, Cess and other
 material statutory dues as applicable with the appropriate authorities
 and that no undisputed amounts payable in respect of the same were in
 arrears as at 31-03-2012 for a period of more than six months from the
 date they became payable.
 
 (b) According to the information and explanation given to us and the
 records of the Company examined by us, the particulars of dues of
 income tax / sales tax / wealth tax / service tax / custom duty /
 excise duty / cess (as applicable) as at March 31, 2012 which have not
 been deposited on account of any dispute, are referred to in Annexure
 ''A''
 
 (x) The Company does not have any accumulated losses and has not
 incurred cash losses in the current financial year and in the
 immediately preceding financial year.
 
 (xi) According to the records of the Company examined by us and as per
 the information
 
 and explanations given to us, the Company has not defaulted in
 repayment of dues to any financial institution or bank or debenture
 holders during the year.
 
 (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; except
 certain loans to employees who have been granted on the basis of
 security of house and vehicles and in this regard proper documents &
 records are maintained. In respect of loans to its employees other than
 those as stated already, are granted without any security.
 
 (xiii) In our opinion, the company is not chit fund or a Nidhi / Mutual
 benefit fund / society.  Therefore, the provisions of clause 4(xiii) of
 the Companies (Auditor''s Report) Order, 2003 (as amended) are not
 applicable to the Company.
 
 (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) In our opinion and according to the information and explanations
 given to us the terms & conditions of the guarantee given by the
 company for loans taken by Neelachal Ispat Nigam Limited (an associate
 Company) from banks or financial institutions are not prima- facie
 prejudicial to the interest of the Company.
 
 (xvi) According to the information and explanation given to us, the
 Company has not taken any term loans during the year. Hence, the
 provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order
 2003 (as amended) are not applicable to the Company.
 
 (xvii) According to the information and explanations given to us and
 overall examination of the Balance Sheet of the company, we report that
 no funds raised on short-term basis have been used for long-term
 investment.
 
 (xviii) According to the information and explanations given to us, the
 Company has not made any preferential allotment of shares to parties
 and companies covered in the register maintained under Section 301 of
 the Companies Act, 1956.
 
 (xix) According to the information and explanations given to us, during
 the year covered by our audit report, the Company has not issued any
 debentures during the year and hence, the provision of clause No.
 4(xix) of the Companies (Auditor''s Report) Order 2003 (as amended) is
 not applicable to the Company.
 
 (xx) The Company has not raised any money by way of Public Issue during
 the year; therefore the provision of clause 4(xx) of the Companies
 (Auditor''s Report) Order 2003 (as amended) is not applicable to the
 Company.
 
 (xxi) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have come across following instances of
 material fraud on the Company during the year, as reported by the
 Management:- 
 
 (a) Regional Office, Chennai Certain acts of commission & omission
 relating to bullion transactions pertaining to previous years were
 reported resulting into amounts recoverable from Debtors of Rs. 1002.05
 million which were lying in the vendors account as at March 31, 2011
 against which full provision has been created in the current year.  The
 company has ordered a special audit into these transactions which is
 yet to be completed. In this connection, upon a complaint filed by the
 Company, CBI has registered two separate FIRs and has started detailed
 investigation also, Directorate of Enforcement have registered an
 offence under Prevention of Money Laundering Act 2002. (Refer Note no.
 17)
 
 (b) Regional Office, Mumbai
 
 A foreign supplier has submitted forged shipping documents, through
 banking channels, to obtain payment of Rs. 28.30 million without making
 delivery. However, the company has obtained an interim stay from the
 Court restraining the bank from making the payment under the letter of
 credit. The same supplier is also fraudulently holding on to the master
 bill of lading which would enable the RO to take delivery and
 possession of goods valued at Rs. 64.57 million, already paid for and
 received at the Indian port. (Refer to note no. 40)
 
 (c) Regional Office, Hyderabad
 
 The company has received fake bills of lading covering two shipments of
 copper valued at Rs. 37.50 million against which no material was
 received. The foreign supplier has been paid in full through letter of
 credit after the company had received full payment from the customer.
 The company is in the process of initiating legal action against the
 foreign supplier. (Refer note no. 41)
 
 (d) Regional Office, Jhandewalan
 
 One of the customer who was given gold on loan has committed fraud on
 the company by providing fake bank guarantees amounting to Rs. 18.0
 million against which full provision has been made. The case is under
 investigation upon filing of an FIR by the company with the Delhi
 Police. (Refer note no. 42)
 
 ANNEXURE ''A'' TO AUDITORS'' REPORT
 
 Referred to in paragraph 9(b) of Annexure, a statement on the matters
 specified in the Companies (Auditors Report) Order, 2003 (as amended)
 of MMTC Limited for the year ended on 31st March 2012.
 
 According to the records of the company dues of Income Tax, Sales Tax,
 Custom Duty, Excise Duty and Cess which have not been deposited on
 account of disputes are stated below:
 
 CHENNAI REGIONAL OFFICE
 
 Name of the 
 Statue           Nature of 
                  the dues       Amount
                                (In Rs.)        Period     Forum of
                                                           Dispute
 
 TNGST ACT      Sales Tax, 
                Penalty         8,63,114       1998-99     High Court
                & Interest
 
 TNGST ACT      Sales Tax,
                Penalty         4,43,416       2000-01     Sales Tax
                                                           Appeals
                & Interest                                 Tribunal
 
 TNGST ACT      Sales Tax, 
                Penalty        11,52,785       1999-2000   High Court
                & Interest
 
 TNGST ACT      Sales Tax,
                Penalty         1,78,536       2001-02     Asst.
                                                           Commissioner
                & Interest                                (Comm. Tax),
                                                           Chennai
 
 MUMBAI REGIONAL OFFICE
 
 Name of the 
 Statue         Nature of 
                the dues          Amount
                                 (In Rs.)      Period    Forum of Dispute
 
 BST ACT       Sales Tax        3,08,644     1986-87    Joint Comm. of
                                                        Sales Tax
 
 BST ACT       Sales Tax        5,19,887     1987-88    Joint Comm. of
                                                        Sales Tax
 
 BST ACT       Sales Tax        1,33,907     1988-89    Joint Comm. of
                                                        Sales Tax
 
 BST ACT       Sales Tax    14,96,06,778     1989-90    MST Tribunal
 
 BST ACT       Sales Tax    23,30,46,478     1990-91    Dy. Comm., 
                                                        Sales Tax
 
 BST ACT       Sales Tax       28,98,738     1991-92    Dy. Comm., 
                                                        Sales Tax
 
 BST ACT       Sales Tax       11,14,933     1992-93    MST Tribunal
 
 BST ACT       Sales Tax       45,03,961     2001-02    Dy. Comm.,
                                                        Sales Tax
 
 Central 
 Excise Act    Service Tax   1,14,38,000     2008-09    Comm. Central
                                                        Excise &
                                                        Customs
 
 DELHI REGIONAL OFFICE
 
 Name of the 
 Statue        Nature of 
               the dues         Amount
                               (In Rs.)      Period    Forum of Dispute
 
 Delhi Sales 
 Tax           Sales Tax      11,65,303      1984-85    D.C. appeal
 
 Delhi 
 Sales Tax     Sales Tax    6,18,17,683      1986-87    Addl. 
                                                        Commissioner
 
 Central 
 Sales Tax     Sales Tax      39,14,524      1986-87    Addl. 
                                                        Commissioner
 
 Delhi Sales 
 Tax           Sales Tax    4,03,31,557      1987-88    Addl. 
                                                        Commissioner
 
 Central 
 Sales Tax     Sales Tax      28,54,992      1987-88    Addl. 
                                                        Commissioner
 
 Delhi Sales 
 Tax           Sales Tax     369,45,148      1988-89    Addl. 
                                                        Commissioner
 
 Central 
 Sales Tax     Sales Tax      33,51,524      1988-89    Addl. 
                                                        Commissioner
 
 Delhi Sales 
 Tax           Sales Tax      16,35,160      1987-88    Joint 
                                                        Commissioner
 
 HYDERABAD REGIONAL OFFICE
 
 Name of the 
 Statue          Nature of the    Amount (In    Period     Forum of 
                                                           Dispute
                 dues             Rs.)
 
 APGST           Sales Tax        1,49,770     1989-90     STAT
 
 APGST           Sales Tax       29,61,551     1990-91     STAT, Vizag
 
 APGST           Sales Tax       24,02,576     1991-92     STAT, Vizag
 
 APGST           Sales Tax       13,96,269     1992-93     STAT, Vizag
 
 APGST           Sales Tax       17,62,687     1992-93     STAT, Vizag
 
 APGST           Sales Tax        6,30,615     1993-94     STAT, Vizag
 
 CST             Central Sales  4,41,34476     1993-94     ADC (CT)
                 Tax
 
 CST             Central Sales    2,04,481     1994-95     AC(LTU)
                 Tax
 
 CST             Central Sales    5,97,266     1995-96     ADC (CT)
                 Tax
 
 APGST           Sales Tax       38,03,875     1995-96     STAT, Vizag
 
 APGST           Sales Tax       28,80,309     1995-96     STAT, Vizag
 
 CST             Central Sales   21,34,306     1996-97     STAT, Vizag
                 Tax
 
 APGST           Sales Tax       58,43,100     1997-98     STAT, Vizag
 
 CST             Central Sales    6,35,504     1997-98     ADC (CT)
                 Tax
 
 APGST           Sales Tax       55,65,147     1998-99     STAT, Vizag
 
 APGST           Sales Tax       39,04,454     1999-2000   STAT, Vizag
 
 APGST           Sales Tax        2,52,926     2000-2001   STAT, Vizag
 
 APGST           Sales Tax        2,12,176     2001-02     AC(LTU)
 
 APGST           Sales Tax          68,901     2002-03     AC(LTU)
 
 APGST           Sales Tax          34,856     2003-04     AC(LTU)
 
 APGST           Sales Tax        1,26,000     2004-05     AC(LTU )
 
 VAT             VAT              6,76,058     2006-07     STAT
 
 VAT             VAT                71,000     2007-08     AC(LTU)
 
 VAT             VAT              5,00,000     2008-09     STAT, Vizag
 
 VAT             VAT             11,90,100     2008-09     STAT, Vizag
 
 Central 
 Excise &        Custom Duty  24,11,17,719     2008-09     Commissioner of
 Customs                                                   Customs & 
                                                           Central
                                                           Excise
 
 BHUBANESHWAR REGIONAL OFFICE
 
 Name of the 
 Statue          Nature of 
                 the dues       Amount (In      Period     Forum of
                                                           Dispute
                                Rs.)
 
 Orissa 
 Sales Tax       Interest
                 Penalty         9,58,035      1966-67    High Court
                                                          of Orissa
 
 Orissa
 Sales Tax       Interest
                 Penalty        26,50,388      1978-79    High Court 
                                                          of Orissa
 
 Orissa 
 Sales Tax       Interest
                 Penalty         6,53,452      1979-80    High Court 
                                                          Of Orissa
 
 Orissa
 Sales Tax       CST            33,04,073      1981-82    High Court
                                                          Of Orissa
 
 Orissa 
 Sales Tax       Orissa Sales 
                 Tax            78,46,464      1982-83    High Court 
                                                          Of Orissa
 
 Orissa 
 Sales Tax       Orissa 
                 Sales Tax       3,16,921      1982-83    High Court
                                                          Of Orissa
 
 Orissa
 Sales Tax       Central 
                 Sales Tax      34,83,020      1982-83    -- do ---
 
 Orissa Sales 
 Tax             Interest        2,62,819      1982-83    -- do ---
 
 Orissa 
 Sales Tax       Orissa Sales
                 Tax            79,13,807      1983-84    -- do ---
 
 Orissa Sales 
 Tax             Orissa Sales
                 Tax             3,29,926      1983-84    -- do ---
 
 Orissa 
 Sales Tax       Orissa
                 Sales Tax      35,42,822      1983-84    -- do ---
 
 Orissa Sales 
 Tax             Orissa Sales 
                 Tax            86,48,326      1984-85    -- do ---
 
 Orissa Sales 
 Tax             Orissa Sales 
                 Tax             3,69,294      1984-85    -- do ---
 
 Orissa 
 Sales Tax       Central 
                 Sales Tax      57,96,808      1984-85    -- do ---
 
 Orissa 
 Sales Tax       Interest     3,57,42,030      1978-79    -- do ---
 
 Orissa 
 Sales Tax       Orissa 
                 Sales Tax   21,17,92,315      2010-11   Appeal before
                                                         Commissioner of
                                                         Sales Tax, Cuttack
 
 Central 
 Excise Act      Service 
                 Tax          7,27,02,132      2003-06   Customs, Excise &
                                                         Service Tax
                                                         Appellate 
                                                         Tribunal
 
 Central 
 Excise Act      Service
                 Tax         13,08,31,221      2003-07   Customs, 
                                                         Excise &
                                                         Service Tax
                                                         Appellate
                                                         Tribunal
 
 Central 
 Excise Act      Service
                 Tax        2,539,812,711      2007-08   Customs,
                                                         Excise &
                                                         Service Tax
                                                         Appellate 
                                                         Tribunal
 
 Central 
 Excise Act      Service 
                 Tax          5,80,77,352      2008-10   Customs, 
                                                         Excise &
                                                         Service Tax
                                                         Appellate
                                                         Tribunal
 
 Central 
 Excise Act      Service 
                 Tax          4,48,93,394      2010-11   Customs, 
                                                         Excise &
                                                         Service Tax
                                                         Appellate 
                                                         Tribunal
 
 JAIPUR REGIONAL OFFICE
 
 Name of the 
 Statue         Nature of 
                the dues            Amount
                                   (In Rs.)     Period   Forum of
                                                         Dispute    
 
 R.S.T ACT      Sales Tax       1,28,87,058/-   2003-04  Rajasthan 
                                                         Tax Board
                                                        (Rs 298
                                                         7058 deposited
                                                         under
                                                         protest)
 
 R.S.T ACT      Sales Tax          5,32,992/-   2003-04  Rajasthan 
                                                         Tax Board
                                                        (Rs 53300
                                                         deposited
                                                         under protest)
 
 R.S.T ACT      Sales Tax         26,07,605/-   1999-00  Rajasthan
                                                         Tax Board
 
 RAJ VAT ACT    VAT ACT          326,47,269/-   2010-11  DC(Appeals)
 
 CST ACT        CST Act           59,92,494/-   2010-11  DC(Appeals)
 
 VIZAG REGIONAL OFFICE
 
 Name of the 
 Statue            Nature of 
                   the dues         Amount
                                   (In Rs.)      Period       Forum of
                                                              Dispute
 
 A.P.G.S.T ACT     Sales Tax       18,56,325     1968-69     A.P. High
                                                             Court
 
 A.P.G.S.T ACT     Sales Tax       26,39,647     1981-82     ADC, Vizag
 
 A.P.G.S.T ACT     Sales Tax        6,88,552     1982-83     ADC, Vizag
 
 A.P.G.S.T ACT     Sales Tax       17,66,784     1983-84     ADC
 
 A.P.G.S.T ACT     Sales Tax       30,00,436     1984-85     ADC
 
 A.P.G.S.T ACT     Sales Tax       25,05,806     1985-86     STAT,HYD
 
 A.P.G.S.T ACT     Sales Tax     2,70,83,841     1986-87     STAT,
                                                             Hyderabad
  
 A.P.G.S.T ACT     Sales Tax       36,45,076     1987-88     ADC
 
 A.P.G.S.T ACT     Sales Tax       19,34,139     1991-92     STAT,HYD
 
 A.P.G.S.T ACT     Sales Tax        4,79,000     1989-90     A.P. High
                                                             Court
 
 CST               Sales Tax        8,41,695     1994-95     STAT,
                                                             Hyderabad
 
 CST               Sales Tax       48,62,340     1995-96     STAT, 
                                                             Hyderabad
 
 CST               Sales Tax       33,58,889     1996-97     STAT,
                                                             Hyderabad
 
 A.P.G.S.T ACT     Sales Tax       25,27,960     1997-98     STAT,
                                                             Hyderabad
 
 CST               Sales Tax       28,07,578     1997-98     STAT, 
                                                             Hyderabad
 
 CST               Sales Tax         104,614     2007-08     STAT, 
                                                             Hyderabad
 
 Central 
 Excise &          Service Tax  12,65,26,554     2003 -2006  Customs,
                                                             Excise &
 Customs                                                     Service Tax
                                                             Appellate
                                                             Tribunal,
                                                             Bangalore
 
 KOLKATA REGIONAL OFFICE
 
 Name of 
 the Statue     Nature of 
                the dues           Amount 
                                  (In Rs.)     Period      Forum of
                                                           Dispute
 
 WBST ACT 
 1994           --do--           86,88,778    1996-97     Sales Tax
                                                          Tribunal
 
 WBST ACT 
 1994           --do--           33,74,028    1997-98     Appellate Board
 
 WBST ACT 
 1994           --do--           37,11,769    1998-99     Sales Tax 
                                                          Tribunal
 
 CST ACT 
 1956          Sales Tax         11,30,858    2005-06     Appellate Board
 
 CST ACT 
 1956          Sales Tax         77,60,971    2006-07     DC Appeal
 
 WB VAT ACT    VAT                8,28,126    2008-09     DC Appeal
 
 CST ACT 1956  Sales Tax         2,05,9794    2008-09     DC Appeal
 
 JHANDEWALAN REGIONAL OFFICE
 
 Name of 
 the Statue    Nature of 
               the dues      Amount (In     Period    Forum of Dispute
                             Rs.)
 
 Delhi VAT     CST/LST/
               Interest/
               Penalty       4,90,85,551    1997-98    Appellate Tribunal
              (Gold 
               commemorative                           VAT, Delhi
               Medallions)
 
                               37,45,290    2002-03    Commissioner, DVAT
 
 UP-VAT        VAT  Interest
               for non-         2,88,866    1995-96    Allahabad
                                                       High Court
               submission
               of Form - 3B     6,11,808    1996-97    Allahabad 
                                                       High Court
              (Gold) &
 
               Non-submission 
               of Form          2,49,828    2007-08    Commissioner,
                                                       UP-VAT
               3C1 (Mentha Oil)
 
 Customs       Customs Duty 
               & Interest    2,72,67,919    1999-2000  Delhi High Court
 Department, 
 Delhi         on non- 
               export of Gold
               Jewellery 
               against gold
               loan taken 
               by associates
 
 
 
 Date: 28th August, 2012               For JAIN KAPILA ASSOCIATES
 
                                       CHARTERED ACCOUNTANTS
 
 Place: New Delhi                      Firm Registration No. 000287N
 
                                                        D.K. Kapila
 
                                                        Sr. Partner
 
                                                      M. No. 016905
Source : Dion Global Solutions Limited
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