Page 115 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

and Audit) Rules, 2014, as amended, prescribed by the Central Tax and other material statutory dues applicable to it with
Government under section 148(1) of the Companies Act, 2013, the appropriate authorities.
and are of the opinion that, prime facie, the prescribed cost (b) There were no undisputed amounts payable in respect of
records have been made and maintained. We have, however, Provident Fund, Employees’ State Insurance, Income-tax,
not made a detailed examination of the cost records with a Customs duty, Goods and Services Tax and other material
view to determine whether they are accurate or complete.
statutory dues in arrears as at March 31, 2020 for a period
(vii) According to the information and explanations given to us, in of more than six months from the date they became
respect of statutory dues: payable.
(a) The Company has been regular in depositing undisputed (c) According to the records of the Company, the dues of
statutory dues, including Provident Fund, Employees’ State Sales Tax and Service Tax on account of disputes as on
Insurance, Income-tax, Customs duty, Goods and Services March 31, 2020 are given below:

Statute Nature of Dues Forum where dispute Period to which the Amount involved Amount paid under
is pending amount relates (H In Lakhs)* protest (H In Lakhs)
(1) (2) (3) (4) (5) (6)
The Gujarat Sales tax and penalty Sales Tax Appellate 1992-1994 4.63 -
Sales Tax Act Tribunal
Central Excise Service tax and High Court, Bombay 2000-2001 18.75 3.75
Act, 1944 penalty

*Net of amount paid under protest disclosed in column (6)

(viii) In our opinion and according to the information and party transactions have been disclosed in the standalone
explanations given to us, the Company has not defaulted in the financial statements as required by the applicable Indian
repayment of loans or borrowings to financial institutions and Accounting Standards.
banks. The Company has not taken any loans or borrowings (xiv) During the year, the Company has not made any preferential
from government and has not issued any debentures.
allotment or private placement of shares or fully or partly
(ix) In our opinion and according to the information and convertible debentures and hence reporting under clause
explanations given to us, money raised by way of the term 3(xiv) of the Order is not applicable.
loans have been applied by the Company during the year for (xv) In our opinion and according to the information and
the purposes for which they were raised. The Company has not explanations given to us, during the year, the Company has
raised money by way of initial public offer or further public offer not entered into any non-cash transactions with its directors
(including debt instruments).
or directors of its holding, subsidiary or associate companies or
(x) To the best of our knowledge and according to the information persons connected with them and hence provisions of section
and explanations given to us, no fraud by the Company and no 192 of the Companies Act, 2013 are not applicable.
material fraud on the Company by its officers or employees has (xvi) The Company is not required to be registered under section
been noticed or reported during the year.
45-IA of the Reserve Bank of India Act, 1934.
(xi) In our opinion and according to the information and
explanations given to us, the Company has paid / provided
managerial remuneration in accordance with the requisite For Deloitte Haskins & Sells LLP
approvals mandated by the provisions of section 197 read with Chartered Accountants
Schedule V to the Companies Act, 2013.
(Firm’s Registration No. 117366W/W-100018)
(xii) The Company is not a Nidhi Company and hence reporting
under clause 3(xii) of the Order is not applicable.
Rajesh K. Hiranandani
(xiii) In our opinion and according to the information and Partner
explanations given to us, the Company is in compliance with Place: Mumbai (Membership No. 36920)
sections 177 and 188 of the Companies Act, 2013, where Date: August 28, 2020 (UDIN: 20036920AAAACU7943)
applicable, for all transactions with the related parties identified
by the Management of the Company and the details of related

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