The members of Gammon India Limited
1. Report on Financial Statements
We have audited the accompanying Financial Statements of Gammon India Limited("the Company") which comprises of the Balance sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the period October 01 2014to March 31 2016 ("Period") and a summary of significant accounting policiesand other explanatory notes.
We did not audit the financial statement of Gammon India Limited Nagpur Branchthat incorporates the financial results of the overseas branches at Algeria NigeriaBhutan Afghanistan Ethiopia Rwanda Yemen & Italy. The financial statements of theNagpur Branch include total assets of Rs. 1118.29 crores and total revenues of Rs. 1277.63crores for the eighteen-month period ended 31st March 2016. The financial information ofthe aforesaid branch has been audited by the Branch Auditors whose report has beenreceived by us. Our conclusion so far as transactions of the said Branches are concernedis based solely on the Auditors Report of the Branch Auditor.
2. Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
3. Auditors Responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the entitys internal control . Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Companys directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
4. Basis of Qualified Opinion a. We invite attention to note no 33(c) relating toone of the subsidiaries M/s Franco Tosi Meccanica S.p.A (FTM). As described in the notethe control of the operating/core asset of the said FTM has been transferred to thesuccessful bidder and the Company is entitled only to the surplus arising out of disposalof non-core assets of FTM after paying off all other creditors/liabilities of FTM. Thefunded and non-funded exposure of the Company to FTM is Rs. 892.19 crores as at 31st March2016 including towards the corporate guarantees issued towards the bank guarantees issuedin favour of the said FTM. The management as detailed in the said note is awaiting thedetails of the surplus arising out of the disposal of the non-core assets and the recoveryof the liabilities therefrom. The management expects that the surplus will be adequate tocover the exposure however in the absence of any indication of the value of the non-coreassets or the surplus we are unable to quantify the possible provision towards theexposure of the Company and therefore also the effect on the loss/profit of the Companyfor the quarter and the period ended 31st March 2016. b. We invite attention to note no32 detailing the recognition of claims during the year ended 31st March 2016 in respectof ongoing completed and/or terminated contracts aggregating to Rs. 1343.97 croresincluding a further claim of Rs. 300 crores during the quarter ended 31st March 2016 butexcluding amounts recognised in quarters before September 2015 of Rs. 313.25 based onmanagement estimates of reasonable realisation which were subject matter of our emphasisof matter in our earlier reports. These additional claims are recognised only on the basisof opinion of an expert in the field of claims and arbitration as part of the requirementof the Strategic Debt Restructuring scheme with the lenders. In view of theabove-mentioned circumstances and facts we are unable to comment upon the amountsrecognised its realisation and the consequent effect on the financial results of thequarter ended 31st March 2016 and the eighteen-month period ended 31st March 2016. c. Weinvite attention to note no 33(e) As reported by the branch auditors the exposure of theCompany through the Branch in SAE Powerlines Srl Italy ("SAE") a subsidiary ofthe Company and ATSL BV Netherlands the holding company of SAE towards investmentsloans including guarantees towards the acquisition loan taken by the SPV are Rs. 196.84crores. The Branch has made provision for impairment of investments and Loan aggregatingto Rs. 62.52 crores and provision of Rs. 88.29 crores for risk and contingencies forcorporate guarantees for acquisition loan of the SPV and thus the net exposure of theBranch is Rs. 46.03 crores. The Branch has a further net exposure of Rs. 139.48 croresafter provision of Rs. 65.57 crores towards receivables due from SAE which areoutstanding for a long time. The Company had carried out a valuation of the business ofSAE by an independent valuer in September 2014 who determined an enterprise value of Rs.71.34 crores which however is not updated to cover the present financial position. In theabsence of a fresh valuation of the business of SAE and in the absence of auditedfinancial Statements of SAE for the period ended 31st December 2015 we are unable tocomment whether further impairment provision is required with respect to the total netexposure of the Branch of Rs. 185.51 crores in respect of loans investment andreceivables. d. The Companys Application for managerial remuneration aggregating toRs. 26.29 crores for the Chairman and Managing Director has been rejected for theaccounting years 2012-13 and 9-month period ended December 2013 and 30th September 2014and for the current eighteen months ended 31st March 2016 for want of NOC from the CDRlenders. The MCA has directed to recover the excess remuneration or make an applicationfor waiver. The Company had once again made applications to the Ministry for theaforementioned periods on obtaining the NOC from the CDR Lenders. The Board however on therecommendation of the Nomination and Remuneration Committee has subject to shareholdersapproval decided to seek approval from the Central Government for waiver of excessremuneration paid. Pending the same no adjustments have been made for the amount of Rs.26.29 crores. In the absence of the final decision of the MCA pursuant to the applicationbeing made by the Company we are unable to ascertain the impact on profits on this accountfor the eighteen-month period ended 31st March 2016 (Refer Note 23(a)). e. Tradereceivables and loans and advances includes an amount of Rs 355.56 crores in respect ofdisputes in six projects of the Company and/or its SPVs. The Company is pursuing legalrecourse/ negotiations for addressing the disputes in favour of the Company. Pending theconclusion of the matters we are unable to state whether any provisions would be requiredagainst the Companys exposure (refer Note 35(iv)). f. The Company has givenunsecured loans of Rs. 19.83 crores to its joint ventures as a lead partner for which itdoes not have any prior approval of the members (refer Note 12(vi)). g. We inviteattention to note no 11A(f) relating to the decision for sale of 30% interest of GammonInfrastructure Projects Limited (GIPL) held through two wholly owned subsidiaries and itsconsequent classification and valuation in these financial statements. The carrying valueof the equity interest in GIPL is Rs. 884.41 crores held through the two wholly ownedsubsidiaries. The current market value based on the traded price as on March 31 2016 isRs. 270.25 crores. The management contends that the market price is not indicative of theintrinsic value of GIPL considering that the same is a strategic Investment. However inthe absence of a detailed valuation of the intrinsic value of GIPL being carried out bythe Management we are unable to comment whether any provision for diminution or impairmentin the carrying amount of the equity interest is required.
5. Qualified Opinion
Except for the possible effects of the matter mentioned hereinabove in the basis ofqualified opinion in our opinion and to the best of our information and according to theexplanations given to us the standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2016 its profit and its cash flows for the period October 012014 to March 31 2016.
6. Emphasis of Matter:
Without qualifying our opinion we draw attention to the following matters:
(a) We draw attention to Note no 35(i) 35(ii) and 35(iii) of the Statement relating torecoverability of an amount of Rs.135.75 crores as at 31st March 2016 under tradereceivables in respect of contract revenue where the Company has received arbitrationawards in its favour in respect of which the client has preferred an appeal for settingaside the said arbitration awards recognition of claims while evaluating the jobs of Rs.153.29 crores and Rs. 155.03 crores where the Company is confident of recovery based onadvanced stage of negotiation and discussion. The recoverability is dependent upon thefinal outcome of the appeals & negotiations getting resolved in favour of the company.(b) Note no 36 detailing that the lenders have invoked Strategic Debt Restructuring andhave converted part of their principal and interest outstanding into equity shares and aspart of the SDR scheme is in the process of approving the restructuring scheme whichincludes carving out the EPC business and the T & D business into separate entitieswherein new investors would be invited to take control as detailed in the Note. Pendingthe same due to the liquidity situation and the continuing losses the Company is unable tomeet its various liabilities on time. These conditions along with other matters as setforth in the Note indicate the existence of a significant uncertainty as to timing andrealisation of cash flow to support the going concern assumption and operations of theCompany.
(c) The Company as detailed in Note 33(b) has exposure of Rs. 887.82 crores towards thecombined stake of 67.50 % which includes 35% stake which is under process of beingtransferred in favour of M/s Gammon Holding Mauritius Limited wholly owned subsidiary ofthe Company that is pending from a long time. Considering the combined stake held throughtwo separate SPVs the Companys exposure does not require any impairment which issupported by the order book position and valuation made by an independent valuer. (d) Noteno 33(g) the accounts of a subsidiary M/s Campo Puma Oriente S.A. have not been auditedsince December 2012 due to certain disputes with the partner in the project. The exposureof the Company in the said subsidiary is Rs. 411.67 crores net of provisions made. Thecompany has received a valuation report for $ 60 Million approximately from an independentmerchant banker for its share. On the basis of this report and the other matters detailedin the note the management is confident that there will be no provision required forimpairment (e) (e) Note no 12(v) G&B Contracting LLC where the management has madeassertions about the investment and reasons why the same does not require any provisiontowards diminution in the value of investment and loans provided. Relying on theassertions no adjustments have been made in the financials towards possible impairment.
7. Report on Other Legal and Regulatory Requirements
A. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters Specified inparagraphs 3 and 4 of the said Order.
B. As required by section 143 (3) of the Act we report that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books and proper returns adequate for thepurposes of our audit have been received from branches not visited by us. As stated abovewe have received the audit report of the branches not visited by us from the branchauditors.
(c) The report on the accounts of the branch office of the company not audited by usbut audited under sub-section 143(8) by the branch auditor has been received by us underthe proviso to that sub-section and the same has been properly dealt with it in preparingour report.
(d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account. (e) In our opinionexcept for the possible effect of the matters mentioned in the basis of qualified opinionparagraph the aforesaid standalone financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(f) The matters mentioned in the basis of qualified opinion paragraph and the mattersmentioned in paragraph (b) of the emphasis of matter paragraph relating to the matter ofsignificant uncertainty in the timing and realisation of cash flows may have an adverseimpact on the functioning of the Company.
(g) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theAct.
(h) The possible effects of matters mentioned in the basis for qualified opinionparagraph may have an adverse effect on the maintenance of the records of the Company.
(i) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements - Refer Note 41 to the financial statements. ii. The Company hasprovided for all material foreseeable losses arising out of long-term contracts includingderivative contracts.. iii. The Company has to transfer amount of Rs. 0.33 Crore to theInvestor Education and Protection Fund during the year.
For Natvarlal Vepari & Co.
Firm Registration Number: 106971W
Partner M.No. 40441
Dated: June 17 2016
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS OF OUR REPORT OF EVEN DATE
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during the period atreasonable intervals and no material discrepancies were identified on such verificationexcept assets at some of their terminated sites where the access to the assets arepresently prohibited and the matter is under dispute. The total value of assets at suchsites is Rs. 23.56 crores (Net WDV).
(ii) (a) Inventories being project materials have been physically verified by themanagement at reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable.
(b) In our opinion and according to the information and explanations given to us theprocedure of physical verification of stock followed by the management is reasonable andadequate in relation to the size of the Company and the nature of its business.
(c) The discrepancies noticed between the physical stocks and books stocks were notmaterial and the valuation of stock has been done on the basis of physically verifiedquantity. Therefore Shortage / Excess automatically get adjusted and the same is properlydealt in the books of accounts.
(iii) According to the information and explanation given to us the Company has grantedunsecured loan to 5 parties covered in the register maintained u/s 189 of the CompaniesAct 2013. In respect of such loans; (a) Loans granted during the year amounts to Rs.889.48 crores and the amount outstanding as at the end of the year is Rs.907.17 crores. Asper the terms of the loan the same is given for long term and hence the repayment ofinterest and loan is not due as at Balance sheet date.
(b) Since repayment of aforesaid loans is not due there is no overdue amounts for morethan Rs one lakhs from parties covered under section 189 and therefore the requirements ofclause 4(iii)(b) of the Companies (Auditors Report) Order 2015 are not applicable.
(iv) In our opinion and according to the information and explanations given to us theimplementation of the internal control procedure and assessment of risks in respect of thesub-contract and other site expenditure material reconciliations purchases needsstrengthening to make it commensurate with the size and nature of its operations. Inrespect of the purchase of fixed assets and sale of goods and services the internalcontrol procedures are commensurate with the size of the Company and the nature of itsbusiness. The weakness with respect to the adherence to the Internal control proceduresfor above referred activities are still continuing as at the Balance Sheet date which werereported upon in the previous audit reports.
(v) The Company has not accepted any deposits from the public pursuant to sections 73to 76 or any other relevant provisions of the Companies Act 2013 and rules framedthereunder. Therefore the provisions of clause 3(v) of the Companies (Auditors Report)Order 2015 are not applicable to the Company. As informed to us there is no order thathas been passed by Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any Court or any other Tribunal in respect of the said sections. (vi) As informedto us the maintenance of the cost records under the sub-section (1) of section 148 of theCompanies Act 2013 has been prescribed and we are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not howevercarried out a detailed examination of the records to ascertain whether they are accurateor complete. (vii) (a) The company has several instances of delay in depositing undisputedstatutory dues including Provident Fund Professional Tax Employees State Insuranceworks contract tax Service tax/VAT Cess and sales tax dues with the appropriateauthorities observed on a test check basis. On the basis of the audit procedures followedtest checks of the transaction and the representation from the Management there arearrears amounting to Rs 11.45 crores in case of Income Tax Rs 1.62 crores in case ofProvident Fund Rs. 1.90 crores in case of Works contract tax Rs.0.61 crores in case ofEntry tax Rs. 0.04 crores in case of Value added tax Rs.0.34 crores in case ofProfessional tax Rs. 0.01 crores in case of labour welfare fund Rs 0.01 crores in caseof Health Contribution Bhutan Rs.0.26 crores in case of Employees State InsuranceScheme Rs 1.23 crores in case of Royalty and Rs.0.49 crores in case of Road tax whichwere outstanding as at the last day of the financial year for a period of more than sixmonths from the date they became payable.
(b) According to the information and explanation given to us the details of Sales taxIncome Tax Service Tax and Excise duty that have not been deposited on account of disputeare stated in the Statement of statutory dues outstanding attached herewith. (c) Theamounts to be transferred to the investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunderhas been transferred to such fund within time except for Rs 0.33 crores which is requiredto be transferred to Investor Education and protection funds. (viii) The Company hasaccumulated losses at the end of the financial period which is more than 50% of itsnetworth. However except for the possible effect of the matters mentioned in our basis ofqualified opinion the Company has not incurred cash losses during the current financialperiod and in the immediately preceding financial period.
(ix) According to information and explanations given to us the company has defaultedin servicing interest and principal repayment due to debenture holders financialinstitutions and banks. The amounts of delays in interest servicing in respect of RupeeTerm Loan FITL Priority Loan Working capital term loan Short term Loan NCD NCD FITLCC and OD were Rs 646.61 Crores for a period ranging from 1 to 366 days. And Principal forthe said facility amounts to Rs 231.98 Crores ranging from 16 to 366 days The amounts ofdefault on account of overdrawn of Cash credit facility was Rs.150.58 Crores as at March2016. The amounts include the continuing defaults at balance sheet on repayment ofinterest and principal which is annexed to the finanacial statements.
(x) According to the information and explanations given to us and the records examinedby us the terms and conditions of guarantee given by the Company for loan taken by itswholly owned subsidiary from bank are not prima facie prejudicial to the interest of theCompany.
(xi) Based on information and explanations given to us by the management no fresh termloans were taken during the year except availing of working capital term loan which wereapplied for the business. Therefore the requirements of clause 4(xi) of the Companies(Auditors Report) Order 2015 are not applicable. (xii) According to the information andexplanations given to us and to the best of our knowledge and belief no fraud on or by theCompany has been noticed or reported during the current eighteen month period.
For Natvarlal Vepari & Co.
Firm Registration Number: 106971W
Partner M.No. 40441
Dated: June 17 2016
STATEMENT OF STATUTORY DUES OUTSTANDING ON ACCOUNT OF DISPUTES AS ON 31ST MARCH 2016REFERRED TO IN PARA 4(VI)(B) OF THE ANNEXURE TO AUDITORS REPORT
|Name of the Statute ||State ||Nature of the dues ||Amount in Crore ||Period to which it relates ||Forum where Dispute is pending |
|Direct Tax || ||Income Tax Assessment Order ||303.96 ||A.Y. 2006-07 to A.Y. 2011-12 ||CIT Appeal |
|Direct Tax || ||TDS Intimation U/s 200A ||16.06 ||A.Y. 2007-08 to A.Y. 2015-16 ||Not yet Filled |
|Direct Tax || ||Joint Venture Assessment ||10.85 ||A.Y. 2010-11 to 2013-14 ||CIT Appeal |
| ||Total || ||330.87 || || |
|Excise ||Karnataka Road Works / Thumkur Haveri 8712/13 and HDIL-Whispering Tower ||As per C.E. Dept. RMC manufactured are tax- able W.E.F. 1.3.2011. Our stand is that GIL is not in the business of manufacture and sale (to third party) of RMC. The RMC manufactured by GIL at project site is meant for captive consump- tion i.e. for use in the same project and same is exempt from levy of C.E. Department also contends that RMC is manufactured at site other than our road construction which is more than 50 Kms away from plant ||0.10 ||2011-14 ||Appeal is pending before CESTAT |
|Excise ||Silvassa ||Excise - Silvassa ||13.94 ||April 2011 to December 2011 ||CESTAT Western Region Ahmedabad |
|Excise ||Silvassa ||Excise - Silvassa ||1.07 ||July 2008 to October 2010 ||CESTAT Western Region Ahmedabad |
|Excise ||Silvassa ||Excise - Silvassa ||2.41 ||April 2010 to December 2014 ||CESTAT Western Region Ahmedabad |
|Excise ||Silvassa ||Excise - Silvassa ||0.52 ||September 2014 ||CESTAT Western Region Ahmedabad |
| ||Total || ||18.04 || || |
|Sales Tax ||Andhra Pradesh ||Reassessment matter ||0.19 ||2001-02 ||High Court |
|Sales Tax ||Andhra Pradesh ||Tax levied on value of material instead of purchase price. Rule 6(3)(i) ||2.10 ||2002-03 ||Tribunal / High Court |
|Sales Tax ||Andhra Pradesh ||Tax levied on value of material instead of purchase price. Rule 6(3)(i) ||1.63 ||2003-04 ||Tribunal / High Court |
|Sales Tax ||Andhra Pradesh ||Disallowance of Interstate purchase ||0.24 ||2005-07 ||High Court |
|Sales Tax ||Andhra Pradesh ||Levy of Penalty ||1.89 ||2005-07 ||High Court |
|Sales Tax ||Gujarat ||Levy of Penalty under Amnesty ||0.22 ||2003-04 ||J C Appeal |
|Sales Tax ||Gujarat ||Dis Allowance Of Concessional Sales and TDS credit ||2.64 ||2010-11 ||1st Appeal filed before Joint Commissioner of Appeals @ Vadodara. |
|Sales Tax ||Madhya Pradesh ||Entry Tax and VAT ||0.12 ||2010-11 ||Audit |
|Sales Tax ||Madhya Pradesh ||VAT-EI/II transaction Disallow ||0.97 ||2011-12 ||Appeal |
|Sales Tax ||Bihar ||Penalty ||34.89 ||2008-09 and ||Bihar Commercial Tax |
| || || || ||2009-10 ||Tribunal |
|Sales Tax ||Bihar ||Major disallowance of deduction claim and ITC ||9.17 ||2010-11 ||Asst. Comm. Commercial Tax |
|Sales Tax ||Bihar ||Entry Tax levied on direct and indirect material ||4.97 ||2010-11 ||Asst. Comm. Commercial Tax |
|Sales Tax ||Bihar ||Major disallowance of deduction claim and ITC ||2.43 ||2011-12 ||Asst. Comm. Commercial Tax |
|Sales Tax ||Uttar Pradesh ||ITC of sand and Grit not allowed and Complete allowable deductions are not allowed ||1.64 ||2008-09 and 2009-10 ||A C Appeal |
|Sales Tax ||Uttar Pradesh ||AS per clause no. 11 of the compounding scheme under the UP Trade Tax Act it is categori- cally made clear that no taxes shall be levied on sub-contractor where main contractor has opted for composition no tax shall be levied to sub- contractor and benefit of sec 3G and 3F2 b (1) is available to us. ||0.78 ||2003-04 ||Hon'ble High Court of Allahabad |
|Sales Tax ||Uttar Pradesh ||Same as above ||1.88 ||2004-05 ||Hon'ble High Court of Allahabad |
|Sales Tax ||Uttar Pradesh ||Entry Tax on Vehicle VAT levied on RMC rather than its components whereas we have not pur- chased any RMC. Tax levied on structural steel which should be allowed as deduction. ||3.09 ||2007-08 ||Additional Commissioner Appeal |
|Sales Tax ||Uttar Pradesh ||1. Disallowance of deductions. 2. Tax on higher rate of 13.5% instead of 5% 3. Tax on sale under section 6(2) of CST Act. ||0.58 ||2010-11 ||Additional Commissioner Appeal |
|Sales Tax ||Delhi ||Disallowance on deduction claimed on Subcon- tractor TO and Labour and Service ||19.60 ||2011-12 ||Objection has to be filled before J C |
|Sales Tax ||Kerla ||Interest payment against tax dues ||0.38 ||1999-2000 to 2001-02 ||D C Sales Tax |
|Sales Tax ||Maharashtra ||Denial of deduction on Pre cost component ||0.06 ||1993-94 to 1997-98 ||Tribunal / A C Appeal |
|Sales Tax ||Maharashtra ||Disallowance of WCT and BST ||5.84 ||2000 to 2002 ||Jt. Appeal / Tribunal |
|Sales Tax ||Maharashtra ||Lease Matter ||0.19 ||1998-99 to 2001-02 ||Bombay High Court / Jt. Appeal |
|Sales Tax ||Maharashtra ||Disallowance of TO ||3.89 ||2009-10 ||J C Appeal |
|Sales Tax ||Maharashtra ||Lease Matter ||0.10 ||2005-06 ||Jt. Appeal II |
|Sales Tax ||Orissa ||Lab. and Service Charges disallowed ||0.11 ||1992-93 to ||A C Appeal |
| || || || ||1999-00 || |
|Sales Tax ||Orissa ||Various disallowance ||0.25 ||2001-02 ||A C Appeal |
|Sales Tax ||Orissa ||Entry Tax ||0.07 ||2007-12 ||A C Appeal |
|Sales Tax ||West Bengal ||Arbitrary demand ||1.17 ||1997-98 2010- 11 and 2011-12 ||Sr. JCT (Appellate) |
|Sales Tax ||West Bengal ||Arbitrary demand ||17.27 ||2008-09 and ||Revision Board |
| || || || ||2009-10 || |
|Sales Tax ||West Bengal ||Arbitrary demand ||4.98 ||2007-08 ||Tribunal |
|Sales Tax ||West Bengal ||Arbitrary order ||1.31 ||2007-08 (CST) ||Tribunal |
|Sales Tax ||West Bengal ||Arbitary demand based on prejudice about books of accounts is not reliable. ||1.81 ||2012-13 ||JC Apeal |
|Sales Tax ||Jharkhand ||Non Receipt of F Form ||0.04 ||2001-02 ||C T |
|Sales Tax ||Chattisgarh ||Entry Tax Sales Tax on Boulders and Sand / Dis- pute over Applicability of VAT Rate ||0.38 ||1979-80 to 2007-08 ||Tribunal / D C Appeal |
|Sales Tax ||Assam ||Arbitary Demand ||0.64 ||2004-05 and 2006-07 ||Board of Revenue (GHC Ordered) / Appeal |
|Sales Tax ||Rajasthan ||Increase in EC Fees ||0.05 ||2007-08 ||Tax Law Board Ajmer |
|Sales Tax ||Gujarat ||VAT - Gujarat ||0.11 ||2007-08 ||GVAT Tribunal Ahmedabad |
|Sales Tax ||Gujarat ||VAT - Gujarat ||0.51 ||2008-09 ||GVAT Tribunal Ahmedabad |
|Sales Tax ||Gujarat ||VAT - Gujarat ||0.30 ||2009-10 ||GVAT Tribunal Ahmedabad |
|Sales Tax ||Gujarat ||CST - Gujarat ||7.64 ||2008-09 ||GVAT Tribunal Ahmedabad |
|Sales Tax ||Gujarat ||VAT and CST Gujarat ||0.37 ||2007-08 ||GVAT Tribunal Ahmedabad |
|Sales Tax ||Maharashtra ||CST - Maharashtra ||2.66 ||2008-09 ||Joint Commissioner MVAT Nagpur |
|Sales Tax ||Jharkhand ||VAT - Jharkhand ||1.48 ||2009-10 ||Commissioner of VAT Ranchi |
|Sales Tax ||Jharkhand ||CST - Jharkhand ||0.77 ||2009-10 ||Commissioner of VAT Ranchi |
|Sales Tax ||Jharkhand ||VAT - Jharkhand ||2.56 ||2009-10 ||Commissioner of VAT Ranchi |
|Sales Tax ||Jharkhand ||VAT - Jharkhand ||1.03 ||2010-11 ||Commissioner of VAT Ranchi |
|Sales Tax ||Jharkhand ||CST - Jharkhand ||0.31 ||2010-11 ||Commissioner of VAT Ranchi |
| ||Total || ||145.31 || || |
|Service Tax ||Mumbai / Jaigarh ||Construction of port service is exempted only if it is construction of new port. Whereas GIL has rendered services in port which are already exit hence tax is applicable. ||- ||2008-11 ||DGCEI |
|Service Tax ||Various ||Tax is payable under Consulting Engineering Services ||1.91 ||2004 to 2009 ||DGCEI |
|Service Tax ||Various ||Tax payable on Advance Received ||0.97 ||2008 to 2013 ||ST-1/ MUM / DIV-III. |
|Service Tax ||Himachal Pradesh ||Non registration under Public Relation Service and Tax on Consulting Engineer Services ||0.11 ||2008 to 2011 ||ST-1/ MUM / DIV-III. |
|Service Tax ||Banglore ||Steel Supplied by Client ||0.25 ||2006-2008 ||DGCEI |
|Service Tax ||Banglore ||Import of Services ||0.01 ||2007-08 ||DGCEI |
|Service Tax || ||Service Tax ||11.89 ||April 2008 to January 2009 ||Supreme Court New Delhi |
|Service Tax || ||Service Tax ||9.53 ||February 2009 to September 2009 ||Supreme Court New Delhi |
|Service Tax || ||Service Tax ||13.07 ||October 2009 to March 2010 ||Supreme Court New Delhi |
|Service Tax || ||Service Tax ||14.37 ||April 2010 to March 2011 ||Supreme Court New Delhi |
|Service Tax || ||Service Tax ||8.46 ||April 2011 to March 2012 ||Supreme Court New Delhi |
|Service Tax ||Gujarat ||Service Tax Gujarat ||0.20 ||2006-07 ||CESTAT Western Region Ahmedabad |
| ||Total || ||60.77 || || |