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Gammon India Ltd.

BSE: 509550 Sector: Infrastructure
NSE: GAMMONIND ISIN Code: INE259B01020
BSE 00:00 | 10 Sep Gammon India Ltd
NSE 05:30 | 01 Jan Gammon India Ltd
OPEN 1.40
PREVIOUS CLOSE 1.45
VOLUME 142636
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P/E
Mkt Cap.(Rs cr) 54
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.40
CLOSE 1.45
VOLUME 142636
52-Week high 1.54
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 54
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gammon India Ltd. (GAMMONIND) - Auditors Report

Company auditors report

To the Members of

Gammon India Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Financial Statements of Gammon India Limited("the Company") which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss including Other Comprehensive Income the Statement of CashFlow and Statement of Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information. These FinancialStatements have been prepared to give effects to the recall notices from the lendersreceived by the Company for Bank loans of foreign SPV's for which the corporate guaranteeswere given by the Company that were not accounted in the earlier Financial Statementsapproved on November 28 2018 by the Company through oversight (Refer note no. 1A of theFinancial Statements). These notices came to the attention of the management only when theconsolidation of accounts was in progress. These notices were not brought to our attentionearlier at the time of preparation of the Financial Statements approved on November 282018. On account of the revision the liabilities to the lenders including lenders of theforeign SPV has increased by ' 860.61 Crore and amounts due from the foreign SPVs arecorrespondingly increased. There were also consequential effects to the guarantees feesaccrual. Prior to the preparation of these Financial Statements the Board of Directors ofthe Company in their meeting held on November 28 2018 had prepared earlier FinancialStatements and on which we had issued our report dated November 28 2018 thereon. Sincethe said earlier Financial Statements adopted by the Board of Directors on November 282018 were yet to be adopted by the shareholders of the Company the Board of Directorshave now modified the Financial Statements to give effect to the recall notices from thelenders and have now approved these Financial Statements at their meeting held on February07 2019 and we have been called upon to issue our Audit Report on such FinancialStatements and also a report on the effectiveness of internal control with reference toFinancial Statements.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance including other comprehensive income and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Companies (Indian Accounting Standards) Rules 2015 (Ind AS)specified under Section 133 of the Act read with relevant rules thereon.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation of theStandalone Ind AS Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS FinancialStatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Standalone Ind ASFinancial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS Financial Statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the Ind AS Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Ind AS Financial Statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the Standalone Ind AS FinancialStatements.

Basis of Qualified Opinion

a. We invite attention to note no 37(c) relating to one of the subsidiaries M/s FrancoTosi Meccanica S.p.A. (FTM). As described in the note the control of the operating/coreasset of the said FTM has been transferred to the successful bidder and the Company isentitled only to the surplus arising out of disposal of non-core assets of FTM afterpaying off all other creditors/ liabilities of FTM. The funded and non-funded exposure ofthe Company to FTM is ' 943.08 Crore (net of provisions made) as at March 31 2018including towards the corporate guarantees issued towards the bank guarantees issued infavor of the said FTM. The management as detailed in the said note is awaiting the detailsof the surplus arising out of the disposal of the non-core assets and the recovery of theliabilities therefrom. The management expects that the surplus will be adequate to coverthe exposure. However in the absence of any indication of the value of the non-core assetsor the surplus we are unable to quantify the possible provision towards the exposure ofthe Company and therefore also the effect on the loss/profit of the Company for the yearended March 31 2018.

b. We invite attention to note no 7 detailing the recognition of claims during theearlier years and the current year in respect of on-going completed and/or terminatedcontracts. During the year Company has recognised further claims amounting to ' 140.35Crore. The aggregate amount of claims outstanding as at March 31 2018 is ' 912.36 Crore.These claims are recognised only on the basis of opinion of an expert in the field ofclaims and arbitration as part of the requirement of the Strategic Debt Restructuringscheme with the lenders. In view of the above-mentioned circumstances and facts we areunable to comment upon the amounts recognised its realisation and the consequent effecton the Financial Statements for the year ended March 31 2018.

c. We invite attention to note no 37(d) relating to the Company's Exposure to CampoPuma Oriente S.A. of ' 192.88 Crore net of impairment provisions of ' 230 Crore made basedon internal estimates of asset value. In the light of the on-going dispute with thepartners resulting in the Financial Statements not being finalised in view of theimpairment testing of the said exposure not being carried out by Gammon India Limited theavailable independent valuations are more than 36 months old and the internal estimates ofrealisability not being backed by independent valuation we are unable to state whetherany further impairment would be required.

d. We invite attention to Note 4(a)(iii) relating to Trade receivables inventories andloans and advances which includes an amount of ' 402.54 Crore in respect of disputes inseven projects of the Company and/or its SPVs. The Company is pursuing legal recourse/negotiations for addressing the disputes in favor of the Company. Pending the conclusionof the matters we are unable to state whether any provisions would be required against theCompany's exposure.

e. We invite attention to note no 31(iii) relating to the exposure of the Company to asubsidiary engaged in real estate development in Bhopal. The Company has on prudent basismade a provision of ' 100 Crore against the exposure of ' 324.68 Crore. The Subsidiary'sfinancials are also not available for our review. Hence in the absence of any indicatorsof value arising out of the project and its financial stability we are unable to statewhether any further provision is required towards the balance exposure of ' 224.68 Crore.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in Basis of QualifiedOpinion paragraph a to e the aforesaid Standalone Ind AS Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the Ind ASunder section 133 of the financial position of the Company as at March 31 2018 itsfinancial performance including other comprehensive income its cash flows and thestatement of changes in equity for the year ended on that date

Material Uncertainty Related to Going Concern

We invite attention to the note no 38 relating to the present financial situation ofthe Company detailing the Material Uncertainties Relating to Going Concern and the GoingConcern assumptions. The lenders have recalled all the loans and their present excess ofCurrent Liabilities over Current Assets is ' 5718.67 Crore. The Company is finding itdifficult to meet its financial obligations and the lenders have still not approved itsfurther restructuring plan. Further due to the issues detailed in the note 38 the Companyis continuously delayed in the preparation of the Financial Statements and submissions tothe stock exchanges as per the timelines of the listing agreement. The trading in theequity shares of the Company is presently suspended. Some of the creditors have filed forwinding up petitions against the Company. However the Company has obtained stay subject todeposit of money with the NCLT. The Company has severe manpower issues and is defaultingon its statutory and regulatory obligations. The issues as stated above and in note 38including but not limited to the Material uncertainties involved in the restructuring andresolution plans forming the basis of the Going Concern assumption indicates materialuncertainties that may cast significant doubt about the Going Concern Assumption. Ourreport is not qualified on this account.

Emphasis of Matter

Without qualifying our opinion we draw attention to the following matters;

a) We draw attention to Note 4(a)(i) & 4(a)(ii) relating to recoverability of anamount of '114.22 Crore as at March 312018 under trade receivables in respect of contractrevenue where the Company has received arbitration awards in its favor in respect of whichthe client has preferred an appeal for setting aside the said arbitration awardsrecognition of claims while evaluating the jobs of ' 7.56 Crore where the Company isconfident of recovery. The recoverability is dependent upon the final outcome of theappeals & negotiations getting resolved in favor of the Company.

b) We draw attention to Note 4(a)(iv) relating to the projects of real estate sectorwhere the exposure is ' 54.72 Crore. The management is confident of ultimate recovery ofthe amounts and we have relied on the management assertions of recoverability.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the said Order.

2. As required by section 143 (3) of the Act we report that:

(a) we have sought and except for the possible effects of the matter described in Basisof Qualified Opinion paragraph obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion except for the possible effects of the matter described in Basis ofQualified Opinion paragraph proper books of account as required by law have been kept bythe Company so far as it appears from our examination of those books;.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statements of Changes in Equity dealt with by thisReport are in agreement with the books of account;

(d) In our opinion except for the possible effects of the matter described in Basis ofQualified Opinion paragraph the aforesaid Standalone Ind AS Financial Statements complywith the Accounting Standards specified under Section 133 of the Act read with relevantrules thereon;

(e) The matters described in paragraphs under the Basis for Qualified Opinion andEmphasis of Matter paragraph in our opinion may have an adverse effect on thefunctioning of the Company;

(f) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors all the directors are disqualified ason March 31 2018 from being appointed as a director in terms of section 164(2) of the Actexcept for Mr. Chayan Bhattacharjee

(g) The matter described in the Basis for Qualified Opinion paragraph MaterialUncertainties Relating to Going Concern paragraph and Qualified Opinion paragraph of'Annexure B' to this report in our opinion may have an adverse effect on the functioningof the Company.

(h) With respect to the adequacy of the internal financial controls with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B"; and

(i) With respect to the other matters to be included in the Auditor's 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. The Company has disclosed the impact of pending litigations on its financialposition in its Financial Statements - Refer Note 34 to the Financial Statements;

ii. The Company has provided for all material foreseeable losses arising out oflong-term contracts including derivative contracts;

iii. The Company has to transfer amount of ' 0.32 Crore to the Investor Education andProtection Fund during the year.

For Nayan Parikh & Co.

Chartered Accountants

Firm Registration No.107023W

K N Padmanabhan

Partner

Membership No. 36410

Mumbai Dated: February 7 2019

ANNEXUREA

To the Independent Auditors' Report on the Standalone Ind AS Financial StatementsGammon India Limited

(i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation

of its Property Plant & Equipment.

(b) Property Plant & Equipment have been physically verified by the managementduring the period at reasonable intervals and no material discrepancies were identified onsuch verification except assets at some of their terminated sites where the access to theassets are presently prohibited and the matter is under dispute. The total value of assetsat such sites is ' 18.66 Crore (Net WDV).

(c) We are informed by the management that all the title deeds of immovable propertiesare in custody of IDBI trusteeship Services Limited as part of Corporate DebtRestructuring norms with the lenders. We have therefore not verified the physicaldocuments of immovable property and relied on the management representation andcorrespondence of the IDBI trustees as on the date of submission of documents by theCompany with them.

(ii) (a) Inventories being project materials have been physically verified by themanagement at reasonable intervals during the year except for inventories at terminatedsites valued at ' 1.34 Crore. In our opinion the frequency of such verification isreasonable.

(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 explanations given to us the Company hasgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under Section 189 of the Companies Act2013 in respect of which

(a) The terms and condition of the grant of such loans are in our opinion primafacie not prejudicial to the Company's interest.

(b) Since repayment of aforesaid loans is not due there is no overdue amounts fromparties covered under section 189 and therefore the requirements of clause 4(iii)(b) ofthe Companies (Auditors Report) Order 2015 are not applicable.

(c) There are no overdue amounts as at the year-end in respect of principal andinterest.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013with respect to loans investments guarantees and security given by the Company.

(v) The Company has not accepted any deposit from the public pursuant to sections 73 to76 or any other relevant provisions of the Companies Act 2013 and rules framedthereunder. As informed to us there is no order that has been passed by Company Law Boardor National Company Law Tribunal or Reserve Bank of India or any Court or any otherTribunal in respect of the said sections. Accordingly the provision of clause 3(v) is notapplicable to the Company.

(vi) As informed to us the maintenance of the cost records under the sub-section (1) ofsection 148 of the Companies Act 2013 has been prescribed and we are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however carried out a detailed examination of the records to ascertain whether theyare accurate or complete.

(vii) (a) The Company has several instances of delay in depositing undisputed statutorydues including Provident Fund

Professional Tax Employees State Insurance Works Contract Tax Service Tax/VAT Cessand Sales Tax dues with the appropriate authorities observed on a test check basis. On thebasis of the audit procedures followed test checks of the transaction and therepresentation from the Management there are arrears amounting to ' 0.05 Crore in case ofProvident Fund ' 0.18 Crore in case of Professional Tax ' 0.06 Crore in case of WorksContract Tax ' 2.07 Crore in case of Duty Drawback which were outstanding as at the lastday of the financial year for a period of more than six months from the date they becamepayable.

(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) The amounts to be transferred to the investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder has been transferred to such fund within time except for ' 0.32 Crorewhich is required to be transferred to Investor Education and Protection Funds.

(viii) 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 borrowings have become Non Performing Assets (NPA) and lendershave recalled all the loans. The total amount of recalled debts are disclosed as currentliabilities aggregating to ' 3894.14 Crore. The amounts of delays in interest servicing inrespect of Rupee Term Loan FITL Priority Loan Working Capital Term Loan Short termLoan NCD NCD FITL CC and OD were ' 796.62 Crore for a period ranging from 1 to 366days. The amounts of default on account of overdrawn of Cash credit facility were ' 465.31Crore as at March 2018. The amounts include the continuing defaults at Balance Sheet onrepayment of interest and principal as disclosed in notes 12(h) 18(vi) and 20(b) of theInd AS Financial Statements.

(ix) The Company has not raised any money by way of public issue / follow-on offer(including debt instruments). The Company has also not raised any term loans during theyear. Therefore the clause 3(ix) of the Companies (Auditors Report) Order 2016 is notapplicable to the Company.

(x) According to the information and explanations given to us and to the best of ourknowledge and belief no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

(xi) During the year the Company has not paid/ provided any remuneration to theChairman and Managing Directors or any of the Directors excepting the sitting fees toIndependent and non-executive directors. In respect of the previous periods remunerationattention is invited to Note no 28(a) of the Ind AS Financial Statements. ExcessManagerial remuneration aggregating to ' 30.54 Crore for the Chairman and ManagingDirector has been reversed and disclosed as receivable (net off unpaid salary). Similareffects has been given for excess remuneration paid to another director aggregating to '0.60 Crore and disclosed as receivable.

(xii) The Company is not a Nidhi Company hence clause 3(xii) of Companies (AuditorsReport) Order 2016 is not applicable to the Company.

(xiii) Based on the minutes and the secretarial compliance all transactions with therelated parties are in compliance with sections 177 and 188 of the Companies Act 2013 inso far as our examination of the proceedings of the meetings of the Audit Committee andBoard of Directors are concerned. The details of related party transactions have beendisclosed in the Standalone Ind AS Financial Statements as required by the applicableAccounting Standard.

(xiv) The Company has not made any preferential allotment / private placement of sharesor fully or partly convertible debentures during the year under review except forallotment to lenders at the prescribed pricing norms prescribed by Securities and ExchangeBoard of India. The necessary compliances under the Companies Act have been carried out.Further since the same is conversion of loan into equity there are not purposes specifiedfor the utilisation of the proceeds.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him and hence the clause 3(xv) of the Companies (Auditors Report)Order 2016 is not applicable to the Company.

(xvi) The nature of business and the activities of the Company are such that theCompany is not required to obtain registration under section 45-IA of the Reserve Bank ofIndia Act 1934.

For Nayan Parikh & Co.

Chartered Accountants

Firm Registration No.107023W

K N Padmanabhan

Partner

Membership No. 36410

Mumbai Dated: February 7 2019

Annexure - B

To the Independent Auditors' Report on the Standalone INDAS Financial Statements ofGammon India Limited

Report on the Internal Financial Controls with reference to Financial Statements underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls with reference to Financial Statementsof Gammon India Limited ("the Company") as of March 31 2018 in conjunction withour audit of the Standalone Ind AS Financial Statement of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to Financial Statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to Financial Statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to Financial Statements and theiroperating effectiveness. Our audit of internal financial controls with reference toFinancial Statements included obtaining an understanding of internal financial controlswith reference to Financial Statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the FinancialStatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemwith reference to Financial Statements.

Meaning of Internal Financial Controls with reference to Financial Statements

A company's internal financial control with reference to Financial Statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to Financial Statements includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of FinancialStatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference toFinancial Statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to Financial Statements to future periods are subject to the risk that theinternal financial control with reference to Financial Statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Basis of Qualified Opinion

a) The Company has laid down internal financial controls with reference to FinancialStatements however its implementation and effectiveness in certain areas are affecteddue to severe manpower issues affecting timely preparation of Financial Statements.

b) Out test of transactions revealed instances of control weaknesses which haveinter-alia resulted from manpower and liquidity issues

c) Internal Audit carried out by the Company was not adequate considering the size andoperations of the Company and was required to be more extensive with timely follow up andactions to correct the issues promptly. The internal audit has also revealed weaknesses inthe systems and processes.

Qualified Opinion

In view of what is stated in our basis of Qualified Opinion we cannot state that theCompany has in all material respects an adequate internal financial controls system withreference to Financial Statements and such internal financial controls with reference toFinancial Statements were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Nayan Parikh & Co.

Chartered Accountants

Firm Registration No.107023W

K N Padmanabhan

Partner

Membership No. 36410

Mumbai

Dated: February 7 2019

Statement Of Statutory Dues Outstanding On Account Of Disputes As On 31s* March 2017referred To In Para 4(VII)(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 306.04 A.Y. 2006-07 to A.Y. 2013-14 CIT Appeal
Direct Tax TDS Intimation U/s 200A 8.67 A.Y 2007-08 to A.Y 2017-18 Not yet Filled
Direct Tax TDS Intimation U/s 200A 0.18 A.Y 2008-09 to A.Y 2017-18 Not yet Filled
Direct Tax Joint Venture Assessment 7.33 A.Y. 2010-11 to 2013-14 CIT Appeal
Direct Tax Corporate Guarantee Disallowance 6.28 A.Y. 2016-17 Not yet Filled
Total 328.5
Sales Tax Andhra Pradesh Reassessment matter 0.04 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 Guiarat Levy of Penalty under Amnesty 0.22 2003-04 J C Appeal
Sales Tax Uttar Pradesh AS per clause no. 11 of the compounding scheme under the UP Trade Tax Act it is categorically 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. 0.77 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 purchased any rMc. Tax levied on structural steel which should be allowed as deduction. 0.29 2007-08 Additional Commissioner Appeal
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 & BST 5.84 2000 to 2002 Jt. Appeal / Tribunal
Sales Tax Maharashtra Lease Matter 0.10 2005-06 Jt. Appeal II
Sales Tax Maharashtra Sales-In-Transit (I.E. 6(2) Sales disallowed) 4.72 2013-14 Jt. Appeal I
Sales Tax Orissa Lab. and Service Charges disallowed 0.11 1992-93 to 1999-00 A C Appeal
Sales Tax Orissa Various disallowance 0.11 2001-02 A C Appeal
Sales Tax West Bengal Arbitrary Demand 0.98 1997-98 2010-11 and 2011-12 Sr. JCT (Appellate)
Sales Tax West Bengal Arbitrary Demand 5.65 2008-09 & 2009-10 Revision Board
Sales Tax West Bengal Arbitrary Demand 2.39 2007-08 Tribunal
Sales Tax West Bengal Arbitrary order 0.63 2007-08 (CST) Tribunal
Sales Tax West Bengal Arbitary demand based on prejudice about books of accounts is not reliable. 1.29 2012-13 JC Apeal
Sales Tax Jharkhand Non Receipt of F Form 0.04 2001-02 C T
Sales Tax Assam Arbitary Demand 0.60 2004-05 and 200607 Board of Revenue (GHC Ordered) / Appeal
Sales Tax Rajasthan Increase in EC Fees 0.05 2007-08 Tax Law Board - Ajmer
Total 31.63
Service Tax Service Tax 0.86 August 2012 to January 2016 Supreme Court New Delhi
Service Tax Service Tax 6.44 August 2008 to September 2012 Supreme Court New Delhi
Service Tax Service Tax 0.25 July 2006 to December 2007
Service Tax Service Tax 1.91 October 2004 to August 2008
Service Tax Service Tax 0.02 April 2007 to March 2008
Total 9.48