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(1) Attention is drawn to Clause 21 of Note 34 of the accounts regarding non disclosure of segment information as required by Accounting Standard 17 “Segment Reporting” prescribed by The Companies (Accounting Standards) Rules, 2006. The net effect on the Financial Statements of such non–disclosure is NIL. (2) Attention is drawn to Clause 41a and 41b of Note 34 of the Accounts, regarding taxes and duties i.e, sales tax, value added tax, , service tax etc., not charged on invoices raised in respect of sale of Aircrafts as well as repair and Overhaul to defence customers in some of the Divisions. The Company has not provided for the demands from the Commercial Taxes Departments, since the demand is disputed by the Company. The same is disclosed as a contingent Liability in Clause 2 of Note 34 of the accounts. The respective agreements for such sale and repairs/overhaul provide for furnishing an exemption certificate or re–imbursement of sales tax and similar statutory levies when determined. However, the reimbursement of penalties, if any and/or interest levied on such non–payment have not been dealt with in the agreement and the same is not quantified by the company. Although, the taxes are to be reimbursed by the customers in terms of the respective agreements, the company has neither quantified nor provided for the interest and/or penalties, if any, on such taxes in case the same are payable. We are unable to quantify the Net Impact of such non provision/ non–disclosure on the Financial Statements.
The company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Hence, Clauses 4 III (a) to (g) of the said order are not applicable.
The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the nature of business and volume of operations and the same have been properly dealt with in the books of accounts.