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Sangal Papers Ltd.

BSE Live

Sep 24, 16:00
99.60 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
206
10-Day
326
30-Day
825
80
  • Prev. Close

    99.60

  • Open Price

    102.40

  • Bid Price (Qty.)

    101.15 (31)

  • Offer Price (Qty.)

    107.50 (1)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Sangal Papers is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of SANGAL PAPERS LIMITED, MEERUT (Company) which comprise the Balance sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. s Opinion (In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015, and its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. 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 best of our knowledge and belief were necessary for the purpose of our audit; 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 those books; c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account; d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 except AS-15 Accounting for Retirement Benefits of Employees. e. on the basis of written representations received from the directors as on 31 March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015, from being appointed as a director in terms of section 164 (2) of the Act, and - f. Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position in its financial statements as referred to in Note 31 to the financial statements. (ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts. (iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. The Annexure referred to in our report to the members of SANGAL PAPERS LIMITED, MEERUT (''the Company'') for the year ended 31 March 2015. We report that: (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) According to the information and explanations given to us, physically verification of fixed assets have been carried out by the management and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable, having regard to the size of the company and nature of its assets. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to information and explanations given to us, the company has maintained proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification as compared to book records. (iii) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. (iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls. (v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public. (vi) The Cost record has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, carried out a detailed examination of the records with a view to determine whether they are accurate or complete. (vii) (a) According to the records of company and information and explanation to us, the company is regular in depositing undisputed statutory dues including, provident fund employees'' state insurance, income-tax, sales- tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities during the year. There is no undisputed amounts payable, as at 31.03.2015 for a period of more than six months from the date they became payable. (a) According to the information and explanations given to us, there are no dues of income tax, value added taxf7! wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of sales tax and service tax have not been deposited by the Company on account of disputes: Name of the Period to which Amount (in Rs.) Forum where dispute is pending Status the amount relates Trade Tax 2001-2002 200000.00 Hon''ble High Court, Allahabad. Trade Tax 2008-2009 1039591.00 Joint Commissioner Appeal, U.P. Commercial Tax Department. Service Tax 2010-2011 11449.00 CESTAT, Delhi (a) According to the information and explanations given to us there is no amount required to be transferred to investor education and protection fund in accordance with the relevant provision of the companies act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time. (viii) The company has no accumulated losses and has not incurred any cash losses in such financial year and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks/financial institution. '' (x) In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xi) In our opinion and according to the information and explanations given to us, term loan were applied for the purpose for which the loans were obtained. (xii) According to information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For SHIAM& Co. Date : 25.05.2015 Chartered Accountants, Place: MUZAFFARNAGAR Registration No. 000030C Rajesh Kumar Jain Partner Membership No. 073352