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Sangal Papers Ltd.

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Dec 03, 16:00
107.80 5.05 (4.91%)
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AVERAGE VOLUME
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77
10-Day
293
30-Day
425
1
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Dec 27, 11:22
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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 attached Balance Sheet of SANGAL PAPERS LIMITED, MEERUT as on 31st March, 2006, and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Goverment of India in terms of Section 227(4-A) of Companies Act, 1956, we give in the annexure a statement on the matters specified in pararaph 4 & 5 of the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit . ii) 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 . iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company. iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub - section 3 ( C ) of section 211 of the Companies Act, 1956 except AS- 15 Accounting for retirement benefits of employees. v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors of the company as on 31st. March, 2006, is disqualified for appointment as director in the aforesaid Company in terms of clause (g ) of sub-section (1) of section 274 of the Companies Act, 1956. vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India : (a) In the case of the Balance Sheet,of the state of affairs of theComps;iy as at 31st March 2006; and (b) In the case of the Profit & Loss Account, of the Profi t for the year ended on that date. (c) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 10FTHE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF SANGAL PAPERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH, 31st 2006. (i) IN RESPECT OF FIXEDASSETS:- (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets have been physically verified by the mangement during the year. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification. (c) During the year, the Company has not made any substantial disposals of fixed assets during the year. (ii) IN RESPECT OF INVENTORIES :- (a) As explained to us, inventories has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. The discrepancies noticed on verification between the physical stock and the book records were not material. (iii) In respect of loans, secured or unsecured, granted / taken by the company to or from Companies , firms or other parties covered in the register maintained u / s 301 of the Companies Act, 1956 :- (a) The Company had not granted any loan to any one. Accordingly, clauses (iii) (b) to (iii) (d) of paragraph 4 of the Order are not applicable to the Company. (b) The Company had taken loan from three parties. The maximum amount involved during the year was Rs. 137.00 lacs and the year - end balance of loans taken from such parties was Rs. 137.00 lacs. (c) In our opinionand according to the information and explanations given to us, the rate of interest wherever applicable and other terms and conditions of loans taken by the company are not prima facie, prejudicial to the interest of the Company. (d) The Company is regular in payment of the principal amounts and interest as stipulated. ( iv ) In our opinion and according to 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 RESPECT OF TRANSACTIONS COVERED U/S 301 OF THE COMPANIES ACT, 1956:- (a) According to the information and explanations given to us, we are of the opinion that the paticulars of contracts or arrangements have been entered in the register required to be maintained under that section. (b) In our opinion , and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time ( vi ) According to the information and explanations given to us, the company has not accepted any public deposits during the year. ( vii ) In our opinion, the Company has an internal audit system commensurate with the size and 2^*7 of its business. *~~s~*