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Sangal Papers Ltd.

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Dec 02, 15:40
102.75 3.75 (3.79%)
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Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of SANGAL PAPERS LIMITED, MEERUT as on 31st March, 2010, the Profits Loss Account and also the 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 Government 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 faras appears from our examination of those books. iii) The Balance Sheet, Profit & Lose 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, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in subsection 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 31 st March, 2010 is disqualified for appointment as director in aforesaid company in terms of clause (g) of sub 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 explanation 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 affaires of the Company as at 31 st March, 2010;and (b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date. (c) In the case of the Cash Flow Statemant, of the cash flows for the year ended on that date ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF SANGAL PAPERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH, 31st 2010 (i) IN RESPECT OF FIXED ASSETS: (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 management 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 ouropinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations 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 ouropinion and according to the information and explanations 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 for the current year. (b) The Company had taken loan from four parties. The maximum amount involved during the year was Rs. 330.00 Lac and the year end balance of loans taken from such parties was Rs. 330.00 Lac. (c) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and otherterms and conditions of loans taken by the company are not, primafacie, prejudicial to the interest of the Company. (d) The company is regular in payment of the principal amount and interest as stipulated. (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 RESPECT OF TRANSACTIONS COVERED u/s 301 OF THE COMPANIES ACT. 1956: (a) According to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered in the register maintained under section 301 of Companies Act 1956 have been so entered. (b) In view and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of i) rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price at the relevant time. (vi) In our opinion and according to the information and explanations givento us.the company has not accepted any deposit from the public within the meaning of section. 58Aand 58AAor any other relevant provision of the Companies Act 1956 and the rules framed there under. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) As informed by the management, cost records for the year are under preparation. (ix) IN RESPECT OF STATUTORY DUES: (a) According to the records of company and information and explanations given to us, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education ad Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with appropriate authorities during the year. Except water cess Rs. 6.99 lac, there is no undisputed amounts payable, as at 31.03.2010 for a period of more than six months from the date they became payable. (b) According to information and explanations given to us, there is no undisputed amount payable in respect of dues of income tax wealth tax, Sales Tax, Customs duty, Service Tax, Custom Duty, Excise Duty, cess which have not been deposited on account of any dispute. (c) According to information and explanations given to us, the disputed dues in respect of Sales Tax, Income Tax, Excise Duty, Electricity are as under: NAME OF THE STATUE AMOUNT (Rs.) FORUM WHERE SIPUTE IS PENDING Income Tax 2139575.00 Director of Income Tax, Delhi Trade Tax 117000.00 Honble High Court, Allahabad 218454.00 Honble High Court, Allahabad (x) The company has no accumulated losses and has not incurred any cash losses in such financial year and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. (xii) In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore the provision of clause (xii) of the Companies (Auditors Report) Order 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company. (xlli) In our opinion, the company is not a chit fund or nidhi mutual benefit fund/society. Therefore the provision of clause (xiii) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company. (xiv) In our opinion, the company is not dealing or trading in shares, securities, debentures and other investment. Therefore the provision of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 are not applicable to the company. (xv) In our opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) According to the information and explanations given to us, no terms loan was obtained during the year. (xvii)According to information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on funds raised on short-term basis have been used for long-term investment. (xviii) According to the information and explanation given to us, the company has not made any V preferential allotment of shares to parties and companies covered in the register maintained I under section 301 of the Act. (xix) According to the information and explanation given to us, the company has nc t issued any debentures during the year. (xx) According to the information and explanation given to us, the company has not raised any money from public issue during the year. (xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year. For SHIAM & Co. Chartered Accountants, Registration No.000030C Sd/- Date: 20.05.2010 (R.K.JAIN) Place: MUZAFFARNAGAR Partner Membership No.073352