We have audited the attached Balance Sheet of SANGAL PAPERS LIMITED,
MEERUT as at 31st March, 2011, the Profit & Loss Account and also the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of 1he Company''s
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
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 paragraph 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
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
iii) The Balance Sheet, Profit & Lose Account and Cash Flow Statement
dealt with by this report are in agreement with 1he 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 sub section 3 (c) of section 211 of the
Companies Act, 1956 except AS-15 Accounting for Retirement Benefits of
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, 2011 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 affairs of the
Company as at 31st March, 2011 ;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 Statement, 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 2011
(I) IN RESPECT OF FIXED ASSETS:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.