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Sangal Papers Ltd.

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Oct 27, 16:00
110.00 -4.00 (-3.51%)
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140
10-Day
317
30-Day
513
108
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    114.00

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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 31st March, 2014, the Statement of Profit & Loss and the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory Information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these financial statments that give a true and fair view of the financial position financial performnace and cash flows of the Company in accordance with the Accounting Standards referred to In sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) This responslblility includes the design, implementation and maintenance of internal control 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. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit In accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 auditors 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 control relevant to the Company''s preparation and fair presentation of the financial statements In order to design audit procedures that are appropriate In the circumstances An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overal Presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion in our opinion and to the best of our Information and according to the explanation given to us, the 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. (I) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2014. (li) in the case of the statement of Profit and Loss, of the profit for the year ended on that date; and (III) In the case of the Cash Flow Statement, of the 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, 2003 (the Order), as amended, Issued by the Central Government of India In terms of sub-section (4A) of section 227 of the Act. we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: a. We have obtained all the information and explannatlons 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 refered to in subsection (3C) of section 211 of the Companies Act, 1956; and a. On the basis of written representations recleved from the directors as on 31 March 2014and taken on record by the Board of Directors none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT 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, 31 st 2014. (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 (ii) IN RESPECT OF IT''S 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. (Hi) 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 five parties. The maximum amount involved during the year was Rs. 480.69 and the year-end balance of loans taken from such parties was Rs. 474.25 Lacs. (c) In our opinion and 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, primafacie, 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 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 TRANSA CTIONS COVERED u/s 301 OF THE COMPANIES ACT. 1956: (a) According to the information and explanations give 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 our opinion and according to the information and explanations given to us, there is no transaction made in pursuance of any contracts or arrangements exceeding the value of rupees five lacs in resDect of anvoartvdurina the vear. (vl) In our opinion and according to the information and explanations given to 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. (vlll) As informed by the management, cost records forthe year are under preparation. (lx) IN RESPECT OF STATUTORY DUES: (a) According to the records of company and information and explanation to us, the company is regular in depositing undisputed statutory dues including Employee State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues with appropriate authorities during the year, There is no undisputed amounts payable, as at 31.03.2014 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, Trade 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 Trade/Commercial Tax is as under: NAME OF THE YEAR AMOUNT FORUM WHERE IS DISPUTE IS PENDING STATUE Trade Tax 1996-1997 117000.00 Hon''ble High Court, Allahabad 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. (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. (xl) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks. (xll) 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 4(xii) of the Companies (Auditor''s Report) Order 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the company. (xlll) In our opinion, the company is not a chit fund or nidhi mutual benefit fund/society. Therefore the provision of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditor''s 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 investments. Therefore the provision of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s 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. (xvl) In our opinion, the term loan have been applied forthe purpose for which they were raised.. (xW/jAccording to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long term investment. (xv/7/JAccording to information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) According to information and explanations given to us, the company has not issued any debentures during the year. (xx) According to infomation and explanation given to us, the company has not raised any money from public issue during the year. (xxi) According to information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year. ForSHIAM&CO Chartered Accountants, Registration No. 000030C Date: 26.05.2014 Rajesh Kumar Jain . Place: MUZAFFARNAGAR Partner Membership No. 073352 SHIAM&CO 33/46-AJst Floor, Chartered Accountants Agarwal Market 1 Muzaffarnagar