The Directors have pleasure in submitting the Twenty Eighth Annual
Report and audited statement of accounts of the Company for the year
ended 31st March, 2008.
FINANCIAL RESULTS :
The financial results of the operation during the year under review are
as under :
PARTICULARS CURRENT YEAR PREVIOUS YEAR
Profit before Finance Charges &
Depreciation 40,345,341 26,611,681
Less: Finance Charges, 14,946,235 4,682,668
Depreciation 9,295,416 6,416,747
Profit for the year 16,103,690 15,512,266
Less : Paid / provision of tax 7,388,606 (9,471,318)
Profit after tax 8,715,084 6,040,948
Add : Balance being Profit(Loss)
from last year 72,671,373 66,630,425
Balance being Profit (Loss) carried
Balance Sheet 81,386,457 72,671,373
During the year the company has achieved a turnover of Rs. 3598.87 Lacs
as against Rs. 4240.53 Lacs during last year and earned profit before
Tax of Rs. 161.04 Lacs as against a profit of Rs. 155.12 Lacs during
INDUSTRIAL RELATIONS :
Industrial relations during the year remained cordial all levels of the
Company. The management appreciate the whole hearted co-operation given
by the employees of the Company.
PARTICULARS OF EMPLOYEES :
Regarding particulars in terms of Section 217(2A) of the Companies Act,
1956 read with relevant rules, none of the employees was in receipts of
or entiled to receive emoluments amounting to and in aggregate to Rs.
1,200,000.00 or more per annum if employed for the year or Rs.
1,00,000.00 or more per month if employed for any part of the year.
(A) Conservation of Energy :
(i) The Company is making regular efforts for energy conservation.
During the year, company has installed a 3 MW Bio-MASS Co-Generation
Power plant for Captive use with a total investment of Rs. 1158.82
(ii) Information regarding energy consumption in Form - A annexed
(B) Technology Absorption :
No Efforts have been made in Technology Absorption.
(C) Foreign Exchange earning and out-go :
Particulars regarding foreign exchange earning and out-go as per
Schedule 17 of Balance Sheet.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility statement, it is
hereby confirmed :
(i) That in the preparation of the accounts for the financial year
under review, the applicable accounting standards have been followed
along with proper explanation relating to material departure if any :
(ii) That the Directors have selected such accounting policies and
applied them consistantly and need judgments and estimates that were
reasonable and prodent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loos of the company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for the safeguarding the assets of
the Company and for preventing and detecting fraud and other
(iv) That the Directors have prepared the annual accounts on a going
Shri Tanmay Sangal Director of the Company, retire by rotation and
being eligible, offer himself for re- appointment.
The Company has not accepted any deposits attracting the provision of
Section 58-A of the Companies Act. 1956.
AUDITORS REPORT :
The Auditors in their report have referred to the notes forming part of
the accounts. The said notes are self explanatory and do not require
M/s Shiam & Co., Chartered Accountants, Muzaffarnagar, Auditors of the
Company retire at the conclusion of this meeting and are eligible for
Your Directors acknowledge with gratitude the co-operation and
assistance given by the financial institutional and banks during the
year under review.
Your Directors wish to place on records their appreciation of the
sincere and efficient services rendered by the staff and workers of the
Company for its success.
Your Directors recommend that the annual accounts may be passed by you.
For and on behalf of the Board
SANGAL PAPERS LTD.
Date : 22nd May, 2008 (HIMANSHU SANGAL)
Place : MEERUT Chairman