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Sangal Papers Ltd.

BSE: 516096 Sector: Industrials
NSE: N.A. ISIN Code: INE384D01022
BSE LIVE 19:40 | 19 Oct 76.80 -1.20
(-1.54%)
OPEN

79.60

HIGH

79.60

LOW

76.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 79.60
PREVIOUS CLOSE 78.00
VOLUME 51
52-Week high 123.05
52-Week low 65.25
P/E 7.77
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 79.60
CLOSE 78.00
VOLUME 51
52-Week high 123.05
52-Week low 65.25
P/E 7.77
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sangal Papers Ltd. (SANGALPAPERS) - Auditors Report

Company auditors report

To

THE MEMBERS

SANGAL PAPERS LIMITED MEERUT.

Report on the Financial Statements

We have audited the accompanying financial statements of SANGAL PAPERS LIMITED MEERUT("Company") which comprise the Balance sheet as at 31 March 2015 the Statementof Profit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2015 and its profit and its 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 2015 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014 except AS-15 Accounting forRetirement Benefits of Employees.

e. on the basis of written representations received from the directors as on 31 March2015 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2015 from being appointed as a director in terms of section 164 (2) of theAct and

f. Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 31 to the financialstatements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For SHIAM & Co.

Chartered Accountants
Registration No. 000030C
Rajesh Kumar Jain
Date: 25.05.2015 Partner
Place: MUZAFFARNAGAR Membership No. 073352

The Annexure referred to in our report to the members of SANGAL PAPERS LIMITED MEERUT('the Company') for the year ended 31 March 2015. We report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) According to the information and explanations given to us physically verificationof fixed assets have been carried out by the management and no material discrepancies werenoticed on such verification. In our opinion the frequency of verification is reasonablehaving regard to the size of the company and nature of its assets.

(ii) (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to information and explanations given to us thecompany has maintained proper records of inventory. As explained to us no materialdiscrepancies were noticed on physical verification as compared to book records.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. During the course of our audit we have not observed any majorweaknesses in internal controls.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from the public.

(vi) The Cost record has been specified by the Central Government under sub-section (1)of section 148 of the Companies Act 2013. We have broadly reviewed the accounts andrecords of the Company in this connection and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not howevercarried out a detailed examination of the records with a view to determine whether theyare accurate or complete.

(vii) (a) According to the records of company and information and explanation to usthe company is regular in depositing undisputed statutory dues including provident fundemployees' state insurance income-tax sales- tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities during the year. There is no undisputed amounts payable as at31.03.2015 for a period of more than six months from the date they became payable.

(a) According to the information and explanations given to us there are no dues ofincome tax value added tax wealth tax duty of customs and cess which have not beendeposited with the appropriate authorities on account of any dispute. However accordingto information and explanations given to us the following dues of sales tax and servicetax have not been deposited by the Company on account of disputes:

Name of the Status Period to which the amount relates Amount (in Rs.) Forum where dispute is pending
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.
Service Tax 2010-2011 11449.00 CESTAT Delhi

(a) According to the information and explanations given to us there is no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provision of the companies act 1956 (1 of 1956) and rules made there underhas been transferred to such fund within time.

(viii) The company has no accumulated losses and has not incurred any cash losses insuch financial year and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to banks/financial institution.

(x) In our opinion the Company has not given any guarantee for loans taken by othersfrom bank or financial institutions.

(xi) In our opinion and according to the information and explanations given to us termloan were applied for the purpose for which the loans were obtained.

(xii) According to information and explanation given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For SHIAM & Co.
Chartered Accountants
Registration No. 000030C
Rajesh Kumar Jain
Date: 25.05.2015 Partner
Place: MUZAFFARNAGAR Membership No. 073352