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Notes to Accounts of Sangal Papers Ltd.

Mar 31, 2015

1. Since the Company operates in a single segment i.e. "Paper & Paper Board". Accounting Standard (AS) 17-" Segment Reporting" issued by the institute of Chartered Accountants of India is not applicable.

2. Balances of Trade receivable, Trade payables and Advances as at 31st March, 2014 are subject to confirmation.

3. In the opinion of Board of Directors, the Current Assets, Loans & Advances have the value at which they are stated in the Balance Sheet as at31.03.2014 if realised in ordinary course of business.

4. Trade receivble includes Rs. 76.35 lacs for which suits are pending in the court. In the opinion of Board of Directors, they are good as fully recoverable.

5. The fixed Assets Register is under preparation, hence the book Records and Physical verification of Fixed Assests could not be reconciled. The steps are Being taken to complete it at the earliest.

6. The bifurcation of the total outstanding dues of small scale industrial undertaking and other than small scale industrial undertaking as well as the name small scale industrial, undertaking to whom the company owes a sum of exceeding rupees one lacs and which is outstanding for more than thirty days, are not disclosed in the Balance Sheet as suppliers have not indicated their status on their documents/papers whether they are small scale undertaking or not hence it is not possible for the company to disclose the said information in respect of trade creditors.

7. Previous year figures have been re-arranged and re-grouped wherever necessary.


Mar 31, 2014

1. Contingent Liabilities and Commitments (to the extent not providedfor) Contingent Liabilities

Guarantees

Trade Tax - 250,000,00 Letters of Credit 2,420,045 2,473,829 Commitment 17,566,519 15,427,467 (a) Estimated amount of contracts remaining to beexecuted on capital account and not provided for 582,158

2. Related Party Disclosures : 1. Shri Hinanshu Sangal

a Key management Personnel 2. Shri Amit Sangal

3. Shri Tanmay Sangal

4. Shri Vinayak Sangal

b Associated Company 1. Prema Chits (P) Limited

2. Shri Ganesh Credits (P) Limited

c Related Party Transactions : (Amount in Rs)

3. Since the Company operates in a single segment i.e. "Paper & Paper Board". Accounting Standard (AS) 17-" Segment Reporting" issued by the institute of Chartered Accountants of India is not applicable.

4. Balances of Trade receivable, Trade payables and Advances as at 31 st March, 2014 are subject to confirmation.

5. In the opinion of Board of Directors, the Current Assets, Loans & Advances have the value at which they are stated in the Balance Sheet as at31.03.2014 if realised in ordinary course of business.

6. Trade receible includes Rs. 76.35 lacs for which suits are pending in the court. In the opinion of Board of Directors, they are good as fully recoverable.

7. The fixed Assets Register is under pereparation, hence the book Rocords and Physical verification of Fixed Assests could not be reconciled. The steps are Being taken to cmplete it atthe earliest.

8. The bifurcation of the total outstanding dues of small scale industrial undertaking and other than small scale industrial undertaking as well as the name samall scale industrial, undertaking to whom the company owes a sum of exceeding rupees one lacs and which is outstanding for more than thirty days, are not disclosed in the Balance Sheet as suppliers have not indicated their status on their documents/papers whether they are small scale undertaking or not hence it is not possible for the company to disclose the said information in respect of trade creditors.

9. Previous yearfigures have been re-arranged and re-grouped wherever necessary.


Mar 31, 2013

1. Since the Company operates in a single segment i.e. "Paper & Paper Board". Accounting Standard (AS) 17- " Segment Reporting" issued by the institute of Chartered Accountants of India is not applicable.

2. Balances of Sundry Debtors, Creditors and Advances as at 31st March, 2013 are subject to confirmation.

3. In the opinion of Board of Directors, the Current Assets, Loans & Advances have the value at which they are stated in the Balance Sheet as at31.03.2013 if realised in ordinary course of business.

4. Sundry debtors includes Rs. 76.52 lacs for which suits are pending in the court. In the opinion of Board of Directors, they are good as fully recoverable.

5. E.T.P. running expenses have been debited under their respective heads.

6. The bifurcation of the total outstanding dues of small scale industrial undertaking and other than small scale industrial undertakings as well as the name small scale industrial, undertaking to whom the company owes a sum of exeeding rupees one lacs and which is outstanding for more than thirty days, are not disclosed in the Balance Sheet as suppliers have not indicated their status on their documents/papers whether they are small scale undertaking or not hence it is not possible for the company to disclose the said information in respect of trade creditors.

7. Previous year figures have been re-arranged and re-grouped wherever necessary. The accompanying notes form an Integral part of the Financial Statements.


Mar 31, 2012

Term Loan from Axis Bank is secured by way of equitable mortgage of [and & building and

hypothecation of Plant & Machinery and personal guarantee by Directors of the Company.

From Axis Bank (forterm loan of Rs. 108500 Lacs)

At the rate of 3.5% above base rate. Present effective rate is 13.50% p,a, {Previous year 12.25 p.a.).

Repayble in 96 Monthly instalment of Rs.11,30,000 each starting from July 2007.

From Axis Bank (forterm Eoan of Rs, 94.00 Lacs)

At the rate of 3.5% above base rate. Present effective rate is 13.50% p.a. (Previous year 12,25% pa), Repayble in 60 Monthly installment of Rs. 1t57,0Q0 each starting from July 2011,

Vehicle Loan is secured by hypothecation of respective vehicles and guaranteed by Directors of the Company, From Syndicate Bank (For term loan of Rs 6,00 Lacs)

At the Present effective rate *s 15% p.a. (Previous year 12% p.a.) Repayble in 59 monthly installment ofRs. 18031 each starting from July 2009,

From State Bank of India (forterm loan of Rs. 10.00 Lacs)

At the Present effective rate is 12% p.a. Repayble in 60 monthfy EMI of Rs. 211867 each starting from May 2011.

1. Contingent Liabilities and Commitments (to the extent not provided for) Contingent Liabilities

Trade Tax 706,678.00 656,678.00

Letters of Credit 17,868,005 9,840.480

Commitment

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for NIL 12,535,000

2. Since the Company operates in a single segment i.e. "Paper & Paper Board", Accounting Standard (AS) 17- " Segment Reporting" issued by the institute of Chartered Accountants of India is not applicable.

3. Balances of Sundry Debtors, Creditors and Advances as at 31st March, 2012 are subject to confirmation.

4. In the opinion of Board of Directors, the Current Assets, Loans & Advances have the value on realisation in the ordinary course of business atleast equal to the amount at which they have been stated in the Balance Sheet as at

5. In the absence of information from creditors of their status, the amount due to small and micro enterprises is not ascertainable.

6. The financial statements for the year ended 31 st March 2011 had been prepared as per the then applicable, prerevised Schedule VI of the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956. the financial statements for the year ended 31st March 2012 are prepared under revised Schedule VI. Accordingly, the previous yearflgures have been reclassified to conform to this year's classification.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for i Rs. 12.00 (Previous Year Nil) against which advance of Rs. 4.29 (PreviousYear Nil has been given.

2. Contingent Liabilities Not Provided for:

CURRENT YEAR PREVIOUS YEAR

a) Income Tax matters under appeal 21,39,517.00 24,86,351.00

b) Trade Tax under appeal 3,35,454.00 3,35,454.00

c) letter of comforts against Buyers Line of Credit 91,38,965.00 -----

Issued by Syndicate Bank -----

d) U.P. Pollution Control Board 2,50,000.00 2,50,000.00 Amount of interest liability/ penalty, if ;any, on delayed / non payment to sundry creditors/statutory dues:- Amount uncertainable

3. Term Loan and Working Capital Loans from Syndicate Bank are secured by way of equitable i mortgage of Land & building and hypothecation of Plant & Machinery, Stock of Raw Material, Stores ] & spares, work in process, finished goods semi finished goods, bills and Book Debts of the Company and personal guarantee by Directors of the Company.

4. Term loan form ICICI is secured by hypothecation of respective vehicles and guaranteed by Directors of the Company.

5. Balance of Sundry Debtors, Creditors and Advances as at 31st March, 2010 are subject to confirmation.

6. In the opinion of the Board of Directors, current assets and loans and advances as at 31-3-2010 have a value on realisation in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet and appropriate Provision for all the known liabilities (except otherwise stated) have been made in the accounts.

7. Sundry Debtors has been shown after the deducting the amount of advance from customers.

8. E.T.P. Running& Maintenance Expenses have been debited to their respective heads.

9. In the absence of information form creditors of their status, the amount due to small and micro enterprises is not ascertainable.

10. Pursuant to the Accounting Standard (AS)-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India applicable from 01.04.2002, the Company has provided deferred tax liability of Rs. 49.98 lacs (Previous year deferred tax liability Rs. 71.70 lacs) during the year.

11. Since the Company operates in a single segment i.e. "Paper & Paper Board", Accounting Standard (AS) 17-" Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

12. Keeping In view of the provision fo section 115JB of Income tax Act, 1961, provision for Income Tax j (MAT) has been made.

13. Previous year figure have been re-gruouped and re-arranged wherever necessary Figures have been rounded off to the nearest Rupees.


Mar 31, 2009

1. Estimated amount of contracts remaining to be executed on capital account and not provided for NIL (Previous Year Rs. 13.67 Lac) against which advance of NIL (Previous Year Rs. 9.73 Lac) has been given.

2. Contingent Liabilities Not Provided for:

CURRENT YEAR PREVIOUS YEAR

a) Income Tax matters under appeal 24,86,351.00 24,86,351.00

b) Trade Tax under appeal 3,35,454.00 3,35,454.00

c) Service Tax -- --

d) U. P. Polution Control Board 250,000.00 250,000.00

e) Amount of interest liabolity /penalty, if any, on delayed/ non payment to sundry creditors/statutory dues :- Amount uncertainable

3. Term Loans and Working Capital Loans from Syndicate Bank are secured by way of equitable Mortgage of land & building and Hypothecation of plant & Machinery, Stock of Raw Material, Stores & Spares, Work in process, Finished goods, Semi finished goods, Bills and Book Debts of the Company and personal guarantee by Directors of the Company.

4. Term Loan from ICICI is secured by hypothecation of respective vehicles and guaranteed by Directors of the Company.

5. Balances of Sundry Debitors, Creditors and Advances as 31st March, 2009 are subject to confirmation.

6. In the opinion of the Board of Directors, current assets and loans and advances as at 31-3-2009 have a value on realisation in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet and appropriate Provision for all the known liabilities (except otherwise stated) have been made in the accounts.

7. Sundry Debtors has been shown after deducting the amount of advance from customers.

8. E.T.P. Running & Maintenance Expenses have been debited to their respective heads.

9. In the absence of information from creditors of their status, the amount due to small and micro enterprirse is not accertainable.

10. Pursuant to the Accounting Standard (AS) - 22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India applicable from 01-04-2002, the Company has provided deferred tax liabilty of Rs. 71.70 lac (Previous year deferred tax liability Rs. 55.39 lac) during the year.

11. Since the Company operates in a single segment i.e. "Paper & Paper Board", Accounting Standard (AS) 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

The particulars given above have been identified on the basis of information available with the Company.

12. Keeping in view of the provision of section 115JB of Income Tax Act,1961. provision for Income Tax (MAT) has been made.

13. Previous year figure have been re-grouped and re-arranged wherever nacessary. Figures have been rounded off to the nearest Rupees.

NOTE: The Installed capacity as shown above has been certified by the Management and can not be verified by Auditors being a technical matter.

 
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