Mar 31, 2015
The Directors have pleasure in presenting their 35th Annual Report
with the Audited Accounts of the Company for the year ended 31st March,
2015.
FINANCIAL RESULT
PARTICULARS 31.03.2015 31.03.2014
(Amount in
Rs.) (Amount in
Rs.)
Turnover 950,642,374 1,016,428,644
Profit Before 55,191,902 66,677,633
Financial Charges and Depreciation
Financial Charges 24,488,152 28,774,180
Depreciation/Amortization 6,729,807 16,749,664
PROFIT BEFORE TAX 23,973,943 21,153,789
Current Tax 4,796,650 8,082,860
MAT Credit Entitlement (104,750) -
Deferred Tax Liability 4,856,000 (2,684,000)
IncomeTax (Related to Earlier Year) 249,908 57,812
PROFIT AFTER TAX 14,176,135 15,697,117
Balance brought Forward from last
Year 160,219,853 144,522,736
Balance Carried Forward to Balance
Sheet 174,395,988 160,219,853
OPERATIONAL REVIEW
The Company is moving fast to achieving its goal of maximization of
shareholders wealth and objective of the Company. The Company does care
to all stakeholder of the Company.
Sangal Papers Ltd. focus in India and outside India over last few years
has been to move closer to the ultimate consumers and position its
products in a way that consumers can connect with and aspire for with
this is in mind. The Company has maintained the world- wide standard in
its products and engaged in to give sharpness to the Company's
marketing strategies.
Sangal Papers Ltd. has given its best performance in all subjects.
During the year under review the Company has achieved a turnover of Rs.
950,642,374 as against previous figure of Rs. 1,016,428,644 posting
approx 6.47% decline in sale.
During the year under review PAT ( profit after tax) were Rs.
14,176,135 as compared to previous year figure of Rs. 15,697,117.
However, the Profit aftertax has reduced by 9.69% in net profit
aftertax as compared to previous year. I A
SHARE CAPITAL
The paid up equity capital as on 31st March 2015 was Rs. 13,072,600.
During the year under review , the Company has not| increased their
capital. Further the Company has not issued shares with differential
voting rights nor granted stock options nor sweat equity.
DIVIDEND AND RESERVES DIVIDEND
Board of Directors of the Company has opted to plough back the profits
for future growth and do not recommend any Dividend for thefinancial
year ending on 31/03/2015.
RESERVES
The balance of Reserve & Surplus Account of the Company as on
31/03/2015 was Rs. 179,251,603/-.
FIXED DEPOSITS
The Company has not accepted any fixed deposits and accordingly no
amount was outstanding as on the date of the Balance Sheet.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not given any loans or guarantee covered under the
provisions of section 186 of the Companies Act, 2013.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the
Internal Audit function is defined in the Internal Audit Manual. To
maintain its objectivity and independence, the Internal Audit function
reports to Chairman of the Audit Committee of the Board & to the
Chairman & Managing Director.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company. Based on the report of internal audit function, process
owners undertake corrective action in their respective areas and
thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
CORPORATE SOCIAL RESPONSIBILITY
Since the Company has not fulfill the criteria in respect of
constitution of Corporate Social Responsibility as specified in the
Section 135 of the Companies Act 2013 read with Companies (Corporate
Social Responsibility) Rules, 2014, therefore no CSR Committee is
constituted.
CONSERVATION OF ENERGY
(a) Company ensures that the manufacturing operations are conducted in
the manner whereby optimum utilization and maximum possible savings of
energy is achieved.
(b) No specific investment has been made in reduction in energy
consumption.
(c) As the impact of measures taken for conservation and optimum
utilization of energy are not quantitative, its impact on cost cannot
be stated accurately.
(d) Since the Company does not fall under the list of Industries which
should furnish information on conservation of energy, the question of
furnishing the same does not arise.
TECHNOLOGY ABSORPTION
Company's products are manufactured by using In- house know how and no
outside technology is being used for manufacturing activities.
Therefore no technology absorption is required. The Company constantly
strives for maintenance and improvement in quality of its products and
entire Research & Development activities are directed to achieve the
aforesaid goal.
IMPORTS/ EXPORTS AND FOREIGN EXCHANGE EARNINGS AND OUTGO
A. IMPORTS
Import of raw materials during the year amounted to Rs. 43,323,426 /- (
previous Year Rs. 29,810,263 /-) and Capital Goods & Spares of Rs.
2,012,079 /- (Previous Year Rs. 1,517,414 /-).
B. EXPORTS
Exports were mainly to Gulf and Asian Countries . Exports during the
year increased to Rs. 38,910,936 /- from Rs. -. 28,186,945 /-in the
previous year.
C. EARNINGS AND OUTGO
Details are provided under the Point 23-26 of "Notes to Financial
Statements" for the financial year ended as on 31st March 2015.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship
with workers and employees at all levels.
DIRECTORS
Director Mr. Vinayak Sangal (DIN NO. 06833351) retire by rotation and,
being eligible, offer himself for re- appointment. The Board of
Directors recommend Mr. Vinayak Sangal for re- appointment.
Mr. Prem Sethi (DIN NO. 07146425) & Mrs. Geeta Gupta (DIN NO. 00095939)
were appointed as additional independent director w.e.f 4th March 2015.
The Board now recommends the appointment of Mr. Prem Sethi & Mrs. Geeta
Gupta as independent directors under section 149 of the Companies Act,
2013 and clause 49 of the listing agreement in the ensuing Annual
General Meeting to hold office for three consecutive years i.e. up to
the conclusion of the Annual General Meeting of the Company held in the
calendar year 2018.
All independent directors have given declarations that they meet
criteria of independence as laid down under section 149 (6) of the
Companies Act, 2013 and clause 49 of the Listing Agreement.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an evaluation of its
own performance, the directors individually as well as the evaluation
of the Working of its Audit, Appointment & Remuneration Committees. The
manner in which the evaluation has been carried out has been explained
in the Corporate Governance Report. ,
REMUNERATION POLICY
The Board has, on the recommendation of the Appointment & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The remuneration Policy is
stated in Corporate Governance Report.
MEETINGS
Meetings During the year 12 (Twelve) Board Meetings and 4 (Four) Audit
Committee Meetings were convened and held. The details of which given
in the Corporate Governance Report. The intervening gap between the
Meetings was within the period prescribed underthe Companies Act, 2013.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act 2013, your Directors
confirm that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed with no material departures;
(b) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair review of the state of affairs of
the Company at the end of the financial year and of the prof it of the
Company for the same period;
(c) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventingand detectingfraud and other irregularities;
(d) They have prepared the annual accounts on a going concern basis;
(e) They have laid down internal financial controls in the Company that
are adequate and are operating effectively; and . ferff) They have
devised proper systems to ensure compliance with the provisions of all
applicable laws and that these are adequate
RELATED PARTY TRANSACTIONS
The related party transactions have already been disclosed in the
financial statements. No transaction of material nature has been
entered into by the Company during the year which may have potential
conflict with the interest of the Company. All related party
transactions that were entered into during the financial year were on
arm's length basis and were in the ordinary course of the business.
There are no materially significant related party transactions made by
the company with promoters, key managerial personnel or other
designated persons which may have potential conflict with interest of
the Company at large.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary.
CODEOFCONDUCT
The Board of Directors has approved a Code of Conduct which is
applicable to the members of the Board and all employees in the course
of day to day business operations of the company. The Company believes
in " Zero Tolerance" against bribery, corruption and unethical
dealings/behaviours of any form and the Board has laid down the
directives to counter such acts. The code laid down by the Board is
known as " Code of Business Conduct" which forms and Appendix to the
Code.
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees
in their business dealings and in particular on matters relating to
integrity in the work place, in business practices and in dealing with
stakeholders. The Code gives guidance through examples on the expected
behavior from an employee in a given situation and the reporting
structure.
All the Board members and the Senior Management personnel have
confirmed compliances with the code. All management Staff were given
appropriate training in this regard.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Company has formulated a Whistle Blower
Policy to establish a vigil mechanism for directors and employees of
the Company. The purpose and objective of this Policy is to provide a
framework to promote responsible and secure whistle blowing. It
protects the employees wishing to raise a concern about serious
irregularities within the Company. The details of the Whistle Blower
Policy are explained in the Corporate Governance Report and also posted
on the website of the Company.
AUDITORS
M/s Shaim & Co. (Chartered Accountants), Muzaffarnagar (Registration
No. 000030C), have been appointed as Statutory Auditors of the Company
for a period 3 years at the last annual general meeting held on 30th
September, 2014 subject to ratification of their appointment by the
members at every general meeting. The shareholders at the ensuing
annual general meeting will consider ratification of the appointment of
the Statutory Auditors. As required under Clause 41 of the Listing
Agreement, the Auditors have confirmed that they hold a valid
certificate issued by the Peer Review Board of the Institute of
Chartered Accountants of India.
COST AUDIT
The Turnover of the Company during the financial year 2014-15 are not
covered under cost audit and therefore, pursuant to Section 148 of the
Companies Act, 2013 read with the Companies ( Cost Records and Audit)
Amendment Rules, 2014, the Company is not required to appoint cost
auditorfor financial year 2015-16.
SECRETARIAL AUDIT
Pursuant to provision of Section 204 of the Companies Act, 2013 and The
Companies (Appointment and Remuneration of Mangerial Personnel) Rules,
2014 the Company has appointed D. K Gupta & Co., Practicing Company
Secretary to undertake the Secretarial Audit of the Company. The
Secretarial Audit Report is annexed herewith as " Annexure A".
AUDITOR'S REPORT/SECRETARIAL AUDIT REPORT
The auditors have given clean report. There is no observation/adverse
remark in the Auditors' Report.
As required under section 204 (1) of the Companies Act, 2013, the
Company has obtained a Secretarial Audit Report.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT -9 is annexed herewith as" Annexure C". at W
BUSINESS RISK MANAGEMENT
Pursuant to the requirement of Clause 49 of the Listing Agreement, the
Company has constituted a Risk Management Committee. The details of the
Committee and its terms of reference are set out in the Corporate
Governance Report forming part of the Board's Report.
On the recommendation of the Risk Management Committee, the Board has
adopted Risk management Policy, which outlines the programme
implemented by the Company to ensure appropriate risk management within
its system and culture. The Risk Management Policy is also posted on
the website of the Company. The Company's risk management programme
comprises of a series of processes, structures and guidelines which
assist the Company to identify, assess, monitor and manage its business
risks, including material changes to its risk profile. To achieve this,
the Company has clearly defined the responsibility and authority of the
Company's Board of Directors and of the Risk Management Committee to
oversee and manage the risk management programme while conferring
responsibility and authority on the Company's senior management to
develop and maintain the risk management programme in light of the day
to day needs of the Company. Regular communication and review of risk
management practices provide the Company with important checks and
balances to ensure the efficacy of its risk management programme.
REPORTON FACTORY ACCIDENT
On 1st August 2014 at 6.00 A.M an Accident took place in our Factory
Site Village - Bhainsa, 22 Km Stone, Meerut-Mawana Road, Meerut due to
burst in Digestor. Accident caused substantial damage to the Building,
Plant & Machinery as well as Stock and claimed two lifes. As per our
estimated the total damage caused to the factory may be as much as Rs.
142 Lakhs. It was an unexpected mishap, but fortunately it is fully
covered by insurance for the Building, Plant & Machinery, Stock damage
and human loss. We have accordingly informed the Insurance company and
submitted a formal claim. The Managing Director of the Company has
announced all assistance to the families of the victims immediately.
PARTICULARS OF EMPLOYEES
The provisions of Rule 5 (2) & (3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 requiring particulars
of the employees in receipt of remuneration in excess of Rs. 60 Lacs
per year to be disclosed in the Report of Board of Directors are not
applicable to the Company as none of the employees was in receipt of
remuneration in excess of Rs. 60 lacs during the financial year
2014-15.
The information required under section 197 (12) of the Companies Act,
2013 read with Rules 5 of the Companies (Appointment & Remuneration of
Managerial Personnel) Rules, 2014 is given in the Statement annexed
herewith as "Annexure-D".
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Corporate Governance and Management Discussion & Analysis Report,
which form an integral part of this Report, are set out as separate
Annexures, together with the Certificate the auditors of the Company
regarding Compliance with the requirements of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement.
ACKNOWLEDGEMENTS:
Your Company and its Directors wish to extend their sincerest thanks to
the Members of the Company, Bankers, State Government, Local Bodies,
Customers, Suppliers, Executives, Staff and workers at all levels for
their continuous co-operation and assistance.
Place: Mawana By Order of the Board of Directors
Date : 25/05/2015 FOR Sangal Papers Ltd.
CIN :L21015UP1980PLC005138
Himanshu Sangal
Chairman & Managing Director
Reg. Office: 22 KM, Meerut - Mawana Road, (DIN: 00091324)
Mawana - 250 401, Distt. Meerut (U.P.)
PH-01233-271515, 274324 ,
& E- Mail: [email protected] Bfi
Mar 31, 2014
Dear Shareholders,
The Directors present the Company''s 34th Annual Report and Audited
Accounts for the financial year ended 31stMarch,2014.
FINANCIAL HIGHLIGHTS (Amount in Rs)
YEAR 2014 2013
Profit before 66,677,633 63,206492
Finance Charges and Depreciation
Finance Charges 28,774,180 28,284,199
Depreciation/Amortization 16,749,664 15,880,381
PROFIT BEFORE TAX 21,153,789 19,041,912
Current Tax 8,082,860 7,648,700
Deferred Tax (2,684,000) (1,517,000)
Liability
Income Tax 57,812 2,187
Related to earlier year
PROFIT AFTER TAX 15,697,117 12,908,025
Balance brought 144,522,736 131,614,711
Forward from last year
Balance carried 160,219,853 144,522,736
Forward to balance sheet
PERFORMANCE REVIEW
The Company is moving fast to achieving it''s goal of maximization of
shareholders wealth and objective of the Company. The Company does care
to all stakeholder of the Company.
Sangal Paper'' focus in India and outside India over last few years has
been to move closer to the ultimate consumers and position its products
in a way that consumers can connect with and aspire for. with this in
mind The Company has maintained the world-wide standard in its products
and engaged in to give sharpness to the Company''s marketing strategies.
Sangal Paper, standalone has given its best performance in all
subjects. During the year under review the Company has achieved a
turnover of Rs. 10164.29 lacs as against previous figure of Rs. 9255.56
Lacs, posting approx 9.82% growth in sale.
During the year under review PAT (profit after tax) were Rs. 156.97
lacs as compared to previous year figure of Rs. 129.08 lacs. Your
company has also posted a vibrant growth of 21.61% in net profit after
tax as compared to previous year.
DIVIDEND AND RESERVES DIVIDEND
Board of directors of the Company has opted to plough back the profits
for future growth and do not recommend any dividend for the financial
year ending on 31/03/2014.
RESERVES
The balance of reserve & surplus account of the Company as on
31/03/2014 was Rs. 1650.75 lacs.
BOARD OF DIRECTORS
Mr. TANMAY SANGAL (Din-01297057), Director of the company, who retire
by rotation and being eligible offer himself for re-appointment.
Mr. VINAYAK SANGAL (Din-06833351) who was appointed as an Additional
Director of the Company by the Board of Directors at its meeting held
on 01 March, 2014
effective from 01 March 2014, and who holds office upto the date of
ensuing Annual General Meeting, and in respect of whom a written Notice
pursuant to Section 160 of the Companies Act, 2013 has been received
from a member signifying his intention to propose Mr. VINAYAK SANGAL
(Din-06833351) as a candidate for the office of Director of the
Company, whose period of office shall be liable to determination by
rotation.
The details of Directors being recommended for appointment/
re-appointment as required in ciause 49 of the Listing Agreement with
Stock Exchange are provided in the report on corporate governance and
also contained in the accompanying Notice convening the ensuing Annual
General Meeting of the Company.
Appropriate Resolutions(s) seeking your approval to the appointment/
re-appoinment of Directors are also included in the Notice.
PARTICULARS OF EMPLOYEES
There are no employees in the company drawing remuneration in excess of
the limit prescribed under Secion 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules,1975 as
amended time to time.
FIXED DEPOSIT
The Company has not accepted or renewed any deposit cover under Section
58Aof the Companies Act, 1956 read with Companies (Acceptance of
Deposit) Rules, 1975 from public during financial year under review.
STATUTORY AUDITOR AND AUDITORS'' REPORT
The Statutory Auditors, SHIAM & Co. (Chartered Accountants),
Muzaffamagar (Registration No. 000030C), who will retire at the
conclusion of 34th Annual General Meeting to be held on September
30,2014 and being eligible, themselves for re-appointment. A
certificate from them has been received to the effect that their re-
appointment, if made, would be within the limits prescribed under
Section 224 (1B) of the Companies Act, 1956. The report is self
explanatory, therefore does not require an specific comments.
COST AUDITORS
In terms of letter No. 52/26/CAB-2010 dated 30th June 2011 received
from the Cost Audit Branch of the Ministry of Corporate Affairs and
pursuant to the provisions of section 224(1 B) read with section 233B
of the Companies Act, 1956, M/s SURENDRA RAI KAPUR (Registration No.
04926), Cost Accountants were appointed as the cost auditors of the
Company forthe year ending 31st March, 2014.
CONSERVATION OF ENERGY. RESEARCH AND DEVELOPMENT. TECHNOLOGY
ABSORPTION. FOREIGN EXCHANGE EARNING AND OUTGO
information required as per Section 217 (1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988. Relating to the conservation of energy
as per "Annexure A" Technology Absorption, Adaption and innovation as
per "Annexure B" and Research and Development as per "Annexure C" and
The information on foreign exchange earning and outgo as per "Annexure
DIRECTORS'' RESPONSIBILTY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge hereby state by and confirm that:
i) in the preparation of the annual accounts of the Company, the
applicable accounting standards had been followed along with proper
explanations relating to material departures;
ii) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent 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 profits of
the Company for that period;
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors had prepared the annual accounts of the Company on a
going concern basis.
DEPOSITORY SERVICES
The Company is availing Depository Services of National Security
Depository Limited (NSDL) and Central Depository Services (India
Limited (CDSL).
INSURANCE
All property and insurable assets of the Company, including Building,
Plant & Machinery and Stock have been adequately, wherever necessary.
CORPORATE GOVERNANCE
Good governance is not a part of our vocabulary but in our
organization''s DNA.
Your Company upholds the standards of governance and is compliant with
the Corporate Governance Provisions as stipulated under clause 49 of
the Listing Agreement in both true letter spirit. The Company''s core
values of honesty and transparency have since its inception been
followed in every line of decision making. Setting the tone at the top,
your Directors cumulatively at the Board level advocate good governance
standards. Sangal Paper has been built on a strong foundation of good
corporate governance which is now a standard for all operations across
your company.
Parameters of Statutory compliances evidencing the standards expected
from a listed entity have been duly observed and a Report on Corporate
Governance as well as the Certificate from Statutory Auditors
confirming compliance with the requirements of clause 49 of the Listing
Agreement forms part of the Annual Report.
Report on Corporate Governance as per"Annexure EÂ.
HIMANSHU SANGAL AMIT SANGAL
(Managing Director/Chairman) (Executive Director)
Date : 26-05-2014
Place: MEERUT
SANGAL PAPERS LIMITED
CIN: L21015UP1980PLC005138
Regd. Office: Village Bhainsa, 22km Mawana Road,
Meerut, U.P. -250401
PH-01233-271515,274324, Fax: 01233-272051 e-mail:
[email protected]
Mar 31, 2010
The Directors have pleasure in submitting the 30th Annual Report
alongwith the Audited Balance Sheet and Profit & Loss Account for the
year ended on 31st March, 2010.
WORKING RESULTS :
The financial results of the operation during the year under review are
as under:
PARTICULARS CURRENT YEAR PREVIOUS YEAR
FIGURES (Rs.) FIGURES (Rs.)
Profit before
depreciation &
finance Charges 53497982.00 54182555.00
Less: Depreciation 14560314.00 13982017.00
Finance Charges 21462811.00 36023125.00 21419883.00 35401900.00
Net Profit for
the year 17474857.00 18780655.00
Paid/Provision
for Tax
Current Tax 2969852.00 2132185.00
Deferred Tax
Liability 4998000.00 7170000.00
Mat Credit
Entitlement (2969852.00) (2127848.00)
Fringe Benefit Tax 4998000.00 244378.00 7418715.00
Profit After Tax 12476857.00 11361940.00
Add: Profit b/ffrom last year 92748397.00 81386457.00
Profit c/o to
Balance Sheet 105225254.00 92748397.00
OPERATIONS :
During the year the company has achieved sales of Rs. 6048.11 Lacs as
against Rs. 5860.24 Lacs during last year and earned profit before tax
of Rs. 174.75 Lacs as against a profit of Rs. 187.80 Lacs during last
year.
INDUSTRIAL RELATIONS:
Industrial relation during the year remained cordial at ail levels of
the Company. The Management appreciates 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, 1965 read with relevant rules, none of the employees was in
receipts of or entitled to receive emoluments amounting to and in
aggregate to Rs. 1,200,000.00 or more per annum if employed for the
year of Rs. 1,00,000.00 or more per month if employed for any part of
the year.
PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY ETC :
(A) Conservation of Energy:
(i) The company is making regular efforts for energy conservation.
(ii) Information regarding energy consumption in Form-An annexed
herewith.
(B) Technology Absorption:
No efforts have been made in Technology Absorption
(C) Foreign Exchange earning and out-go:
Particulars regarding Foreign Exchange earning and outgo is as per in
Schedule 18 of Balance Sheet.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under 217 (2AA) of the company act 1956,
with respect to Directors Responsibility statement, it is hereby
confirmed:
(i) That in the preparation of the annual accounts for the financial
year under review, the applicable accounting standards have been
followed alongwith proper explanation relating to material departure,
if any.
(ii) That the Directors have selected such accounting policies and
applied them consistently, and need judgments and estimates that are
reasonable and prudent as to give a true and fair view of the state of
affairs of the company at the end of the financial period ended 31 st
March, 2010 and of the profit or loss of the company for the period.
(iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the annual accounts on a going
concern basis.
DIRECTORS:
Shri Amit Sangal, Director of the Company will be retire at this
meeting and being eligible offers themselves for re-appointment.
DEPOSITS:
The Company has not accepted deposits attracting the provision of
section 58-A of the companies act 1956.
AUDITORSREPORT
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
further elucidation.
AUDITORS
M/S Shiam & Co., Chartered Accountants, Muzaffarnagar, Auditors of the
Company retire at this meeting and are eligible for re-appointment.
ACKNOWLEDGEMENT:
Your Directors wish to place on record their appreciation for the
assistance and co-operation that your company has received from the
Govt, of U.P., Bankers, stakeholders and all others, whose continued
support has been a source of strength to the company. Your Directors
also to wish to place on record their sincere appreciation to the
devotion and commitment of every employee of the company.
Your Directors recommended that Annual Accounts may be passed by you.
For and on behalf of the Board
SANGAL PAPERS LTD.
Sd/-
Date: 20.05.2010 (HIMANSHU SANGAL)
Place: MEERUT Managing Director
Mar 31, 2009
The Directors have pleasure in submitting the Twenty Ninth Annual
Report and audited statement of accounts of the Company for the year
ended 31st March, 2009.
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 54,182,555 40,345,341
Less: Finance Charges, 21,419,883 14,946,235
Depreciation 13,982,017 9,295.416
Profit for the year 18,780,655 16,103,690
Less: Paid / provision of tax 7,418,715 7,388,606
Profit aftertax 11,361,940 8.715,084
Add : Balance being Profit
(Loss) brought forward
from last year 81,388,457 72,671,373
Balance being Profit (Loss)
carried over to
Balance Sheet 92,748,397 81,386,457
OPERATIONS :
During the year the company has achieved a turnover of Rs. 5,860.24
Lacs as against Rs. 3,598.87 Lacs during last year and earned profit
before Tax of Rs. 187.80 Lacs as against a profit of Rs. 161.04 Lacs
during last year.
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 Compnies Act,
1956 read with relevant rules, none of the employees was in receipts of
or entired to receive emoluments amounting to and in aggregate to Rs.
12,00,000.00 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.
PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY ETC
(A) Conservation of Energy :
(i) The Company is making regular efforts for energy conservation.
(ii) Information regarding energy consumption in Form - A annexed
herewith.
(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 loss of the compnay for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
mantenance 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
irregularties;
(iv) That the Directors have prepared the annual accounts on a "going
concern basis".
DIRECTORS :
Shri Tanmay Sangal Director of the Company, retire by rotation and
being eligible, offer himself for re-appointment.
DEPOSITS :
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
further elucidation.
AUDITORS :
M/s Shiam & Co., Chartered Accountants, Muzaffamagar, Auditors of the
Company retire at the conclusion of this meeting and are eligible for
re-appdintment.
ACKNOWLEDGEMENT:
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.
sd/-
Date : 26th JUNE, 2009 (HIMANSHU SANGAL )
Place : MEERUT Chairman
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