Home  »  Company  »  Inland Printers  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Inland Printers Ltd.

Mar 31, 2015

Report on the Financial Statements

1. We have audited the accompanying financial statements of Inland Printers Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matter stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements to give true and fair view of the financial position, financial performance & cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act and Rules made there under including the accounting standards and matters which are required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements 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 misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 of the state of affairs of the Company as at 31st March, 2015, and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act,(hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of section 164 (2) of Act.

(f) With respect to the other matters to be included in the 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 the explanations given to us:

i. The Company has disclosed the impact, if any, of pending litigations as on 31st March, 2015 on its financial position vide Note 7 to the financial statements.

ii. The Company did not have any long-term contracts, including derivative contract, for which there were any material foreseeable losses.

iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education & Protection Fund and, therefore, the question of delay in transferring such sum does not arise.

For K K Khadaria & Co

Chartered Accountants

Firm Regn No: 105013W

Ajay Daga

Partner

M.No. 44162

Place : Mumbai

Dated : 30th May, 2015

1. The Company does not have any fixed assets and hence the question of maintaining records, physical verification & disposal of the same does not arise.

2. The Company has no stock in trade & hence clause 2(ii) of the Order is not applicable.

3. As informed to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of Clause 3(iii)(a) and (iii)(b) of the said Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company & the nature of its business with regard to rendering of services. During the year the Company has neither made purchase of inventory/fixed assets nor made any sale of goods. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in such internal control system.

5. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and Rules framed there under to the extent notified.

6. On facts, the requirements of clause vi of the Order regarding maintenance of cost records is not applicable to the Company.

7 (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has been regular in depositing undisputed statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no dues of Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess that have not been deposited on account of any dispute. Details of dues towards Sales Tax & Income Tax that have not been deposited on account of dispute are as stated below.

Name of the Nature of Amount Period to Statute Dues (Rs.) which it relates

The BST Act, Sales Tax 3 271190/- F.Y.1997-98 1959

Central Sales Central 418062/- F.Y.1997-98 Tax, 1956 Sales Tax

Income Tax Income Tax 84988/- F.Y.2004-05 Act, 1961

NAME OF THE STATUTE Forum where dispute is pending

The Best Act, Restored by the 1956 Tribunal to Dy.

Commissioner of Sale Tax(Appeals)II, Mumbai

Central Sales ---- do ---- Tax,1956

Income Tax ITO Ward 3(2)(1), Mumbai Act,1961

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company, accordingly the provisions of clause 3(vii c) of the Order are not applicable to the Company.

8. The accumulated losses as at the end of the financial year are more than 50% of net worth of the Company. The Company has incurred cash losses during the current and in the immediately preceding financial year.

9. The Company has not taken any loans from financial institution or banks or through issue of debentures. Accordingly, the provisions of clause 3(ix) of the Order are not applicable to the Company.

10. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from bank or financial institutions.

11. The Company has not raised any term loan during the year. Accordingly the provisions of clause 3(xi) of the Order are not applicable to the Company.

12. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For K K KHADARIA & CO

CHARTERED ACCOUNTANTS

(FIRM REGN. NO. 105013W)



Place : Mumbai AJAY DAGA

Dated : 30th May, 2015 PARTNER

M No.44162


Mar 31, 2014

We have audited the accompanying financial statements of INLAND PRINTERS LIMITED which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and cash flow statement for the year then 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 statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting standard referred to in sub-section (3c) of section 211 of the Companies Act, 1956 ("the act") read with the general circular 15/2013 dated 13th September 2013 of the ministry of corporate affairs in respect of section 133 o f the companies act, 2013. This responsibility 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.

Auditor''s 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected, depend on the auditor''s judgement, 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 overall 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 explanations 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:

A) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

B) In the case of the Profit and Loss Account, of the LOSS for the year ended on that date

C) 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") 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 explanations 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, 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 referred to in sub-section (3 c) of section 211 of the Companies Act, 1956 read with the general circular 15/2013 dated 13 th September 2013 of the ministry of corporate affairs in respect of section 133 o f the Companies Act, 2013.

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

f) Attention is also invited to;

I) Note No.4 in "Notes to Account, regarding the financial statements of the Company having been prepared on going concern basis, notwithstanding the fact that its net worth is completely eroded.

II) Note No. 3 in "Notes to Account", regarding Non provision of Bombay Sales Tax and Central Sales Tax amounting to Rs.Rs.1,05,661 & Rs.4,17,097 respectively which is subject to further intent as may be qualified.

As a result of the above:

i) The Profit for the year is overstated by Rs.5,22,758

ii) The liabilities are understated by Rs.5,22,758 on account of non-provision of BST and CST dues.

iii) The cumulative loss is understated by Rs5,22,758.

ANNEXURE TO THE AUDITOR''S REPORT OF EVEN DATE

(Referred to in paragraph 1 thereof)

1) According to the information and explanations received by us from the management, we are of the opinion that the question of commenting on maintenance of proper records of fixed assets, physical verification and any substantial sale does not arise since the company had no fixed assets as on 31st march 2014 or at any time during the financial year ended 31st March 2014.

2) In respect of Inventories:

According to the information and explanations received by us from the management, the company did not hold any inventory as on 31st March 2014 or anytime during the financial year ended 31st march 2014. Hence this clause is not applicable.

3) In respect of loans, unsecured, granted and taken.

a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted unsecured loans to any parties listed in the register maintained under Section 301 of the Companies Act, 1956.

b) In view of our comments in para above, clause (iii) (b), (c) and (d) of the said order is not applicable to the company.

e) During the year the company has taken a loan from a company & 3 other parties covered in the registered maintained under section 301 of the Companies Act, 1956, the maximum amount outstanding at any time during the year and the year balance is Rs.13.10 lacs.

f) The said loans have been taken as interest free loan and other terms and conditions on which loans have been taken are prima facie, not prejudicial to the interest of the company.

g) In respect of the said loans, they are payable on demand and there are no overdue amounts.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business.

5) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956.

6) In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public within the meaning of section 58A, 58AA or any other provisions of the Companies Act, 1956.

7) In our opinion the Company has an internal audit system commensurate with its size and nature of its business.

8) As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1)(d) of the Companies Act, 1956 for any of the products of the company.

9) In respect of statutory dues

a) According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues, including provident fund, employees state insurance, Income Tax, Sales Tax, wealth tax, custom duty, excise duty, service tax, Cess and other statutory dues applicable to it.

b) According to the information and explanations given to us the company has not deposited sales tax dues on account of dispute detailed as given below:-

Financial Nature of Dues Amount (Rs.) Forum where dispute is Year pending

1997-98 Bombay Sales Tax 3,271,190 Remanded by the Tribunal to Dy. Commissioner of Sales Tax(Appeals)II, Mumbai

1997-98 Central Sales Tax 418,062 Remanded by the Tribunal to Dy. Commissioner of Sales Tax(Appeals)II, Mumbai

2004-05 Income Tax 84,988 Before ITO WARD 3(2)(1), Mumbai

10) The accumulated losses of the Company have exceeded 50% of its net worth as at 31st March, 2014. The Company has incurred cash loss of Rs.2,58,920/- during the year The company has not incurred any cash loss during the preceding financial year covered by our Audit.

11) According to records of the company, the company has not borrowed any sum from financial institutions or banks and in respect of debentures the company neither has any debentures outstanding as on 31.03.2014 nor it has issued any debentures during the year under audit, hence comments with regards to any default under the said clause are not applicable.

12) According to the information and explanation given to us the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a Chit Fund nor a nidhi/mutual benefit society. Hence in our opinion, the requirements para 4

(xiii) of the Order do not apply to the company.

14) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments. Hence in our opinion, the requirements of Para 4

(xiv) of the order do not apply to the company.

15) According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from Banks or Financial Institutions.

16) According to the records of the company, the company has not obtained any term loans during the year. Hence comments under the clause are not called for.

17) According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis

have been used for long term investment by the company.

18) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19) No debentures have been issued by the Company during the year and hence, the question of creating securities or charge in respect thereof does not arise.

20) The Company has not raised any money by way of public issue during the period covered by our audit report.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REG. NO.:101083W

Sd/- CA VK BESWAL PARTNER Membership Number: 30426 PLACE: Mumbai DATED: 28 May, 2014


Mar 31, 2012

We have audited the attached Balance Sheet of INLAND PRINTERS LIMITED, as at 31st March 2012 and also the Profit and Loss Account & Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 as amended issued by the Central Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement referred to in this report are in agreement with the books of accounts.

d) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, Profit & Loss & Cash Flow Statement Account are prepared in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that the Directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (i) of section 274 of the Companies Act, 1956.

f) Attention is also invited to;

I) Note No.5 in "Notes to Account, regarding the financial statements of the Company having been prepared on going concern basis, notwithstanding the fact that its net worth is completely eroded.

II) Note No. 4(b) in "Notes to Account", regarding Non provision of Interest on working capital loan from The Shamrao Vithal Co-op Bank Ltd.

III) Note No. 4(c) in "Notes to Account", regarding Non provision of Bombay Sales Tax and Central Sales Tax amounting to Rs. Rs.1,05,661/- and Rs.4,17,097/- respectively which is subject to further intent as may be qualified.

As a result of the above :

i) The Loss for the year is understated by Rs.5,22,758/-

ii) The liabilities are understated by Rs.5,22,758/-on account of non provision of BST and CST dues.

iii) The cumulative loss is understated by Rs5,22,758/-

g) Subject to the above and in our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act, 1956, required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2012

ii. In so far as it relates to the Profit & Loss Account of the LOSS of the company for the year ended on that date,

and

iii. In so far as it related to the Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE INLAND PRINTERS LIMITED ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE

(Referred to in paragraph 2 thereof)

1) Based on our scrutiny of the Company's books of account and other records and according to the information and explanations received by us from the management, we are of the opinion that the question of reporting on maintenance of proper records of fixed assets, physical verification of fixed assets and any substantial sale thereof does not arise since the Company had no fixed assets as on 31st March 2012 nor at any time during the financial year ended 31.03.2012.

2) As the Company has not purchased / sold goods during the year nor is there any opening stocks, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

3) The company has neither granted nor taken any loans to/from companies, firms or other party covered in the register maintained u/s.301 of the Companies Act, 1956.

4) Having regard to the nature of company's business and based on our scrutiny of the company's records and the information and explanations received by us, we report that the company's activities do not include purchase of inventory, fixed assets and sale of goods.

5) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956.

6) In our opinion and according to the information and explanations given to us since the company has not accepted any deposits from public within the meaning of section 58-A, 58AA or any other provision of the Act, the question of compliance with the provisions of section 58A of the Act does not arise.

7) In our opinion the Company does not have formal internal audit system as there is no business.

8) As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1)(d) of the Companies Act, 1956.

9) a) According to the records of the company, the Company is has not deposited undisputed statutory dues i.e. ESIC of Rs.1,448/-, Profession Tax of Rs.2,410/-, Works Contract Tax of Rs.26,610/-, Provident Fund of Rs.13,965/-, TDS of Rs.11,945/-, BST of Rs.1,05,661/- and CST of Rs.4,17,097/- which are outstanding as at 31.03.2012 for a period of more than 6 months.

b) According to the information and explanations given to us the company has not deposited sales tax dues on account of dispute detailed as given below:-

Financial Amount Forum where dispute is Year Nature of Dues (Rs.) pending

Remanded by the Tribunal to Dy. Commissioner of Sales 1997-98 Bombay Sales Tax 3,271,190 Tax(Appeals)II, Mumbai

Remanded by the Tribunal to Dy. Commissioner of Sales 1997-98 Central Sales Tax 418,062 Tax(Appeals)II, Mumbai

10) The accumulated losses of the company have exceeded 50% of its net worth as at 31/03/2012. The company has incurred a cash loss of Rs. 6,05,443/- in the current financial year and Rs.33,228/- in the immediately preceding financial year.

11 )The Company has defaulted in repayment of dues to Bank, details as given below:-

Loan taken from Amount (Rs.) Defaulted since (as per balance sheet)

Shamrao Vithal Co-op. Bank Ltd. 71,00,000 1998-1999 (SVCBL)

The company has paid Rs.1.50 Crores as against Rs.2.21 Crores for settlement of term loans in the financial year 2005-06 which is also accepted by arbitrator, however, SVCBL(Shamrao Vithal Co-op. Bank Ltd) challenged the said award in Hon'ble Bombay High Court. The Hon'ble High Court vide order dated 06.02.2012 as quashed the award proceedings and remanded back to the sole arbitrator for reconsideration.

12) According to the information and explanation given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

13) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a Chit Fund nor a nidhi /mutual benefit society. Hence, in our opinion, the requirements of para 4 (xiii) of the Order do not apply to the company.

14) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments.

15) According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from bank or financial institutions.

16) According to the records of the Company, the Company has not obtained any term loans during the year. Hence, comments under the clause are not called for.

17) According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

18) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19) No debentures have been issued by the Company during the year. Hence, the question of creating securities in respect thereof does not arise.

20) The Company has not raised any money by way of public issue during the period covered by our audit report.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Regn. No. 101083W

(CA V K BESWAL)

PARTNER

M.NO.030426

PLACE : MUMBAI

DATE : 30th April, 2012


Mar 31, 2011

We have audited the attached Balance Sheet of INLAND PRINTERS LIMITED, as at 31st March 2011 and also the profit and loss Account & Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the companies(Auditor's report) order, 2003 as amended issue by the Central Government of India in terms of sub-section (4A) of section 227 of 'The companies Act,1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that;

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

c) The Balance Sheet, Profit & loss Account & Cash flow statement referred to in this report are in agreement with the books of accounts.

d) In our opinion and to the best of our information and according to the explanations given to us, the balance sheet, profit & Loss & Cash Flow statement Account are prepared in accordance with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act, 1956.

e) On the basis of written representations received from directors as on 31st March,2011 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March,2011 from being appointed as a director in terms of clause(g) of sub-section(i) of section 274 of the companies Act, 1956.

f) Attention is also invited to: I) Note No.5 in "Schedule H", regarding the financial statements of the Company having been prepared on going concern basis, notwithstanding the fact that its net worth is completely eroded.

II) Note No.4(b) in "Schedule H", regarding Non provision of Interest on working capital loan from The Shamrao Vithal Co-op Bank Ltd.

III) Note No. 4(c) in "Schedule H", regarding Non provision of Bombay Sales Tax and Central Sales Tax amounting to Rs.1,05,661/- and Rs.4,17,097/- respectively.

As a result of the above:

i) The Loss for the year is understated by Rs.5,22,758/-

ii) The liabilities are understated by Rs.5,22,758/- on account of non provision of BST and CST dues.

iii) The cumulative loss is understated by Rs.5,22,758/- g) Subject to the above and in our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act, 1956, required and give a true and fair view in confirmity with the accounting principles generally accepted in India:

i) In so far as it relates to the Balance Sheet of the of the affairs of the Company as at 31st March, 2011.

ii) In so far as it relates to the Profit & Loss Account of the LOSS of the company for the year ended on that date, and

iii) In so far as it related to the Cash Flow Statement, of the Cash Flows for the year ended on that year ended on that date.

ANNEXURE INLAND PRINTERS LIMITED ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE

(Referred to in paragraph 2 thereof)

1) Based on our scrutiny of the Company's books of account and other records and according to the information and explanations received by us from the management, we are of the opinion that the question of reporting on maintenance of proper records of fixed assets, physical verification of fixed assets and any substantial sale thereof does not arise since the Company had no fixed assets as on 31st March 2011 nor at any time during the financial year ended 31.03.2011.

2) As the Company has not purchased /sold goods during the year nor is there any openings stocks, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

3) The company has neither granted nor taken any loans to/from companies, firms or other party covered in the register maintained u/s.301 of the Companies Act, 1956.

4) Having regard to the nature of company's business and based on our scrutiny of the company's records and the information and explanations received by us, we report that the company's activities do not include purchase of inventory, fixed assets and sales of goods. 5) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s.301 of the Companies Act, 1956. 6) In our opinion and according to the information and explanations given to us since the company has not accepted any deposits from public within the meaning of section 58-A, 58AA or any other provisions of the Act, the question of compliance with the provisions of section 58A of the Act does not arise. 7) In our opinion the company does not have formal internal audit system commensurate with its size and nature of its business. 8) As informed to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1)(d) of the Companies Act,1956. 9) a) According to the records of the company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues except ESIC of Rs. 1,448/- Profession Tax of Rs.2,410/- Works Contract Tax of Rs.26,610/-, Provident fund of Rs.13,965/- TDS of Rs. 11,945/-, BST of Rs.1,05,661/- and CST of Rs.4,17,097/- which are outstanding as at 31.03.2011 for a period of more than 6 months. b) According to the information and explanations given to us the company has not deposited sales tax dues on account of dispute detailed as given below:-

Financial Nature of dues Amount Forum where dispute is Year dues (Rs.) pending 1997-98 Bombay sales Tax 3,271,190 Dy Commissioner of Sales Tax(Appeals)II, Mumbai

1997-98 Central sales Tax 418,062 Dy Commissioner of Sales Tax(Appeals)II, Mumbai 10) The accumulated losses of the company have exceeded 50% of its net worth as at 31/03/2011: The company has incurred a cash loss of Rs.33,228/- in the current financial year and Rs.43,118/-the immediately preceding financial year.

11) The company has defaulted in repayment of dues to Bank, details as given below:-

Loan taken from Amount(Rs) Default since (as per balance sheet)

Shamrao Vithal 71,00,000 1998-1999 Co-op bank Ltd (SVCBL)

The company has paid Rs.150 Crores as against Rs.2.78 Crores for settlement of term loans in the financial year 2005-06 which is also accepted by arbitrator, however, SVCBL has disputed the said award in Hon'ble Bombay High Court.

12) According to the information and explanation given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

13) In our opinion ,and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is neither a chit nor nidhi/mutual benefit society. Hence in our opinion, the requirements of para 4(xiii) of the order do not apply to the company.

14) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments.

15) According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from bank or financial institutions.

16) According to the records of the Company, the Company has not obtained any term loans during the year. Hence, comments under the clause are not called for.

17) According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

18) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19) No debentures have been issued by the Company during the year. Hence, the question of creating securities in respect thereof does not arise.

20) The Company has not raised any money by way of public issues during the period covered by out audit report.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Regn.No.:101083W

CA V K BESWAL

[PARTNER]

M.NO.030426 PLACE:MUMBAI

DATE:31 JAN 2012


Mar 31, 2010

We have audited the attached Balance Sheet of INLAND PRINTERS LIMITED, as at 31st March 2010 and also the profit and loss Account & Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the companies(Auditor's report) order,2003 as amended issue by the Central Government of India in terms of sub-section (4A) of section 227 of 'The companies Act,1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

3.Further to our comments in the Annexure referred to in paragraph 2 above, we report that;

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

c)The Balance Sheet, Profit & loss Account & Cash flow statement referred to in this report are in agreement with the books of accounts.

d)In our opinion and to the best of our information and according to the explanations given to us, the balance sheet, profit & Loss & Cash Flow statement Account are prepared in accordance with the Accounting standards referred to in sub-section(3C) of section 211 of the companies Act,1956.

e) On the basis of written representations received from directors as on 31st march,2010 and taken on record by the board of Directors ,we report that none of the Directors are disqualified as on 31st March,2010 from being appointed as a director in terms of clause(g) of sub-section(i) of section 274 of the companies Act. 1956.

f) Attention is also invited to: I) Note No.5 in "Schedule J", regarding company's ability to continue its operations on a going concern basis.

II) Note No.4(b) in "Schedule J", regarding Non provision of interest on working capital loan from The Shamrao Vithal Co-op Bank Ltd.

g) Subject to the above and in our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto give in the prescribed manner the information required by the companies Act. 1956,required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In so far as it relates to the balance Sheet of the of the affairs of the company as at 31st march,2010.

ii) In so far as it relates to the Profit & Loss Account of the LOSS of the company for the year ended on that date, and

iii) In so far as it related to the Cash Flow Statement, of the Cash Flows for the year ended on that year ended on that date.

ANNEXURE INLAND PRINTERS LIMITED ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE

(Referred to in paragraph 2 thereof)

1) Based on our scrutiny of the company's books of account and other records and according to the information and explanations recieved by us from the management, we are of the opinion that the question of reporting on maintenance of proper records of fixed assets, physical verification of fixed assests and any substantial sale thereof does not arise since the company had no fixed assets as on 31st March 2010 nor at any time during the financial year ended 31.03.2010.

2) As the company has not purchased /sold goods during the year nor is there any openings stocks, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

3) The company has neither granted nor taken any loans to/from companies, firms or other party covered in the register maintained u/s.301 of the companies Act.1956.

4) Having regard to the nature of company's business and based on our scrutiny of the company's records and the information and explanations received by us, we report that the company's activities do not include purchase of inventory, fixed assets and sales of goods. 5) Based on the audit procedures applied by us and the information and explanations provided by the management, we are of the opinion that there were no transactions during the year that need to be entered in the register maintained u/s. 301 of the companies Act, 1956. 6) In our opinion and according to the information and explanations given to us since the company has not accepted any deposits from public within the meaning of section 58-A, 58AA or any other provisions of section 58A of the Act does not arise. 7) In our opinion the company does not have formal internal audit system commensurate with its size and nature of its business. 8) As informed to us, the central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the companies Act,1956. 9) a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues except ESIC of Rs. 1,448/- Profession Tax of Rs.2,410/- works contract Tax of Rs.26610/-, Provident fund of Rs.13,965/- and TDS of Rs. 11,945/- which are outstanding as at 31.03.2010 for a period of more than 6 months. b) According to the information and explanations given to us the company has not deposited sales tax dues on account of dispute detailed as given below:-

Financial Nature of dues Amount Forum where dispute is Year dues (Rs.) pending 1995-96 Bombay sales Tax 1,31,283 Maharashtra sales Tax Tribunal

1995-96 Central sales Tax 6,19,558 Maharashtra sales Tax Tribunal

1997-98 Bombay sales Tax 32,71,190 Maharashtra sales Tax Tribunal

1997-98 Central sales Tax 4,18,060 Maharashtra sales Tax Tribunal 10) The accumulated losses of the company have exceeded 50% of its net worth as at 31/03/2010: The company has incurred a cash loss of Rs.43,118/- in the current financial year and Rs.18,701-the immediately preceding financial year.

11) The company has defaulted in repayment of dues to Bank, details as given below:-

Loan taken from Amount(Rs) Default since (as per balance sheet)

Shamrao Vithal 71,00,000 1998-1999 Co-op bank Ltd

12) According to the information and explanation given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

13) In our opinion ,and to the best of our information and according to the explanations provided by the management the area of the opinion that the company is neither a chit nor nidhi/mutual benefit society. Hence in our opinion, there requirements of para 4(xiii) of the order do not apply to the company.

14) As per records of the company and information and explanations given to us by the management, company is not dealing or trading in shares, securities, and debentures and other investments.

15) According to the information and explanations given to us the Company has not given any Guarantee for loan taken by others from bank or financial institutions.

16) According to the records of the Company, the Company has not obtained any term loans during the year. hence, comments under the clause are not called for.

17) According to the information and explanations given to us and, on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment by the company.

18) According to the records of the company and the information and explanations provided by the management, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

19) No debentures have been issued by the Company during the year. Hence, the question of creating securities in respect thereof does not arise.

20) The Company has not raised any money by way of public issues during the period covered by out audit report.

21) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For V.K. BESWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Regn.No.:101083W

CA V K BESWAL

[PARTNER]

M.NO.030426 PLACE:MUMBAI

DATED:01 SEP 2010

 
Subscribe now to get personal finance updates in your inbox!