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Notes to Accounts of Inland Printers Ltd.

Mar 31, 2015

A. The number of shares and amount outstanding at the beginning and at the end of the reporting year is same.

b. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to same right in all the assets. .

Note -1 : Contingent Liabilities

i. Demand raised by the Sales Tax Department under the provisions of BST Act,1959 of Rs.3271190/- (P.Y. Rs.3271190/-) & under the provisions of CST Act, 1956 of Rs.418062/- (P.Y.Rs.418062/-) both for Fin.Yr 1997-98 and on appeal before Tribunal, the same has been restored before the Dy. Commissioner of Sales Tax (Appeals) II, Mumbai.

ii. Demand raised by the Income Tax Department under the provisions of Income Tax Act, 1961 for A.Y 2005-06 of Rs.84988/- (P.Y. Rs.84988/-) against which rectification application is made by the Company before ITO Ward 3(2)1.

iii. Penalt of Rs.500000/- levied by SEBI vide its order dated 30.4.14 for non compliance of SEBI Takeover Regulations,1997 against which the Company had preferred an appeal before the Securities Appellate Tribunal (SAT).

** Based on information so far available with the Company, there are no dues payable to MSME as defined in the Micro, Small and Medium Enterprises Development Act, 2006.

2 Segment Reporting

The Company is engaged solely in e-commerce activity relating to printing business and all activities of the Company revolve around this activity. As such there are no reportable segment as defined b Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants o India.

3 Previous year figures

Previous Year's figures have been regrouped/reclassified, wherever necessary, to correspond with the current year's classification/disclosures.


Mar 31, 2014

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made.

2) The Company has not made Provision of Sales Tax Payable of Rs. 5, 22,758/- during the year, which pertains to F.Y.1997-98.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Details of Raw Materials consumed: NIL NIL

6) CIF Value of Import NIL NIL

7) Expenditure in Foreign Currency NIL NIL

8) Earning in Foreign Currency NIL NIL

9) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006.

10) Previous year''s figures have been regrouped, rearranged, recalculated wherever necessary.


Mar 31, 2013

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made.

2) The Company has not made Provision of Sales Tax Payable of Rs. 5. 22,758/- during the year.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) The company has paid Rs.20 lacs as against Rs.71 lacs for settlement of term loans in the financial year 2005-06 which is also accepted by Shamrao Vithal Co-op. Bank Ltd. The company has received a no due certificate dated 24.01.2013 from the bank.

5) During the year the company has written off statutory liabilities which were outstanding for period of more than 5-10 years. The statutory liabilities not payable in view of the company the details are as follows:-

ESIC of Rs. 1.448/-. Profession Tax of Rs.2,41 0/-, Works Contract Tax of Rs.26.610/-. Provident Fund of Rs. 1 3.965/-. TDS of Rs. 1 1.945/-.

6) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

7) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro. Small and Medium Enterprises Development Act, 2006.

8) Previous year''s figures have been regrouped, rearranged, recalculated wherever necessary.


Mar 31, 2012

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made .

2) a) 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.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd has not been provided during the year as the amount is not ascertained and the matter is set aside by the high court for de novo consideration.

c) The Company has not made Provision of Sales Tax Payable of Rs. 5, 22,758/- during the year.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006.

6) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.


Mar 31, 2011

31.03.2011 31.03.2010

1) a) Estimated amount of NIL NIL contracts remaining to be executed on Capital Account but not Provided.

b) Claims made against the company not acknowledged as debt Birla Global Finance Ltd. Rs. 27,62,654/- Rs. 27,62,654/-

c) Contingent liability not provided for Sales Tax Dues Rs. 36,89,252/- Rs. 44,40,093/-

2) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made

4) a) The dispute of repayment with The Shamrao Vithal Co-operative bank Ltd. (SVCBL) is adjudicated in favour of the Company by arbitration proceeding. However the said award is being challenged by SVCBL in the Bombay High Court. The decision is awaited. As against the demand of Rs.2.78 Crores, Company had already paid Rs.1.50 Crores. The claim against the company raised by SVCBL has been rejected by Arbitration Award dated 21/10/2008. SVCBL has not accepted the said award and the matter is with Hon'ble Bombay High Court.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd. has not been provided during the year as the amount is not ascertained.

c) The Company has not made Provision of Sales Tax Payable of Rs.5,22,758/- during the year.

3) The Company has incurred substantial losses and its net worth The accounts have been prepared on the principle of going concern with a view to revive the operations of the company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprise Development Act, 2006.

6) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.


Mar 31, 2010

31.03.2010 31.03.2009

1) a) Estimated amount of NIL NIL contracts remaining to be executed on Capital Account but not Provided.

b) Claims made against the company not acknowledged as debt Birla Global Finance Ltd. Rs. 27,62,654/- Rs. 27,62,654/-

c) Contingent liability not provided for Sales Tax Dues Rs. 44,40,093/- Rs. 44,40,093/-

2) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made

3) a) The dispute of repayment with The Shamrao Vithal Co-operative bank Ltd. (SVCBL) is adjudicated in favour of the Company by arbitration proceeding. However the said award is being challenged by SVCBL in the Bombay High Court. The decision is awaited.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd. has not been provided during the year as the amount is not ascertained.

4) The accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future. The company is not a sick industrial company within the meaning of section 3(1)(o) of the Sick Industrial Companies(Special Provision) Act, 1985.Due to erosion of net worth of the company to the extent of more than 50% of its net worth, the company is a potentially Sick Industrial Company.

5) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

6) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprise Development Act, 2006.

7) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.

 
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