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