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Inland Printers Ltd.

BSE: 530787 Sector: Services
NSE: N.A. ISIN Code: INE055O01033
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NSE 05:30 | 01 Jan Inland Printers Ltd
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VOLUME 1
52-Week high 33.35
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Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.20
CLOSE 20.20
VOLUME 1
52-Week high 33.35
52-Week low 16.35
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inland Printers Ltd. (INLANDPRINTERS) - Auditors Report

Company auditors report

To the Members of Inland Printers Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of InlandPrinters Limited ("the Company") which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("IndAS") and other accounting principles generally accepted in Indiaof the state of affairs of "the Company" as at March 31 2021 the Loss andtotal comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis of Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of "the Company" in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified opinion on the standalone financial statements.

Emphasis of Matter

We draw the attention to the fact that Company is continuouslysuffering losses from operations with net losses for the year ended March 31 2021amounting to Rs. 1183727/- and as of that date the Company's accumulated lossesamounted to Rs. 21839890/- as against Company's Share Capital Rs. 15296100/-and Net Worth of Company has eroded. These conditions indicate the existence of materialuncertainty that may cast significant doubt about the Company's ability to continueas going concern.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key Audit Matters (‘KAM') are those matter that in ourprofessional judgment were of most significance in our audit of the Standalone FinancialStatements of the current year. These matters were addressed in the context of our auditof the Standalone Financial Statement as a whole and in framing our opinion thereon andwe do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report.

Information other than the Financial Statements and Auditor's Reportthereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report including Annexuresto Board's Report Business Responsibility Report Corporate Governance andshareholder's information but does not include the financial statements and ourauditor's report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statement or our knowledgeobtained during the course of our audit or otherwise appear to be materially misstated.

If based on work we have performed we conclude that there is materialmisstatement of this other information we are required to report the fact. We havenothing report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing theCompany's financial reporting process. Auditor's Responsibilities for the Audit ofthe Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those changed with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current year and are therefore the key audit matters. We describe thesematters in our auditor's report unless law and regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements.

1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanationswhich 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 beenkept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Statement of Changes in Equity and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with IndAS specified under Section 133 of the Act read with relevant rule issued there under.

e. On the basis of written representations received from the Directorsas on March 31 2021 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2021 from being appointed as a director in terms ofSection 164 (2) of the Act.

f. With respect to the adequacy of Internal financial controls overfinancial reporting of the company and the operating effectiveness of such control referto our separate report in "Annexure B" our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internalfinancial control over financial reporting.

g. With respect to the other matters to be included in theAuditor's in the Auditor's Report in accordance with requirement of section197(16) of the Act as amended:

i. In our opinion and to the best of our information and according tothe explanations given to us provisions of section 197 of the Act are not applicable tothe Company.

h. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and accordingto the explanation given to us:

i. There are no pending litigations against the Company which wouldmaterially impact financial position in its financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For NGS & Co. LLP
Chartered Accountants
Firm Registration No.: 119850W
Sd/-
Ganesh Toshniwal
Partner
Membership Number: 046669
Mumbai
Date: June 30 2021
UDIN: 21046669AAAALA9459

Annexure A to the Independent Auditor's Report

(Referred to in Paragraph 1 under the heading of "Report on OtherLegal and Regulatory

Requirements" of our report to the members of Inland PrintersLimited of even date)

i. The Company does not have any fixed assets. Therefore paragraph3(i) of the said Order is not applicable.

ii. The Company does not have any inventories. Therefore paragraph 3(ii) Order is not applicable.

iii. Based on the audit procedure and according to information andexplanations given to us the Company has not granted any loan secured or unsecured to thecompanies firm or other parties covered in the register maintained under section 189 ofthe Act. Therefore paragraph 3 (iii) of the Order is not applicable.

iv. In our opinion and according to the information and explanationsgiven to us the Company has not given any loan investment guarantees or security duringthe year under audit with respect to the provisions of section 185 and 186 of the Act.Therefore paragraph 3 (iv) of the Order is not applicable.

v. According to information and explanations given to us the Companyhas not accepted any deposits within the meaning of Section 73 to 76 of the Act and Rulesframed thereunder to the extent notified. Therefore paragraph 3(v) of the Order is notapplicable.

vi. In our opinion and according to the information and explanationsgiven to us maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Therefore paragraph 3(vi) of the Order is not applicable.

vii. a) According to the information and explanation given to us inour opinion the Company has generally been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income Tax Goods andService Tax Customs Duty Cess and other material statutory dues applicable to it withthe appropriate authorities.

b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income Tax Sales Tax Service Tax Value AddedTax Goods and Service Tax Customs Duty Excise Duty Cess and other material statutorydues in arrears as at March 31 2021 for a period of more than six months from the datethey became payable.

c) According to the information and explanations given to us there areno material dues of income tax sales tax goods and service tax customs duty valueadded tax cess and other material statutory dues which have not been deposited with theappropriate authorities on account of any dispute.

viii. In our opinion and according to the information and explanationsgiven to us the Company has not taken any loans either from banks financial institutionsor from the government and has not issued any debentures. Therefore paragraph 3(viii) ofthe Order is not applicable.

ix. The Company did not raise any money by way of initial public offeror further public offer (including debt instrument) and term loans during the year.Therefore paragraph 3(ix) of the Order is not applicable.

x. According to the information and explanations given to us nomaterial fraud by the company or on the Company by its officer or employees has beennoticed or reported during the course of our audit.

xi. According to the information and explanations given by themanagement the provisions of section 197 read with Schedule V of the Act are notapplicable to the Company. Therefore paragraph 3(xi) of the Order is not applicable.

xii. In our opinion and according to the information given to us theCompany is not a Nidhi Company. Therefore paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanation give to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with sections 177 & 188 of the Act where applicable and details havebeen disclosed in the Financial statements as required by the applicable accountingstandard.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment on private placement of shares or fully or partly convertibledebentures during the year. Therefore paragraph 3(xiv) of the Order is not applicable.

xv. According to the information and explanation give to us and basedon our examination of the records Company has not entered into any non-cash transactionswith the directors or persons connected with him. Therefore paragraph 3(xv) of the Orderis not applicable.

xvi. The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For NGS & Co. LLP
Chartered Accountants
Firm Registration No.: 119850W
Sd/-
Ganesh Toshniwal
Partner
Membership No. 046669
Mumbai
Date: June 30 2021
UDIN: 21046669AAAALA9459

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Inland Printers Limited ("the Company") as of March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgments including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2021 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For NGS & Co. LLP
Chartered Accountants
Firm Registration No.: 119850W
Sd/-
Ganesh Toshniwal
Partner
Membership Number: 046669
Mumbai
Date: June 30 2021
UDIN: 21046669AAAALA9459

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