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Inland Printers Ltd.

BSE: 530787 Sector: Services
NSE: N.A. ISIN Code: INE055O01025
BSE 00:00 | 17 Dec Inland Printers Ltd
NSE 05:30 | 01 Jan Inland Printers Ltd
OPEN 8.00
PREVIOUS CLOSE 8.00
VOLUME 500
52-Week high 11.00
52-Week low 6.86
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.00
CLOSE 8.00
VOLUME 500
52-Week high 11.00
52-Week low 6.86
P/E
Mkt Cap.(Rs cr) 6
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 STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying Standalone Financial Statements of Inland printersLimited ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss including the Statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information(hereinafter referred to as "Standalone Financial Statements').

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone Financial Statements that give a true and fair view of the FinancialPosition Financial Performance including other Comprehensive Income Cash Flows and theStatement of Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit ofthe Standalone Financial Statements in accordance with the Standards on Auditing issuedby the Institute of Chartered Accountants of India as specified under Section 143(10) ofthe Act. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone FinancialStatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Financial Statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Standalone Financial Statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the Standalone Financial Statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2018 its Profit including Other Comprehensive Income its Cash Flows and theStatement of Changes in Equity for the year ended on that date.

Emphasis of Matters

We draw attention to the financial statements which indicate that the Company hasaccumulated losses and its net worth has been fully eroded the Company has incurred a netcash loss during the current and previous year(s) and the Company's current liabilitiesexceeded its current assets as at the balance sheet date. These conditions indicate theexistence of a material uncertainty that may cast significant doubt about the Company'sability to continue as a going concern. However the financial statements of the Companyhave been prepared on a going concern basis. Our opinion is not modified in respect ofthis matter.

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 of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure 1 a statement on the matters specified in the paragraphs3 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 explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome and the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

e) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164(2) of theAct;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report;

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements - Refer Note 45 to the StandaloneFinancial Statements

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has not been an occasion in case of the Company during the year under reportto transfer any amounts to the Investor Education & Protection Fund and thereforethe question of delay in transferring such amounts does not arise.

For K K Khadaria & Co
Chartered Accountants
Firm Regn No: 105013W
Ajay Daga
Place : Mumbai Partner
Dated : 29 May 2018 M.No. 44162

ANNEXURE "1" TO INDEPENDENT AUDITORS' REPORT

1. The Company does not have any fixed assets and hence reporting under clause 3(i)(a)(i)(b) & (i)(c) of the said order are not applicable to the Company.

2. The Company has no stock in trade & hence clause 2(ii) of the Order is notapplicable.

3. As informed to us the Company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Therefore the provisions ofClause 3(iii)(a)(iii)(b) and (iii)(c) of the said Order are not applicable to theCompany.

4. In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security to the partiescovered under Section 185. As the Company has neither granted any loans/ made anyinvestments nor provided any guarantee/ security provisions relating to compliance withsection 186 of the Companies Act 2013 are not applicable.

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

6. Reporting under clause 3(vi) of the Order is not applicable as the Company'sbusiness activities are not covered by the Companies (Cost Records and Audit) Rules 2014.

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

(b) According to the information and explanations given to us there are no dues ofService Tax Customs Duty Excise Duty and Value Added Tax and GST that have not beendeposited on account of any dispute. Details of dues towards Sales Tax & Income Taxthat have not been deposited on account of dispute are as stated below.

Name of the Statute Nature of Dues Amount (Rs.) Period to which it relates Forum where dispute is pending
The BST Act 1959 Sales Tax 3271190/- F.Y.1997-98 Restored by the Tribunal to Dy. Commissioner of Sales Tax(Appeals)II Mumbai
Central Sales Tax 1956 Central Sales Tax 418062/- F.Y.1997-98 do
Income Tax Act 1961 Income Tax 84988/- A.Y.2005-06 ITO Ward 3(2)(1) Mumbai

8. The Company has not taken any loans or borrowings from any financial institution orbank or Government nor has it issued any debentures as at the balance sheet date.Accordingly the provisions of clause 3(viii) of the Order are not applicable to theCompany.

9. The Company has not raised any moneys by way of initial public offer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of clause3(ix) of the Order are not applicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11. The Company has neither paid nor provided for any managerial remuneration.Accordingly the provisions of clause 3(xi) of the Order are not applicable to theCompany.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of clause 3(xii) of the Orderare not applicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard -18 Related Party Disclosures specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

14. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Accordingly the provisions of clause 3(xiv) of the Order arenot applicable to the Company.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with its directors or persons connected with him.Accordingly the provisions of clause 3(xv) of the Order are not applicable to theCompany.

16. The Company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934.

Accordingly the provisions of clause 3(xvi) of the Order are not applicable to theCompany.

For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
FIRM REGN. NO. 105013W)
Place : Mumbai AJAY DAGA
Dated : 29 May 2018 PARTNER
M No. 44162