TO THE SHAREHOLDERS
Your Directors present 41st Annual Report along with the Auditedstatements of Account for the year ended March 31 2021.
1. FINANCIAL RESULTS
The financial Results are briefly indicated below:
(Amount in Rs.)
|PARTICULARS ||YEAR ENDED |
| ||March 31. 2021 ||March 31. 2020 |
|Total Income ||- ||- |
|Total Expenditure ||1183727 ||1335938 |
|Profit/(Loss) before and after Taxation ||(1183727) ||(1335938) |
|Profit/(Loss) Brought Forward ||(20656572) ||(19320634) |
|Balance carried to Balance Sheet ||(21839890) ||(20656163) |
2. REVIEW OF OPERATIONS
The Company has incurred a Loss of Rs.l 183727 /- during theyear as compared to the Loss of previous year of Rs. 1335938/-.
3. OPERATIONS AND FUTURE PLANS:
The Company during the year under review could not conduct any majorbusiness activity due to the financial constraints. The Company is in the process ofidentifying the project which would benefit the company and shareholders at large.
4. CHANGES IN THE NATURE OF BUSINESS. IF ANY:
There have been no material changes in the nature of business duringthe period under review.
In view of the Accumulated Loss as stated above the Board of Directorsregrets its inability to recommended payment of any dividend for the year under review.
The company has not accepted any deposits from the Public and no amountof principal or interest on fixed deposit was outstanding as on the Balance sheet date.
In terms of the provisions of the Companies Act 2013 ('the Act')Mrs. Nitaben Patel director of the company retires by rotation and being eligible offersherself for re-appointment at the ensuing Annual General Meeting. Mr. Kishor Sorap wasappointed as an additional Executive Director with effect from August 12 2021 and Mr.Nitin Katare Director resigned with effect from August 13 2021.
7. KEY MANAGERIAL PERSONNEL:
Ms. Meghana Kashte was appointed as the Company Secretary &Compliance Officer with effect from November 12 2020. Mr. Ankit Kumar resigned as theCompany Secretary & Compliance Officer with effect from May 12 2020.
8. REMUNERATION TO DIRECTORS:
During the year under review the Company has not paid any remunerationor sitting fees to any of the Directors of the Company.
9. REMUNERATION POLICY:
The Board has on the recommendation of the Nomination &Remuneration Committee framed a policy for selection and appointment of Directors SeniorManagement and their remuneration.
10. DECLARATION BY INDEPENDENT DIRECTORS:
Both the Independent Directors have given declarations that they meetwith the criteria of independence as prescribed under sub section (6) of section 149 ofthe Act and regulation 16(1) (b) of the SEBI (LODR) Regulations 2015.
11. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Board meets at regular intervals to discuss and decide on thecompany's policies and strategy apart from other Board matters.
During the Financial year 2019-2020 The Board met five times duringthe year on 10.07.2020 14.09.202012.11.2020 25.01.2021 and 13.02.2021
Apart from the above there was a meeting of the Independent directorson 12.02.2021.
12. PERFORMANCE EVALUATION OF BOARD COMMITTEES & DIRECTORS:
Pursuant to the provisions of the Act and the Listing Regulations theBoard has carried out an annual performance evaluation of its own performance theDirectors individually as well as the evaluation of the working of its Audit Nomination& Remuneration Committees.
13. DIRECTOR'S RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms:
That in the preparation of the Annual Accounts the applicableaccounting standards have been followed along with proper explanations relating tomaterial departures made from the same:
a) That the Directors have selected such accounting policies andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the company at the end ofthe financial year and of the Profit or Loss of the Company for that period.
b) That the Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provision of this Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.
c) That the Directors have prepared the Annual accounts on a goingconcern basis.
d) the directors have laid down internal financial controls to befollowed by the company and that such internal financial controls are adequate and areoperating effectively; and
e) The directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.
At the Annual General Meeting (AGM) held on 30th September 2020 M/sNGS & Co. LLP. Chartered Accountants Mumbai were appointed as statutory auditors ofthe Company to hold office till the conclusion of the 45th AGM of the Company.
Pursuant to the provisions of Section 204 of the Act read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Boardhad appointed M/s Bhuwnesh Bansal & Associates Company Secretaries in Practice toundertake the Secretarial Audit of the Company for the financial year 2020-21. TheSecretarial Audit Report (e-form MR-3) is annexed herewith as Annexure- A.
15. AUDITORS' REPORT:
Since notes to account are self explanatory no further explanation isgiven by the Board as such except the fact that the Board has prepared the accounts on thebasis of going concern' basis despite the company's net worth beingnegative. This has been done in view of the plans of the Board which envisage the revivalof business in the company.
16. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:
The company has not given any Loans or Guarantees nor made anyInvestments covered under the provisions of Section 186 of the Act.
17. PARTICULARS OF EMPLOYEES:
There were no employees to whom the gratuity or any other retirementbenefits were payable during F.Y. 2020 -21 by the Company.
18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
There are no materially significant related party transactions made bythe Company with the promoters Directors or Key managerial personnel which may have apotential conflict of interest with the interest of the Company at large.
The Company has no subsidiaries during the year under review.
20. PUBLIC RELATIONS:
Your Directors recognize and appreciate the sincere work dedicatedefforts and contribution of all the directors and stakeholders during the year.
21. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND(IEPF):
Your Company did not have any funds lying unpaid or unclaimed for aperiod of seven years. Therefore there were no funds which were required to be transferredto Investor Education and Protection Fund (IEPF).
22. TRANSFER TO RESERVES:
During the year under review no amount has been transferred to thereserves pursuant to the provisions of section 134(3)(j) of the Act in view of the lossesincurred by the company.
23. ISSUE OF SHARES:
The Company during the year under review has not issued any Sweatequity shares or shares with differential rights or under Employee stock option scheme nordid it buy back any of its shares.
24. CORPORATE GOVERNANCE:
In terms of Clause 15(2)(a) of SEBI(LODR) Regulations 2015 thecompliance with the Corporate Governance provisions as specified in Regulations 17 to 27and clauses (b) to (i) of sub regulation (2) of Regulation 46 and para CD and E ofschedule V are not applicable to the Company. However the Company has been observing bestcorporate governance practices and is committed to adhere to the Corporate Governancerequirements on ongoing basis.
25. EXTRACT OF ANNUAL RETURN:
Pursuant to Section 92 and 134 of the Companies Act 2013 read withRule 12 of the Companies (Management and Administration) Rules 2014 the Annual Return ason March 31 2021 as available on Company's website www.inlandprintersltd.com.
26. CASH FLOW STATEMENT:
In conformity with the Indian Accounting Standard - 7 issued by theInstitute of Chartered Accountants of India and the provisions of Clause 32 of the ListingAgreement with the BSE Limited the Cash Flow Statement for the year ended March 312021isannexed to the accounts.
27. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The provisions of section 135(1) and 135(2) of the Act read with Rule 8of Companies (CSR) Rules are not applicable to the Company as it is not falling under thecriteria mentioned in the Act.
28. MANAGERIAL REMUNERATION
No managerial personnel are drawing any remuneration.
29. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION:
Since the Company does not have a manufacturing unit provisions ofSection 134(3)(m) of the Act read with Rule 8(3)(A) & (B) of the Companies (Accounts)Rules 2014 as amended from time to time provisions regarding conservation of energy andtechnology absorption are not applicable.
30. FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review there were no Foreign Exchangetransactions.
31. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System commensurate with the sizescale and complexity of its operations. To maintain its objectivity and independence theChairman of the Audit Committee of the Board is the authority to whom reporting is made inthis regard.
32. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company is not required to establish Vigil Mechanism as per theprovisions of section 177(9) of the Act as the Company has not accepted any deposits norit has borrowed money from banks & Financial Institutions.
33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTSIF ANY:
There were no significant material orders passed by the RegulatorsCourts or tribunals during the year ended 31st March 2021 impacting the going concernstatus of your Company and its future operations.
34. MATERIAL EVENTS OCCURRING AFTER BALANCE SHEET DATE:
The members in its Annual General Meeting (AGM) held on September 302020 had accorded their approval for consolidation of Equity Shares of Rs. 2/- each to Rs.10/- each fully paid up. Accordingly Issued Subscribed and paid up Equity Share Capitalof Rs. 14437600/- consisting of 7218800 Equity Shares of Rs. 2/- each was dividedinto 1443760 Equity shares of Rs. 10/- each was consolidated in such manner that witheffect from April 12 2021 (record date) every Five of the equity shares ofRs.2/- eachconstituted One Equity Share of Rs. 10/- each fully paid up.
Your Directors state that during the year under review there were nocases filed or reported pursuant to the sexual harassment of women at Work place(Prevention Prohibition and Redressal) Act 2013.
36. LISTING WITH STOCK EXCHANGE:
The Company confirms that it has paid the Annual Listing Fees for theyear 2020-2021 to the BSE where the Company's Shares are listed and traded.
Your Company and its Directors wish to sincerely thank all the serviceproviders for their continuing support and co-operation.
Your Directors also sincerely thank the shareholders for the confidencereposed by them in the company and for the continued support and co-operation extended bythem.