| 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 |