Inland Printers Ltd Directors Report.

To,

The Members,

Your Directors presents 40th Annual Report along with the Audited statements of Account for the year ended 31st March, 2020.

1. FINANCIAL RESULTS

The financial Results are briefly indicated below:

PARTICULARS

YEAR ENDED

31.03.2020 31.03.2019
Total Income - -
Total Expenditure 13,35,938 6,26,916
Profit/(Loss) before and after Taxation -13,35,938 -6,26,916
Profit/(Loss) Brought Forward -1,93,20,634 -1,86,93,718
Balance carried to Balance Sheet -2,06,56,572 -1,93,20,634

2. REVIEW OF OPERATIONS

The Company has incurred a Loss of Rs.13,35,938 /- during the year as compared to the Loss of previous year of Rs. 6,26,916/-.

3. OPERATIONS AND FUTURE PLANS:

The Company during the year under review could not conduct any business activity due to the financial constraints. The Company is in the process of identifying the project which would benefit the company and shareholders at large.

4. CHANGES IN THE NATURE OF BUSINESS, IF ANY:

There have been no changes in the nature of business during the period under review.

5. DIVIDEND

In view of the Accumulated Loss as stated above, the Board of Directors regrets its inability to recommended payment of any dividend for the year under review.

6. DEPOSITS

The company has not accepted any deposits from the Public and no amount of principal or interest on fixed deposit was outstanding as on the Balance sheet date.

7. DIRECTORS

In terms of the provisions of the Companies Act, 2013 (‘the Act), Mr. Bhavesh Patel, director of the company, retires by rotation and being eligible offers herself for re-appointment at the ensuing Annual General Meeting. It is proposed to broadbase the board by inclusion of more directors. The notice contains full particulars of the same.

8. KEY MANAGERIAL PERSONNEL:

There was no change in the key managerial personnel during the year.

9. REMUNERATION TO DIRECTORS:

During the year under review, the Company has not paid any remuneration or sitting fees to any of the Directors of the Company.

10. REMUNERATION POLICY:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration.

11. DECLARATION BY INDEPENDENT DIRECTORS:

The Independent Directors have given declarations that they meet with the criteria of independence as prescribed under sub section (6) of section 149 of the Act and regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015.

12. MEETINGS OF BOARD AND COMMITTEES:

During the year 5 Board meetings were held. The dates on which the Board Meetings were held are as follows: 29.05.2019, 14.06.2019, 14.08.2019, 14.11.2019 and 14.02.2020. Apart from the above there was a meeting of the independent directors on 14.02.2020.

The Audit committee meetings were held on 29.05.2019, 14.08.2019, 14.11.2019 and 14.02.2020.

The nomination and remuneration committee has adopted a policy which deal with the manner of selection and appointment of directors senior management and their remuneration. The policy is in compliance with the provisions of sub section 3 of section 178 of the Companies Act, 2013. Its meeting was held on 14.06.2019.

13. PERFORMANCE EVALUATION OF BOARD, COMMITTEES & DIRECTORS:

Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committees.

14. DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors hereby confirms:

That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures made from the same

a) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the 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 the maintenances of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

c) That the Directors have prepared the Annual accounts on a going concern basis.

d) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

15. AUDITORS

Statutory Auditors:

The present statutory Auditors of the Company M/s D A T A AND CO. (FRN No: 105013 W: earlier known as K.K. Khadaria & Co.) have expressed their unwillingness to continue as a Statutory Auditors of the Company and will not seek re-appointment. The Company is required to appoint another Auditor for a period of five years to hold office from the conclusion of this Annual General Meeting till the conclusion of the Forty Fifth Annual General Meeting.

The Board, after considering the recommendations of the Audit Committee, recommends the appointment of M/s. NGS & Co., LLP, Chartered Accountants, (Registration No. FRN 119850W), as the Statutory Auditors of the Company for approval of the members. The proposed Auditors shall hold office for a period of five years from the conclusion of the this Annual General Meeting till the conclusion of Forty Fifth Annual General Meeting of the Company. M/s NGS & CO., LLP, Chartered Accountants, have consented to the aforesaid appointment and confirmed that their appointment if made by the members, would be within the limits prescribed under the Companies Act, 2013.

Secretarial Audit:

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s Bhuwnesh Bansal & Associates, Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the financial year 2019-20. The Secretarial Audit Report (e-form MR-3) is annexed herewith as Annexure-A.

16. AUDITORS REPORT:

Since notes to account are self explanatory, no further explanation is given by the Board as such except the fact that the Board has prepared the accounts on the basis of ‘going concern concept despite the companys net worth being negative. This has been done in view of the plans of the Board which envisage the revival of business in the company.

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has not given any Loans or Guarantees nor made any Investments covered under the provisions of Section 186 of the Act.

18. PARTICULARS OF EMPLOYEES:

There were no employees in the company during the whole or part of the year. Further, there were no employees to whom the gratuity or any other retirement benefits were payable by the Company.

19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There are no materially significant related party transactions made by the Company with the promoters, Directors or Key managerial personnel which may have a potential conflict of interest with the interest of the Company at large.

20. SUBSIDIARIES:

The Company has no subsidiaries during the year under review.

21. PUBLIC RELATIONS:

The company was not engaged in any industrial activity during the year. Your Directors recognize and appreciate the sincere work, dedicated efforts and contribution of all the directors and stakeholders during the year. There were no employees in the company during the year.

22. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND fIEPFl:

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

23. TRANSFER TO RESERVES:

During the year under review no amount has been transferred to the reserves pursuant to the provisions of section 134(3)(j) of the Act in view of the losses incurred by the company.

24. ISSUE OF SHARES:

The Company during the year under review has not issued any Sweat equity shares or shares with differential rights or under Employee stock option scheme nor did it buy back any of its shares.

25. CORPORATE GOVERNANCE:

In terms of Clause 15(2)(a) of SEBI(LODR) Regulations, 2015 the compliance with the Corporate Governance provisions as specified in Regulations 17 to 27 and clauses (b) to (i) of sub regulation

(2) of Regulation 46 and para C,D and E of schedule V are not applicable to the Company. However, the Company has been observing best corporate governance practices and is committed to adhere to the Corporate Governance requirements on ongoing basis.

26. EXTRACT OF ANNUAL RETURN:

The Ministry of Corporate Affairs (MCA) has notified the Companies (Management and Administration) Amendment Rules, 2020 wherein it has clarified that the companies shall not be required to attach the extract of the annual return in form MGT-9 with board report in case the companies post the extract of annual return on their websites and disclose the web link of such return in the boards report as per 92 (3) of the Companies Act, 2013. The Notification is effective from August 28, 2020. Members can access the extract on www.inlandprinters.in .

27. CASH FLOW STATEMENT:

In conformity with the Indian Accounting Standard - 7 issued by the Institute of Chartered Accountants of India and the provisions of Clause 32 of the Listing Agreement with the BSE Limited, the Cash Flow Statement for the year ended March 31, 2020 is annexed to the accounts.

28. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provisions of section 135 of the Act read with Rule 8 of Companies (CSR) Rules are not applicable to the Company as it is not falling under the criteria mentioned in the Act.

29. MANAGERIAL REMUNERATION

No managerial personnel are drawing any remuneration.

30. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION:

Since the Company does not have a manufacturing unit, provisions of Section 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, regarding conservation of energy and technology absorption is not applicable.

31. FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review there were no other Foreign Exchange transactions.

32. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Chairman of the Audit Committee of the Board is the authority to whom reporting is made in this regard.

33. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company is not required to establish Vigil Mechanism as per the provisions of section 177(9) of the Act as the Company has not accepted any deposits nor it has borrowed money from banks & Financial Institutions.

34. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS, IF ANY:

There were no significant material orders passed by the Regulators, Courts or tribunals during the year ended 31st March, 2020 impacting the going concern status of your Company and its future operations.

35. MATERIAL EVENTS OCCURRING AFTER BALANCE SHEET DATE:

During the year under review, there were no other material events and commitments affecting financial position of the Company occurring after Balance sheet date.

36. GENERAL:

Your Directors state that during the year under review, there were no cases filed or reported pursuant to the sexual harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

37. LISTING WITH STOCK EXCHANGE:

The Company confirms that it has paid the Annual Listing Fees for the year 2019-2020 to the BSE where the Companys Shares are listed and traded.

38. ACKNOWLDEGEMENTS:

Your Company and its Directors wish to sincerely thank all the service providers for their continuing support and co-operation.

Your Directors also sincerely thank the shareholders for the confidence reposed by them in the company and for the continued support and co-operation extended by them.

By Order Of the Board

Bhavesh Patel
Chairman
Date: 5th September, 2019
Place: Mumbai