Notes to Accounts of Inland Printers Ltd.

Mar 31, 2024

The Company has one class of equity shares having a par value of Rs. 10/- per share (PY Rs 2/- per share). Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

⁽¹⁶⁾ Estimated amount of Contract to be executed (Net of Advances) Rs. 336.55/- (March 31, 2023: Rs. 336.55/ -)

(17) Contingent Liabilities not provided for NIL (2023: NIL)

Current Ratio: Decrease in Current Assets as compare to previous year due to reduction in balance with bank in current account due to utilisation for purchase / advance for fixed assets.

Debt - Equity Ratio: is Increased due to increase in unsecured loan.

Note: As the company has no operations, these ratios are not comparable.

(21) There are No Foreign Exchange transactions in the current year (2023: Rs.NIL)

(22) The Company did not have any Transactions with companies struck off under section 248 of the Companies Act 2013 and Section 560 of The Companies Act, 1956 during the year.

(23)

The Company has not received any intimation from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been given.

(24) Scheme of Arrangement

During the year under review the proposed Scheme of Amalgamation between the Parthiv Corporate Advisory Pvt Ltd ("Transferor Company) and Inland Printers Limited ("Transferee Company") was filed before the National Company Law Tribunal, Mumbai on receipt of In- Principal approval from BSE Ltd ("BSE") on 2nd November, 2023.

Thereafter the Scheme was approved by the shareholders and creditors of the Company in a separate meeting held on 27th March, 2024 as per the directions of the National Company Law Tribunal, Mumbai ("NCLT") vide their order dated 13th February, 2024.

The Company Scheme Petition is admitted by the NCLT is now pending before the NCLT for final hearing and disposal. The Appointed date of the Scheme is 1st January, 2023.

(25) Segment Reporting

The Company is exclusively engaged in providing E-commerce activity relating to printing business The business segment constitutes one single primary segment in the context of Indian Accounting Standard 108 on Segment Reporting notified by the Companies Accounting Standard Rules 2006 (as Amended).

(26) No Transaction to report against the following disclosure requirement as notified by MCA pursuant to amended schedule III:

a Crypto currency and virtual currency

b Benami Property held under Prohibition of Benami Transactions Act 1988 and rules made thereunder c Registration of charges or Satisfaction with registrar of Companies d Relating to borrowed funds:

i) Willful defaulter

ii) Utilization of borrowed funds and share premium

iii) Borrowing obtained on the basis of security of current assets

iv) Discrepancy in utilization of borrowings

v) Current maturity of Long-Term Funds

(27) Previous year figures

Previous Year''s figures have been regrouped/ reclassified, wherever necessary, to correspond with the current year''s classification/disclosures.

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Mar 31, 2023

xiv. Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date. If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current pretax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

Contingent assets are neither recognized nor disclosed except when realisation of income is virtually certain, related asset is disclosed. When the Company expects some or all of a provision to be reimbursed, reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

xv. Financial instruments

Classification as financial liability or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial assets and financial liabilities- Initial recognition.

Financial instruments comprise of financial assets and financial liabilities. Financial assets primarily comprise of investments, loans, deposits, trade receivables and cash and bank balances. Financial liabilities primarily comprise of borrowings, trade and other payables and financial guarantee contracts.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition of financial assets/ issue of financial liabilities are added to the fair value of the financial assets/ subtracted from fair value of financial liabilities on initial recognition, except for financial asset/ liability is subsequently measured at fair value through profit or loss.

Subsequent measurement

Financial assets and financial liabilities at amortised cost

After initial recognition all financial assets (other than investment in equity instruments and derivative instruments) are subsequently measured at amortised cost using the effective interest method. All financial liabilities (other than derivative liabilities), subsequently after initial recognition, are measured at amortised cost using effective interest method. The Company has not designated any financial asset or financial liability as fair value through profit or loss (“FVTPL”).

Financial assets and financial liabilities at FVTPL

All derivative assets and derivative liabilities are always measured at FVTPL with fair value changes is being recognised in statement of profit and loss.

Investment in equity instruments either at FVTPL or FVTQCI

Investment in equity instruments are measured at FVTPL with fair value changes is being recognised in statement of profit and loss. However, on initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. This election is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other comprehensive income.

The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments. Financial guarantee obligation

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument.

After initial recognition of financial guarantee obligation at fair value, the Company subsequently measured it at the higher of:

Amount of loss determined in accordance with impairment requirement under Ind AS 109 (see policy on impairment of financial asset); and

The amount initially recognised less, when appropriate, the cumulative income recognised. Impairment of financial asset

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables and other contractual rights to receive cash or other financial asset, and financial guarantees not designated as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate.

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial asset has increased significantly since initial recognition. If the credit risk on a financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses.

For hade receivables, the Company measures the loss allowance at an amount equal to lifetime expected credit losses.

De-recounition of financial asset

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

xvi. Operating segment

The management views the Company’s operation as a single segment engaged in E-Commerce activity relating to Printing Business . Hence there is no separate reportable segment under Ind AS 108 ‘Operating segment’.

xvii. Key sources of estimation uncertainty and critical accounting judgements

In the course of applying the accounting policies, the Company is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period, if the revision affects current and future periods.

Key sources of estimation uncertainty

Useful lives of property, plant and equipment

Management reviews the useful lives of property, plant and equipment at least once a year. Such lives are dependent upon an assessment of both the technical lives of the assets and also their likely economic lives based on various internal and external factors including relative efficiency and operating costs. Accordingly, depreciable lives are reviewed annually using the best information available to the Management.

Impairment of property, plant and equipment, investment in subsidiaries, joint ventures and associates

Determining whether the assets are impaired requires an estimate in the value in use of cash generating units. It requires to estimate the future cash flows expected to arise from the cash generating units and a suitable discount rate in order to calculate present value. When the actual cash flows are less than expected, a material impairment loss may arise.

Provisions, liabilities and contingencies

The timing of recognition of provision requires application of judgement to existing facts and circumstances which may be subject to change

Fair value measurements

Some of the Company’s assets and liabilities are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party qualified valuers to perform the valuation.

The management works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model. A degree of estimate is required in establishing fair values.

As per our report of even date

For NGS & Co. LLP for and on behalf of Board of Directors

Chartered Accountants

Firm Registration No. 119850W

Sd/~ Sd/- Sd/-

Ganesh Toshniwal Bhavesh Patel Kishor Sorap

Whole Time Director .

Partner „ Wholetime Director

tx or O

M. No.046669 DIN;07144964 DIN; 08194840

Mumbai

Date ; 27th May, 2023

UD1N ; 23046669BGWUYP5765 Sd/-

Bhumi Mistry

Compan}-¹ Secretary Mem. No. 60337

(19) Previous year figures

Previous Year’s figures have been regrouped/ reclassified, wherever necessary, to correspond with the current year’s classification/disclosures.

As per our report of even date for and on behalf of Board of Directors

For NGS & Co. LLP

Chartered Accountants Firm Registration No. 119S50W

Sd/- Sd/- Sd/-

Ganesh Toshniwal Bhavesh Patel Kishor So rap

r, . Whole Time Director . .. ₄

Partner ^ CFO Wholetime Director

M. No. 046669 DIN: 07144964 DIN: 08194840

Mumbai

Date : 27th May, 2023 Sd/~

UDIN : 23046669BGWUYP5765 Bhumi Mistry

Company Secretary Mem. No. 60337

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Mar 31, 2015

A. The number of shares and amount outstanding at the beginning and at the end of the reporting year is same.

b. The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to same right in all the assets. .

Note -1 : Contingent Liabilities

i. Demand raised by the Sales Tax Department under the provisions of BST Act,1959 of Rs.3271190/- (P.Y. Rs.3271190/-) & under the provisions of CST Act, 1956 of Rs.418062/- (P.Y.Rs.418062/-) both for Fin.Yr 1997-98 and on appeal before Tribunal, the same has been restored before the Dy. Commissioner of Sales Tax (Appeals) II, Mumbai.

ii. Demand raised by the Income Tax Department under the provisions of Income Tax Act, 1961 for A.Y 2005-06 of Rs.84988/- (P.Y. Rs.84988/-) against which rectification application is made by the Company before ITO Ward 3(2)1.

iii. Penalt of Rs.500000/- levied by SEBI vide its order dated 30.4.14 for non compliance of SEBI Takeover Regulations,1997 against which the Company had preferred an appeal before the Securities Appellate Tribunal (SAT).

** Based on information so far available with the Company, there are no dues payable to MSME as defined in the Micro, Small and Medium Enterprises Development Act, 2006.

2 Segment Reporting

The Company is engaged solely in e-commerce activity relating to printing business and all activities of the Company revolve around this activity. As such there are no reportable segment as defined b Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants o India.

3 Previous year figures

Previous Year's figures have been regrouped/reclassified, wherever necessary, to correspond with the current year's classification/disclosures.

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Mar 31, 2014

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made.

2) The Company has not made Provision of Sales Tax Payable of Rs. 5, 22,758/- during the year, which pertains to F.Y.1997-98.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Details of Raw Materials consumed: NIL NIL

6) CIF Value of Import NIL NIL

7) Expenditure in Foreign Currency NIL NIL

8) Earning in Foreign Currency NIL NIL

9) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006.

10) Previous year''s figures have been regrouped, rearranged, recalculated wherever necessary.

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Mar 31, 2013

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made.

2) The Company has not made Provision of Sales Tax Payable of Rs. 5. 22,758/- during the year.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) The company has paid Rs.20 lacs as against Rs.71 lacs for settlement of term loans in the financial year 2005-06 which is also accepted by Shamrao Vithal Co-op. Bank Ltd. The company has received a no due certificate dated 24.01.2013 from the bank.

5) During the year the company has written off statutory liabilities which were outstanding for period of more than 5-10 years. The statutory liabilities not payable in view of the company the details are as follows:-

ESIC of Rs. 1.448/-. Profession Tax of Rs.2,41 0/-, Works Contract Tax of Rs.26.610/-. Provident Fund of Rs. 1 3.965/-. TDS of Rs. 1 1.945/-.

6) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

7) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro. Small and Medium Enterprises Development Act, 2006.

8) Previous year''s figures have been regrouped, rearranged, recalculated wherever necessary.

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Mar 31, 2012

1) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made .

2) a) The company has paid Rs.1.50 Crores as against Rs.2.21 Crores for settlement of term loans in the financial year 2005-06 which is also accepted by arbitrator, however, SVCBL(Shamrao Vithal Co-op. Bank Ltd) challenged the said award in Hon'ble Bombay High Court. The Hon'ble High Court vide order dated 06.02.2012 as quashed the award proceedings and remanded back to the sole arbitrator for reconsideration.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd has not been provided during the year as the amount is not ascertained and the matter is set aside by the high court for de novo consideration.

c) The Company has not made Provision of Sales Tax Payable of Rs. 5, 22,758/- during the year.

3) The Company has incurred substantial losses and its net worth is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006.

6) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.

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Mar 31, 2011

31.03.2011 31.03.2010

1) a) Estimated amount of NIL NIL contracts remaining to be executed on Capital Account but not Provided.

b) Claims made against the company not acknowledged as debt Birla Global Finance Ltd. Rs. 27,62,654/- Rs. 27,62,654/-

c) Contingent liability not provided for Sales Tax Dues Rs. 36,89,252/- Rs. 44,40,093/-

2) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made

4) a) The dispute of repayment with The Shamrao Vithal Co-operative bank Ltd. (SVCBL) is adjudicated in favour of the Company by arbitration proceeding. However the said award is being challenged by SVCBL in the Bombay High Court. The decision is awaited. As against the demand of Rs.2.78 Crores, Company had already paid Rs.1.50 Crores. The claim against the company raised by SVCBL has been rejected by Arbitration Award dated 21/10/2008. SVCBL has not accepted the said award and the matter is with Hon'ble Bombay High Court.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd. has not been provided during the year as the amount is not ascertained.

c) The Company has not made Provision of Sales Tax Payable of Rs.5,22,758/- during the year.

3) The Company has incurred substantial losses and its net worth The accounts have been prepared on the principle of going concern with a view to revive the operations of the company in future notwithstanding the fact that its net worth is completely eroded, and the company is a Sick Industrial Company.

4) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

5) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprise Development Act, 2006.

6) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.

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Mar 31, 2010

31.03.2010 31.03.2009

1) a) Estimated amount of NIL NIL contracts remaining to be executed on Capital Account but not Provided.

b) Claims made against the company not acknowledged as debt Birla Global Finance Ltd. Rs. 27,62,654/- Rs. 27,62,654/-

c) Contingent liability not provided for Sales Tax Dues Rs. 44,40,093/- Rs. 44,40,093/-

2) In the opinion of the Board:

i) The balances in respect of Current Assets, Loans and Advances, Secured Loans, Creditors and other current liabilities are subject to confirmation.

ii) Provisions for all known liabilities subject to point number 4(b) in the notes to accounts have been made

3) a) The dispute of repayment with The Shamrao Vithal Co-operative bank Ltd. (SVCBL) is adjudicated in favour of the Company by arbitration proceeding. However the said award is being challenged by SVCBL in the Bombay High Court. The decision is awaited.

b) Interest on working capital loan from The Shamrao Vithal Co-operative Bank Ltd. has not been provided during the year as the amount is not ascertained.

4) The accounts have been prepared on the principle of going concern with a view to revive the operations of the Company in future. The company is not a sick industrial company within the meaning of section 3(1)(o) of the Sick Industrial Companies(Special Provision) Act, 1985.Due to erosion of net worth of the company to the extent of more than 50% of its net worth, the company is a potentially Sick Industrial Company.

5) In the absence of virtual certainty of future taxable profits, deferred tax assets has not been created

6) Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under "The Micro, Small and Medium Enterprise Development Act, 2006.

7) Previous year's figures have been regrouped, rearranged, recalculated wherever necessary.