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Inter State Oil Carrier Ltd.

BSE: 530259 Sector: Others
NSE: N.A. ISIN Code: INE003B01014
BSE 00:00 | 17 Aug 14.70 0.68
(4.85%)
OPEN

14.70

HIGH

14.70

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13.32

NSE 05:30 | 01 Jan Inter State Oil Carrier Ltd
OPEN 14.70
PREVIOUS CLOSE 14.02
VOLUME 1616
52-Week high 29.95
52-Week low 12.40
P/E 8.70
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.70
CLOSE 14.02
VOLUME 1616
52-Week high 29.95
52-Week low 12.40
P/E 8.70
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inter State Oil Carrier Ltd. (INTERSTATEOIL) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR S REPORT

TO

THE MEMBERS OF

INTER STATE OIL CARRIER LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Inter State Oil CarrierLimited ( the Company ) which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information

Management s Responsibility for the 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 of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company s Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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: (a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017; (b) in the case of Statement of Profit andLoss of the Profit for the year ended on that date; and; (c) in the case of the Cash FlowStatement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ( the Order ) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of thesaid 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 and the Cash Flow Statementdealt with by this Report are in agreement with books of account. d. in our opinion theaforesaid financial statements comply with the Accounting Standards specified underSection 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164(2) of the Act.

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 B ; and g. With respect to the other matters to be included inthe 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 theexplanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 35(ii) to the financial statements.

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv) The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company - Refer Note 26 to the financial statements.

Place : 1 India Exchange Place For P A T N I & C O.
Kolkata 700 001 CHARTERED ACCOUNTANTS
Date : The 29th day of May 2017 S. SUREKA
(Partner)
Membership No. 057918
Firm Registration No. 320304E

ANNEXURE "A" TO THE INDEPENDENT AUDITOR S REPORT Annexure A to theIndependent Auditor s Report

The Annexure referred to in our report to the members of the Company on the financialstatements for the year ended on March 31 2017. In term of the information andexplanations given to us and books of account examined by us in the normal course of auditand to the best of our knowledge and belief we report that:

1) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. A major portion of fixed assets hasbeen physical verified by the management in accordance with a phased programme ofverification adopted by the company. In our opinion the frequency of verification isreasonable. To the best of our knowledge no material discrepancies have been noticed onsuch verification. According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

2) As the company has not purchased / sold goods during the year nor is there anyopening stocks requirement of reporting on physical verification of stocks or maintenanceof inventory records in our opinion does not arise.

3) The company has not granted any loans or advances in the nature of loans to partiescovered in the registered maintained under section 189 of the Companies Act 2013. Hencethe question of reporting whether the terms and conditions of loans are prejudicial to theinterests of the company whether reasonable steps for recovery of overdues of such loansare taken does not arise.

4) As the company is a Non-Banking Financial Company registered with Reserve Bank ofIndia the provisions of Section 185 and Section 186 [except sub section (1)] of the Actare not applicable to it. The Company has complied with the provision of section 186(1) ofthe Act.

5) Based on our scrutiny of the company records and according to the information andexplanations provided by the management in our opinion the company has not accepted anydeposits so far upto 31st March 2017.

6) According to the information & explanations provided by the management thecompany is not engaged in production of any such goods or provisions of any such servicesfor which the central government has prescribed particulars relating to utilization ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the company. In our opinion no comment on maintenance of cost recordsunder section 148(1) of the Act is required.

7) According to the records of the company the company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund employeesstate insurance income tax sales tax service tax duty of custom duty of excise valueadded tax cess and other statutory dues applicable to it except few cases of delay inpayment of provident fund and profession tax.

According to the information and explanations given no undisputed amounts payable inrespect of income tax sales tax service tax duty of customs duty of excise and valueadded tax were outstanding as at 31st March 2017 for a period of more than sixmonths from the date they became payable except as mentioned below: Statement of Arrearsof undisputed statuatory dues outstanding for more than six months :

Name of Statute Nature of Dues Amount (Rs) Period to which the amount relates Due Date Date of Payment Remarks if any
Income Tax Act
1961 Income Tax 16441/- AY - 2005-06 31.03.2015 Not yet Paid
Income Tax Act 1961 Income Tax 3898/- AY - 2009-10 31.03.2015 Not yet Paid
Income Tax Act 1961 Income Tax 45910/- AY - 2011-12 31.03.2015 Not yet Paid
The West Bengal State 1000/- April 2016 21.05.2016
Tax on 1020/- May 2016 21.06.2016
Profession Tax 21.04.2017
Professions
Trades Calling & Employments 890/- June 2016 21.07.2016
Act 1979 1080/- July 2016 21.08.2016
1080/- August 2016 21.09.2016

According to the records of the company there are no dues of income tax sales taxservice tax duty of customs duty of excise and value added tax which have not beendeposited on account of any dispute except as mentioned below:

Statement of disputed dues :

Name of the Statute Nature of the Dues Amount (Rs) Period to which the amount relates Forum where dispute is pending Remarks if any
Income Tax Act 1961 Income Tax 752203/- A.Y. 2007-08 DCIT Circle 8(1) Kolkata
Income Tax Act 1961 Income Tax 2019826/- A.Y. 2008-09 DCIT Circle 8(1) Kolkata Refer Note 35 (ii) of
Income Tax Act 1961 Income Tax 415910/- A.Y. 2010-11 CIT (Appeals) VIII Kolkata Financial
Income Tax Act 1961 Income Tax 337150/- A.Y. 2012-13 CIT (Appeal 3) Kolkata Statement
Income Tax Act 1961 Income Tax 836700/- A.Y. 2013-14 CIT (Appeal 3) Kolkata

8) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of loansor borrowing to a financial institutions bank government or dues to debenture holders.

9) According to the records of the company the company has not raised any moneys byway of Initial Public Offer or Further Public Offer.

According to the information and explanations received by us moneys raised by way ofTerm Loan have been applied for the purpose for which they were raised.

10) Based upon the audit procedures performed and information and explanations given bythe management we report that neither fraud on the company by its officers or employeesnor any fraud by the company has been noticed or reported during the course of our audit.

11) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12) In our opinion and to the best of our information & explanations provided bythe management the company is not a nidhi company. Accordingly the requirement of clause3(xii) of the order does not apply to the company. 13) According to the information andexplanations given to us and based on our examination of the records of the Companytransactions with the related parties are in compliance with sections 177 and 188 of theAct where applicable and details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

14) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

Accordingly paragraph 3(xv) of the Order is not applicable.

16) The company is a Non-Banking Financial Company and is required to be registeredunder section 45-IA of the Reserve Bank of India. The company has obtained theregistration.

Place : 1 India Exchange Place For P A T N I & C O.
Kolkata 700 001 CHARTERED ACCOUNTANTS
Date : The 29th day of May 2017 S. SUREKA
(Partner)
Membership No. 057918
Firm Registration No. 320304E

Annexure B to the Independent Auditor s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ( the Act )

We have audited the internal financial controls over financial reporting of Inter StateOil Carrier Limited ( the Company ) as of March 31 2017 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management s Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company s policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the Guidance Note ) and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company s internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company s internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company s internal financial control over financialreporting includes those policies and procedures that :

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company s assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Place: 1 India Exchange Place For PATNI & CO.
Kolkata 700 001 CHARTERED ACCOUNTANTS
(Firm Reg. No. 320304E)
Dated: The 29thday of May 2017 S. SUREKA
(Partner)
Membership No. 057918