Your Directors have pleasure in presenting their 33rd Annual Report and the AuditedAccounts of the Company for the year ended 31st March 2017.
|FINANCIAL HIGHLIGHTS || || |
| ||(Rs in Lacs) ||(Rs in Lacs) |
|PARTICULARS ||2016-2017 ||2015-2016 |
|Total Income ||2132.42 ||1712.43 |
|Turnover ||2068.07 ||1669.43 |
|Profit before Interest & Tax ||139.22 ||123.77 |
|Profit before Tax ||86.38 ||86.41 |
|Less: Provision for Taxation:- || || |
|Current year Tax ||16.76 ||29.82 |
|Deferred Tax & Earlier Year Tax ||(7.76) ||(0.85) |
|Profit after Tax ||75.65 ||57.44 |
|Surplus B/f from the previous year ||662.13 ||616.18 |
|Balance Carrier Forward ||722.65 ||662.13 |
|KEY INDICATORS || || |
|Share Capital ||499.23 ||499.23 |
|Reserve and Surplus ||920.49 ||844.84 |
|Net worth ||1419.72 ||1344.07 |
|Fixed Assets ||613.06 ||565.23 |
|Book Value per Share (Rs.) ||28.44 ||26.92 |
|EPS ||1.52 ||1.15 |
Your directors do not recommend for payment of dividend in respect of the financialyear ended 31st March 2017.
The Total Income for the year ended 31 March 2017 has been Rs. 2132.42 lacs as againstRs. 1712.43 lacs in the previous year showing increase of Rs. 419.99 lacs. Profit aftertaxation is Rs. 75.65 lacs as against of Rs. 57.44 lacs in the previous year.
The fortune of Transport Sector totally depends on growth in economy of India. It isanticipated that the year 2017-18 will be volatize. More over the oil price will alsosignificantly affect the operation of your company.
However high Government focus on infrastructure and pick up in mining and alliedactivities will suddenly raise demand for hire of heavy commercial vehicle.
As at 31st March 2017 the gross fixed assets stood at Rs. 1265.46 lacs and the netfixed assets at Rs. 613.06 lacs.
During the year under review the Company has not issued shares of any kind.
During the year under review your Company did not accept/ renew any deposits coveredunder Chapter V of the Companies Act 2013 and the rules made there under and as such noamount of principal or interest is outstanding as on the date of balance sheet.
The equity shares of your Company are listed on the Bombay Stock Exchange Ltd (BSE) andthe code is 530259. The listing fee for the year 2017-18 has been paid to Bombay StockExchange Ltd (BSE).
EXTRACT OF THE ANNUAL RETURN
Theextractof annual return in Form MGT 9 forms part of the Board s report and isattached at Annexure - I.
There has not been any change in the composition of Directors during the year 2016-17.
Pursuant to Section 152 of the Companies Act 2013 Mr. Shanti Lal Jain Chairmanretires by rotation at the forth coming Annual General Meeting and being eligible hasoffered himself for reappointment. Your Board has recommended his reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 134 (5) of the Companies Act 2013 based on the information andrepresentations received from the operating management your Directors confirm that:
(a) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with the proper explanation relating to material departures;
(b) The directors have selected such accounting polices and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe loss of the Company for the period;
(c) The directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
(d) The directors have prepared the annual accounts on a going concern basis;
(e) The directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively;
(f) The directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
In the financial year 2016-2017 the Board of Directors met five times on 30thMay 2016 12th August 2016 14th November 2016 26thDecember 2016 14th February 2017.
INDEPENDENT DIRECTORS DECLARATION
The Independent Directors of the Company viz Mr. Bhag Chand Jain Shankar LalKhandelwal Lalit Kumar Jain and Mrs. Pooja Sarda have filed their declaration with theCompany affirming that they continue to meet the criteria of independence as provided inSection 149(6) of the Companies Act 2013 in respect of their position as IndependentDirector .
SECRETARIAL AUDIT REPORT
In terms of Section 204 of the Act and made there under M/s. Rantu Das &Associates Practicing Company Secretary have been appointed Secretarial Auditor of theCompany. The report of the Secretarial Auditor is enclosed as Annexure II.
Management decided to comply according to the observation made by Secretarial Auditorin their Secretarial Audit Report 2017.
RE-APPOINTMENT OF SECRETARIAL AUDITOR
The Board has the re-appointment of M/s. Rantu Das & Associates Practicing CompanySecretary as Secretarial Auditor for financial year 2016-17 on such remuneration asdecided by the Board of Directors.
The Statutory Auditors of the Company M/s Patni & Co (Firm Regn No. 320304.)Chartered Accountants have expressed their un willingness to be re-appointed at the forthcoming Annual General Meeting. As recommended by the Audit Committee the Board hasproposed the appointment of M/s. Vasudeo & Associates (Firm Regn No. 319299E)Chartered Accountants as statutory auditors for a period of five years from the conclusionof this Annual General Meeting till 38th Annual General Meeting subject toratification of their appointment at every Annual General Meeting of the company and at aremuneration as may be determined by the Board of Directors in consultation with theStatutory Auditors.
The Company has received a certificate from the proposed Auditors to the effect thattheir appointment if made would be in accordance with the conditions prescribed underthe Companies Act 2013 and the Companies (Audit and Auditors) Rules 2014.
STATUTORY AUDITORS REPORT
The Auditor s Report to the Share Holders does not contain any qualification.
PARTICULARS OF EMPLOYEES
None of the employees are drawing remuneration exceeding Rs.850000/- per month or Rs.10200000/- per year. Hence no requisite details are furnished.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
The company has in place an Anti Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Woman at Workplace (Prevention Prohibition And Redressal)Act 2013 . Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding Sexual Harassment.
All employees (Permanent Contractual Temporary Trainees) are covered under this Act.
The following is the summary of Sexual Harassment complaints received and disposed offduring the year 2016-2017:
|No. of Complaints received ||: NIL |
|No. of Complaints disposed off ||: NIL |
PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNING AND OUTGO:
Your Company being a Transport company has no activity relating to conservation ofenergy or technology absorption to be declared pursuant to Section 134 of the CompaniesAct 2013.
There is no earning or outgo of Foreign Exchange during the year under review.
Your Directors wish to place on record their appreciation of the assistance and co-operation extended to the Company by commercial Banks Government of India various StateGovernments Share Holders and all others whose continued support has been a source ofstrength to the Company. Your Directors also wish to place on record their sincereappreciation of contribution and high level of commitment of every employee of theCompany.
|Registered Office : ||By Order of the Board |
|Poddar Point. South Wing ||For Inter State Oil Carrier Limited |
|5th Floor. 113 Park Street || |
|Kolkata 700 016 ||Shanti Lal Jain |
|Dated : 29 th May 2017 ||(Chairman) |