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ઇન્ટર સ્ટેટ ઓઈલ કેરિયર

બીએસઈ: 530259  |  ઍનઍસઈ : N.A  |  ISIN: INE003B01014  |  Transport & Logistics

શોધો ઇન્ટર સ્ટેટ ઓઈલ કેરિયર કનેક્શન � Mar 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
 We have audited the accompanying financial statements of Inter State
 Oil Carrier 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
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these financial statements that give a true and
 fair view of the financial position, financial performance and 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 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.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act.  Those Standards 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.
 
 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 auditor''s 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.
 
 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
 
 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2015;
 
 (b) in the case of Statement of Profit and Loss, of the Profit for the
 year ended on that date; and;
 
 (c) in the case of the Cash Flow Statement, 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) Older ,2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the said
 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 best of 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 the Company 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 Statement dealt with by this Report are in agreement with books of
 account
 
 d.  in our opinion, the aforesaid financial statements 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 the
 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 of pending litigations on its
 financial position in its financial statements - Refer Note 35 to the
 financial statements.
 
 ii) The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
 
 The Annexure referred to in our report to the members of INTER STATE
 OIL CARRIER LIMITED for the year ended on March 31,2015. In term of the
 information and explanations given to us and books of account examined
 by us in the normal course of audit and to the best of our knowledge
 and belief, we report that:
 
 1) The company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets. As
 explained to us, the physical verification of fixed assets as on March
 31,2015 was conducted by the management during the year. In our
 opinion, the period of verification is reasonable having regard to the
 size of the company and the nature of its assets. To the best of our
 knowledge, no material discrepancies have been noticed on such
 verification.
 
 2) As the company has not purchased / sold goods during the year nor is
 there any opening stocks, requirement of reporting on physical
 verification of stocks or maintenance of inventory records, in our
 opinion, does not arise.
 
 3) The company has not granted any loans or advances in the nature of
 loans to parties covered in the register maintained under section 189
 of the Companies Act, 2013. Hence, the question of reporting whether
 the receipt of principal and interest are regular and whether
 reasonable steps for recovery of over-dues of such loans are taken does
 not arise.
 
 4) In our opinion and according to the information and explanation
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods and services. During the course of our
 audit, we have not observed any continuing failure to correct major
 weaknesses in internal controls.
 
 5) Based on our scrutiny of the company''s records and according to the
 information and explanation provided by the management in our opinion
 the company has not accepted any deposits so far upto 31st March 2015.
 
 6) Accordingly to the information and explanations provided by the
 management, the company is not engaged in production of any such goods
 or provision of any such services for which the central government has
 prescribed particulars relating to utilization of material or labour or
 other items of cost. Hence, the provisions of section 148(1) of the Act
 do not apply to the company. Hence in our opinion no comment on
 maintenance of cost records under section 148(1) of the Act is
 required.
 
 7) According to the records of the company, the company is regular in
 depositing with appropriate authorities undisputed statutory dues
 including provident fund, employees state insurance, income-tax,
 sales-tax, wealth tax, custom duty, value added tax, excise duty, cess
 and other statutory dues applicable to it.
 
 According to the information and explanations given, no undisputed
 amounts payable in respect of Income Tax,Wealth Tax, Sales Tax, Value
 Added Tax, Customs Duty and Excise Duty were outstanding, as at 31st
 March'' 2015 for a period of more than six months from the date they
 became payable.
 
 According to the records of the company, there are no dues of Sales
 Tax, Income Tax, Value Added Tax, Customs Duty, Wealth Tax, Excise
 Duty, Cesswhich have not been deposited on account of any dispute
 except the below:
 
 Name of            Nature of Dues           Amount    Ampunt Deposited
 Statute                                     (Rs.)           (Rs.)
 
 Income Tax Act,    income Tax             4 15 910/-         Nil
     1961
 
 Income Tax Act,    IncomeTax              3,37,150/-          Nil
     1961
 
 Name of                      Period to which it     Forum where Dispute
 Statute                      Pertains                     is pending
 
 Income Tax Act,             Assessment Year         CIT (Appeals) VIII,
     1961                       2010-11              Kolkata
 
 Income Tax Act,             Assessment Year         CIT (Appeal - 3),
     1961                    2012-13                 Kolkata
 
 8) The company has no accumulated losses. The company has not incurred
 any cash losses during the financial year covered by our audit and also
 in the immediately preceding financial year.
 
 9) Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in repayment of dues to a financial
 institution, bank or debenture holders.
 
 10) According to the records of the company and the information and
 explanations provided by the management, the company has not given any
 guarantee for loans taken by others from bank or financial
 institutions.
 
 11) The terms loans obtained by the company have been applied for the
 purpose for which they were raised.
 
 12) Based upon the audit procedures performed and information and
 explanations given by the management, we report that except for a cash
 stolen by an employee amounting to (?) 5,20,217/- as mentioned in Note
 No. 16 of the financial statements, no fraud on or by the company has
 been noticed or reported during the course of our audit.
 
 Place : 1, India Exchange Place                   For P A T N I & CO.
 Kolkata - 700 001                              CHARTERED ACCOUNTANTS
 Date : The 29th day of May''2015                            S. SUREKA
                                                            (Partner)
                                                 Membership No. 57918
                                        Firm Registration No. 320304E
 
 
 
 
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