| 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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