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Auditor Report of Inter State Oil Carrier Ltd.

Mar 31, 2015

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




Mar 31, 2014

We have audited the accompanying financial statements of inter State Oil Carrier Limited, which comprise the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standard on Auditing issued by the institute of Chartered Accountants of india. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. Opinion

in our opinion and to be best of our information and according to the explanations given to us the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with 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, 2014;

and

(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) Order , 2003 ("the Order") issued by the Central Government of india in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have 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 appears from our examination of those books;

c. the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement, dealt with by this Report are in agreement with books of account;

d. in our opinion and Subject to Note "1(vi)", the Balance Sheet and Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

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 state as under: -

i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets of the company were physically verified by the management during the year. We have been informed that no material discrepancies have been noticed on such physical verification. Substantial parts of fixed assets have not been disposed off during the year, which will affect its status as going concern

ii) Since the company has not dealt in any of the commodities. Hence requirement of reporting on physical verification of inventory or maintenance of inventory records does not arise.

iii) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company, whether reasonable steps for recovery of over dues of such loans are taken does not arise. The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company does not arise.

iv) in our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control.

v) As per information and explanations given to us we are of the opinion that the contracts or arrangements that need to be entered into a register required to be maintained in pursuance of section 301 of the Act have been so entered. in our opinion, each of these contracts or arrangements made in pursuance of contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) According to information and explanations given to us, in our opinion, the company has not accepted public deposits upto 31.03.2014.

vii) in our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) The company is not engaged in production, processing, manufacturing or mining activities. Hence, the provisions of section 209(1)(d) do not apply to the company. Hence in our opinion, no comment on maintenance of cost records u/s 209(1)(d) is required.

ix) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, investor Education and Protection Fund, Employees'' State insurance, income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty & Cess and any other statutory dues with appropriate authorities applicable to it. According to information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding as at the last date of the accounting year for a period of more than six months from the date they became payable. According to records of the company, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

x) The company has no accumulated losses. The company has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

xi) The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders.

xii) As informed to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other similar securities.

xiii) The company is not a chit fund, nidhi or mutual benefit fund / society.

xiv) The company has maintained proper records of the transactions and contracts of dealing in shares, securities, debentures and other investment and we have been informed that timely entries have been made therein. As explained to us, all the shares, securities and other investments have been held by the company in its own name except to the extent of exemption granted u/s 49 of Companies Act, 1956.

xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) The term loans obtained by the company have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us, we report that no funds raised on short-term basis have been used for long term investment by the company.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company has not issued any debenture.

xx) The company has not raised any money by public issues during the period covered by our audit report.

xxi) During the checks carried out by us, no fraud on or by the company has been noticed or reported during the year under report.

Place : 1, india Exchange Place For PATNi & C O. Kolkata - 700 001 CHARTERED ACCOUNTANTS

S. SUREKA Date : The 29th day of May''2014 (Partner) Membership No. 57918 Fifm Registration No. 320304E


Mar 31, 2013

Report of the Financial Statements

We have audited the accompanying financial statements of Inter State Oil Carrier Ltd., which comprise the Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standard on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

Opinion

In our opinion and to be best of our information and according to the explanations given to us the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with 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, 2013;

(b) in the case of Statement of Profit and Loss , of the Loss 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) Order , 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have 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 appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with books of account;

d. in our opinion and Subject to Note "1(ii)" and "1(vi)", the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

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 state as under -

i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets of the company were physically verified by the management during the year. We have been informed that no material discrepancies have been noticed on such physical verification. Substantial parts of fixed assets have not been disposed off during the year, which will affect its status as going concern

ii) Since the company has not dealt in any of the commodities. Hence requirement of reporting on physical verification of inventory or maintenance of inventory records does not arise.

iii) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company, whether reasonable steps for recovery of over dues of such loans are taken does not arise. The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company does not arise.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventory and fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control.

v) As per information and explanations given to us we are of the opinion that the contracts or arrangements that need to be entered into a register required to be maintained in pursuance of section 301 of the Act have been so entered. In our opinion, each of these contracts or arrangements made in pursuance of contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) According to information and explanations given to us, in our opinion, the company has not accepted public deposits upto 31.03.2013.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) The company is not engaged in production, processing, manufacturing or mining activities. Hence, the provisions of section 209(1)(d) do not apply to the company. Hence in our opinion, no comment on maintenance of cost records u/s 209(1)(d) is required.

ix) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty & Cess and any other statutory dues with appropriate authorities applicable to it. According to information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding as at the last date of the accounting year for a period of more than six months from the date they became payable. According to records of the company, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

x) The company has no accumulated losses. The company has not incurred cash losses in the financial year under report and in the immediately preceding financial year.

xi) The company has not defaulted in repayment of dues to banks.

xii) As informed to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other similar securities.

xiii) The company is not a chit fund, nidhi or mutual benefit fund / society.

xiv) The company has maintained proper records of the transactions and contracts of dealing in shares, securities, debentures and other investment and we have been informed that timely entries have been made therein. As explained to us, all the shares, securities and other investments have been held by the company in its own name except to the extent of exemption granted u/s 49 of Companies Act, 1956.

xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) The term loans obtained by the company have been applied for the purpose for which they were raised.

xvii) According to the information and explanation given to us, we report that no funds raised on short-term basis have been used for long term investment by the company.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

xix) The company has not issued any debenture.

xx) The company has not raised any money by public issues during the period covered by our audit report.

xxi) During the checks carried out by us, no fraud on or by the company has been noticed or reported during the year under report.

Place : 1, India Exchange Place For P A T N I & C O.

Kolkata – 700 001 CHARTERED ACCOUNTANTS

S. SUREKA

Date : The 29th day of May''2013 (Partner)

Membership No. 57918

Firm Registration No. 320304E


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s. Inter State Oil Carrier Limited as at 31st March, 2011 and also the annexed Profit & loss Account of the company for the year ended on that date annexed thereto. These financial statements are responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial Statements are free of material misstatement An audit includes examining, on a test basis, evidence to support the financial statement. amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used in the preparation of financial Statements, assessing significant estimates made by the Management in the preparation of financial statements and evaluating overall financial statement preparation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report Order, 2003 as amended by the Companies (Auditors Report) Amendment order, 2004, issued by the Central Government in term of sub section (4A)of Section 227 of the Companies Act, 1956. We give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred to in paragraph (3) above, we report that :-

a) We have obtained all the information and explanations Which to the best of our knowledge and belief were necessary tor the purposes of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears horn our examination of the books

c)The Balance sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standard referred to in sub-section 3(C) of section 211 of the rates Act, 1956.

e) On the basis of written representations received from the directors, as on March 31,2011 and taken on record by the Board of Directors, we report that none of the director is disqualified as on March 31, 2011 from being appointed as a director in terms of section 274(1 )(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and subject to notes given there on, the said accounts give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view:-

(a) In the ease of the Balance Sheet, of the stale of affairs of the company as at 31st March, 2011.

And

(b) In the case of the Profit & Loss Account, of the Profit of the company for the year ended on that date.

And

(c) In the case of the Cash Flow statements of the cash flow for the year end on that date.

ANNEXURE TO THE AUDITORS REPORT

In term of the information and explanations given to us and books of account examined in us in the normal course of audit and to the best of our knowledge and belief, we state as under :-

i)The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. These fixed as physically verified by the management during the year. We have been informed that no discrepancies were noticed on such physical verification Substantial part of fixed assets has not been disposed of during the year, which will affect its status as going concern.

ii) Since the Company has not dealt in any of the commodities Hence requirement reporting on physical verification of inventory or maintenance of inventory records does not arise

iii) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company, whether reasonable steps for recovery of over dues of such loans are taken do not arise. The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register required to be maintained under section 101 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest the company does not arise

iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and lor sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control

v)According to the information and explanations given to us, in our opinion that there were no contracts or arrangements during the year that need to be entered in the register required to be maintained u/s 301 of the Companies Act, 1956.

vi) According to information and explanations given to us the company has not accepted deposits from the public upto 31.3.2011.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

Viii) The company is not engaged in production, processing, manufacturing or mini activities. Hence, the provisions of section 209(1)(d)do not apply to the company. Hence, no comment on maintenance of cost records u/s 209(1)(d) is required

(ix) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance. Income Tax, Wealth Tax, Service tax, Sales Tax, Customs Duty, Excise Duty & Cess and any other statutory dues with appropriate authorities applicable to it. According to information and explanations given to us. no undisputed amounts payable in respect of income tax. wealth tax service Tax, sales Tax, custom duty and excise duty were outstanding as at the last date of the accounting year for a period of more than six months From the date they became payable According to records of the company, there are no dues of sales Tax, income tax, custom duty, Wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute

x) The company has no accumulated losses .The company has not incurred cash losses in the Financial year under report and in the immediately preceding financial year

xi) The company has not defaulted in repayment of dues to financial institutions banks

xii) As informed to us, the company has not granted any loans or advances on the basis of Security by way of pledge of shares, debentures and other similar securities.

xiii) The company is not chit fund, nidhi or mutual benefit fund society.

xiv) The company has maintained proper records of the transactions and contracts of dealing in shares, securities, debenture and other investment and we have been informed that timely entries have been made therein. As explained to us, all the shares have been held by the company in its own name except to the extent of exemption granted u/s 49 of the Companies Act. 1956.

xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) The company has not taken any term loans. Hence, comments under the clause arc not called for.

xvii) According to the information and explanation given to us, we report that no funds raised on short-term basis have been used for long term investment by the company.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register required to be maintained under section 301 of the Act.

xix) The company has not issued any debenture.

xx) The company has not raised any money by public issues during the period covered by our audit report.

xxi) During the checks carried out by us no fraud on or by the company has been noticed or reported during the year under report



For PATNI & CO.

CHARTERED ACCOUNTANTS

S. SUREKA

(Partner)

Membership No. 57918

Firm Registration No.320304E

Place : 1, ndia Exchange Place

Kolkata - 700 001

Date : The 24th of August 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. Inter State Oil Carrier Limited as at 31st March, 2010 and also the annexed Profit & loss Account of the company for the year ended on that date annexed thereto. These financial statements are responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial Statements are free of material misstatement An audit includes examining, on a test basis, evidence to support the financial statement. amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used in the preparation of financial Statements, assessing significant estimates made by the Management in the preparation of financial statements and evaluating overall financial statement preparation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report Order, 2003 as amended by the Companies (Auditors Report) Amendment order, 2004, issued by the Central Government in term of sub section (4A)of Section 227 of the Companies Act, 1956. We give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred to in paragraph (3) above, we report that :-

a) We have obtained all the information and explanations Which to the best of our knowledge and belief were necessary tor the purposes of our audit.

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as appears horn our examination of the books

c)The Balance sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standard referred to in sub-section 3(C) of section 211 of the rates Act, 1956.

e) On the basis of written representations received from the directors, as on March 31,2010 and taken on record by the Board of Directors, we report that none of the director is disqualified as on March 31, 2010 from being appointed as a director in terms of section 274(1 )(g) of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and subject to notes given there on, the said accounts give the information required by the Companies Act. 1956 in the manner so required and give a true and fair view:-

(a) In the ease of the Balance Sheet, of the stale of affairs of the company as at 31st March, 2010.

And

(b) In the case of the Profit & Loss Account, of the Profit of the company for the year ended on that date.

And

(c) In the case of the Cash Flow statements of the cash flow for the year end on that date.

ANNEXURE TO THE AUDITORS REPORT

In term of the information and explanations given to us and books of account examined in us in the normal course of audit and to the best of our knowledge and belief, we state as under :-

i)The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. These fixed as physically verified by the management during the year. We have been informed that no discrepancies were noticed on such physical verification Substantial part of fixed assets has not been disposed of during the year, which will affect its status as going concern.

ii) Since the Company has not dealt in any of the commodities Hence requirement reporting on physical verification of inventory or maintenance of inventory records does not arise

iii) The eompany has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the company, whether reasonable steps for recovery of over dues of such loans are taken do not arise. The company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register required to be maintained under section 101 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest the company does not arise

iv) In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and lor sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control

v)According to the information and explanations given to us, in our opinion that there were no contracts or arrangements during the year that need to be entered in the register required to be maintained u/s 301 of the Companies Act, 1956.

vi) According to information and explanations given to us the company has not accepted deposits from the public upto 31.3.2010.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. company is not engaged in production, processing, manufacturing or mini activities. Hence, the provisions of section 209(1)(d)do not apply to the company. Hence, no comment on maintenance of cost records u/s 209(1)(d) is required

(ix) According to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance. Income Tax, Wealth Tax, Service tax, Sales Tax, Customs Duty, Excise Duty & Cess and any other statutory dues with appropriate authorities applicable to it. According to information and explanations given to us. no undisputed amounts payable in respect of income tax. wealth tax service Tax, sales Tax, custom duty and excise duty were outstanding as at the last date of the accounting year for a period of more than six months From the date they became payable According to records of the company, there are no dues of sales Tax, income tax, custom duty, Wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute

x) The company has no accumulated losses .The company has not incurred cash losses in the Financial year under report and in the immediately preceding financial year

xi) The company has not defaulted in repayment of dues to financial institutions banks

xii) As informed to us, the company has not granted any loans or advances on the basis of Security by way of pledge of shares, debentures and othersimilar securities.

xiii) The company is not chit fund, nidhi or mutual benefit fund society.

xiv) The company has maintained proper records of the transactions and contracts of dealing in shares, securities, debenture and other investment and we have been informed that timely entries have been made therein. As explained to us, all the shares have been held by the company in its own name except to the extent of exemption granted u/s 49 of the Companies Act. 1956.

xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) The company has not taken any term loans. Hence, comments under the clause arc not called for.

xvii) According to the information and explanation given to us, we report that no funds raised on short-term basis have been used for long term investment by the company.

xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register required to be maintained under section 301 of the Act.

xix) The company has not issued any debenture.

xx) The company has not raised any money by public issues during the period covered by our audit report.

xxi) During the checks carried out by us no fraud on or by the company has been noticed or reported during the year under report

For PATNI & CO. CHARTERED ACCOUNTANTS

S. SUREKA (Partner) Membership No. 57918 Firm Registration No.320304E

Place : India Exchange

Place : Kolkata 700 001

Date : The 16th of August 2010


Mar 31, 2009

1. We have audited the attached Balance Sheet of M/s. Inter State Oil Carrier Ltd. as at 31st March, 2009 and also the annexed Profit & Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are responsibility of the Management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence to support the financial statement, amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used in the preparation of financial statements, assessing significant estimates made by Management in the preparation of financial statements and evaluating overall financial statements preparation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) Amendment order 2004, issued by the Central Government in term of Sub Section 4A of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order.

Further to our comments in the Annexure referred to in paragraph (3) above, we report that :-

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit.

b) In our opinion, proper books of accounts as required by law, have been kept by the company so far as appears from o,ur examination of the books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Profits Loss Account and Balance Sheet comply with the Accounting Standard referred to in sub-section 3(C) of section 211 of Companies Act, 1956.

e) On the basis of written representations received from the Directors, as on March 31, 2009 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on March 31, 2009 from being appointed as a Director in terms of section 274(1) (g) of Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us and subject to notes given there on, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :-

a) In the case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009.

And

b) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date.

And

c) In the case of Cash Flow Statements of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

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 state as under :-

i) The company has maintained proper records showing full particulars including quatitative details and situtation of fixed assets. These fixed assets were physically verified by the Managment during the year. We have been informed that no discrepancies were noticed on such physical verification. Substantial part of fixed assets has not been disposed of during the year, which will affect its status as going concern.

ii) Since the Company has not dealt in any of the commodities. Hence requirement of reporting on physical verification of inventory or maintenance of inventory records does not arise.

iii) The Company has not granted any loan, secured or unsecured to Companies, firms or other parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the Company, whether reasonable steps for recovery of over dues of such loans are taken does not arise. The Company has not taken any loan, secured or unsecured from Companies, Firms or other Parties covered in the register required to be maintained under section 301 of the Companies Act, 1956. Hence question of reporting whether the terms and conditions of such loans are prejudicial to the interest of the Company does not arise.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal cpntrol procedures commensurate with the size of the Company and the nature of its business for purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control.

v) According to the information and explanations given to us, in our opinion that there were no contracts or arrangements during the year that need to be entered in the register required to be maintained u/s 301 of the Companies Act, 1956.

vi) According to information and explanations given to us, the Company has not accepted any deposits from the public upto 31.03.2009

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

viii) The Company is not engaged in production, processing, manufacturing or minning activities. Hence, the provisions of secion 209(1) (d) do not apply to the Company. Hence, no comment on maintenance of cost records u/s 209(1) (d) is required.

ix) According to the records of the Company, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty & Cess and any other statutory dues with appropriate authorities aplicable to it. According to information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess were outstanding as at the last date of the accounting year for a period of more than six months from the date they became payable. According to records of the Company, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

x) The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report and in the financial year immediately preceding financial year.

xi) The Company has not defaulted in repayment of dues to financial institution or banks.

xii) As informed to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other similar securities.

xiii) The company is not a chit fund, nidhi or mutual benefit fund / society.

xiv) The Company has maintained proper records of the transactions and contracts of dealing in shares, securites, debentures and other investment and we have been informed that timely entries have been made therein. As explained to us, all the shares have been held by the company in its own name except to the extent of exemption granted u/s 49 of Companies Act, 1956.

xv) The Company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) The Company has not taken any term loans. Hence comments under the clause are not called for.

xvii) According to the information and explanations given to us, we report that no funds raised on short-term basis have been used for long term investment by the Company.

xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the Register required to be maintained under section 301 of the Act.

xix) The Company has not issued any debenture.

xx) The Company has not raised any money by public issues during the period covered by our audit report.

xxi) During the checks carried out by us, no fraud on or by the Company has been noticed or reported during the year under report.

1, India Exchange Place For PATNI & CO.

Kolkata - 700 001 CHARTERD ACCOUNTANTS

Dated : The 19thAugust,2009. S. SUREKA (Partner)

Membership No. 57918



 
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