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Notes to Accounts of Inter State Oil Carrier Ltd.

Mar 31, 2015

1. Terms attached to equity shares

The company has only one class of shares having par value of Rs. 101- per share. Each holder of equity shares is entitled to one vote per share.

2. Related Party Transaction

Related party disclosure as identified by the management in accordance with the Accounting Standard (AS) 18 on "Related Party Disclosures" are as follows:

A. Related party relationship

i) Key Management Personnel (KMP):

1. Shanti Lai Jain 4. Lalit Kumar Jain

2. Sanjay Jain 5. Bhag Chand Jain

3. Rikhab Chand Jain 6. Shankar Lai Khandelwal

ii) Relatives of Key Management Personnel (KMP):

1. Smt. Gunmala Devi Jain 2. Virendra Jain

iii) Enterprises over which KMP or relatives of KMP exercises significant influence:

1. Gulshan Carrying Corporation

(iii) Amount due from / to enterprise over which KMP exercise significant influence : (?) Nil D. Provision to be made with regard to Outstanding Amount: - Rs. Nil

3. NATURE OF SECURITY AND TERMS OF REPAYMENT FOR LONG TERM SECURED BORROWINGS

NATURE OF SECURITY TERMS OF REPAYMENT

TERM LOAN FROM HDFC BANK LTD.

Loan amounting Rs. 2,94,470/- Repayable in 36 monthly installments (P.Y. Rs. Nil) from HDFC due period ranging from September' Bank Ltd. is secured against 2014. Last hypothecation of Trucks. instalment due on 05.08.2017.

TERM LOAN FROM ICICI BANK LTD.

Loan amounting Rs. 75,13,684/- Repayable in 46 to 47 monthly (P.Y. Rs. 42,19,174/-) installments due period from ICICI Bank Ltd. is secured ranging from August' 2011 to October' against hypothection 2018 of Trucks.

OTHER LOAN FROM HDFC BANK LTD. Repayable in 35 monthly installments Loan amounting Rs. 15,03,438/- commencing from April'2014. (P.Y. Rs. 29,90,863/-) Last installment due on 5.02.2017 from HDFC Bank Ltd. is secured against hypothecation of Trucks

4. Balances of Trade Receivables and Trade Payables are subject to confirmation by the respective parties.

5. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006' and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

6. Based on the information available with the company, the balance due to Micro and Small enterprises, as defined under the Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is ' Nil (P.Y. * Nil). Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

7. The company has complied with the Prudential Norms as per NBFC's (Reserve Bank) Direction's 1998 with regard to Income recognition, Asset classification, Accounting Standard and provision for Bad & Doubtful Debts as applicable to it.

8. EMPLOYEE BENEFIT

The company has a Projected Unit Credit Method. Every employee who has completed five years or more of services gets Gratuity on terms not lower than the amount payable under the Payment of Gratuity Act, 1972. The aforesaid scheme is funded with LIC. The following table summarizes the components of net benefit expenses recognized in profit & loss statement.

9. Contingent Liabilities

(a) Bank Guarantee

Bank Guarantee taken Security Amount from Deposit Rs.

Indusind Bank Fixed Deposit 1,41,448

Bank Guarantee taken Bank Guarantee in Amount from favour of Rs.

Indusind Bank Hindustan Petroleum 14,00,000 Corporation Ltd.

10. The Company has received a demand of' 1,94,599/- (amount already paid by the company) from Income Tax department for the Assessment year 2005-06 and the company has filed an appeal against the said demand which is still pending.

11. The Company has received demand amounting to' 6,72,760/- from Income Tax Department relating to assessment of T.D.S from the F.Y. 2007-2008 to 2014-2015 against which Company will file necessary rectification within appropriate time.

12. The company has received demand amounting to ' 7,52,203/- from Income Tax Department relating to A.Y.2007-08 u/s 143(1 )of the Income Tax Act, 1961 against which Company will file necessary rectification within appropriate time.

13. The company has received demand amounting to' 20,19,826/- from Income Tax Department relating to A Y. 2008-09 u/s 143(1) of the Income Tax Act, 1961 against which Company will file necessary rectification within appropriate time.

14. The company has received demand amounting to' 4,15,910/- from Income Tax Department relating to A.Y. 2010-11 u/s 143(3) of the Income Tax Act, 1961 against which Company has filed an appeal with CIT (Appeals) VIII, Kolkata.

15. The company has received demand amounting to ' 3,37,150/- from Income Tax Department relating to A.Y. 2012-13 u/s 143(3) of the Income Tax Act, 1961 against which Company has filed an appeal with CIT (Appeal - 3), Kolkata.

16. The figures for the previous year have been rearranged and/or regrouped wherever considered necessary.


Mar 31, 2014

NOTE - 1

Related Party Transaction

Related party disclosure as identified by the management In accordance with the Accounting Standard (AS) 18 on "Related Party Disclosures" are as follows:

A. Related party relationship

i) Key Management Personnel (KMP) :

1. Shanti Lal Jain 4. Lalit Kumar Jain

2. Sanjay Jain 5. Bhag Chand Jain

3. Rikhab Chand Jain 6. Shankar Lal Khandelwal

ii) Relatives of Key Management Personnel (KMP) :

1. Smt. Gunmala Devi Jain 2. Virendra Jain

iii) Enterprises over which KMP or relatives of KMP exercises significant influence:

1. Gulshan Carrying Corporation

NOTE - 2

SEGMENT REPORTING

The Company''s operations predominantly consist of Transportation, Lease Finance and Share Dealings

NOTE - 3

Balances of Trade Receivables and Trade Payables are subject to confirmation by the respective parties.

NOTE - 4

The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006'' and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

NOTE - 5

Based on the information available with the company, the balance due to Micro and Small enterprises, as defined under the Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil (P.Y. Rs.Nil). Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

NOTE - 6

The company has complied with the Prudential Norms as per NBFC''s (Reserve Bank) Direction''s 1998 with regard to Income recognition, Asset classification, Accounting Standard and provision for Bad & Doubtful Debts as applicable to it.

7) Fixed Deposit Receipts of Rs. 62,597/- (P.Y. Rs.62597/-) has been pledged with Indian Oil Corporation

8) Contingent Liabilities

a) Bank Guarantee :

Bank Guarantee Security Deposit Amount Bank Guarantee Amout taken from in favour of

Indusind Bank First charge as -- Hindustan petroleum 14,00,000 refer in Note Corporation No. 7

Indusind Bank Fixed Deposit 40,000 Apar Industries 2,00,000 Limited

Indusind Bank Fixed Deposit 1,41,448 Hindustan petroleum 14,00,000 Corporation

Indusind Bank Fixed Deposit 2,34768 Tamilnadu petro 10,00,000 Products Ltd

b) The Company has received a demand of 1,94,599/- (such amount already paid by the company) from Income Tax department for the Assessment year 05-06 and the company has filed an appeal against the said demand which is still pending.

9) The Figures for the previous year have been rearranged and/or regrouped wherever considered necessary.


Mar 31, 2013

NOTE - 1

Related Party Transaction

Related party disclosure as identified by the management in accordance with the Accounting Standar (AS) 18 on "Related Party Disclosures" are as follows:

A. Related party relationship

i) Key Management Personnel:

1. Shri Shanti Lal Jain

2. Shri Sanjay Jain

3. Shri Rikhab Chand Jain

ii) Relatives of Key Management Personnel :

1. Smt. Gunmala Devi Jain

2. Virendra Jain

iii) Enterprises over which KMP or relatives of KMP exercises significant influence: 1. Gulshan Carrying Corporation

2) The company has complied with the Prudential Norms as per NBFC''s (Reserve Bank) Direction''s 1998 with regard to Income recognition, Asset classification, Accounting Standard and provision for Bad & Doubtful Debts as applicable to it.

3) Balances of Trade Receivables and Trade Payables are subject to confirmation by the respective parties.

4) The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006'' and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

5) Based on the information available with the company, the balance due to Micro and Small enterprises, as defined under the Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is Rs. Nil (P.Y. Rs. Nil). Further, no interest during the year has been paid or payable under the terms of the MSMED Act, 2006.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

6) Contingent Liabilities a) Bank Guarantee :

Bank Guarantee Bank Guarantee in

Security Deposit Amount (Rs.) Amount (Rs.) taken from favour of

Limit (as per Hindustan Petroleum

Indusind Bank 14,00,000.00

note No 6) Corporation

Hindustan Petroleum Indusind Bank Fixed Deposit 1,20,000.00 6,00,000.00

Corporation

Hindustan Petroleum Indusind Bank Fixed Deposit 1,30,000.00 14,00,000.00

Corporation

Tamilnadu Petro Indusind Bank Fixed Deposit 2,16,770.00 10,00,000.00

Products Ltd

b) The Company has received a demand of Rs. 1,94,599/- (such amount already paid by the company) from Income Tax department for the Assessment year 05-06 and the company has filed an appeal against the said demand which is still pending.

7) The Fugures for the previous year have been rearranged and/or regrouped wherever considered necessary.


Mar 31, 2011

1. The figures of the previous year has been re-grouped and re-arranged wherever found necessary.

2. The company has followed prudential norms issued by the Reserve Bank of India for Non Banking Financial Companies. 20% of profit after tax has been transferred to Reserve Fund as per section 45(1C) of the RBI Act, 1934.

3 .The balances of Debtors and Creditors are subject to confirmations by the respective parties

4. There is no outstanding amount payable to Small Scale Industries as on the balance sheet date.

5. The deferred payment liabilities shown under secured loan in Balance Sheet includes installment of loan taken for purchase of truck / tankers which is due within twelve months amounting Rs. 2,72,32,022/- (P.Y. 1,99,23,086/-).

6. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

7. No foreign Exchange earnings or outgoes occur during the year.

8.2 Related Party disclosure

Information given in accordance with Accounting Standard 18

(i) Related Party Relationship

a) Key Management Personnel

1. Shri Shanti Lal Jain 2. Shri Sanjay Jain

3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain

5. Shri Shankar Lal Khandelwal 6. Shri Bhag Chand Jain

b) Relatives of Key Management Personnel

1. Smt Gunmala Devi Jain

2. Shri Virendra Jain

c) Enterprises over which key management personnel exercises significant influence exists:-

1. Gulshan Carrying Corporation 2. Inter State Oil Carrier

9 Information pursuant to part IV of Schedule VI to the Companies Act, 1956 has been given in Annexure I.

10. Contingent Liability:



B.G TAKEN FROM SEC. DEPOSIT AMOUNT BG IN FAVOUR AMOUNT OF OF B.G

Indusind Bank Limit(as per - Balmer Lawrie note No.14) & 237000.00 Co. Ltd

Indusind Bank Limit(as per - Sales Tax 300000.00 note No.14)

Indusind Bank Limit(as per 100000.00 Haldia 500000.00 note(No.14) Petrochemicals Ltd

Indusind Bank Fixed Deposit 240000.00 The Joint 1125583.00 Commissioner of Sales Tax (Central)

11. The Company has taken cash credit facility (Limit Rs.160 Lacs) and Bank Guarantee limit of Rs. 40 Lacs with Induslnd Bank and created first charge on all current assets of the company comprising of stock of raw material, WIP, Finished Goods, receivables, book debts and other current assets and equitable mortgage value of office premises, and also the personal guarantee of Mr Shanti Lal Jain and Mr Sanjay Jain. directors of the company.

12. The Company has received a demand of Rs. 1,94,599/- (such amount already paid by the Company) from Income Tax department for the Assessment year 05-06 and the Company has filed an appeal against that the said demand which is still pending.


Mar 31, 2010

1. The figures of the previous year has been re-grouped and re-arranged wherever found necessary.

2. The company has followed prudential norms issued by the Reserve Bank of India for Non Banking Financial Companies. 20% of profit after tax has been transferred to Reserve Fund as per section 45(1C) of the RBI Act, 1934.

3 .The balances of Debtors and Creditors are subject to confirmations by the respective parties

4. There is no outstanding amount payable to Small Scale Industries as on the balance sheet date.

5. The deferred payment liabilities shown under secured loan in Balance Sheet includes installment of loan taken for purchase of truck / tankers which is due within twelve months amounting Rs. 1,99,23,086/- (P.Y. 90,18,493/-).

6. Compliance of Accounting Standards issued by the Institute of Chartered Accountants of India.

7. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

8.2 Related Party disclosure

Information given in accordance with Accounting Standard 18

(i) Related Party Relationship

a) Key Management Personnel

1. Shri Shanti Lal Jain 2. Shri Sanjay Jain

3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain

5. Shri Shankar Lal Khandelwal 6. Shri Bhag Chand Jain

b) Relatives of Key Management Personnel

1. Smt Gunmala Devi Jain

2. Shri Virendra Jain

c) Enterprises over which key management personnel exercises significant influence exists:-

1. Gulshan Carrying Corporation 2. Inter State Oil Carrier

10 Information pursuant to part IV of Schedule VI to the Companies Act, 1956 has been given in Annexure I.

11. Contingent Liability:

B.G TAKEN FROM SEC. DEPOSIT AMOUNT BG IN FAVOUR AMOUNT OF

S.B Of Hyderabad Fixed Deposit 50000.00 IOCL 50000.00

Indusind Bank Fixed Deposit 35000.00 Balmer Lawrie & 167000.00 Co. Ltd

Indusind Bank Fixed Deposit 100000.00 Haldia 500000.00 Petrochemicals Ltd

14. Computation of Earning per share are as follows : Profit for appropriation is Rs. 6357053/- and No. Of Shares is 4992300 and EPS is Rs.1.59

15. The Company has taken cash credit facility with Induslnd Bank and created first charge on all present and future book debt and equitable mortgage value of office premises, and also the personal guarantee of Mr Shanti Lal Jain and Mr Sanjay Jain.

16. No Foreign Exchange earning or outgoes occurs during the year.

17. The Company has received a demand of Rs. 1,94,599/- (such amount already paid by the Company) from Income Tax department for the Assessment year 05-06 and the Company has filed an appeal against that the said demand which is still pending.


Mar 31, 2009

1. The figures of the previous year has been re-grouped and re-arranged wherever found necessary.

2. The company has followed prudential norms issued by the Reserve Bank of India for Non Banking Financial Companies. 20% of profit after tax has been transferred to Reserve Fund as per section 45( 1C) of the RBI Act, 1934.

3. The balances of Debtors and Creditors are subject to confirmations by the respective parties

4. There is no outstanding amount payable to Small Scale Industries as on the balance sheet date.

5. The deferred payment liabilities amounting Rs. 90,18,493/- (P.Y. 94,76,098/-} shown under secured loan in Balance Sheet represent installment of truck / tankers purchased on hire purchase which is due within twelve months.

6. Compliance of Accounting Standards issued by the institute of Chartered Accountants of India.

7. The Company has not received any intimation from "suppliers" regarding their status under the Micro. Small and Medium Enterprises Development Xct, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payabie as required under the said Act have not been given.

8.2. Related Party disclosure

Information given in accordance with Accounting Standard 18

i) Related Party Relationship

a) Key Management Personnel

1. Shri Shanti Lai Jain 2. Shri Sanjay Jain

3. Shri Rikhab Chand Jain 4. Shri Neeraj Jain

5. Shri Shankar Lai Khandelwal 6. Shri Bhag Chand Jain

b) Relatives of Key Management Personnel

1. Smt Gunmala Devi Jain

2. Shri Virendra Jain

c) Enterprises over which key management personnel exercises significant influence exists:-

1. Gulshan Carrying Corporation 2. Inter State Oil Carrier

9. Contingent Liability:

B.G. taken from Sec. deposit Amount Infavour of Amount of B.G.

S.B. of Hyderabad Fixed Deposit 50000.00 IOCL 50000.00

10. In the opinion of management, Rs. 248369/- outstanding from debtors has been considered as bad debts which have been adjusted with Provision for NPA created in earlier year.

11. Computation of Earning per share are as follows : Profit for appropriation isRs.4764011/-and No. Of Shares is 4992300 and EPS is Rs. 0.95.

12. The Company has taken overdraft facility with Induslnd Bank and created first charge on all present and future book debt and equitable mortgage value of office premises, and also the personal guarantee of Mr Shanti Lai Jain and Mr Sanjay Jain.

13. No Foreign Exchange earning or outgoes occurs during the year.

 
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