Notes to Accounts of Inter State Oil Carrier Ltd.

Mar 31, 2025

h) Provisions, contingent liabilities, contingent assets and commitments

Provisions are recognised when the company has a present obligations (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligations and a reliable estimate can be made of the amount of the
obligations. If the effect of the time value of money is material, provisions are discounted using
equivalent period government securities interest rate. Unwinding of the discount is recognised in
the statement of Profit and loss as a finance cost. Provisions are reviewed at each balance sheet
date and are adjusted to reflect the current best estimate.

Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the company or a present
obligation that arises from past events where it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the amount cannot be made. Information on
contingent liability is disclosed in the Notes to be Financial Statements.

Contingent assets are not recognised. However when the realisation of income is virtually certain,
then the related asset is no longer a contingent asset, but it is recognised as an asset.

i) Current and Non-current Classification

The company presents assets and liabilities in statement of financial position based on current /
non-current classification.

The company has presented non-current assets and current assets before equity, non-current
liabilities and current liabilities in accordance with Schedule III, Division II of Companies Act, 2013
notified by Ministry of Corporate Affairs.

An assets is classified as current when it is :

a) Expected to be realised or intended to be sold or consumed in normal operating cycle.

b) Held primarily for the purpose of trading.

c) Expected to be realised within twelve months after the reporting period or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.

All other assets are classified as non-current
A liability is classified as current when it is :

a) Expected to be settled in normal operating cycle

b) Held primarily for the purpose of trading

c) Due to be settled within twelve months after the reporting period or

d) There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period

All other liabilities are classified as non-current

The operating cycle is the time between the acquisition of assets for processing and their
realisation in cash or cash equivalents. Deferred tax assets and liabilities are classified as non¬
current assets and liabilities. The company has identified twelve months as its normal operating
cycle.

j) Fair Value Measurement :

The company measures financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either.

a) In the principal market for the asset or liability or

b) In the absence of a principal market, in the most advantageous market for the asset or
liability.

The principal or the most advantageous market must be accessible by the company. The fair value
of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best
interest.

A fair value measurement of non-financial asset takes into account a market participants ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

The company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole.

a) Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

b) Level 2 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

c) Level 3 - Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the

company determines whether transfers have occurred between levels in the hierarchy by re¬
assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

k) Offseffing Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet
where there is a legally enforceable rights to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously. The
legally enforceable rights must not be contingent on future events and must be enforceable in the
normal course of business and in the event of default, insolvency or bankruptcy of the company
or counterparty.

iii) Significant Accounting Judgement, Estimates and Assumptions

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and the
accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future period. The key assumptions concerning the
future and other key sources of estimation uncertainty at the reporting date, that have a significnat
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions
about future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the company. Such changes are reflected in the assumptions when they
occur.

Property, Plant and Equipment

Internal technical team or user team assess the remaining useful lives and residual value of property,
plant and equipment. Management believes that the assigned useful lives and residual value are
reasonable.

Contingencies

Management has estimated the possible outflow of resources at the end of each annual reporting
period, if any, in respect of contingencies / claim / litigations against the company as it is not possible to
predict the outcome of pending matters with accuracy.

Impairment of Financial Assets

The impairment provisions for financial assets are based on assumptions about risk of default and
expected loss rates. The Company uses judgement in making these assumptions and selecting the
inputs to the impairment calculation, based on Company''s past history, existing market conditions as
well as forward looking estimates at the end of each reporting period.

Impairment of Non-Financial Assets

The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an
asset''s or Cash Generating Units (CGU) fair value less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset does not generate cash inflows that are largely

independent to those from other assets or groups of assets. Where the carrying amount of an asset or
CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. In determining fair value less cost of disposal recent
market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples or other available
fair value indicators.

Defined Benefits Plans

The Cost of the defined benefit plan and other post-employment benefits and the present value of
such obligation are determined using actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include the
determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to
the complexities involved in the valuation and its long-term nature, a defined benefit obligation is
highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
Fair Value Measurement of Financial Instruments

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation
techniques including the Discounted Cash flow (DCF) model. The inputs to these models are taken
from observable markets where possible, but where this is not feasible, a degree of judgement is
required in establishing fair values. Judgements include considerations of inputs such as liquidity risk,
credit risk and volatility. Changes in assumptions about these factors could affect the reported fair
value of financial instruments.

16.1. The Company has availed cash credit facility and Bank Guarantee Limit with IndusInd Bank Ltd. 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, on movable fixed assets of the
company both present and future except other assets exclusively financed by other banks, and
equitable mortgage value of office premises of the Company, office premises of Inter State Capital
Markets (P) Ltd (enterprise over which Directors and relatives of Directors having significant
influence), and Fixed Deposit Receipt of '' 16.11 Lakhs has been pledged with IndusInd Bank Ltd. and
also the personal guarantee of Mr. Sanjay Jain, Director of the Company.

17.1. Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED, 2006) have

a. Principal amount outstanding: ^ 91.23 Lakhs (As at 31.03.2024: ^ 32.43 Lakhs)

b. Interest due thereon: ^ Nil (As at 31.03.2024: ^ Nil)

c. Interest paid by the Company in terms of Section 16 of MSMED 2006 alongwith amount of the
payment made to the suppliers beyond the appointed day during the year: ^ Nil (As at 31.03.2024: ^
Nil)

d. Interest due and payable for the period of delay in making payment (which has been paid but
beyond the appointed day during the year) but without adding the interest specified under MSMED
2006: ^ Nil (As at 31.03.2024: ^ Nil)

e. Interest accrued and remaining unpaid: ^ Nil (As at 31.03.2024: ^ Nil)

f. Further interest remaining due and payable in the succeeding years: ^ Nil (As at 31.03.2024: ^ Nil)

17.2. Trade Payables ageing Schedule (Refer Note No. 34)

30. Disclosures as per Section 186(4) of the Companies Act, 2013:

Details of Investments made are given under the respective heads.

During the year, the Company has not granted any loans and advances (in the nature of loan).

31. 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 ^ 91.23 Lakhs (P.Y. ^ 32.43 Lakhs). 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.

32. SEGMENT REPORTING

The Company does not have more than one reportable segment in line with the Indian Accounting
Standards ("Ind AS") during the year and hence, segment reporting is not applicable.

38. CAPITAL MANAGEMENT

For the purpose of the Company''s capital management, capital includes issued equity capital and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s
capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic
conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new
shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus
net debt.

The gearing ratio at end of the reporting period was as follows:

39 FINANCIAL INSTRUMENTS
i Valuation

All financial instruments are initially recognized and subsequently re-measured at fair value as
described below:

a) The fair value of investment in quoted Equity Shares is measured at rate reflecting in demat
statement as available with the management.

b) The fair value of investment in unquoted Equity Shares is measured at rate reflecting in demat
statement as available with the management or at cost as no information is available with the
management.

c) The fair value of the remaining financial instruments is determined using discounted cash flow
analysis.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed
equity instruments that have quoted price. The fair value of all equity instruments which are traded in the
stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market are valued at rate
reflecting in demat statement as available with the management or at cost as no information is available
with the management.

ii. Foreign Currency Risk : N.A.

iii. Interest Rate Risk:

The following table shows exposure of the Company''s borrowings to interest rate changes at the end of
the reporting period:

iv. Credit Risk:

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or
pay the amounts due, causing financial loss to the company. Credit risk arises from company''s
activities in investments and outstanding receivables from customers.

The Company has a prudent and conservative process for managing its credit risk arising in the
course of its business activities. Dues from customers to whom sales are made on credit are
generally recovered within credit days allowed to the customer.

v. Liquidity Risk:

Liquidity risk arises from the Company''s inability to meet its cash flow commitments on time.
Prudent liquidity risk management implies maintaining sufficient stock of cash and marketable
securities (^ 128.18 Lakhs as on 31st March 2025; ^ 175.65 Lakhs as on 31st March 2024). Company
accesses financial markets to meet its liquidity requirements.

The Company''s liquidity is managed centrally with operating units forecasting their cash and
liquidity requirements. Treasury pools the cash surpluses from across the different operating units
and then arranges to either fund the net deficit or invest the net surplus in the market.

B. The company has adopted Projected Unit Credit Method for Gratuity. 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 liability of
Gratuity is recognised on the basis of actuarial valuation carried out by Dr. R. Kannan. The following
table summarizes the components of net benefit expenses recognised in Statement of Profit &
Loss, etc:

I Changes in Present Value of Obligation

42 Contingent Liabilities (to the extent not provided for)

i) Bank Guarantee

a. The Company has taken Bank Guarantee of ''83.22 Lakhs (P.Y. ''83.22 Lakhs) from IndusInd Bank Ltd
against pledge of Fixed Deposit receipts of ^ 19.24 Lakhs (P.Y. ^ 18.76 Lakhs) which has been given in
favour of Brahmaputra Cracker & Polymer Ltd.

b. The Company has taken Bank Guarantee of ^ 55 Lakhs (P.Y. ^ 55 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 9.42 Lakhs (P.Y. ^ 8.78 Lakhs) which has been given in favour of JK
Tyre & Industries Ltd.

c. The Company has taken Bank Guarantee of ^ 10 Lakhs (P.Y. ^ 10 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 2.19 Lakhs (P.Y. ^ 2 Lakhs) which has been given in favour of
Deepak Phenolics Ltd.

d. The Company has taken Bank Guarantee of ^ 15 Lakhs (P.Y. ^ 15 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 0.58 Lakh (P.Y. ^ 0.58 Lakh) which has been given in favour of HPCL
Mittal Energy Ltd.

e. The Company has taken Bank Guarantee of ^ 5 Lakhs (P.Y. ^ 5 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 1 Lakh (P.Y. ^ 1 Lakh) which has been given in favour of
Commissioner, Excise, Department of Prohibition, Excise and Registration, Government of Bihar.

f. The Company has taken Bank Guarantee of ^ 10 Lakhs (P.Y. ^ 10 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 2 Lakhs (P.Y. ^ 2 Lakhs) which has been given in favour of Qwik
Supply Chain (P) Ltd.

g. The Company has taken Bank Guarantee of ^ 2 Lakhs (P.Y. ^ 2 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 0.40 Lakh (P.Y. ^ 0.40 Lakh) which has been given in favour of Laxmi
Organic Industries Ltd.

h. The Company has taken Bank Guarantee of ^ 15 Lakhs (P.Y. ^ 15 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 3 Lakhs (P.Y. ^ 3 Lakhs) which has been given in favour of HMEL
Organics (P) Ltd.

i. The Company has taken Bank Guarantee of ^ 5 Lakhs (P.Y. ^ 5 Lakhs) from IndusInd Bank Ltd against
pledge of Fixed Deposit receipts of ^ 1 Lakh (P.Y. ^ 1 Lakh) which has been given in favour of Marico Ltd.

j. The Company has taken Bank Guarantee of ^ 18.05 Lakhs (P.Y. ^ 18.05 Lakhs) from IndusInd Bank Ltd
against pledge of Fixed Deposit receipts of ^ 7.56 Lakhs (P.Y. ^ 7.09 Lakhs) which has been given in
favour of Assam Petro Chemicals Ltd.

k. The Company has taken Bank Guarantee of ^ 7.50 Lakhs (P.Y. ^ 7.50 Lakhs) from IndusInd Bank Ltd
which has been given in favour of Indian Oil Corporation Ltd.

l. The Company has taken Bank Guarantee of ^ 7.50 Lakhs (P.Y. ^ 7.50 Lakhs) from IndusInd Bank Ltd
which has been given in favour of Bharat Petroleum Corporation Ltd.

ii) Income Tax

a. The Company has received demand amounting to ^ 0.33 Lakhs from Income Tax Department relating
to assessment of T.D.S from F.Y. 2008-09, F.Y. 2023-24 and F.Y. 2024-25 against which Company will file
necessary rectification within appropriate time.

b. The company has received demand amounting to ^ 95.42 Lakhs from Income Tax Department relating
to A.Y. 2017-18 u/s 143(3) of the Income Tax Act, 1961 against which Company has filed an appeal with
CIT (Appeal - 3), Kolkata. However, ^ 96.95 Lakhs has been paid by the company against the said
demand. The Company expects to sustain its position on ultimate resolution of the appeals.

44. The figures for the previous year have been rearranged and/or regrouped wherever considered necessary.
Signature to Note 1 to 44

^{For Patni} & ^Co- For and on behalf of Board of Directors

Chartered Accountants
(Firm Reg. No. 320304E)

Sanjay Jain (DIN: 00167765)

^A. ^Rajgarm Managing Director

(Partner)

Membership No. 300004
UDIN: 25300004BMMKIB1678

Siddhant Jain (DIN: 07154500)

^Place : ^Kolkata Whole Time Director

Dated: The 24^th day of May, 2025

Malay Das
Chief Financial Officer

Rashmi Sharma
Company Secretary

---

Mar 31, 2024

9.1. Fixed Deposit Receipts of ^ 15.04 Lakhs (As at 31.03.23: ^ 14.20 Lakhs) has been pledged with IndusInd Bank Ltd. for obtaining bank overdraft facility.

9.2. The Company has taken Bank Guarantee of ^ 83.22 Lakhs (As at 31.03.23: ^ 31.87 Lakhs) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 18.76 Lakhs (As at 31.03.23: ^ 6.84 Lakhs) which has been given in favour of Brahmaputra Cracker & Polymer Ltd.

9.3. The Company has taken Bank Guarantee of ^ 55 Lakhs (As at 31.03.23: ^ 40 Lakhs) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 8.78 Lakhs (As at 31.03.23: ^ 8.23 Lakhs) which has been given in favour of JK Tyre & Industries Ltd.

9.4. The Company has taken Bank Guarantee of ^ 10 Lakhs (As at 31.03.23: ^ 10 Lakhs) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 2 Lakhs (As at 31.03.23: ^ 2 Lakhs) which has been given in favour of Deepak Phenolics Ltd.

9.5. The Company has taken Bank Guarantee of ^ 15 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 0.58 Lakhs (As at 31.03.23: ^ Nil) which has been given in favour of HPCL Mittal Energy Ltd.

9.6. The Company has taken Bank Guarantee of ^ 5 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd

against pledge of Fixed Deposit receipts of ^ 1 Lakh (As at 31.03.23: ^ Nil) which has been given in favour of Commissioner, Excise, Department of Prohibition, Excise and Registration, Government of Bihar.

9.7. The Company has taken Bank Guarantee of ^ 10 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 2 Lakhs (As at 31.03.23: ^ Nil) which has been given in favour of Qwik Supply Chain (P) Ltd.

9.8. The Company has taken Bank Guarantee of ^ 2 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 0.40 Lakhs (As at 31.03.23: ^ Nil) which has been given in favour of Laxmi Organic Industries Ltd.

9.9. The Company has taken Bank Guarantee of ^ 15 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 3 Lakhs (As at 31.03.23: ^ Nil) which has been given in favour of HMEL Organics (P) Ltd.

9.10. The Company has taken Bank Guarantee of ^ 5 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 1 Lakh (As at 31.03.23: ^ Nil) which has been given in favour of Marico Ltd.

9.11. The Company has taken Bank Guarantee of ^ 18.05 Lakhs (As at 31.03.23: ^ Nil) from IndusInd Bank Ltd against pledge of Fixed Deposit receipts of ^ 7.09 Lakhs (As at 31.03.23: ^ Nil) which has been given in favour of Assam Petro Chemicals Ltd.

e. Terms attached to equity shares

The Company has only one class of Ordinary Shares having a par value of ^ 10/- per share. Each holder of ordinary share is entitled to one vote per share and is entitled to dividend and to participate in surplus, if any, in the event of winding up.

f. Shareholding Pattern with respect of Holding or Ultimate Holding Company

The Company does not have any Holding Company or Ultimate Holding Company.

h. Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash for the period of five years immediately preceding the date as at which the Balance Sheet is prepared - Nil

i. No ordinary shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the Balance Sheet date.

j. No Ordinary Shares have been bought back by the Company during the period of 5 years preceding the date as at which the Balance Sheet is prepared.

k. No securities convertible into Equity/ Preference shares have been issued by the Company during the year.

l. No calls are unpaid by any Director or Officer of the Company during the year.

m. Disclosure of Shareholding of Promoters as at 31st March, 2024 is as follows:

16.1. The Company has availed cash credit facility, working capital term loan - NCGTC (under GECL scheme) and Bank Guarantee Limit with IndusInd Bank Ltd. 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, on movable fixed assets of the company both present and future except other assets exclusively financed by other banks, and equitable mortgage value of office premises of the Company, office premises of Inter State Capital Markets (P) Ltd (enterprise over which Directors and relatives of Directors having significant influence), and Fixed Deposit Receipt of ^ 15.04 Lakhs has been pledged with IndusInd Bank Ltd. and also the personal guarantee of Mr. Sanjay Jain, Director of the Company.

16.2. Loan taken from Tata Capital Financial Services Ltd. is secured against pledge of equity shares as given in Note No. 4.1.

17.1. Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED, 2006) have

a. Principal amount outstanding: ^ 32.43 Lakhs (As at 31.03.2023: ^ Nil)

b. Interest due thereon: ^ Nil (As at 31.03.2023: ^ Nil)

c. Interest paid by the Company in terms of Section 16 of MSMED 2006 alongwith amount of the payment made to the suppliers beyond the appointed day during the year: ^ Nil (As at 31.03.2023: ^ Nil)

d. Interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under MSMED 2006: ^ Nil (As at 31.03.2023: ^ Nil)

e. Interest accrued and remaining unpaid: ^ Nil (As at 31.03.2023: ^ Nil)

f. Further interest remaining due and payable in the succeeding years: ^ Nil (As at 31.03.2023: ^ Nil)

17.2. Trade Payables ageing Schedule (Refer Note No. 34)

30. Disclosures as per Section 186(4) of the Companies Act, 2013:

Details of Investments made are given under the respective heads.

During the year, the Company has not granted any loans and advances (in the nature of loan).

31. 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 ^ 32.43 Lakhs (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.

36. Additional Regulatory Information

a The Company has used the funds borrowed from banks for the specific purpose for which it was taken at the balance sheet date.

b. All the Title deeds of immovable properties are held in the name of the company during the year.

c. The Company do not have any investment property during the year.

d. The company has not revalued its Property, Plant and Equipments during the year.

e. The company has not revalued its intangible assets during the year.

f. The company has not granted any loans or advances (in the nature of loans) to Promoters, Directors, KMPs and the related parties during the year.

g. The Company do not have any Capital Work-in-Progress during the year.

h. The Company do not have any Intangible Asset under Development during the year.

i. The Company has neither any Benami property during the year nor any proceeding has been initiated or pending against the Company for holding any Benami property during the year.

j. The quarterly returns or statements of current assets filed by the Company with banks are not in agreement with the books of accounts. The reconciliation statement alongwith the reasons is as follows:

k. The Company is not declared a wilful defaulter by any borrowings from bank or financial institution or other lender during the year.

l. Relationship with Struck off Companies

The Company do not have any transactions with struck off companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

m. Registration of charges or satisfaction with Registrar of Companies

i. Induslnd Bank Ltd has not yet provided the signed copy of Form CHG 1 for creation of charge on Fixed Deposits amounting to ^ 44.61 Lakhs (as on 31.03.2024) against the Bank Guarantees amounting to ^ 262.88 Lakhs (as on 31.03.2024) issued to various parties. Therefore, the Company is unable to file the said form with Registrar of Companies for creation of charges on above assets.

ii. The Company has taken continuous action for filing of satisfactions of charges in respect of which borrowings has been repaid. Details of satisfactions of charges yet to be file with Registrar of Companies beyond the statutory period are mentioned as below:

n. Compliance with number of layer of companies

The company do not have any subsidiaries as per 2(87) of the Companies Act, 2013 during the year. Therefore, the said disclosure is not applicable.

o. No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

p. Undisclosed Income

The Company do not have any transactions which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

q. Corporate Social Responsibility

The company is not covered under section 135 of the Companies Act, 2013, therefore, disclosure in respect of Corporate Social Responsibility activities is not applicable.

r. Utilisation of Borrowed funds and share premium:

i. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether, directly or indirectly lend or invest in other persons/enti''ti''es identified in any manner whatsoever by or on behalf of the Company (''ultimate beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

ii. The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) during the year, with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

s. Details of Crypto Currency or Virtual Currency

The Company has neither traded nor invested in Crypto currency or Virtual Currency during the year.

38. CAPITAL MANAGEMENT

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

39. FINANCIAL INSTRUMENTS i. Valuation

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

a) The fair value of investment in quoted Equity Shares is measured at quoted price or NAV or cost as available with the management.

b) The fair value of investment in unquoted Equity Shares is measured at rate reflecting in demat statement as available with the management or at cost as no information is available with the management.

c) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

Note:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market are valued at rate reflecting in demat statement as available with the management or at cost as no information is available with the management.

ii. Foreign Currency Risk : N.A.

iii. Interest Rate Risk:

The following table shows exposure of the Company''s borrowings to interest rate changes at the end of the reporting period:

v. Credit Risk:

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due, causing financial loss to the company. Credit risk arises from company''s activities in investments and outstanding receivables from customers.

The Company has a prudent and conservative process for managing its credit risk arising in the course of its business activities. Dues from customers to whom sales are made on credit are generally recovered within credit days allowed to the customer.

v. Liquidity Risk:

Liquidity risk arises from the Company''s inability to meet its cash flow commitments on time. Prudent liquidity risk management implies maintaining sufficient stock of cash and marketable securities (^ 186.29 Lakhs as on 31st March 2024; ^ 320.24 Lakhs as on 31st March 2023). Company accesses financial markets to meet its liquidity requirements.

The Company''s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury pools the cash surpluses from across the different operating units and then arranges to either fund the net deficit or invest the net surplus in the market.

40. 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 Managerial Personnel (KMP):

a. Shanti Lal Jain, Whole Time Director

b. Sanjay Jain, Managing Director

c. Pooja Sarda, Independent Director

d. Nand Kumar Bhatter, Independent Director

e. Sunil Shah, Independent Director

f. Malay Das, Chief Financial Officer

g. Nikita Mohta, Company Secretary (Resigned w.e.f. 31.01.2023)

h. Rashmi Sharma, Company Secretary (Appointed w.e.f. 01.02.2023)

ii. Relatives of Key Managerial Personnel (KMP):

a. Gunmala Devi Jain

b. Amann Jain

c. Siddhant Jain

iii. Enterprises over which KMP or relatives of KMP exercise significant influence:

a. Inter State Capital Markets (P) Ltd

b. Inter State Liquid Logistics Ltd

c. Fluid Truckage (P) Ltd (Seized to a related party w.e.f 8^th June, 2023).

B. The company has adopted Projected Unit Credit Method for Gratuity. 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 liability of Gratuity is recognised on the basis of actuarial valuation carried out by Dr. R. Kannan. The following table summarizes the components of net benefit expenses recognised in Statement of Profit & Loss, etc:

42. Contingent Liabilities (to the extent not provided for)

i) Bank Guarantee

a. The Company has taken Bank Guarantee of ^ 83.22 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 18.76 Lakhs which has been given in favour of Brahmaputra Cracker & Polymer Ltd.

b. The Company has taken Bank Guarantee of ^ 55 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 8.78 Lakhs which has been given in favour of JKTyre & Industries Ltd.

c. The Company has taken Bank Guarantee of ^ 10 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 2 Lakhs which has been given in favour of Deepak Phenolics Ltd.

d. The Company has taken Bank Guarantee of ^ 15 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 0.58 Lakhs which has been given in favour of HPCL Mittal Energy Ltd.

e. The Company has taken Bank Guarantee of ^ 5 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 1 Lakh which has been given in favour of Commissioner, Excise, Department of Prohibition, Excise and Registration, Government of Bihar.

f. The Company has taken Bank Guarantee of ^ 10 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 2 Lakhs which has been given in favour of Qwik Supply Chain (P) Ltd.

g. The Company has taken Bank Guarantee of ^ 2 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 0.40 Lakhs which has been given in favour of Laxmi Organic Industries Ltd.

h. The Company has taken Bank Guarantee of ^ 15 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^3 Lakhs which has been given in favour of HMEL Organics (P) Ltd.

i. The Company has taken Bank Guarantee of ^ 5 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 1 Lakh which has been given in favour of Marico Ltd.

j. The Company has taken Bank Guarantee of ^ 18.05 Lakhs from Induslnd Bank Ltd against pledge of Fixed Deposit receipts of ^ 7.09 Lakhs which has been given in favour of Assam Petra Chemicals Ltd.

k. The Company has taken Bank Guarantee of ^ 7.50 Lakhs from Induslnd Bank Ltd which has been given in favour of Indian Oil Corporation Ltd.

l. The Company has taken Bank Guarantee of ^ 7.50 Lakhs from Induslnd Bank Ltd which has been given in favour of Bharat Petroleum Corporation Ltd.

ii) Income Tax

a. The Company has received demand amounting to ^ 0.02 Lakhs from Income Tax Department relating to assessment of T.D.S from F.Y. 2008-09, and F.Y. 2023-24 against which Company will file necessary rectification within appropriate time.

b. The company has received demand amounting to ^ 95.42 Lakhs from Income Tax Department relating to A.Y. 2017-18 u/s 143(3) of the Income Tax Act, 1961 against which Company has filed an appeal with CIT (Appeal - 3), Kolkata. However, ^ 96.95 Lakhs has been paid by the company against the said demand. The Company expects to sustain its position on ultimate resolution of the appeals.

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

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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.

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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.

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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.

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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.

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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.