Embed Size (px)
Citation preview
(CAJMIHIR H SHAH amp CO Chartered 4ccountants
INDEPENDENT AUDITORS REPORT
To The Members
INDO CAT PRIVATE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of INDO CAT PRIVATE LIMITED which comprise the Balance Sheet as at 311032014 and the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information
Management Responsibility for the Financial Statements
Management is responsible for the preparation of these fmancial statements that give atrue and fair view of financial positionfinancial performance 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) The responsibility includes the design implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatements whether due to fraud or error
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with the standards 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 misstatements
Audit involves performing procedure to obtain audit evidence about the amounts and disclosure in the financial statements The procedure selected depend upon auditors judgment including the assessment of the
risk of material misstatements of the financial statements whether due to fraud or error In making those risk assessment the auditor considers internal control relevant to the Companys preparation and fair presentation
of the financial statements in order to design audit procedure that are appropriate in the circumstances An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management as well as evaluating the overall presentation of financial statements
We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
Opinion
In our opinion and to the 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 the accounting principles generally accepted in India
(a) in case of the Balance Sheet of the state of affairs of the Company as at 3l032014
(b) in case of Profit and Loss Account of the Loss for the year ended on that date and
(CA)MIHIR H SHAH amp CO CharteredAccountants
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditors Report) Order2003(the order) issued by Central Government of India in terms of sub-section (4A) of section 227 of the Act We give in the Annexure a statements 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 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 examinations of those books
c the Balance Sheet Statement of Profit and Loss dealt with by this Report are in agreement with the books of account
d In our opinion the Balance Sheet Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act1956
e On the basis of written representations received from the directors as on 311032014 and taken on record by the Board of Directors none of the director is disqualified as on
311032014 from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act 1956
For MIHIR H SHAH amp Co
Proprietor) F R No 123407W Date IS lh May 2014 Place New Delhi
(CA)MIHIR H SHAH amp CO CharteredAccountants
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the auditors report to the Members of INDO CAT PRIVATE LIMITED for the year ended March 31 2014 We report that
1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets
(b) In our opinion and according to the information and explanations given to us All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its business and assets No material discrepancies were noticed on verification
(c) None of the Fixed As~ets disposed off during the year Hence it does not affects its going concern
2 There is no inventory during the year
3 (a) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms or other parties listed in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
(b) As informed to us the company has not taken any loans or advances from companies firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
4 In our opinion and according to the information and explanations given to us the Company has internal control procedures commensurate with the size of the company and nature of its business for purchase of fixed assets Since company has not started production there are no purchase of inv~ntory amp sale of goods During our audit we have not observed any continuing failure to correct major weaknesses in internal controls
5 (a) According to the information and explanations given t6 us there are no transactions that needs to be
entered in the register in pursuance of section 30 I of the Act (b) There are no transactions made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act 1956 exceeding the value of rupees five lacs in respect of any party duri ng the year
6 In our opinion and according to information and explanations given to us the Company has not accepted any deIJosits from the public and consequently the directives issued by the Reserve Bank of India the provisions of Sections 58A and 58AA of the Companies Act 1956 and the rules framed thereunder are not applicable
7 The company does not have any formal internal audit system but we are convinced that control procedures instituted by the management ensure reasonable internal checking of its financial amp other transactions
8 According to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (l) of Section 209 of the Companies Act 1956 in respect of services carried out by the Company
(CJ)MIHIR H SHAH amp CO Cliarterecflccountants
9 According to the information middotand explanations given to us and on the basis of our examination of the books of account we are of the opinion that Provident Fund Employees State Insurance and Wealth Tax provisions are not applicable to the company however company has been regular in depositing undisputed other statutory dues with appropriate authorities
10 The Company has been incorporated for a period exceeding five (5) years As per the Financial Statements The accumulated losses at the end of the year as on March 31 2014 are less than its net worth The company has incurred cash losses in the financial year under report amp in the immediately preceeding financial year
11 The Company has neither taken any loans from a financial institution and a bank nor issued any debentures
12 In our opinion and according to the information and explanations given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities
13 The Company is not a chit fund nidhi mutual benefit fund or a society Accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company
14 According to the information and explanations given to us the Company is not dealing or trading in shares securities debentures and other investments Accordingly the provisions of clause 4(xiv) of the Order are not applicable to the company
15 According to the infonnation and explanations given to us the Company has not given any guarantee for loans taken by others from banks or financial institutions
16 According to the information and explanations given to us the Company has not raised any funds on short-term or long-term basis All assets have been funded by shareholders funds
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that no short term fund was raised by the company which was used for long term investment or vice versa during the year under audit
18 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
19 Neither during the financial year under consideration nor during the earlier year any debentures were issued by the company Hence the question of security or charge does not arise
20 The Company has not raised any money by public issues during the year
21 According to the information and explanations given to us no fraud on or by the Company has been noticed or report~d during the year
In our opinion the all other clauses of the Companies (Auditors Report) 2003 is not presently applicable to the company
For MIHIR H SHAH amp Co
Indo Cat Private Limited Balance Sheet as on 31st March 2014
Amtln ~
Particulars Notes 31-Mar-2014 31-Mar-2013
I EQUITIES amp LIABILITIES 1 Shareholders Funds a) Share Capital b) Reserves amp Surplus c) Money received against share warrants
2 Share Application Money Pending Allotment
3 Non Current Liabilities a) Long Term Borrowings b) Deferred Tax Liailities(Net) c) Other Long Term Liabilities d) Long Term Provisions
4 Current Liabilities a) Short Term Borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions
TOTAL
II APPLICATION OF FUNDS 1 Non Current Assets a) Fixed Assets
(i) Tangible Assets (ii) Intengible Assets (iii) Capital Work in Progress (iv) Intengible assets under development
b) Non Current Investments c) Deferred Tax Assets (Net) d) Long Term Loans amp Advances e) Other non current assets
2 Current Assets a) Current Investments b) Inventories
c) Trade Receivables d) Cash amp Cash Equivalents e) Short Term Loans amp Advances f) Other Current Assets
TOTAL
Statement of Significant Accounting Policies amp Notes on Accounts
A B -
-
C -D E
F -G H
I -J -K -L M
N 0 P Q
R S
V
140122000 (8172557)
-
133922000 (8104083)
-131949443 125817917
2004998
9752065 ---
-
13752317 ---
9752065 13752317 -
--
4010256 -
269912 -
4010256 -
4010256 4280168 147716762 143850401
61244043 -
86367931 ---
- --
61 244043 -
82475553 -----
147611974 143719596
---
104788 --
---
130805 --
104788 130805 147716762 143850401
As per our report of even date attached ~~For MIHIR H SHAH amp CO ~ (Dr RK Malhotra) (Ashwini Sharma) Chairman Director
~ ~~~ (Dr M K Prabhu) (SK Pathak) CEO CFO ampCS
Chartered Accountants
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
(CA)MIHIR H SHAH amp CO CharteredAccountants
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditors Report) Order2003(the order) issued by Central Government of India in terms of sub-section (4A) of section 227 of the Act We give in the Annexure a statements 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 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 examinations of those books
c the Balance Sheet Statement of Profit and Loss dealt with by this Report are in agreement with the books of account
d In our opinion the Balance Sheet Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act1956
e On the basis of written representations received from the directors as on 311032014 and taken on record by the Board of Directors none of the director is disqualified as on
311032014 from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act 1956
For MIHIR H SHAH amp Co
Proprietor) F R No 123407W Date IS lh May 2014 Place New Delhi
(CA)MIHIR H SHAH amp CO CharteredAccountants
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the auditors report to the Members of INDO CAT PRIVATE LIMITED for the year ended March 31 2014 We report that
1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets
(b) In our opinion and according to the information and explanations given to us All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its business and assets No material discrepancies were noticed on verification
(c) None of the Fixed As~ets disposed off during the year Hence it does not affects its going concern
2 There is no inventory during the year
3 (a) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms or other parties listed in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
(b) As informed to us the company has not taken any loans or advances from companies firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
4 In our opinion and according to the information and explanations given to us the Company has internal control procedures commensurate with the size of the company and nature of its business for purchase of fixed assets Since company has not started production there are no purchase of inv~ntory amp sale of goods During our audit we have not observed any continuing failure to correct major weaknesses in internal controls
5 (a) According to the information and explanations given t6 us there are no transactions that needs to be
entered in the register in pursuance of section 30 I of the Act (b) There are no transactions made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act 1956 exceeding the value of rupees five lacs in respect of any party duri ng the year
6 In our opinion and according to information and explanations given to us the Company has not accepted any deIJosits from the public and consequently the directives issued by the Reserve Bank of India the provisions of Sections 58A and 58AA of the Companies Act 1956 and the rules framed thereunder are not applicable
7 The company does not have any formal internal audit system but we are convinced that control procedures instituted by the management ensure reasonable internal checking of its financial amp other transactions
8 According to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (l) of Section 209 of the Companies Act 1956 in respect of services carried out by the Company
(CJ)MIHIR H SHAH amp CO Cliarterecflccountants
9 According to the information middotand explanations given to us and on the basis of our examination of the books of account we are of the opinion that Provident Fund Employees State Insurance and Wealth Tax provisions are not applicable to the company however company has been regular in depositing undisputed other statutory dues with appropriate authorities
10 The Company has been incorporated for a period exceeding five (5) years As per the Financial Statements The accumulated losses at the end of the year as on March 31 2014 are less than its net worth The company has incurred cash losses in the financial year under report amp in the immediately preceeding financial year
11 The Company has neither taken any loans from a financial institution and a bank nor issued any debentures
12 In our opinion and according to the information and explanations given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities
13 The Company is not a chit fund nidhi mutual benefit fund or a society Accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company
14 According to the information and explanations given to us the Company is not dealing or trading in shares securities debentures and other investments Accordingly the provisions of clause 4(xiv) of the Order are not applicable to the company
15 According to the infonnation and explanations given to us the Company has not given any guarantee for loans taken by others from banks or financial institutions
16 According to the information and explanations given to us the Company has not raised any funds on short-term or long-term basis All assets have been funded by shareholders funds
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that no short term fund was raised by the company which was used for long term investment or vice versa during the year under audit
18 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
19 Neither during the financial year under consideration nor during the earlier year any debentures were issued by the company Hence the question of security or charge does not arise
20 The Company has not raised any money by public issues during the year
21 According to the information and explanations given to us no fraud on or by the Company has been noticed or report~d during the year
In our opinion the all other clauses of the Companies (Auditors Report) 2003 is not presently applicable to the company
For MIHIR H SHAH amp Co
Indo Cat Private Limited Balance Sheet as on 31st March 2014
Amtln ~
Particulars Notes 31-Mar-2014 31-Mar-2013
I EQUITIES amp LIABILITIES 1 Shareholders Funds a) Share Capital b) Reserves amp Surplus c) Money received against share warrants
2 Share Application Money Pending Allotment
3 Non Current Liabilities a) Long Term Borrowings b) Deferred Tax Liailities(Net) c) Other Long Term Liabilities d) Long Term Provisions
4 Current Liabilities a) Short Term Borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions
TOTAL
II APPLICATION OF FUNDS 1 Non Current Assets a) Fixed Assets
(i) Tangible Assets (ii) Intengible Assets (iii) Capital Work in Progress (iv) Intengible assets under development
b) Non Current Investments c) Deferred Tax Assets (Net) d) Long Term Loans amp Advances e) Other non current assets
2 Current Assets a) Current Investments b) Inventories
c) Trade Receivables d) Cash amp Cash Equivalents e) Short Term Loans amp Advances f) Other Current Assets
TOTAL
Statement of Significant Accounting Policies amp Notes on Accounts
A B -
-
C -D E
F -G H
I -J -K -L M
N 0 P Q
R S
V
140122000 (8172557)
-
133922000 (8104083)
-131949443 125817917
2004998
9752065 ---
-
13752317 ---
9752065 13752317 -
--
4010256 -
269912 -
4010256 -
4010256 4280168 147716762 143850401
61244043 -
86367931 ---
- --
61 244043 -
82475553 -----
147611974 143719596
---
104788 --
---
130805 --
104788 130805 147716762 143850401
As per our report of even date attached ~~For MIHIR H SHAH amp CO ~ (Dr RK Malhotra) (Ashwini Sharma) Chairman Director
~ ~~~ (Dr M K Prabhu) (SK Pathak) CEO CFO ampCS
Chartered Accountants
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
(CA)MIHIR H SHAH amp CO CharteredAccountants
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the auditors report to the Members of INDO CAT PRIVATE LIMITED for the year ended March 31 2014 We report that
1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets
(b) In our opinion and according to the information and explanations given to us All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the company and the nature of its business and assets No material discrepancies were noticed on verification
(c) None of the Fixed As~ets disposed off during the year Hence it does not affects its going concern
2 There is no inventory during the year
3 (a) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms or other parties listed in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
(b) As informed to us the company has not taken any loans or advances from companies firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 hence the question of rate of interest term amp conditions and repayment does not arise
4 In our opinion and according to the information and explanations given to us the Company has internal control procedures commensurate with the size of the company and nature of its business for purchase of fixed assets Since company has not started production there are no purchase of inv~ntory amp sale of goods During our audit we have not observed any continuing failure to correct major weaknesses in internal controls
5 (a) According to the information and explanations given t6 us there are no transactions that needs to be
entered in the register in pursuance of section 30 I of the Act (b) There are no transactions made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act 1956 exceeding the value of rupees five lacs in respect of any party duri ng the year
6 In our opinion and according to information and explanations given to us the Company has not accepted any deIJosits from the public and consequently the directives issued by the Reserve Bank of India the provisions of Sections 58A and 58AA of the Companies Act 1956 and the rules framed thereunder are not applicable
7 The company does not have any formal internal audit system but we are convinced that control procedures instituted by the management ensure reasonable internal checking of its financial amp other transactions
8 According to the information and explanations given to us the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (l) of Section 209 of the Companies Act 1956 in respect of services carried out by the Company
(CJ)MIHIR H SHAH amp CO Cliarterecflccountants
9 According to the information middotand explanations given to us and on the basis of our examination of the books of account we are of the opinion that Provident Fund Employees State Insurance and Wealth Tax provisions are not applicable to the company however company has been regular in depositing undisputed other statutory dues with appropriate authorities
10 The Company has been incorporated for a period exceeding five (5) years As per the Financial Statements The accumulated losses at the end of the year as on March 31 2014 are less than its net worth The company has incurred cash losses in the financial year under report amp in the immediately preceeding financial year
11 The Company has neither taken any loans from a financial institution and a bank nor issued any debentures
12 In our opinion and according to the information and explanations given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities
13 The Company is not a chit fund nidhi mutual benefit fund or a society Accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company
14 According to the information and explanations given to us the Company is not dealing or trading in shares securities debentures and other investments Accordingly the provisions of clause 4(xiv) of the Order are not applicable to the company
15 According to the infonnation and explanations given to us the Company has not given any guarantee for loans taken by others from banks or financial institutions
16 According to the information and explanations given to us the Company has not raised any funds on short-term or long-term basis All assets have been funded by shareholders funds
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that no short term fund was raised by the company which was used for long term investment or vice versa during the year under audit
18 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
19 Neither during the financial year under consideration nor during the earlier year any debentures were issued by the company Hence the question of security or charge does not arise
20 The Company has not raised any money by public issues during the year
21 According to the information and explanations given to us no fraud on or by the Company has been noticed or report~d during the year
In our opinion the all other clauses of the Companies (Auditors Report) 2003 is not presently applicable to the company
For MIHIR H SHAH amp Co
Indo Cat Private Limited Balance Sheet as on 31st March 2014
Amtln ~
Particulars Notes 31-Mar-2014 31-Mar-2013
I EQUITIES amp LIABILITIES 1 Shareholders Funds a) Share Capital b) Reserves amp Surplus c) Money received against share warrants
2 Share Application Money Pending Allotment
3 Non Current Liabilities a) Long Term Borrowings b) Deferred Tax Liailities(Net) c) Other Long Term Liabilities d) Long Term Provisions
4 Current Liabilities a) Short Term Borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions
TOTAL
II APPLICATION OF FUNDS 1 Non Current Assets a) Fixed Assets
(i) Tangible Assets (ii) Intengible Assets (iii) Capital Work in Progress (iv) Intengible assets under development
b) Non Current Investments c) Deferred Tax Assets (Net) d) Long Term Loans amp Advances e) Other non current assets
2 Current Assets a) Current Investments b) Inventories
c) Trade Receivables d) Cash amp Cash Equivalents e) Short Term Loans amp Advances f) Other Current Assets
TOTAL
Statement of Significant Accounting Policies amp Notes on Accounts
A B -
-
C -D E
F -G H
I -J -K -L M
N 0 P Q
R S
V
140122000 (8172557)
-
133922000 (8104083)
-131949443 125817917
2004998
9752065 ---
-
13752317 ---
9752065 13752317 -
--
4010256 -
269912 -
4010256 -
4010256 4280168 147716762 143850401
61244043 -
86367931 ---
- --
61 244043 -
82475553 -----
147611974 143719596
---
104788 --
---
130805 --
104788 130805 147716762 143850401
As per our report of even date attached ~~For MIHIR H SHAH amp CO ~ (Dr RK Malhotra) (Ashwini Sharma) Chairman Director
~ ~~~ (Dr M K Prabhu) (SK Pathak) CEO CFO ampCS
Chartered Accountants
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
(CJ)MIHIR H SHAH amp CO Cliarterecflccountants
9 According to the information middotand explanations given to us and on the basis of our examination of the books of account we are of the opinion that Provident Fund Employees State Insurance and Wealth Tax provisions are not applicable to the company however company has been regular in depositing undisputed other statutory dues with appropriate authorities
10 The Company has been incorporated for a period exceeding five (5) years As per the Financial Statements The accumulated losses at the end of the year as on March 31 2014 are less than its net worth The company has incurred cash losses in the financial year under report amp in the immediately preceeding financial year
11 The Company has neither taken any loans from a financial institution and a bank nor issued any debentures
12 In our opinion and according to the information and explanations given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares debentures and other securities
13 The Company is not a chit fund nidhi mutual benefit fund or a society Accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company
14 According to the information and explanations given to us the Company is not dealing or trading in shares securities debentures and other investments Accordingly the provisions of clause 4(xiv) of the Order are not applicable to the company
15 According to the infonnation and explanations given to us the Company has not given any guarantee for loans taken by others from banks or financial institutions
16 According to the information and explanations given to us the Company has not raised any funds on short-term or long-term basis All assets have been funded by shareholders funds
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that no short term fund was raised by the company which was used for long term investment or vice versa during the year under audit
18 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
19 Neither during the financial year under consideration nor during the earlier year any debentures were issued by the company Hence the question of security or charge does not arise
20 The Company has not raised any money by public issues during the year
21 According to the information and explanations given to us no fraud on or by the Company has been noticed or report~d during the year
In our opinion the all other clauses of the Companies (Auditors Report) 2003 is not presently applicable to the company
For MIHIR H SHAH amp Co
Indo Cat Private Limited Balance Sheet as on 31st March 2014
Amtln ~
Particulars Notes 31-Mar-2014 31-Mar-2013
I EQUITIES amp LIABILITIES 1 Shareholders Funds a) Share Capital b) Reserves amp Surplus c) Money received against share warrants
2 Share Application Money Pending Allotment
3 Non Current Liabilities a) Long Term Borrowings b) Deferred Tax Liailities(Net) c) Other Long Term Liabilities d) Long Term Provisions
4 Current Liabilities a) Short Term Borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions
TOTAL
II APPLICATION OF FUNDS 1 Non Current Assets a) Fixed Assets
(i) Tangible Assets (ii) Intengible Assets (iii) Capital Work in Progress (iv) Intengible assets under development
b) Non Current Investments c) Deferred Tax Assets (Net) d) Long Term Loans amp Advances e) Other non current assets
2 Current Assets a) Current Investments b) Inventories
c) Trade Receivables d) Cash amp Cash Equivalents e) Short Term Loans amp Advances f) Other Current Assets
TOTAL
Statement of Significant Accounting Policies amp Notes on Accounts
A B -
-
C -D E
F -G H
I -J -K -L M
N 0 P Q
R S
V
140122000 (8172557)
-
133922000 (8104083)
-131949443 125817917
2004998
9752065 ---
-
13752317 ---
9752065 13752317 -
--
4010256 -
269912 -
4010256 -
4010256 4280168 147716762 143850401
61244043 -
86367931 ---
- --
61 244043 -
82475553 -----
147611974 143719596
---
104788 --
---
130805 --
104788 130805 147716762 143850401
As per our report of even date attached ~~For MIHIR H SHAH amp CO ~ (Dr RK Malhotra) (Ashwini Sharma) Chairman Director
~ ~~~ (Dr M K Prabhu) (SK Pathak) CEO CFO ampCS
Chartered Accountants
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Balance Sheet as on 31st March 2014
Amtln ~
Particulars Notes 31-Mar-2014 31-Mar-2013
I EQUITIES amp LIABILITIES 1 Shareholders Funds a) Share Capital b) Reserves amp Surplus c) Money received against share warrants
2 Share Application Money Pending Allotment
3 Non Current Liabilities a) Long Term Borrowings b) Deferred Tax Liailities(Net) c) Other Long Term Liabilities d) Long Term Provisions
4 Current Liabilities a) Short Term Borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions
TOTAL
II APPLICATION OF FUNDS 1 Non Current Assets a) Fixed Assets
(i) Tangible Assets (ii) Intengible Assets (iii) Capital Work in Progress (iv) Intengible assets under development
b) Non Current Investments c) Deferred Tax Assets (Net) d) Long Term Loans amp Advances e) Other non current assets
2 Current Assets a) Current Investments b) Inventories
c) Trade Receivables d) Cash amp Cash Equivalents e) Short Term Loans amp Advances f) Other Current Assets
TOTAL
Statement of Significant Accounting Policies amp Notes on Accounts
A B -
-
C -D E
F -G H
I -J -K -L M
N 0 P Q
R S
V
140122000 (8172557)
-
133922000 (8104083)
-131949443 125817917
2004998
9752065 ---
-
13752317 ---
9752065 13752317 -
--
4010256 -
269912 -
4010256 -
4010256 4280168 147716762 143850401
61244043 -
86367931 ---
- --
61 244043 -
82475553 -----
147611974 143719596
---
104788 --
---
130805 --
104788 130805 147716762 143850401
As per our report of even date attached ~~For MIHIR H SHAH amp CO ~ (Dr RK Malhotra) (Ashwini Sharma) Chairman Director
~ ~~~ (Dr M K Prabhu) (SK Pathak) CEO CFO ampCS
Chartered Accountants
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
----
Indo Cat Private Limited Statement Of Profit And Loss
For The period from 01042013 to 31032014
Amtln f
Particulars Notes 31-Mar-2014 31-Mar-2013
Revenue from operations (Gross)
Less Excise Duty
Revenue from operations (Net)
Other Income
Total Revenue
Expenses
Cost of materials consumed
Purchase of Stock-in-Trade
Changes in Inventory
Employee benefit expenses
Finance cost
Depreciation and Amortisation on
a) Tangible Assets
b) Intangible Assets
Other Expenses Total Expenses
Profit before Prior Period Exceptional Items and Tax
Income I (Expenses) pertaining to Prior Years (Net)
Profit before Exceptional Items and Tax
Exceptional Items
Profit before extraordinary items and tax
Extraordinary Items
Profit before Tax
Tax Expense
Gurrent Tax
Mat Credit Entitlement
Fringe Benefit tax
Deferred Tax
Profit(Ioss) for the period from continuing operations
Profit(Ioss) from discontinuing operations
Tax expense of discontinuing operations
Profit(Ioss) from Discontinuing operations(after tax)
Profit I (loss) for the year
Earning per Equity Share (f)
-
-
-----
--
T
U
--
--
--
--
- -
-
---
--
-
---
--
-68474
-53047
68474 53047
(68474)
-(53047)
(8051036)
(68474) (8104083
(68474) (8104083
(68474) (8104083
- -
--
----
(68474) (8104083
--
--
- -(68474) (8104083
- -
~q-
(Dr RK Malhotra) (Ashwini Sharma)
Chairman Director
-t-~JhL(Proprietor) -shy(Dr M K Prabhu) (SK Pathak)
Date 15th May 2014 CEO CFO ampCS Place New Delhi
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTEmiddot A SHARE CAPITAL Amtln (
31middotMarmiddot2014 31middotMarmiddot2013
a) Authorised 100000000 Equity Shares of Rs 101middot each 1000000000 1000000000
b)
c)
d)
Issued Capital 14012200 Equity Shares of Rs 101middot each (Previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed amp Fully Paid up Capital 14012200 Equity Shares of Rs 101middot each (previous Year 13392200 Equity Shares of Rs 101middot each)
Subscribed but not fully paid capital
140122000
140122000
middot
133922000
133922000
middot
TOTAL 140122000 133922000
NOTEmiddot A (I) RECONCILIATION OF NUMBER OF SHARES
PARTICULARS Nos
310312014 Amt( Nos
310312013 Amt (
OPENING SHARE CAPITAL 13392200 133922000 12552200 125522000 ADD SHARE ISSUED DURING THE YEAR 620000 6200000 840000 8400000 ADD RIGHT J BONUS SHARES ISSUED DURING THE YEAR middot middot middot middot TOTAL 14012200 140122000 13392200 133922000 LESS BUY BACK OF SHARES middot middot middot middot LESS REDUCTION IN CAPITAL middot middot middot middot CLOSING SHARE CAPITAL 14012200 140122000 13392200 133922000
NOTEmiddot A (II) LIST OF SHAREHOLDERS HOLDING MORE THAN 5 OF THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY
NAME OF SHAREHOLDERS NO OF SHARES HELD 31032014 3110312013
INDIAN OIL CORPQRATION LTD INTERCAT INC
14012198 middot
6696100 6696100
TOTAL NO OF SHARES 14012198 13392200
The company has only one class of equity shares having a face value of Rs 101middot per share Each equity shareholder is entitled to one vote per share Issued Equity Shares have no differential voting rights preferences or any restrictions attached thereto
The company has not reserved any equity shares for issue under options or under any contracts I commitments or under any agreements etc
The Company has not alloted any equity shares as fully paid up pursuant to any contracts or as bonus shares nor bought back any equity shares during the period of five years immediately preceeding the reporting date
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - B RESERVES AND SURPLUS Amt In t
31-Mar-2014 31-Mar-2013
a) Profit and Loss Account Balance as per last Years accounts ProfiV(Loss) transferred from Profit amp Loss Alc
(8104083)
(68474)
-(8104083)
TOTAL (8172557) (8104083
NOTE - C LONG TERM BORROWINGS Amt Int
31-Mar-2014 31-Mar-2013
a) b)
c) d) e) f)
Bonds I Debentures Term Loans i) From Banks ii) From other parties
Secured GIDC - Ankleshwar (Plot No 15) GIDC - Ankleshwar (Plot No 16) (Secured against Land)
Unsecured Deferred payment liabil ities Deposits Loans amp Advances from related parties Long Term maturities of Finance Lease Obligations
TOTAL
-
-
4498600 5253465
----
-
-
-
6747700 7004617
---_
-9752065 13752317
- There is no continuing default as on balance sheet date in repayment of loans and interest where applicable by the company during the year
- Secured Loans are secured against Land Plot of the Company
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - D OTHER LONG TERM LIABILITIES Amt InC
31-Mar-2014 31-Mar-2013
a) Trade Payables - -b) Others - -
TOTAL - -NOTE - E LONG TERM PROVISIONS
Amt InC
shy31-Mar-2014 31-Mar-2013
a) Provisions for Employee Benefits - -b) Others - -
TOTAL - -NOTE - F SHORT TERM BORROWINGS
AmtlnCbull 31-Mar-2014 31-Mar-2013
a)
b) c) d)
Loans repayable on Demand i) From Banks ii) From other parties Loans amp Advances from related parties Deposits Other Loans amp Advances
-----
--
269912- --
TOTAL - 269912
Loans ampAdvances from related parties are obtained from the promotors of the company
NOTE - G OTHER CURRENT LIABILITIES Amt In C
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
h) i)
j)
bull
Current maturities of Long Term Debt Current maturities of Long Finance Lease Obligations Interest accrued but not due on borrowings Interest accrued and due on borrowings Income received in advance Unpaid Dividiends Application money received for allotment of securities and due for refund and interest accrued
Unpaid matured deposits amp interest accrued Unpaid matured debentures amp interest accrued
Other Payables - Dues of creditors - TDS payable
TOTAL
4000256 ---
-
10000 -
4000256 ---
-
10000 -
4010256 4010256
NOTE - H SHORT TERM PROVISIONS Amt InC
31-Mar-2014 31-Mar-2013
a) b)
Provisions for Employee Benefits Others
--
--
TOTAL - -
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited
NOTEmiddotI TANGIBLE ASSETS Amtln ~
PARTICULARS AT COST DEPRECIATION NET BLOCK
Gross Block as aI1 413
Addilions during the
year
Transfers To
Conslruction WIP
Disposals during the
yem-
Transfers Deductions Reclassifimiddot
cations
Gross Block as al
31032014
Dep as on 142013
For the Period Transfers Deductions Reclassifimiddot
calions
Total upto 31 032014
As at 31032014
As at 31032013
Landmiddot Freehold 61244043 middot 61244043 61244043 61244043
i
Tolal 61 244 043 middot 61244043 61 244043 61244 043 I
Previous Year 79604 091 2835329 21 195377 middot 61244043 61244 043 79604091 i
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
---
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE _ J CAPITAL WORK-IN-PROGRESS Amt In
31-Mar-2014 31-Mar-2013
1 Construction Work-in-progress - Fixed Assets (including unallltgtcated capital expenditure materials at site)
2 Advance for Capital expenditure 3 Capital Stores 4 Capital GoOds-in-Transit 5 Construction Period Expenses pending allocation
-
---
33287076
---
Balance at the Beginning of Year Add Net Expenditure during the year (NOTEmiddotJ-1 )
Less Transferred to prior period items
82475553 3892377
-
25213763 26371072
2396357 TOTAL 86367931 82475553
NOTE J-1 CONSTRUCTION PERIOD EXPENSES (NET) DURING THE YEAR Amlin
bull
bull
31-Mar-2014 31-Mar-2013
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
i
Auditors Fees Bank Charges Communication Expenses Consultancy Fees Depreciation Books amp PeriOdicals Electricity Expenses Interest on GIDC Land House Keeping Expenses GIDC Charges Insurance Exp Land Survey Charges Misc Expenses Payment to and provision for employees Printing amp Stationery Rates amp Taxes Rent Repairs amp Maintenance ROC Filling Fees Travelling Expenses Assets Written Off Loss on Sale of Fixed Assets Sundry Balances Written-Off
Total Expenses
Less Interest Earned on Fixed Deposit Net Expenditure during the year
-850 -----
2275293 -
1886146 ------------
(269912)
-1674
-J
----
21195377
-4613732
-560289
-----------
3892377
-
26371 072
-3892377 26371072
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - K NON CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Investment - -b) Other Investment - -
TOTAL - -
NOTE L LONG TERM LOANS amp ADVANCES Amlln~
bull
31-Mar-2014 31-Mar-2013
a) b) c) d)
Capital Advances Security Deposits Loans amp Advances to related partaies Other Loans amp Advances - Advance Lease Rentals (i) Secured considered good (ii) Unsecured considered good (iii) Unsecured considered doubtful
-------
-------
TOTAL - -
NOTE - M OTHER NON CURRENT ASSETS Amt In ~
31-Mar-2014 31-Mar-2013
a) Long Term Trade Receivables - -b) Others - -
TOTAL - -
NOTE - N CURRENT INVESTMENTS Amt In ~
31-Mar-2014 31-Mar-2013
a) b) c) d) e) f) g)
Investments in Equity Instruments Investments in Preference Shares Investments in Gov or Trust SecuriUes Investments in debentures or bonds Investments in Mutual Funds Investments in Partnership Firms Other Investments
-------
-------
TOTAL - -
NOTE - 0 INVENTORIES Amtln ~
31-Mar-2014 -31-Mar-2013
a) Raw Materials - -b) Work in Process - -c) Finished goods - -d) Stock in Trade - -e) Stores amp Spares - -f) Loose Tools - -g) Others - -
TOTAL - -
NOTE - P TRADE RECEIVABLES Amt In ~
31-Mar-2014 31-Mar-2013
a) Trade Receivables Receivables outstanding for less then Six Months Receivables outstanding for more then Six Months
--
--
- -Secured - considered good Unsecured - considered good
--
--
TOTAL - -
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Notes to Balance Sheet as at 31st March 2014
NOTE - Q CASH AND CASH EQUIVALENTS Am Inf
I 31-Mar-2014 31 -Mar-2013
a) b) c) d)
Balances with banks Cheques drafts on hand Cash on Hand Othes
104788 ---
130805 ---
TOTAL 104788 130805
NOTE - R SHORT TERM LOANS amp ADVANCES Am Inf 31-Mar-2014 31-Mar-2013
a) Loans amp Advances to related parties - -b) Others - -
TOTAL - -
NOTE - S OTHER CURRENT ASSETS Am In
31-Mar-2014 31-Mar-2013
a) Preliminary Expenses - 5654679
Less Amortised during the year - 5654679
TOTAL - -
-shy
e_
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited Note - T - Other Expenses
Amtln t
bull
Particulars 31middotMarmiddot2014 31middotMarmiddot2013
Auditors Fees
Domestic Travels
Legal amp Professional Fees
ROC Filing Fees
10000
20624
34750
3100
10000
16347
24700
2000
TOTAL 68474 53047
Note - U - Income I Expenses Relating To Previous Years
Amtln t
Particulars 31middotMarmiddot2014 31-Mar-2013
Income
Miscellaneous Income
Sale of Power amp Water
Sale of Products
Total Income
Expenditure Purchase of Products and Crude
Raw Materials Consumption
Depreciation and Amortization on Tangible Assets
Intangible assets
Payment to Auditors
Legal amp Professional Fees
Travel amp Stay Exp
ROC Filing Fees
Rent
Rates amp Taxes Provision on Stores
Payment to and Provision for Employees
Other Expenses - Preliminary Exp Written Off
Total Expediture
NET INCOME I(EXPENDITURE)
middot middot middot middot -----
--
t ----
middot middot middot
--
130489
199755
2040113
26000
----
5654679
- 8051036
- (8051036)
~
~~ ~- ~fo f~Q
(~( 0 ( MNoll3894 (lFRNo123407W_ )
~~- ~ 9red~co~~
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
NOTE - V Statement of Significant Accounting POlicies amp Notes On Accounts
1 The financial statements are prepared under historical cost convention on an accrual basis and comply the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act 1956
2 Fixed Assets are recognised on Historical Cost basis
3 Recognition of Income and Expenditure Items of Income and Expenditure are recognized on accrual basis
4 Revenue Expenses for the period have been recognised as Construction Period Expenses Pending Allocation under Capital Work in Progress These expenses would be capitalized on completion of construction period
5 Depreciation on fixed assets are provided in accordance with the rates as specified in Schedule XIV to the Companies Act1956 on Straight line method upto 95 oflhe cost of the assets Depreciation is charged pro-rata on quarterly basis on assets fromupto the quarter of capitalisationsale disposal and dismantled during the year
6 Transaction in foreign currency are recorded at exchange rates prevailing on the date of transaction 7 Monetary items denominated in foreign currencies (such as payables etc) outstanding at the year end are translated at
exchange rates applicable as at the year end
8 Estimated amount of contracts remaining to be executed on capital accounts are disclosed in each case above Rs 5 Lakhs
9 Previous years comparative figures has been regrouped and recast to the extent practicable wherever necessary
10 Commercial Operations has not been started amp in near future there is uncertainty about sufficient profitability of the company
Provision for Deffered Tax Asset as mentioned in AS-22 Accounting for taxes on income has not been recognised
11 During the year company has transferred Rs 26991159 os balance of Inter Cat Inc pertaining to foreign exchange fluctuation fund to Sundry Balances Written off under the headconstruction period expense for the year
12 On March 27 2014 company has recorded transfer of 7006100 Fully paid Equity Shares of Rs 10- from Inter Cat Inc to Indian Oil Corporation LId By virtue of transfer of shares from Intercatlnc to Indian Oil Corporation LId The Transferee company becomes the majority share holder holding 9999 share holding of the company
13 Auditors remuneration include
Statutory Audit Fees 10000 10000 Reimbursement of Out of Pocket Exp
14 The interest amI of Rs 2275293- paid to GIDC on outstanding payment towards purchase of land at GIDC Dahej has been shown as Interest on GIDC Loan
15 In compliance with revised schedule VI the amount payable in the year 2014-15 towards principle portion of Secured Loans has been shown seperately under the head Current Maturity of Long Term DebY in the Note G-Other Current Liablilities
16 In compliance of Accounting Standard-18 on Related Party Disclosuresthe required information is given as per Annexuremiddot1 to this Note
As per our report of even date attached For MIHIR H SHAH amp CO Chartered A~~~tts=- (Ashwlnl Sharma)
Director
1 ~1-fi~ -~~
CFOampCS
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
Indo Cat Private Limited
Annexure - Related Party Disclosures 1-_ bullbull I~
51 2013-14 2012-13 No
0
Name of related Party
Amount of Transaction during the
Outstanding Balance as on 31032014 Provision made I
written off
Amount of Transaction during the
Outstanding Balance as on 31032013 Provision
made I written off
year Debit
Balance
Credit Balance
year Debit Balance
Credit Balance
1 Relationship A) Joint Venture Companies
MIs Indian Oil Cororation Ltd MIs Intercat Inc
2 The following transactions were carried out with related party in the ordinary course of business
(a) Details relating to parties referred to in item No 1 above
(i) Outstanding Payable
--~
6200000
- -
-------shy -
-
-- ----shy
8400000
-
- 269912
-
