The Directors have pleasure in presenting their Annual Report and the
 Audited Accounts of the Company for the year ended 31st March, 2011.
 
 FINANCIAL HIGHLIGHTS 
 
                                         (Rs in Lacs)     (Rs in Lacs)
 
 PARTICULARS                              2010-2011         2009-2010
 
 
 Total Income                               1826.29           1500.28
 
 Turnover                                   1691.57           1385.56
 
 Profit Before Interest & Tax                145.60            123.31
 
 Profit before Tax                            84.46             94.70
 
 Less: Provision for Taxation:- 
 
       Current year Tax                       15.75             14.00
 
       Deferred Tax                            2.10              1.57
 
 Income Tax Adjusted of earlier year           0.50             (0.33)
 
 Profit after Tax                             66.11             79.46
 
 Less: Transfer to Statutory
 Reserve Fund                                 13.22             15.89
 
 Amount available for Appropriation           52.89             63.57 
 
 Surplus B/f from the previous year          533.54            469.97
 
 Balance Carrier Forward                     586.43            533.54
 
 KEY INDICATORS 
 
 Share Capital                               499.23            499.23
 
 Reserve and Surplus                         738.16            672.05 
 
 Networth                                   1237.39           1171.28
 
 Fixed Assets                                774.12            745.85 
 
 Book Value per Share (Rs.)                   24.78             23.46
 
 EPS                                           1.32              1.59
 
 DIVIDEND 
 
 Because of meager profit during the year under review, your Directors
 do not recommend any payment of dividend in respect of the year ended
 31 March, 2011.
 
 OPERATING RESULTS
 
 The Total Income for the year ended 31 March, 2011 has been Rs. 1826.29
 lacs as against Rs. 1500.28 lacs in the previous year. Profit after
 taxation is Rs. 66.11 lacs as against Rs. 79.46 lacs in the previous
 year, showing increasing of in total income 22% but decreasing in
 profit due to under utilization of operating assets of equipment/
 machine segment. The under utilization has been due to adverse market
 condition. 
 
 FUTURE PROSPECTS 
 
 The transport sector''s fortune is fully intertwined with the economy of
 the country. The Indian economy is resilient but not immune from the
 happenings in the world economy. The growing at a compounded rate of 20%.
 Your directors are optimistic that the above growth rate will
 positively impact your Company also.
 
 PUBLIC DEPOSITS 
 
 The company has not accepted any deposits from the public, during the
 year under review.
 
 CAPITAL EXPENDITURE
 
 As at 31st March, 2011 the gross fixed assets stood at Rs. 1691.57 lacs
 and the net fixed assets at Rs. 774.12 lacs. Addition during the year
 amounted to Rs. 316.65 lacs.
 
 DIRECTORS
 
 Shri Shankar Lal Khandelwal and Shri Shanti Lal Jain retire by rotation 
 at the forth coming Annual General Meeting but being eligible, have
 offered themselves for re-appointment. Shri Neeraj Jain reigned from
 the Board w.e.f. 30th July 2011. Mr. Lalit Kumar Jain joined the Board
 as additional Director w.e.f. 1st August, 2011. As per Section 260 of
 the companies Act, 1956, he would hold office of Additional Director,
 til the conclusion of the forth coming Annual General Meeting. The
 company has, however, received a letter from a Member of the company,
 under section 257 of the companies Act, 1956, to the effect that, he
 would proposed the name of Mr. Lalit Kumar Jain for Directorship in the
 company in the forth coming Annual General Meeting.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As per Section 217(2AA) of the Companies Act, 1956 your Directors
 state:-
 
 i. That in the preparation of Annual Accounts, the applicable
 Accounting Standards had been followed and no material departures have
 been made for the same.
 
 ii. That the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company for that period.
 
 iii. That the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities.
 
 iv. That the Directors had prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE REPORT
 
 Corporate Governance Report including Management Discussion and
 Analysis Report has been annexed here to and marked as Annexure-A.
 
 AUDITORS 
 
 M/S Patni & Co., Chartered Accountants, the Auditors of the Company
 shall hold office till the conclusion of the ensuing Annual General
 Meeting and being eligible, offer themselves for re-appointment. The
 company has also received a certificate from them under section 224
 (1-B) of the Companies Act, 1956.
 
 AUDITORS REPORT
 
 The Auditors Report to the Share Holders does not contained any
 qualification.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees are drawing remuneration exceeding Rs. 500000 per
 month or Rs. 60, 00,000 per year. Hence, details required to be
 furnished in accordance with Section 217 (2A) of the Companies Act,
 1956 read with Companies (Particulars of Employees) Rules, 1975 are not
 required.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNING AND OUTGO.
 
 Your Company has no activity relating to conservation of energy or
 technology absorption to be declared pursuant to Section 217 (1) (e) of
 the Companies Act, 1956.
 
 There is no earning or outgo of Foreign Exchange during the year under
 review.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to place on record their appreciation of the
 assistance and co- operation extended to the Company by commercial
 Banks. Government of India, various State Governments, Share Holders
 and all others whose continued support has been a source of strength to
 the Company. Your Directors also wish to place on record their sincere
 appreciation of contribution and high level of commitment of every
 employee of the Company.
 
 
  
                                                   By Order of the Board
 
                                     For Inter State Oil Carrier Limited
 
 
                                                 Shanti Lal Jain 
 
                                                    (Chairman)
 
 Registered Office 
 
 Poddar Point, South Wing,
 
 5th Floor. 113, Park Street 
 
 Kolkata-700016 
 
 Dated: 24th August, 2011