Inter State Oil Carrier Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Inter State Oil Carrier's audit record is clean on its face: seven straight unqualified opinions, and a corporate structure with no subsidiaries or associates or joint ventures. But the clean opinions sit alongside a decade of regulator queries, a related-party tanker-hire contract that exceeds the company's own materiality threshold, and recurring discrepancies between bank statements and books that the auditor accepts on management's word.

Key findings

  1. Promoter-group tanker-hire contract exceeds the materiality threshold Major - The FY2025-26 AGM notice seeks approval for a ₹20 crore per-year contract with Inter State Capital Markets Pvt. Ltd., where Managing Director Sanjay Jain is also a Director and Promoter, for three years from 01 April 2026 to 31 March 2029. That exceeds the ₹10.87 crore materiality threshold, being 10% of standalone total income of ₹108.67 crore for FY ended 31 March 2026. Receivables from related enterprises were nil in FY2023, rose to ₹1.65 crore in FY2024, fell to ₹35.92 Lakhs in FY2025, and stood at ₹1.46 crore in FY2026.
  2. Clean opinions with KAMs and unresolved charge filings Major - The company received an unqualified opinion for FY2025-26, which reported two Key Audit Matters (Investments in Securities; Revenue recognition). The secretarial auditor flagged two charges on the MCA site for repaid loans with no satisfaction filed with ROC in FY2025-26. Quarterly returns filed with banks did not agree with books for April-November 2025, with the FY2025-26 CARO report accepting the gap as "reasonably explained by management".
  3. A decade of BSE queries, penalties, and RBI cancelling the NBFC registration Major - BSE levied a penalty of ₹11,800 for a 2-day delay in filing audited results for the year ended 31.03.2022. BSE also issued queries on shareholding-pattern discrepancies in July 2021, November 2021, and March 2024, and on significant price movements in October 2021 and July 2022. RBI cancelled the company's NBFC registration on 10 February 2020.
  4. Investments in liquidated or insolvent companies carried at cost, no impairment Major - In FY2025-26, investments in International Hometex Ltd (under liquidation) and Reliance Mediaworks Ltd (under Corporate Insolvency Resolution Process) are valued at cost, with no impairment recognised. Other investments in companies under liquidation or CIRP are valued at the rate in the demat statement as available with management. The same treatment appears in each year from FY2021-22 through FY2024-25.
  5. Promoter family holds both directorships, with escalating remuneration Minor - Managing Director Sanjay Jain is father of Whole-Time Director Siddhant Jain, and both are promoters. Siddhant Jain's re-appointment for 2027-2030 is proposed by Special Resolution, with remuneration including a Performance Linked Incentive of up to 5.00% of PAT where PAT is up to ₹3 Crore and 7.50% where PAT exceeds ₹3 Crore, capped at ₹10,00,000 per year. The company will pay this as minimum remuneration for 3 years, notwithstanding profits. Sanjay Jain's remuneration rose from ₹29,30,190 in FY2022-23 to ₹54.17 Lakhs in FY2025-26.
  6. One abrupt auditor resignation, with conflicting stated reasons Minor - M/s. Vasudeo & Associates resigned with immediate effect on 14 August 2021, citing "commercial reasons" in the AGM statement, while the exchange disclosure said the resignation was "due to disagreement Wrt increase in the Audit Fees". The current auditor, Patni & Co., has served since the 38th AGM on 20 September 2022 and holds office until the 43rd AGM in 2027.
  7. Contingent liabilities span bank guarantees, GST and income-tax disputes Minor - The company reports contingent liabilities of bank guarantees aggregating ₹3.14 crore as of FY2025-26, up from ₹2.33 crore. A GST demand of ₹30.05 Lakhs for FY2020-21 was raised in FY2025-26, with ₹1.66 Lakhs paid and an appeal to be filed with the State GST Tribunal, Kolkata. Income-tax demands include ₹95.42 Lakhs for A.Y. 2017-18 with appeal before CIT (Appeal-3), Kolkata.
  8. No subsidiaries, associates, or joint ventures in any year reviewed Clean - The company reported having no subsidiary, associate, or joint venture as of 31 March 2026. CARO reports across FY2021-22, FY2022-23, and FY2024-25 consistently confirm this, and state the company is not a Core Investment Company.

What to watch

Bottom line: This is a disclosed and audited record with a simple structure and no hidden vehicles. The risk is concentrated in the relationship between the company and its promoter group: a related-party contract that exceeds the materiality threshold, bank facilities secured by that group's assets, and an auditor who has accepted bank-statement gaps on management's explanation in the FY2025-26 CARO report. Watch the AGM vote and whether the charge-satisfaction filings ever get resolved.