Moneycontrol
Get App
SENSEX NIFTY
you are here:

Interlink Petroleum Ltd.

BSE: 526512 | NSE: | Series: NA | ISIN: INE959G01016 | SECTOR: Oil Drilling And Exploration

BSE Live

Apr 12, 15:40
3.23 0.00 (0.00%)
Volume
No Data Available
100
  • Prev. Close

    3.23

  • Open Price

    3.23

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    3.23 (1000)

Interlink Petroleum is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Interlink Petroleum is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Interlink Petroleum Ltd. (''The Company''), which comprises the Balance Sheet as at March 31,2015, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India, including the accounting standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making Judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively, for ensuring the accuracy, and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards, and the matters which are required to be included in the audit report under the provisions of the Act, and the Rifles made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the company''s preparation of the financial statements that give a true and fair view in order to design audit procedures, that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the State of affairs of the company as at 31st March, 2015 and its losses and its cash flows for the year ended on that date. Emphasis of Matters We draw attention to the following matters in the Notes to the financial statements requiring emphasis by us. Our opinion is not qualified in respect of these matters. 1. Note No. 3(d) of the Financial Statements regarding non provision of interest on ECB Borrowings from Loyz Oil Pte Ltd. consequent to the waiver of interest. 2. Note No. 5(b) of the Financial Statements regarding non provision of interest on unsecured Borrowings. 3. Note No. 25 of the Financial Statements regarding Impact and Justification on the Assumption of Going Concern: Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the order) issued by the Central Government of India in terms of Sub-section (11) of Section 143 of the Act, we give in the annexure a statement on the matter specified in the Paragraph 3 & 4 of the order, to the extent applicable. 2. As required by section 143(3) of the Act, we report that: a) we have sought and obtained all the 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 accounts as required by law have been kept by the company so far as it appears from our examination of those books. c) the balance sheet, the statement of profit and loss and the cash flow statement dealt with by this report are in agreement with the books of accounts. d) in our opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) rules, 2014; e) on the basis of the written representations received from the directors as on 31st March, 2015, taken on records by board of directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of section 164(2) of the Act; f) with respect to the other matters to be included in the auditor''s report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. the company has disclosed the impact of pending litigations on its financial position in its financial statements-Refer Note 31 to the financial statements; ii. the company is not required to make any provisions under the applicable law or accounting standards, for material foreseeable losses, on long term contracts including derivative contracts; iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company; The Annexure referred to in our Independent Auditors Report to the members of the company on the financial statements for the year ended 31st March, 2015, we report that: I. In respect of fixed assets (a) The company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets (b) All fixed assets have been physically verified by the management during the year. There is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. II. In respect of inventory (a) The Company is currently in the business of exploration and production of crude oil and natural gas from the oil and/or gas field(s), which is supplied as and when they are extracted. There is no storage of crude oil or natural gas available and hence physical verification of natural gas stock is not applicable. However, stores and spare parts have been physically verified by the management at reasonable intervals during the year. (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventory and no material discrepancies were noted on physical verification. III. The 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 covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence not commented upon. IV. In our opinion and according to information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets and sale of goods & services. During the course of audit, we have not observed any major weakness in the internal control system of the Company in respect of these areas. V. The company has not accepted any deposits from the public. VI. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the extraction of crude oil and natural gas, and are of the opinion that pfima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. VII. (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues applicable to it. The provisions relating to provident fund employees'' state insurance are not applicable to the Company. (b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, value added tax and cess on account of any dispute, are as follows: Name of the Statute Nature of the Dues Amount Period for which Forum where Rs. in Lacs amount Relates dispute is Pending Income Tax Act 1961 Income Tax Penalty and Interest 37.33 A.Y. 2009-2010 ITAT, Ahmedabad (c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. VIII. The accumulated losses of the Company are more than fifty percent of its net worth. The company has incurred a cash loss of Rs.234.89 Lacs during the financial year covered by our audit and in the immediately preceding financial year the company had incurred cash Loss of Rs.140.21 Lacs. IX. During the Year the ECB taken from DBS Bank in F.Y. 2010-11, F.Y. 2011-12 & F.Y. 2012-i3 of US$ 9 Million has been repaid by the Promoter Company (Loyz Oil Pte Ltd.) on behalf of the company and resultantly the refinancing of the same has been done by the Promoter Company, permission of which has already been taken from Reserve Bank of India. The company has not issued any debentures till 31st March, 2015. X. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. XI. In our opinion and according to the information and explanations given to us, the term loans have been applied by the company during the year for the purpose for which they were obtained. XII. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no material fraud on or by the Company has been noticed or reported during the year. For Shirish Desai & Co. Chartered Accountants Firm Registration No. 112226W Jaydeep A. Samani Date : 30th May, 2015 (Partner) Place: Noida Membership No.150207