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Interlink Petroleum Ltd.

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

BSE Live

Apr 12, 15:40
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Interlink Petroleum is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
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Interlink Petroleum is not listed on NSE

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of Interlink Petroleum Ltd. (The Company) as at 31st March, 2009 and the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 (together The Order) issued by the Central Government Of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, and on the basis of information and explanation given to us, and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Without qualifying our report, we invite attention to Note 2, 3 and 5 of Schedule 14 Note Forming Part of Accounts regarding the following: (i) Write off of amounts paid to Late Sajive Nair, ex-Chairman and Managing Director; (ii) Non-competence fee paid to Mrs. Shaila Kartha, ex-Executive Director; (iii) Capitalization of expenses as Capital Work-in-Progress. Further to our comments in the Annexure referred in paragraph (3) above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956, subject to the qualifications & notes to accounts; v) On the basis of the written representations received from the directors as on 31St March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956. vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and notes on accounts give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India; a) In the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2009; b) In the case of the profit and loss account, of the loss for the year ended on that date; and c) In the case of the cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE 1. In respect of its fixed assets: a. Proper records of fixed assets are maintained. b. Physical verification of the fixed assets has been conducted by the management during the year. There were no material discrepancies between physical count and fixed assets as per the records. c. The company has disposed off some of its fixed assets during the year. As per the information and explanation given to us on our enquiries the disposal of assets during the year was not substantial so as to have an impact on the operations of the company or affect its going concern. 2. In respect of its inventories: a. The Company is currently in the business of extraction of natural gas from the field, which is supplied as and when it is extracted. So there is no storage of 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 explanations given to us, the procedures of physical verification of inventories 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 explanations given to us, the Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956; a. The company had taken loan from M/s Jit Sun Investment Pte Ltd. covered in register maintained under Section 301 of the Companies Act, 1956. The opening balance of the same was Rs. NIL lacs and its closing balance is Rs. 12.33 lacs. The maximum balance during the year was Rs. 12.33 Lacs. The loan taken is interest free and other terms and conditions on which the loan has been taken are not prima facie prejudicial to the interest of the company. In respect of loan taken, whether the amount has been repaid regularly or not cannot be commented upon, as there is no stipulation as regards to the repayment of the amount. b. The company has given loans & deposits to one company and two parties covered in register maintained under section 301 of the Companies Act 1956. The maximum amount involved during the year was Rs. 114.03 lacs and the year end balance of loan and deposits granted to such parties was Rs.4.23 lacs. The loan and deposit given is interest free and other terms and conditions on which the loan and deposit has been given are prima facie not prejudicial to the interest of the company except for an amount of Rs. 109.81 lacs given to Ex-Chairman and Managing Director. Refer Note No. 2 in Schedule: 14 (B) for Notes forming Part of Accounts. In respect of loan given, whether the amount has been received regularly or not cannot be commented upon, as there is no stipulation as regards to the repayment of the amount. However, the deposit given is receivable at the end of the lease period. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business for purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5. In respect of transaction covered under section 301 of the Companies Act, 1956; a. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements, that needed to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, for purchase of services made in pursuance of contracts or arrangements entered in to the Register in pursuance of Section 301 of Act and exceeding the value of Rupees Five Lacs in respect of each party during the year, no comparison of prices could be made available as the services are of special nature. There were no purchase of goods and materials, and sale of goods, materials and services during the year. 6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Section: 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 7. In our opinion and according to the information and explanations given to us the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and nature of its business. 8. We have been informed that the Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 for the product of the company. 9. According to the information and explanations given to us in respect of statutory and other dues: a. We are informed that the provisions of Employees Provident Fund Act & Employees State Insurance Act, 1948 are not applicable to the Company during the year. According to the records of the Company, undisputed statutory dues including Investors Education and Protection Fund, Income-tax, Sales-tax/ VAT, Wealth Tax, Custom Duty, Service Tax, Excise Duty, Cess, Fringe Benefits Tax and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2009 for a period of more than six months from the date of becoming payable except undisputed amounts of Rs. 0.54 lacs being royalty payable to Government of Gujarat. b. According to the information and explanations given to us, no disputed amounts payable in respect of income-tax, wealth-tax, sales-tax/ vat, Customs duty, excise duty, service tax, fringe benefits tax and cess were in arrears, as at 31st March, 2009. 10. The accumulated losses of the Company are not more than fifty percent of its net worth. The company has incurred a cash loss of Rs. 180.78 lacs during the financial year covered by our audit and in the immediately preceding financial year the company had incurred the cash Loss amounting to Rs. 114.70 lacs. In arrival of the accumulated losses and net worth we have considered the qualifications which are quantifiable in the audit report of the years to which such losses pertains. 11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions/banks as at the Balance sheet date. The Company has not issued any Debenture. 12. 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. Therefore, the provisions of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 13. In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 14. In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. As such the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 15. Based on examination of documents and records made available and on the basis of information 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 records of the Company, the company has not obtained any term loans. Hence, comments under the clause are not called for. 17. According to Information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, there are no funds raised on a short term basis, which has been used for long term purpose, 18. The Company has made preferential allotments of 10310000 equity shares of face value of Rs. 10 each have been made to parties mentioned in the register maintained under section 301 of the Companies Act, 1956 at a price of Rs. 16.72 per share. In our opinion, the price of Rs. 16.72 per share at which the allotment has been made is not prejudicial to the interest of the company. 19. The Company has neither issued nor had any outstanding debentures during the year. 20. The Company has not raised any money by way of public issue during the year. 21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company which is material in amount and nature has been noticed or reported during the course of our audit. For, Shirish Desai & Co. Chartered Accountants Place: Noida Dilip K. Thakkar Date : 25-06-2009 Partner Membership No. 31269