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Oil India Ltd.

BSE: 533106 | NSE: OIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE274J01014 | SECTOR: Oil Drilling And Exploration

BSE Live

Sep 27, 16:00
219.00 2.05 (0.94%)
Volume
AVERAGE VOLUME
5-Day
173,824
10-Day
177,758
30-Day
125,551
68,983
  • Prev. Close

    216.95

  • Open Price

    220.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 27, 15:59
219.30 2.30 (1.06%)
Volume
AVERAGE VOLUME
5-Day
2,137,457
10-Day
2,109,525
30-Day
1,708,026
983,630
  • Prev. Close

    217.00

  • Open Price

    219.60

  • Bid Price (Qty.)

    219.30 (325)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the accompanying financial statements of Oil India Limited (the Company) which comprise the Balance Sheet as at 31st March, 2012, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and Significant Account- ing Policies and Additional Notes, in which are incorporated the company's share in the total value of assets, liabilities, expenditure and income based on three audited and thirty seven unaudited financial statements of Joint Ventures for exploration and production of crude oil and natural gas. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those 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 amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by 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 ( Auditor's Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act and on the basis of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

4. Further to our comments in the Annexure referred under Para 3 above, we report that :

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company, so far as appear from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 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;

(e) On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of the Section 274 of the Companies Act, 1956; and

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and the Additional Notes give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

(ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(iii) In the case of the Cash Flow Statement, of the cash flow of the Company for the year ended on that date.

(Referred to in paragraph 3 of our report to the members of Oil India Limited (the company) for the year ended 31st March 2012.)

1. (a) The company has generally maintained proper records showing full particulars including quantitative details and situation of fixed assets. However, the records of the land are in the process of updation and reconciliation.

(b) The fixed assets, other than underground assets and joint venture assets, have been physically verified by the Management in phased manner designed to cover all items over a period of five years, which is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies have been noticed on such verification.

(c) None of the substantial part of fixed assets has been disposed off by the company during the year.

2. (a) Stocks of Crude Oil and Liquefied Petroleum Gas (LPG) have been physically verified by the management during the year and stock of stores and spare parts (excluding stock in transit and/or under inspection with suppliers/contractors) have been physically verified by the management in phased manner. The frequency of verification is reasonable.

(b) 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) The company is maintaining proper records in respect of stocks of crude oil, LPG and stock of stores and spare parts. No material discrepancies have been noticed on verification between the physical assets and the book records.

3. (a) The company has granted unsecured loan to one party covered in the register maintained under section 301 of the Companies Act, 1956 (the Act). The amount outstanding at the year end was Rs. 131 crores and the maximum amount outstanding at any time during the year was Rs. 131 crores.

(b) The rate of interest and other terms and conditions of the loan granted is not prima facie prejudicial to the interest of the company.

(c) The repayment of principal and the payment of interest is not yet due.

(d) There is no overdue amount in respect of loans granted to the party listed in the register maintained under section 301 of the Act.

(e) The company has not taken any loans secured or unsecured, from companies firms or other parties covered in the register maintained under section 301 of the Act and consequently, the requirements of clause (iii)(f) and (iii)(g) of paragraph 4 of the Order, are not applicable.

4. There exists an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. We have not observed any continuing failure to correct major weaknesses in internal control system of the company.

5. (a) The particulars of contracts or arrangement that need to be entered into the register maintained under Section 301 of the Act have been so entered.

(b) The transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of Rs. 5 lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public. Hence, the provisions of Sections 58A, 58AA or any other relevant provisions of the Act and the Rules framed thereunder are not applicable to the company.

7. The company has an internal audit system commensurate with the size and nature of its business.

8. The Central Government of India has prescribed maintenance of cost records under Section 209(1)(d) of the Act for the production of crude oil, natural gas, LPG, and pipeline activities for transportation of crude oil. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the rules made by the Central Government for the maintenance of such cost records and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, and other material statutory dues applicable to it.

(b) No undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty and excise duty were in arrears, as at 31.03.2012 for a period of more than six months from the date they became payable.

(c) Details of disputed dues in respect of income tax, sales tax, wealth tax, service tax, customs duty and excise duty which have not been deposited on account of any dispute are given below:-

Name of the Statute Nature Period to which the Amount Forum where of Dues amount relates (Rs. in Dispute is Financial year Crores) pending

Assam Taxation (on Tax on 2004-05 to 2011-12 624.82 High Court, specified land) Act, land Guwahati. 2004

Finance Act, 1994 Service 2003-04 0.79 CESTAT, Delhi Tax

Central Excise Act, Excise December 2008 to 14.27 CESTAT, 1944 Duty December 2009 Kolkata

January 2010 to 11.92 CESTAT, December 2010 Kolkata

10. The company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses during the financial year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any debentures.

12. The company has not granted any 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 or a nidhi / mutual benefit fund / society. Therefore the provisions of paragraph 4 (xiii) of the Order are not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments. Therefore, the provisions of Clause 4 (xiv) of the Order are not applicable to the company.

15. The company has not given any guarantee for loans taken by others from bank or financial institutions. Therefore, the provi- sions of clause 4 (xv) of the Order are not applicable to the company.

16. The company has not raised any term loan during the year.

17. The company did not raise any funds on short term basis which have been used for long term investment.

18. The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The company has not issued any debentures during the year.

20. The company has not raised any money by public issue during the year.

21. No fraud on or by the company has been noticed or reported during the course of our audit.

For SRB & ASSOCIATES For SAHA GANGULI & ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Regn. No: 310009E Firm Regn. No: 302191E

Sd/- Sd/-

(S.C. BHADRA) (S.K. SAHA)

Partner Partner

Membership No: 017054 Membership No: 051392

Place: New Delhi

Date: 28th May 2012