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Interlink Petroleum Ltd.

BSE: 526512 Sector: Oil & Gas
NSE: N.A. ISIN Code: INE959G01016
BSE 00:00 | 14 Jun Interlink Petroleum Ltd
NSE 05:30 | 01 Jan Interlink Petroleum Ltd
OPEN 4.85
PREVIOUS CLOSE 4.85
VOLUME 599
52-Week high 9.41
52-Week low 4.03
P/E
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.85
CLOSE 4.85
VOLUME 599
52-Week high 9.41
52-Week low 4.03
P/E
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Interlink Petroleum Ltd. (INTERLINKPETRO) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INTERLINK PETROLEUM LIMITED

Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements

We have audited the accompanying standalone Ind AS financial statements of INTERLINKPETROLEUM LIMITED ("the Company") which comprise the Balance Sheet as at 31March 2017 the Statement of Profit and Loss (including other comprehensive income) theCash Flows Statement and the statement of changes in equity for the year then ended and asummary of the significant accounting policies and other explanatory information (hereinafter referred to as "Standalone Ind AS Financial Statements").

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance (including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified in the Companies (Indian Accounting Standards) Rules 2015 (as amended) underSection 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. While conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade there under.

We conducted our audit of standalone Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2017 and its losses (including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters in the notes to the standalone Ind ASfinancial statements of 31 March 2017. Our opinion is not modified in respect of thismatter:

1. Note No. 12A(iii) of the Financial Statements regarding non provision of interest onECB Borrowings from Loyz Oil Pte Ltd. consequent to the waiver of interest.

2. Note No. 12B(ii) of the Financial Statements regarding non provision of interest onunsecured Borrowings.

3. Note No. 26 of the Financial Statements regarding Impact and Justification on theAssumption of Going Concern:

Other Matters

The comparative financial information of the Company for the year ended 31 March 2016and the transition date opening balance sheet as at 01 April 2015 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 (as amended) for the year ended 31 March 2016 which were audited by us onwhich we have expressed an unmodified opinion dated 25 May 2016 and for the year ended 31March 2015 which were audited by other auditor on which they have expressed an unmodifiedopinion dated 27 May 2015 respectively. The adjustments to those financial statements forthe differences in accounting principles adopted by the Company on transition to the IndAS have been audited by us on which we have expressed an unmodified opinion vide ourreport dated 22 May 2017. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inthe paragraph 3 and 4 of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards specified in the Companies (Indian Accounting Standards)Rules 2015 (as amended) under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its standalone Ind AS financial statements-refer note no. 25 to the standaloneInd AS financial statements of 31 March 2017;

ii. the company is not required to make any provisions under the applicable law or IndAS for material foreseeable losses on long term contracts including derivativecontracts; iii. there were no amounts which were required to be transferred to theInvestor Education and Protection

Fund by the Company;

iv. the Company has provided requisite disclosures in note no. 9B to the financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8 November 2016 to 30 December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the Management.

For Shirish Desai & Co.

Chartered Accountants

(Firm's Registration No. 112226W)

Jaydeep A. Samani

(Partner)

M. No. 150207

Place: Vadodara

Date: 30 May 2017

Annexure A to Independent Auditors' Report

Referred to Paragraph 1 under the heading of "Report on Other Legal and RegulatoryRequirements" of our report of even date

i. In respect of fixed assets

(a) The company has maintained proper records showing full particulars includingquantitative 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 havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noticed on such verification.

(c) No immovable property has been owned by the company during the year for which titledeed is required.

ii. The Company does not have any inventory of raw material and finished goods duringthe year. Also during the year whole of the inventory of stores and spares parts hasbeen written off being no realizable value. Accordingly paragraphs 3 (ii) (a) (b) and (c)of the order are not applicable.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013.Accordingly paragraphs 3 (iii) (a) (b) and (c) of the order are not applicable.

iv. In our opinion and according to information and explanations given to us thecompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of grant of loans making investments and providing guarantees and securitiesas applicable.

v. According to information and explanations gives to us the company has not acceptedany deposit and hence reporting under paragraph 3(v) of the order is not applicable.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the

Central Government for the maintenance of cost records under section 148(1) of theCompanies Act 2013 related to the extraction of crude oil and natural gas and are ofthe opinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same. vii.

(a) According to the information and explanations given to us in respect of statutoryand other dues 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 DutyService Tax Excise Duty Cess and other material statutory dues have been generallyregularly deposited with the appropriate authorities.

According to the information and explanations given to us there is no undisputedamounts payable in respect of the aforesaid dues were outstanding as at March 31 2017 fora period of more than six months from the date they become payable.

(b) According to the information and explanations given to us no disputed amountspayable in respect of Wealth-tax Sales Tax/VAT Custom duty Excise duty and Cess were inarrears as at 31st March 2016. However according to the information and explanationgiven to us the following dues of income tax have not been disposed of by the company onaccount of disputes:

Name of the Statute Nature of the Dues Amount (Rs.) Period for which amount Relates Forum where dispute is Pending
Income Tax Act 1961 Income Tax and Interest Under Section 143 (3) 4520/- A.Y. 2011-2012 Circle1(1)(2) Vadodara

viii. In our opinion and according to information and explanation given to us thecompany has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government. The company has not issued any debentures. ix. Thecompany did not raise any money by way of initial public offer or further public office(including debt instruments) & term loans during the year. Accordingly Paragraph3(IX) of the order is not applicable.

x. To the best of our knowledge and according to information & explanations givento us no material fraud by the company or on the company by its officers or employees hasbeen noticed or reported during the year.

xi. In our opinion and according to the information & explanations given to us& based on our examination of the records of the company the company hasprovided/paid for managerial remuneration in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Act.

xii. In our opinion & according to the information & explanations given to usthe company is not a Nidhi company.

Accordingly paragraph 3(Xii) of the order is not applicable.

xiii. In our opinion and according to information & explanations given to us &based on our examination of the records of the company transactions with related partiesare in compliance with section 177 & 188 of the Companies act 2013 where applicable& details of such related party transaction have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underparagraph 3(xiv) of the order is not applicable to the company.

xv. In our opinion and according to the information and explanations given to us &based on our examination of the records of the company the company has not entered intonon-cash transactions with directors or persons connected with him. According theparagraph 3(xv) of the order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934

For Shirish Desai & Co.

Chartered Accountants

(Firm's Registration No. 112226W)

Jaydeep A. Samani

(Partner)

M. No. 150207

Place: Vadodara

Date: 30 May 2017

Annexure C to Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of INTERLINKPETROLEUM LIMITED ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Shirish Desai & Co.

Chartered Accountants

(Firm's Registration No. 112226W)

Jaydeep A. Samani

(Partner)

M. No. 150207

Place: Vadodara

Date: 30 May 2017