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Interlink Petroleum Ltd.

BSE: 526512 Sector: Oil & Gas
NSE: N.A. ISIN Code: INE959G01016
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NSE 05:30 | 01 Jan Interlink Petroleum Ltd
OPEN 3.40
PREVIOUS CLOSE 3.40
VOLUME 200
52-Week high 7.71
52-Week low 3.40
P/E 170.00
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.57
Sell Qty 1.00
OPEN 3.40
CLOSE 3.40
VOLUME 200
52-Week high 7.71
52-Week low 3.40
P/E 170.00
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.57
Sell Qty 1.00

Interlink Petroleum Ltd. (INTERLINKPETRO) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INTERLINK PETROLEUM LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of INTERLINK PETROLEUMLIMITED ("the Company") which comprise the Balance Sheet as at 31 March 2018the Statement of Profit and Loss (including other comprehensive income) the Cash FlowsStatement and the statement of changes in equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (herein afterreferred to as "Standalone Financial Statements").

Management's Responsibility for the Standalone 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 financial statements that give a true and fair viewof the financial position financial performance (including other comprehensive income)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)prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 (as amended).

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 standalonefinancial 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 financial statementsbased on our audit. While conducting our audit we have taken into account the provisionsof the Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of standalone 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 financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018 and its losses (including other comprehensive income) its cashflows 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 financialstatements of 31 March 2018. Our opinion is not modified in respect of this matter:

1. Note No. 9A(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. 9B(i) of the Financial Statements regarding non provision of interest onunsecured Borrowings.

3. Note No. 22 of the Financial Statements regarding Impact and Justification on theAssumption of Going Concern.

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 financial statements comply with theIndian 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 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. the Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements-refer note no. 21 to the standalonefinancial statements of 31 March 2018;

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 the InvestorEducation and Protection

Fund by the Company;

For Santosh Gupta & Co

Chartered Accountants

(Firm's Registration No. 009713N)

Santosh Gupta (Partner)

Membership No. 088409

Place: Faridabad Date: 30 May 2018

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. 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) (a) (b) and (c) of the order is notapplicable.

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 2018 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 2018. 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 (` ``) 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 Santosh Gupta & Co

Chartered Accountants

(Firm's Registration No. 009713N)

Santosh Gupta (Partner)

Membership No. 088409

Place: Faridabad Date: 30 May 2018

Annexure B 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 2018 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 2018 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 Santosh Gupta & Co

Chartered Accountants

(Firm's Registration No. 009713N)

Santosh Gupta (Partner)

Membership No. 088409

Place: Faridabad Date: 30 May 2018