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ઇન્ટરલિંક પેટ્રોલિયમ

બીએસઈ: 526512  |  ઍનઍસઈ : N.A  |  ISIN: INE959G01016  |  Oil Drilling And Exploration

શોધો ઇન્ટરલિંક પેટ્રોલિયમ કનેક્શન � માર્ચ 14
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '15
a) BASIS OF PREPARATION:
 
 The financial statements of Interlink Petroleum Limited (the Company)
 are prepared under historical cost convention and on accrual basis in
 accordance with Generally Accepted Accounting Principles in India
 (GAAP). GAAP comprises mandatory accounting standards as prescribed
 under section 133 of the Companies Act, 2013 read with Rule 7 of
 Companies (Accounts) Rules 2014, provisions of the Act (to the extant
 notified), applicable guidance notes issued by The Institute of
 Chartered Accountants of India and guidelines issued by the Securities
 and Exchange Board of India. The accounting policies, in all material
 respects, have been consistently applied by the Company and are
 consistent with those used in the previous year.
 
 b) USE OF ESTIMATES:
 
 The preparation of financial statements requires the management of the
 Company to make estimates and assumptions that affect the reported
 balances of assets and liabilities and disclosures relating to
 contingent liabilities on the date of the financial statements and the
 reported amounts of revenues and expenses during the reporting period.
 Though management believes that the estimates used are prudent and
 reasonable, actual results could differ from these estimates.
 Difference between the actual results and estimates are recognized in
 the period in which the results are known / materialized.
 
 c) FIXED ASSETS, DEPRECIATION AND AMORTISATION:
 
 i. Tangible assets are stated at cost, less accumulated depreciation
 and impairment losses, if any. Cost comprises the purchase price and
 any attributable cost of bringing the asset to its working condition
 for its intended use. Borrowing and other financing costs including
 foreign exchange variation relating to acquisition of fixed assets,
 which take a substantial period of time to get ready for its intended
 use, are also included to the extent they relate to the period till
 such assets are ready to be put to use.
 
 ii. Intangible assets are recognized only if it is probable that the
 future economic benefits that are attributable to the asset will flow
 to the enterprise and the cost of the asset can be measured reliably.
 The intangible assets are recorded at cost and are carried at cost less
 accumulated amortization. Cost of intangible assets includes Borrowing
 and other financing costs including foreign exchange variation that are
 attributable to development of such intangible assets.
 
 iii. Depreciation on fixed assets is provided in accordance with the
 rates as specified in Schedule II to The Companies Act, 2013, on
 straight-line method, to at least 95% of the cost of the assets except
 in respect of assets of value less than Rs.5,000 each, which are
 depreciated fully in the year of acquisition.  Depreciation is charged
 pro-rata on monthly basis on all other assets from/up to the month of
 capitalization/sale, disposal and/or dismantle. Depreciation relating
 to assets attributable directly to qualifying asset including
 prospecting, exploration and development of oil and gas are capitalized
 as a part of Intangible Assets Under Development or Producing
 Properties, as the case may be.
 
 d) VALUATION OF INVENTORIES:
 
 i. Natural Gas is extracted from field as and when supply of gas is to
 be made. So there is no storage of Natural Gas available and hence
 there is no stock of natural gas.
 
 ii. The Closing Stock of Crude Oil in saleable condition is valued at
 Cost or Net Realizable Value less estimated selling costs, whichever is
 lower.
 
 iii.  Stores and spares are valued at lower of cost or net realizable
 value.
 
 e) PRELIMINARY EXPENSES:
 
 Preliminary expenses in the nature of expenses for incorporation of the
 Company, public issue expenses and like expenses; are amortized over a
 period of five years.
 
 f) EXPLORATION AND DEVELOPMENT COSTS:
 
 i. The Company is following Full Cost Method for allocating all costs
 incurred in prospecting, exploring and development of oil and gas
 including related finance cost and depreciation, which are accumulated,
 considering the country as a cost centre, as per the guidance note on
 Accounting for Oil and Gas producing activities issued by the institute
 of Chartered Accountants of India.
 
 ii. Exploration Costs involved in drilling and equipping exploratory
 and appraisal wells and cost of drilling exploratory type stratigraphic
 test wells are initially accounted for under the head Capital Work In
 Progress/Intangible Assets Under Development and are capitalized as
 Producing Properties when ready to commence commercial production.
 
 iii. All Costs relating to development wells, development type
 stratigraphic test wells and service wells are initially accounted for
 under the head Capital Work In Progress/Intangible Assets Under
 Development and are capitalized as Producing Properties when ready to
 commence commercial production.
 
 iv. Producing Properties are depleted using ''Unit of Production'' method
 based on estimated proved developed reserves. Any changes in
 Reserves/Cost are dealt with prospectively. Hydrocarbon reserves are
 estimated by the Company following the International Reservoir
 Engineering Principles and are approved by the appropriate
 authority(s).
 
 g) IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS:
 
 At each Balance Sheet date, the Company reviews the carrying amount of
 its assets to determine whether there is any indication that those
 assets have suffered an impairment loss. If any such indication exists,
 the recoverable amount of the asset is estimated in order to determine
 the extent of impairment loss and provide for impairment. Where the
 impairment loss subsequently reverses, the carrying amount of the asset
 (cash generating unit) is increased to the revised estimate of its
 recoverable amount, but so that the increased carrying amount does not
 exceed the carrying amount that would have been determined had no
 impairment loss been recognized for the asset in prior accounting
 periods.
 
 h) INVESTMENTS:
 
 Current investments are carried at the lower of cost and quoted / fair
 value. Long- term investments are stated at cost. Provision for
 diminution in the value of long-term investments is made only if such a
 decline is other than temporary in the opinion of the management.
 
 i) RECOGNITION OF INCOME AND EXPENDITURE:
 
 i. Revenue from sale of products is recognized on transfer of custody
 to customers. Any difference as of the reporting date between the
 entitlement quantities minus the quantities sold in respect of crude
 oil (including condensate) and gas, if positive is treated as inventory
 and, if negative, is adjusted to revenue by recording the same as
 liability.
 
 ii. Sales are inclusive of all statutory levies and taxes that are paid
 / payable to the government, based on the provisions under various laws
 and agreements governing Company''s activities in the respective
 field/project.
 
 iii. Any payment received in respect of short lifted gas quantity for
 which an obligation exists to supply such gas in subsequent periods is
 recognized as Deferred Revenue in the year of receipt. The same is
 recognized as revenue in the year in which such gas is actually
 supplied for the quantity supplied or in the year in which the
 obligation to supply such gas ceases, whichever is earlier.
 
 iv. Revenue in respect of interest on delayed realizations is
 recognized when there is reasonable certainty regarding ultimate
 collection.
 
 v. All income and expenditure items that have material bearing on the
 financial statements are recognized on accrual basis. However insurance
 claims are not accounted on accrual basis but are accounted for as and
 when received.
 
 j) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
 
 A provision is recognized when the Company has a present obligation as
 a result of past event and it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made based on technical evaluation and past
 experience. Provisions are not discounted to its present value and are
 determined based on management estimate required to settle the
 obligation at the balance sheet date. These are reviewed at each
 balance sheet date and adjust to reflect the current management
 estimate.
 
 Contingent liabilities are not recognized but are disclosed in the
 notes. Contingent Assets are neither recognized nor disclosed in the
 financial statements.
 
 k) ACCOUNTING FOR TAXATION:
 
 Income taxes are accounted for in accordance with Accounting Standard
 22 AS Accounting for Taxes on Income issued by the Institute of
 Chartered Accountants of India. Tax expense comprises both current and
 deferred tax. Current tax is measured at the amount expected to be paid
 to / recovered from the tax authorities using the applicable tax rates.
 Deferred tax assets and liabilities are recognized for future tax
 consequences attributable to timing differences between taxable income
 and accounting income that are capable of reversing in one or more
 subsequent periods and are measured using the relevant enacted tax
 rates. At each Balance Sheet date, the Company reassesses unrecognized
 deferred tax assets to the extent they have become reasonably certain
 or virtually certain of realization, as the case may be.
 
 I) BORROWING COSTS:
 
 Borrowing costs include interest and commitment charges on borrowings,
 amortisation of costs incurred in connection with the arrangement of
 borrowings, exchange differences to the extent they are considered a
 substitute to the interest cost and finance charges under leases.
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use. All other
 borrowing costs are charged to revenue.
 
 m) ACCOUNTING FOR EMPLOYEE BENEFITS:
 
 i.  Short term employee benefits are recognized in the year during
 which the services have been rendered.
 
 ii.  The Company has no policy for leave encashment.
 
 iii. Gratuity liability is a defined benefit obligation and is provided
 for on the basis of actuarial valuation under group gratuity scheme of
 Life Insurance Corporation of India at the end of each financial year.
 
 iv.  All other post retirement benefits to employees are accounted on
 cash basis.
 
 n) FOREIGN CURRENCY TRANSACTIONS:
 
 i. Foreign currency transactions on initial recognition in the
 reporting currency are accounted for at the exchange rates prevailing
 on the date of transaction.
 
 ii. At each Balance Sheet date, foreign currency monetary items are
 translated using the average of exchange rates prevailing on the
 balance sheet date and non-monetary items are translated using the
 exchange rate prevailing on the date of transaction or on the date when
 the fair value of such items are determined.
 
 iii. Losses or gains relating to the loans/deferred credits utilized
 for acquisition of fixed assets are adjusted to the carrying cost of
 the relevant assets. All the other exchange differences arising on the
 settlement of monetary items or on reporting of monetary items at the
 rates different from those at which they were initially recorded during
 the period, or reported in previous financial statements are recognized
 as income or expenses in the period in which they arise.
 
 o) SITE RESTORATION:
 
 At the end of the producing life of a field, costs are incurred to
 restore the site back to its original position.  The Company estimates,
 on a current basis, the cost (net of realisation) of site restoration
 and recognizes it as a liability and provides for the same. Such
 estimated cost of site restoration form part of the intangible assets
 under development or cost of producing properties, as the case may be,
 of the related asset. Any change in the value of the estimated
 liability is reflected as an adjustment to the provision and the
 corresponding intangible assets under development or producing
 property.
સ્તોત્ર: રેલીગેર ટેકનોવા


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