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ઇન્ટરલિંક પેટ્રોલિયમ

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

શોધો ઇન્ટરલિંક પેટ્રોલિયમ કનેક્શન � Mar 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Interlink
 Petroleum Ltd. (''The Company''), which comprises the Balance Sheet as at
 March 31,2015, the Statement of Profit and Loss and the Cash Flow
 Statement of the Company for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation and presentation of these financial statements that
 give a true and fair view of the financial position, financial
 performance and cash flows of the company in accordance with the
 accounting principles generally accepted in India, including the
 accounting standards specified under section 133 of the Act, read with
 rule 7 of the Companies (Accounts) rules 2014. This responsibility also
 includes maintenance of adequate accounting records in accordance with
 the provisions of the Act for safeguarding the assets of the company
 and for preventing and detecting frauds and other irregularities;
 selection and application of appropriate accounting policies; making
 Judgments and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial control,
 that were operating effectively, for ensuring the accuracy, and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards, and the
 matters which are required to be included in the audit report under the
 provisions of the Act, and the Rifles made there under.  We conducted
 our audit in accordance with the Standards on Auditing specified under
 section 143(10) of the Act. Those standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatements.  An audit involves performing procedures
 to obtain audit evidence about the amounts and disclosures in the
 financial statements. The procedures selected depend on the auditor''s
 judgment, including the assessment of the risks of material
 misstatement of the financial statements, whether due to fraud or
 error. In making those risk assessments, the auditor considers internal
 financial control relevant to the company''s preparation of the
 financial statements that give a true and fair view in order to design
 audit procedures, that are appropriate in the circumstances, but not
 for the purpose of expressing an opinion on whether the company has in
 place an adequate internal financial controls system over financial
 reporting and operating effectiveness of such controls.  An audit also
 includes evaluating the appropriateness of the accounting policies used
 and the reasonableness of the accounting estimates made by the
 Company''s directors, as well as evaluating the overall presentation of
 the financial statements. We believe that the audit evidence that we
 have obtained is sufficient and appropriate to provide a basis for our
 audit opinion on the financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act, in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India, of the State of affairs of the company as
 at 31st March, 2015 and its losses and its cash flows for the year
 ended on that date.
 
 Emphasis of Matters
 
 We draw attention to the following matters in the Notes to the
 financial statements requiring emphasis by us.  Our opinion is not
 qualified in respect of these matters.
 
 1.  Note No. 3(d) of the Financial Statements regarding non provision
 of interest on ECB Borrowings from Loyz Oil Pte Ltd. consequent to the
 waiver of interest.
 
 2.  Note No. 5(b) of the Financial Statements regarding non provision
 of interest on unsecured Borrowings.
 
 3.  Note No. 25 of the Financial Statements regarding Impact and
 Justification on the Assumption of Going Concern:
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 order) issued by the Central Government of India in terms of
 Sub-section (11) of Section 143 of the Act, we give in the annexure a
 statement on the matter specified in the Paragraph 3 & 4 of the order,
 to the extent applicable.
 
 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 best of our knowledge and belief were necessary for the
 purpose of our audit.
 
 b) In our opinion proper books of accounts as required by law have been
 kept by the company so far as it appears from our examination of those
 books.
 
 c) the balance sheet, the statement of profit and loss and the cash
 flow statement dealt with by this report are in agreement with the
 books of accounts.
 
 d) in our opinion, the aforesaid financial statements comply with the
 accounting standards specified under section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) rules, 2014;
 
 e) on the basis of the written representations received from the
 directors as on 31st March, 2015, taken on records by board of
 directors, none of the directors is disqualified as on 31st March,
 2015, from being appointed as a director in terms of section 164(2) of
 the Act;
 
 f) with respect to the other matters to be included in the auditor''s
 report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and 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
 financial position in its financial statements-Refer Note 31 to the
 financial statements;
 
 ii.  the company is not required to make any provisions under the
 applicable law or accounting standards, for material foreseeable
 losses, on long term contracts including derivative contracts;
 
 iii.  There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company;
 
 The Annexure referred to in our Independent Auditors Report to the
 members of the company on the financial statements for the year ended
 31st March, 2015, we report that:
 
 I.  In respect of fixed assets
 
 (a) The company has maintained proper records showing full particulars,
 including quantitative 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 having regard to the size of the Company and
 the nature of its assets. No material discrepancies were noticed on
 such verification.
 
 II.  In respect of inventory
 
 (a) The Company is currently in the business of exploration and
 production of crude oil and natural gas from the oil and/or gas
 field(s), which is supplied as and when they are extracted. There is no
 storage of crude oil or 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 explanation
 given to us, 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) In our opinion and according to the information and explanation
 given to us, the Company has maintained proper records of its inventory
 and no material discrepancies were noted on physical verification.
 
 III.  The According to the information and explanations given to us,
 the Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Companies Act, 2013. Accordingly, the
 provisions of clause 3(iii)(a) and (b) of the Order are not applicable
 to the Company and hence not commented upon.
 
 IV.  In our opinion and according to information and explanations given
 to us, there is an adequate internal control system commensurate with
 the size of the company and the nature of its business with regard to
 purchase of fixed assets and sale of goods & services. During the
 course of audit, we have not observed any major weakness in the
 internal control system of the Company in respect of these areas.
 
 V.  The company has not accepted any deposits from the public.
 
 VI.  We have broadly reviewed the books of account maintained by the
 Company pursuant to the rules made by the Central Government for the
 maintenance of cost records under section 148(1) of the Companies Act,
 2013, related to the extraction of crude oil and natural gas, and are
 of the opinion that pfima facie, the specified accounts and records
 have been made and maintained. We have not, however, made a detailed
 examination of the same.
 
 VII.  (a) The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including income-tax, sales-tax,
 wealth-tax, service tax, customs duty, excise duty, value added tax,
 cess and other material statutory dues applicable to it. The provisions
 relating to provident fund employees'' state insurance are not
 applicable to the Company.
 
 (b) According to the records of the Company, the dues outstanding of
 income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
 duty, value added tax and cess on account of any dispute, are as
 follows:
 
 Name of the Statute   Nature of 
                       the Dues     Amount    Period for 
                                              which        Forum where
                                    Rs. in 
                                    Lacs      amount 
                                              Relates      dispute is 
                                                           Pending
 
 Income Tax Act 1961   Income Tax 
                       Penalty and 
                       Interest      37.33    A.Y. 
                                              2009-2010    ITAT,
                                                           Ahmedabad
 
 (c) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company in accordance
 with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
 rules made thereunder.
 
 VIII. The accumulated losses of the Company are more than fifty percent
 of its net worth. The company has incurred a cash loss of Rs.234.89
 Lacs during the financial year covered by our audit and in the
 immediately preceding financial year the company had incurred cash Loss
 of Rs.140.21 Lacs.
 
 IX.  During the Year the ECB taken from DBS Bank in F.Y. 2010-11, F.Y.
 2011-12 & F.Y. 2012-i3 of US$ 9 Million has been repaid by the Promoter
 Company (Loyz Oil Pte Ltd.) on behalf of the company and resultantly
 the refinancing of the same has been done by the Promoter Company,
 permission of which has already been taken from Reserve Bank of India.
 The company has not issued any debentures till 31st March, 2015.
 
 X.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 XI.  In our opinion and according to the information and explanations
 given to us, the term loans have been applied by the company during the
 year for the purpose for which they were obtained.
 
 XII.  Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no material fraud on or by the Company has been noticed or
 reported during the year.
 
                                                 For Shirish Desai & Co.
 
                                                  Chartered Accountants 
 
                                          Firm Registration No. 112226W
 
                                                      Jaydeep A. Samani
 
 Date : 30th May, 2015                                         (Partner)
 
 Place: Noida                                      Membership No.150207
સ્તોત્ર: રેલીગેર ટેકનોવા


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