Interlink Petroleum Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2017
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2017
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 3rd January, 2018.
2. The above results are in accordance with the Indian Accounting Standards ('Ind AS') as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
3. By virtue of ECB agreement, the lender has an option to convert the outstanding exposure of borrowings into Equity Shares in case of non repayment. Since the company is not in capacity to repay the same, the lender has desired to convert the ECB into Equity Shares.
4. Consequent to the transfer and assignment of Baola & Modhera Fields to the Sun Petrochemicals Private Limited, all assets, stores and capital work in progress lying at fields has been fully depreciated/written off being zero realizable value.
5. Consequent to the waiver of Interest on ECB by the Promoter, no interest has been provided on ECB for the period from 1st April, 2017 to 31 Dec, 2017.
6. ECB by the Promoter has been converted into Indian Rupee denominated debts.