Interlink Petroleum Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above results and notes thereto have been reviewed and recommended (or adoption by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 30th May, 2017.
2. The Company has voluntarily adopted Indian Accounting Standards ('Ind AS') from 1st April, 2016 and accordingly, these financial results have been prepared in accordance with Ind AS notified in the Companies (lndian Accounting Standard) Rules, 2015 (as amended) under section 133 of the Act. The date of transition to Ind AS is 1st April, 2015. The financial results for the quarter and year ended 31st March, 2016 are also Ind AS compliant.
3. By virtue of ECB agreement, the lender has on 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 Shores.
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, 2016 to 31st March, 2017.
6. ECB by the Promoter has been converted into Indian Rupee denominated debts.
7. (I) Reconciliation of net profit after tax as previously reported under Indian GAAP and Ind AS for the quarter and year ended 31st March, 2016 are as below : For Table, kindly refer Corporate Announcements on www.bseindia.com.
(II) Reconciliation of total equity as at 31st March, 2016 and 1st April, 2015 are as below : For Table, kindly refer Corporate Announcements on www.bseindia.com.
8. The figures of last quarter ended 31st March, 2017 are the balancing figures between audited figures in respect of the full financial year ended 31st March, 2017 and the published year to date figures upto the third quarter of the current financial year.
9. Previous period figures have been regrouped and rearranged wherever necessary to make them comparable with current period.