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Directors Report of Interlink Petroleum Ltd.

Mar 31, 2015

Dear Members,

The Directors of the Company presents the Company's Twenty Forth (24th) Annual Report of the Company, along with Audited Financial Statements for the financial year ended 31st March, 2015.

FINANCIAL PERFORMANCE

(Amount in Rs.)

Particulars 2014-2015 2013-2014

Revenue from Operations 59,59,492 43,77,076

Gross Profit/ (Loss) before Interest, Dep. & Tax (2,26,43,869) (1,13,55,893)

Less: Interest 8,45,600 26,65,401

Depreciation 3,09,491 7,28,943

Profit/(Loss) before Tax & Exceptional Items (2,37,98,960) (1,47,50,237)

Less:Exceptional Items 83,78,21,141 Nil

Profit/(Loss) before Tax (86,16,20,101) (1,47,50,237)

Less: Provision for Taxation Nil Nil

Profit/(Loss) after Tax (86,16,20,101) (1,47,50,237)

Add: Surplus B/F from last year (11,42,13,861) (9,94,63,624)

Less: Dep. arising on assets having no useful life 4,11,405 Nil as per Schedule II of Companies Act, 2013

Amount available for appropriations (97,62,45,367) (11,42,13,861)

Appropriations Nil Nil

Amount carried to Balance Sheet (97,62,45,367) (11,42,13,861)

OPERATIONAL PERFORMANCE

During the year, the Company has carried out efforts to get successful flow of crude oil from the fields, however results were not encouraging. The Company has entered into a MOU with Sun Petrochemicals Private Limited to carry out further technical efforts to achieve success in the fields.

The Company has also carried out serious work/efforts to acquire interest, share in other fields/properties overseas. However due to recent downfall in the crude oil prices, the exploration has become unattractive and non viable.

Meanwhile the skilled man power of the Company has generated some consultancy business to support the revenue flow of the Company.

DIVIDEND

In view of losses incurred during the financial year, the Board does not recommend any dividend for the year under review.

SHARE CAPITAL

The paid up Share Capital of the Company as on 31st March, 2015 was Rs.24,92,12,000 (Rupees Twenty Four Crore Ninety Two Lac Twelve thousand only). During the year under review, the Company has neither issued shares with deferential voting rights nor granted stock options nor sweat equity. As on 31st March, 2015, the Company had no outstanding convertible instruments.

RESERVE

No amount has been transferred to any of the reserve during the year under review.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review following changes took place in the Board of Directors of the Company and Key Managerial personnel:

1. Mr. Ambrose Gerard Corray, ceased to be Director of the Company with effect from the date of the Annual General Meeting i.e. 24.09.2014, on retirement.

2. Mr. Gopal Pallipuram Srinivasan, ceased to be Managing Director of the Company w.e.f. 13.10.2014 on resignation and end of his term as Managing Director of the Company.

3. Mr. Arun Kumar Agarwal ceased to be Director of the Company w.e.f. 31.12.2014 due to resignation.

4. Mr. Ajay Gupta ceased to be Director of the Company w.e.f. 31.12.2014 due to resignation.

5. Mrs. Haripriya Misra was appointed as a Woman Director of the Company w.e.f. 24.03.2015, who has since resigned subsequent to the close of the financial year w.e.f. 03.06.2015.

6. Mrs. Bandana Kalita (DIN 07167882) was appointed as independent woman Director of the Company w.e.f. 30.05.2015.

7. Mr. Sushant Raj was appointed as Chief Financial Officer of the Company w.e.f. 01.04.2015 after resignation of Mr. Gopal Pallipuram Srinivasan, who was having additional charge of Chief Financial Officer of the Company.

8. Ms. Hina Garg (M.No. 036660) was appointed as Company Secretary of the Company w.e.f. 16.05.2015 after resignation of Mr. Parvinder Singh Arora w.e.f. 21st November, 2014.

Present composition of the Company's Board is in line with the applicable provisions of the Companies Act, 2013, and Listing Agreement entered by the Company with Bombay Stock Exchange. Your Company has Five (5) Directors consisting of Three (3) Independent Directors out of which one is Woman Director, one (1) Non- Executive Director, and one (1) Managing Director.

Mr. Lee Chye Cheng Adrian (DIN: 02242495) retire by rotation and being eligible, offers himself for reappointment.

Mr. Vijay Misra (DIN 00458031), was appointed as Managing Director of the Company and is key Managerial personnel of the Company w.e.f. 01.04.2015.

Mr. Lai Kai Jin Michael (DIN 02247249) and Mr. Krishna Kumar Nittala (DIN 02228924) and Mrs. Bandana Kalita (DIN 07167882), the non-executive independent directors of the Company are recommended for appointment as Independent Directors of the Company under section 149 of the Companies Act, 2013.

Independent Directors have given declarations that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

NUMBER OF BOARD MEETING

The Board of Directors met 9 (nine) times during the year, the details of which are provided in the Corporate Governance Report.

BOARD LEVEL PERFORMANCE EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, its committees and individual directors pursuant to the provisions of the Companies Act, 2013 and the Clause 49 of the Listing Agreement. The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, contribution towards development of the strategy etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board in consultation with Nomination and Remuneration Committee ("NRC") reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, contribution at the meetings and otherwise, independent judgment, etc.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board was evaluated. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATION. ATTRIBUTES. INDEPENDENCE. ETC.

The Nomination and Remuneration Committee shall identify persons of integrity who possess relevant expertise, experience, leadership qualities, qualification, attributes, independence and other matters required for the position of directors provided u/s 178(3).

With the coming into force of the Companies Act, 2013, the Board on the recommendation of the Nomination and Remuneration Committee appointed all the existing Independent Directors Mr. Lai Kai Jin Michael (DIN: 02247249) and Mr. Krishna Kumar Nittala (DIN: 02228924) and Mrs. Bandana Kalita (DIN: 07167882) as Independent Directors under section 149 of the Companies Act, 2013, subject to approval of the shareholders.

INDEPENDENT DIRECTORS' DECLARATION

The Independent Directors have filed their declaration with the Company affirming that they meet the criteria of Independence mentioned u/s 149(6) of the Companies Act, 2013.

REMUNERATION POLICY

The Company follows a policy on remuneration of Directors and Senior Management Employees, details of the same are given in the Corporate Governance Report.

AUDIT COMMITTEE

The Audit Committee of the Company was constituted in line with the provisions of the Companies Act, 2013 & Clause 49 of the Listing Agreement.

The Audit Committee as on 31st March, 2015 comprises three Non-Executive Directors, Mr. Lee Chye Cheng Adrian, promoter director and two Independent Directors namely Mr. Krishna Kumar Nitatala and Mr. Lai Kai Jin Michael (Chairman of the Committee). All three members of Committee have adequate financial & accounting knowledge and background.

The said committee was reconstituted on 13th February, 2015 due to resignation of Mr. Arun Kumar Agarwal and Mr. Ajay Gupta, previous Independent Directors of the Company.

CORPORATE SOCIAL RESPONSIBILITY

Since the Company has not yet started profit from its operations, the Company has neither devised nor implemented any program towards social responsibility. Further the provisions of section 135 of the Act relating to Corporate Social Responsibility do not apply to the Company since none of the criteria mentioned in the said section is attracted.

PARTICULARS OF EMPLOYEES

Particulars of employees required to be furnished u/s 197 of the Companies Act, 2013 and Rules thereunder are as follows:

1. Employed throughout the F.Y.-NIL

2. Employed for part of the F.Y.:

i) Name of the Employee: Mr. Gopal Pallipuram Srinivasan

ii) Designation: Managing Director

iii) Remuneration received: Rs.72,39,491/-.

iv) Nature of Employment: Contractual

v) Qualifications: ICWA, MBA (Finance)

vi) Experience: 25 Years

vii) Date of commencement of employment: 14th October, 2011.

viii) Age: 50 years

ix) Last employment held: General Manager (Finance) in EZRA Holdings Limited

x) %of Equity Shares held: Nil

xi) Name of Director or Manager who is a relative: None

3. Employed throughout the F.Y. or part thereof and exceeded that drawn by the MD or WTD or Manager and hold by himself or along with his/her spouse and dependent children, not less than 2% of the equity shares of the Company: NIL

PARTICULARS PERSUANT TO SECTION 197(12) AND THE RETEVANT RULES

In accordance with the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and other particulars of employees are as follows:

i) the ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the year 2014-15:

Name Nature of Directorship Ratio

Sh. Gopal Pallipuram Srinivasan Managing Director 0.67:1

ii) the percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary in the financial year:

Name Nature of Directorship %Increase

Sh. Gopal Palliuram Srinivasan Managing Director Nil

Sh. Parvinder Singh Arora Company Secretary Nil

Note: For this purpose, Sitting Fess paid to directors has not been considered as remuneration.

iii) the percentage increase in the median remuneration of employees in the financial year: Nil

iv) the number of permanent employees on the rolls of Company: 6 (Six) as on 31st March, 2015.

v) the explanation on the relationship between average increase in remuneration and Company performance:

Considering the financial position of the Company, no remuneration has been increased during the year.

vi) comparison of the remuneration of the key managerial personnel against the performance of the Company:

Remuneration of Key Managerial Personnel was as per terms of employment which is according to the Industrial practice.

vii) variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the Company in comparison to the rate at which the Company came out with the last public offer:

Particulars As on 31st March, 2015 As on 31st March, 2014 %

Closing Market Price 13.10 17 (-) 29.77

Market Capitalization 3264.68 lacs 4236.60 Lacs (-) 29.77

P/E Ratio (-) (-)

viii) average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

There is no increase in salaries of the employees during the financial year.

ix) comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company: Same as mentioned in Para (vi) above.

x) the key parameters for any variable component of remuneration availed by the Directors: There was no variable component paid to the Managing Director.

xi) the ratio of the remuneration of the highest paid Director to that of the employees who are not Directors but receive remuneration in excess of the highest paid Director during the year:

Till the resignation of Mr. Gopal P. Srinivasan, Managing Director, there was no employee who received remuneration in excess of directors. Thereafter there was no whole time director who received remuneration.

xii) Affirmation that the remuneration is as per the Remuneration Policy of the Company: Yes

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Oytgo as required under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, are annexed herewith marked as Annexure I to this Report.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS

During the year under review, the Company has not made any loans, guarantees and investments which are governed by the provisions of section 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There is no materially significant related party transaction made by the Company with Promoters, Directors, Key Managerial Personnel or other related parties which may have a potential conflict with the interest of the Company at large.

All related party transactions for the year are placed before the Audit Committee as well as before the Board for approval. The transactions entered into with related parties are reviewed on a quarterly basis by the Audit committee. The policy on Related Party Transactions as approved by the Audit Committee and Board is uploaded on the Company's website.

The particulars of contracts or arrangements with related parties referred to in Section 188(1), in prescribed in Form AOC-2, is appended as Annexure II

MANAGEMENT DISCUSSION AND ANALYSIS REPORT AND CORPORATE GOVERNANCE

Management Discussion Analysis and Corporate Governance Report as stipulated under clause 49 of the Listing Agreement with the Stock Exchange(s) forms part of the Annual Report and are referred to As Annexure III and IV respectively.

EXTRACT OF ANNUAL RETURN

Extract of the Annual Return in Form MGT-9 is annexed herewith as Annexure-Vto this Report.

VIGIL MECHANISM

The Company has framed a Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The details of the Policy are given in the Corporate Governance Report and the Policy is posted on the Company's website.

FIXED DEPOSITS

During the year under review your Company has not accepted any fixed deposits and there were no unclaimed deposit or interest thereon as on 31st March, 2015.

INDUSTRIAL RELATIONS

Relation with staff and workmen continued to remain cordial during the financial year.

MATERIAL CHANGES AND COMMITMENTS. IF ANY. AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

The Company has entered into a Memorandum of Understanding with Sun Petrochemicals Private Limited in respect of transfer/assignment of 100% Participating Interest of Baola and Modhera Fields.

THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE*

There are no significant and material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES. JOINT VENTURES OR ASSOCIATE COMPANIES

No Company has become or ceased to be subsidiary, joint venture or associate company during the year under review.

INTERNAL CONTROL SYSTEM

Your Company has adequate system of internal controls to ensure that all the assets are safeguarded and are productive. Necessary checks and controls are in place to ensure that transactions are properly verified, adequately authorized, correctly recorded and properly reported. The Internal Auditors of the Company conducts Audit to ensure that internal controls are in place and submit quarterly Reports to the Audit Committee. The Audit Committee regularly reviews these Reports and regularly advised for corrective actions.

RISK MANAGEMENT

In line with the regulatory requirements, the Company has framed a Risk Management Policy to identify risk areas and procedure to mitigate the risks. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and monitor all business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.

DETAILS OF NUMBER OF CASES FILED, IF ANY, AND THEIR DISPOSAL IN TERMS OF SECTION 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013

No case of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 was filed.

SECRETARIAL AUDIT

M/s. KJ & Associates, Company Secretaries in Practice, have been appointed by the Company as Secretarial Auditor to undertake Secretarial Audit of the Company, pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, The Secretarial Audit Report is annexed herewith as Annexure-VI.

As regards, Secretarial Auditors' observations regarding appointment of Independent Directors, your director state that the Company will appoint required number of Independent Directors in the ensuing AGM.

AUDITORS & AUDITORS' REPORT

M/s. Shirish Desai & Co., Chartered Accountants (holding Registration No. 112226W), Statutory Auditors of the Company will retire at the conclusion of the forthcoming Annual General Meeting ("AGM") and being eligible, offers themselves for re-appointment, The Company has received the consent from the Auditors and confirmation to the effect that they are not disqualified to be appointed as the Auditors of the Company in terms of the provisions of the Companies Act 2013 ("Act") and rules made thereunder and that their appointment, if made, will be within the prescribed limits under the Act. Accordingly the Audit Committee and the Board of Directors has recommended the re-appointment of M/s. Shirish Desai & Co.,Chartered Accountants as the Statutory Auditors of the Company to hold office from the ensuing AGM till the conclusion of the next AGM on remuneration to be decided by the Board or Committee thereof to the shareholders for approval.

Auditors' report is self-explanatory and therefore does not require further comments and explanation.

COST AUDITORS

The Board of Directors at their Meeting held on 23rd May, 2013 appointed M/s. KL Jaisingh & Co., as Cost Auditors for the financial year 2013-14, which was approved by the Central Government.

The Cost Audit Report for the financial year 2013-14 in XBRL format was submitted within due date on 26th September, 2014.

As per the provisions of section 148 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 framed thereunder and the Cost Audit Orders issued from time to time, Cost Audit was not applicable to the Company for the financial year 2014-15.

The Board of Directors at their Meeting held on 27th June 2014 appointed M/s. KL Jaisingh & CO., as Cost Auditors for the financial year 2014-15. However in view of non applicability of cost Audit, the Management has decided not to get the Cost Audit.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(3) (c) read with 134(5) of the Companies Act, 2013, it is hereby stated that:

(a) In the preparation of the annual accounts for the financial year ended 31st March, 2015, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2015 and of the profit and loss of the company for the year ended on that date;

(c) the Directors had taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the Directors have laid down Internal financial controls to be followed by the company which are adequate and were operating effectively;

(f) the directors had devised proper system ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

HEALTH SAFETY & ENVIRONMENT (HSE)

There were regular meetings on HSE held at Baola & Modhera sites during the year. There was no untoward incident/accident during the year. The operations were conducted safely during the year. Due attention was given to environmental protection and regulation and all statutory approvals are in place in this regard.

ACKNOWLEDGEMENTS

The Board of Directors of the Company acknowledge with gratitude the co-operation and assistance received from the Central and State Government Authorities. Your Directors thank the Shareholders, Banks/other lenders, Vendors and other business associates for their confidence in the Company and its management and look forward to their continued support. The Board wishes to place on record its appreciation for the dedication and commitment of your Company's employees at all levels, which has continued to be our major strength. We look forward to their continued support in the future.

For and on behalf of the Board

Vijay Misra Lee Chye Cheng Adrian

Place : Singapore Chairman & Managing Director Director

Date : 10.08.2015 DIN 00458031 DIN: 02242495


Mar 31, 2014

Dear Members,

The Directors of the Company presents the Company''s Twenty Third (23rd) Annual Report of the Company, along with Audited Accounts for the financial year ended 31st March, 2014.

1. FINANCIAL PERFORMANCE

(Figure in Rs.)

Particulars 2013-14 2012-13

Total Income 4377076 3455209

Gross Profit / (Loss) (11635096) (6494462) before Interest, Depreciation & Tax

Less : Interest 2496206 Nil

Depreciation 618935 73276

Profit before Tax (14750237) (6567738)

Less: Provision for Taxation Nil Nil

Profit after Tax (14750237) (6567738)

Amount carried to Reserves (14750237) (6567738)

Equity Share Capital (Paid-up) 249212000 249212000

Net Worth 354285339 369035576

2. DIVIDEND

In view of losses incurred during the financial year 2013-14, the Board does not recommend any dividend for the year under review.

3. REVIEW OF OPERATIONS

During the year, the Company recommenced production and supplying of gas to the buyer with effect from 12th April 2013. But, due to the water ingress, the production and supply of gas could not sustain and was suspended after flowing the well just for 38 days i.e. w.e.f. 19th May, 2013. The Gas supply agreement was also terminated at the request of the buyer.

The Company is currently attempting to produce Gas from a different zone from Well B #1.

Further, during the year, the company carried out steaming operations in Well B #8, to successfully test flow the well and assess the crude oil production potential in the field. However, the results were not very encouraging and require further work using latest technology to successfully test flow the well and establish its commerciality.

The Company intends to carry out further operations in Baola & Modhera fields during the next financial year.

4. SIGNIFICANT DEVELOPMENTS

The Company has been evaluating a few producing properties and prospective exploration blocks for farm-in. The Company is currently in discussion to look into the possibility of buying an Oil & Gas field outside India subject to the Company being able to raise the required funding. This will be financed by a mix of equity and /or debt. Further, the Company is also in discussions with few investors, who have shown interest to infuse funds in the company. The members in the Extra-ordinary General Meeting held on 6th July 2014 has also approved raising of funds to the extent of Rs. 2,000 crores.

5. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, with respect to the Directors'' Responsibility Statement, your directors confirm that:

(i) in the preparation of the annual accounts for the year ended 31st March 2014, the applicable accounting standards read with requirements set out under schedule VI of the Companies Act 1956, have been followed and there are no material departures from same;

(ii) the Directors have selected such accounting policies and applied them consistently and judgments and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March 2014 and of the losses of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts on a ''going concern'' basis.

6. DIRECTORS

There was no change in the Board of directors during the year. Mr. Vijay Misra and Dr. Ambrose Gerard Corray, directors retire by rotation. Mr. Vijay Misra being eligible has offered himself for reappointment. However, Dr. Ambrose Corray has not expressed his intention of being reappointed as such. The Board of Directors recommend not to appoint any other Director in place of Dr. Ambrose Gerard Corray.

The Board recommends the re-appointment of Mr. Vijay Misra.

7. SUBSIDIARIES

As informed in the previous annual report, the company had started the winding up process of its wholly owned subsidiary namely Interlink Petroleum Pte. Limited (IPPL), incorporated under the laws of Singapore. You may note that the IPPL has been successfully closed in the month of September, 2013. This has helped the company in reducing the cost associated with maintaining the subsidiary.

8. PERSONNEL

In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors'' Report. Having regard to the provisions of Section 219(1)(b)(iv) of the said Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

9. CORPORATE SOCIAL RESPONSIBILITY

Since the Company has not yet started earning revenue from its operations, the Company has neither devised nor implemented any program towards social responsibility.

10. FINANCIAL STATEMENTS

The Financial Statements, as prepared in accordance with the Accounting Standards and guidelines issued by Institute of Chartered Accountant of India, forms a part of the Annual Report of the Company.

11. AUDITORS & AUDITORS'' REPORT

The Auditors, M/s. Shirish Desai & Co. (Firm Registration No. 112226W) hold office until the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The requisite certificate under Section 141 of the Companies Act, 2013 has been received from M/s Shirish Desai & Co. expressing their willingness and eligibility to act as an Auditor, if reappointed. The Audit Committee and the Board has recommended the reappointment of M/s. Shirish Desai & Co, as Statutory Auditors of the Company.

The Independent Auditors'' Report read with Notes to the Accounts referred therein, are self-explanatory and, therefore, do not call for any further comments.

12. COST ACCOUNTS & AUDIT

In pursuance of the Ministry of Corporate Affairs Order No. F.No.52/26/CAB-2010 dated 2nd May 2011, the Company had appointed M/s K L Jaisingh & Co., Practicing Cost Accountants, for conducting the Cost Audit of the Company for the Financial year 2013-14. The Cost Audit Report would be submitted to the Ministry of Corporate Affairs in due course.

The Cost Audit Report for the Financial Year 2012-13 has been submitted to the Ministry of Corporate Affairs, New Delhi.

13. INFORMATION PURSUANT TO CLAUSE 5A I & 5A II OF THE LISTING AGREEMENT

During the year under review, there were no shares issued pursuant to public issue or any other issue that remained unclaimed and are lying in the escrow account. Further, there are no shares issued in physical form pursuant to public issue or any other issue which remained unclaimed. Accordingly, clause 5AI & 5AII of the Listing Agreement is not applicable on the Company.

14. PUBLIC DEPOSITS

During the year under review, the Company did not accept any Public deposits within the meaning of Section 58A of the Companies Act, 1956.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGOINGS

As required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules 1988, a statement showing particulars with respect to conservation of energy, technology absorption and Foreign Exchange earnings and outgoings is given in Annexure -I.

16. MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORT

As required under clause 49 of the Listing Agreement, Management Discussion & Analysis and Corporate Governance Report form part of the Annual Report and are given as Annexure-II & Annexure-III, respectively.

17. HEALTH SAFETY & ENVIRONMENT (HSE)

There were regular meetings on HSE held at Baola & Modhera sites during the year. There was no untoward incident/accident and the operations were conducted safely. Due attention was given to environmental protection and regulation and all statutory approvals are in place in this regard.

18. ACKNOWLEDGEMENTS

The Board of Directors of the Company acknowledge with gratitude the co-operation and assistance received from the Central and State Government Authorities. Your Directors thank the Shareholders, Banks/other lenders, vendors and other business associates for their confidence in the Company and its management and look forward to their continued support. The Board wishes to place on record its appreciation for the dedication and commitment of your Company''s employees at all levels, which has continued to be our major strength. We look forward to their continued support in the future.

For and on behalf of the Board

Place: NOIDA VIJAY MISRA Date : 13th August, 2014 Chairman


Mar 31, 2013

Dear Members,

The Directors of the Company take the pleasure in presenting Company''s Twenty Second (22nd) Annual Report of the Company, along with Audited Accounts for the financial year ended 31st March, 2013.

1. FINANCIAL PERFORMANCE

(Figure in Rs.)

Particulars 2012-13 2011-12

Total Income 3455209 6198431

Gross Profit / (Loss) before Interest,

Depreciation & Tax (6494462) (2221907)

Less : Interest Nil Nil

Depreciation 73276 68921

Profit before Tax (6567738) (2290828)

Less: Provision for Taxation Nil Nil

Profit after Tax (6567738) (2290828)

Amount carried to Reserves Nil Nil

Equity Share Capital (Paid-up) 249212000 249212000

Net Worth 369035576 375603314



2. DIVIDEND

In view of losses incurred during the financial year 2012-13, the Board does not recommend any dividend for the year under review

3. REVIEW OF OPERATIONS

During the period under review your Company also conducted test operations at Baola well # 8 and produced test oil at an estimated average of 9 3 barrels (together with dissolved Gas and emulsified water) per day for a continuous period of approximately 50 days. This production was made on self-flow basis, and this has given a confidence to the Company to raise the production at commercial levels by applying technologically advanced applications. The process of identification of a suitable technology is in progress.

Your Company has entered into a Gas Sales Purchase Agreement (GSPA) for supply of 5000 Standard Cubic Metres (SCM) of Natural Gas from Baola field for an initial period of five years (extendable in blocks of two years each on mutually agreed terms and conditions) The agreement also provides for supply of additional Gas quantities on mutually agreed terms and conditions, as and when such quantities are available from the field. For the purpose of sale of Natural Gas, the buyer has installed a gas Compressor within the Company''s Baola GCS

Pursuant to the above Agreement, your Company has recommenced supplying Gas to the buyer with effect from 12th April 2013. The average gas supplied stood at about 4000 SCM per day. The Company is waiting for the production to stabilize before making efforts to increase the production.

During the period under review your Company did work-over jobs at Baola well # 5 and Modhera well # 1, to bring these wells closer to production. Both the work-overs remained inconclusive as the Baola well #5 did not flow gas from the expected zone of interest probably due to the presence of heavy oil in the reservoir and the surprise presence of sand in the wellbore at Modhera well #1. The Company is currently analyzing these situations to find appropriate solutions.

4. SIGNIFICANT DEVELOPMENTS

Subsequent to last year reporting, Loyz Oil Pte. Ltd., Singapore, a Promoter Company, granted External Commercial Borrowing of USD 1 25 Million for carrying out further operations in Modhera and Baola fields.

Resource assessment of Modhera field:

During the period under review the Company had appointed M/s Roxar Flow Measurement Sdn Bhd Kuala Lumpur, Malaysia, a consulting firm of International repute for Resource estimation of Modhera field. The consultant had submitted its report, and the summary of the report is as under:

Gross Contingent Resources

Oil (Million Barrels) | 0.403 | 1.535 | 8.913

Gross Prospective Resources:

| Low Estimate | Best Estimate | High Estimate

"Oil (Million Barrels) | 0.774 | 3.622 | 9.926

The same was submitted to Directorate General of Hydrocarbons (DGH) which has accepted the following:

1- 2P STOIIP (Stock Tank Oil Initially in Place) of 2.3835 MMBO (Million barrels of Oil) may be agreed for Modhera field.

2- EUR (Estimated Ultimate Recovery) for the field would be considered at a later date after conclusive testing in wells Modhera # 1 and Modhera #2.

3- Contingent and prospective resources would require up-gradation to commercial category before being considered

These are very encouraging resource numbers and your Company is making its efforts for early monetizing of the same.

Resource assessment of Baola field:

M/s Netherland Sewell and Associates, USA, an internationally renowned resource estimation agency appointed for the reserve estimation, has submitted its report for the Baola field, and the same together with the internal assessment by the Company''s G&G team has been submitted to Directorate General of Hydrocarbon (DGH), Ministry of Petroleum and Natural Gas, Government of India for its review and approval. The details of the same would be made available after receipt of the approval.

5. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, with respect to the Directors'' Responsibility Statement, your directors confirm that:

(i) in the preparation of the Annual Accounts for the year ended 31st March 2013, the applicable accounting standards read with requirements set out under schedule VI of the Companies Act 1956, have been followed and there are no material departures from same;

(ii) the Directors have selected such accounting policies and applied them consistently and judgments and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March 2013 and of the loss of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act,1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the Annual Accounts on a ''going concern'' basis.

6. DIRECTORS

Mr. Bikash Chandra Bora resigned from the Board as Director and Chairman of the Company w.e.f. 31st October 2012. The Board expresses its sincere appreciation on the valuable contribution rendered by him during his association with the Company. On his resignation, Mr. Vijay Misra, a Promoter Director, was appointed as the Chairman of the Board.

In view of the above change, Mr. Krishna Kumar Nittala and Mr. Ajay Gupta have been appointed as Additional Directors (Independent) on the Board of the Company w.e.f. 26th April 2013, in terms of section 260 of the Companies Act 1956, and in compliance with clause 49 of the listing agreement. Mr. Krishna Kumar Nittala and Mr. Ajay Gupta, will hold office up to the ensuing 22nd Annual General Meeting of the Company. The Company has received notices from the members, under section 257 of the Companies Act, 1956, along with the requisite deposits in respect of Mr. Krishna Kumar Nittala and Mr. Ajay Gupta, proposing their candidature for the office of Independent Directors on the Board of the Company.

Further, Mr. Lai Kai Jin Michael and Mr. Arun Agarwal, the Directors retire by rotation, are retiring at the ensuing 22nd Annual General Meeting and being eligible they offer themselves for re-appointment.

For the perusal of shareholders, the relevant Explanatory Statements as required u/s 173 of the Companies Act 1956 and a brief resume of the directors being proposed to be appointed / re-appointed, their nature of expertise, their shareholding in the Company, the names of the Companies in which they hold directorships and details of the Committees in which they hold membership or Chairmanship are given as annexure to the notice, as required under clause 49 of the Listing Agreement.

The Board recommends their appointment / reappointment.

7. SUBSIDIARY COMPANY

The Company had a wholly owned subsidiary namely Interlink Petroleum Pte. Limited (IPPL) incorporated under the laws of Singapore. The subsidiary is under the process of winding up since no operations could be commenced. This will help the Company in reducing the costs associated with maintaining the subsidiary. Depending on the business needs in the future, your Company may set-up subsidiary company(s) in India or abroad. The amount due from the subsidiary has been fully written off during the year.

8. PERSONNEL

In terms of the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors'' Report. Having regard to the provisions of Section 219(1)(b)(iv) of the said Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

9. CORPORATE SOCIAL RESPONSIBILITY

During the period under review, the Company conducted repair and maintenance works of pond for rain water harvesting within its field area. The Company also maintained repair and maintenance work of the road connecting village – canals and the fields.

10. FINANCIAL STATEMENTS

The Financial Statements are prepared in accordance with the Accounting Standards and guidelines, issued by Institute of Chartered Accountant of India, forms the part of Annual Report of the Company.

11. AUDITORS & AUDITORS'' REPORT

The Auditors, M/s. Shirish Desai & Co. (Firm Registration No. 112226W) hold office until the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The requisite certificate under section 224(1B) of the Companies Act, 1956 has been received from M/s Shirish Desai & Co. expressing their willingness to accept office, if reappointed. The Audit Committee and the Board has recommended the reappointment of M/s. Shirish Desai & Co., as Statutory Auditors of the Company.

The Independent Auditors'' Report read with Notes to the Accounts referred to therein, are self- explanatory and therefore do not call for any further comments.

12. COST ACCOUNTS & AUDIT

The Cost Audit has been made mandatory for the Company vide Ministry of Corporate Affairs Order No. F.No.52/26/CAB-2010 dated 2nd May 2011 with effect from 1st April 2011. In pursuance of the above order the Company had appointed M/s K L Jaisingh & Co., Practicing Cost Accountants, for conducting the cost audit of the Company. The Cost Audit Report for the Financial Year 2011-12 has been submitted to the Ministry of Corporate Affairs, New Delhi. Further, M/s. K L Jaisingh & Co., Practicing Cost Accountant, has been re-appointed as the Cost Auditors of the Company for conducting the cost audit of cost records of the company for the FY ended 31st March 2013.

13. INFORMATION PURSUANT TO CLAUSE 5A I & 5A II OF THE LISTING AGREEMENT

During the year under review, there were no shares issued pursuant to public issue or any other issue that remained unclaimed and are lying in the escrow account. Further, there are no shares issued in physical form pursuant to public issue or any other issue which remained unclaimed. Accordingly, clause 5AI & 5AII of the listing agreement is not applicable on the Company.

14. PUBLIC DEPOSITS

During the year the Company did not accept any Public deposits within the meaning of section 58A of the Companies Act 1956.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGOINGS

As required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules 1988, a statement showing particulars with respect to conservation of energy, technology absorption and Foreign Exchange earnings and outgoings is given in Annexure –I.

17. MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORT

As required under clause 49 of the listing agreement, Management Discussion & Analysis and Corporate Governance Report form part of the Annual Report and are given as Annexure-II & Annexure-III respectively.

18. HEALTH SAFETY & ENVIRONMENT (HSE)

There were regular meetings on HSE held at Baola & Modhera sites during the year. There was no untoward incident/accident and the operations were conducted safely. Due attention was given to environmental protection and regulation and all statutory approvals were obtained in this regard.

19. ACKNOWLEDGEMENTS

Your Company is fortunate to have a strong team whose endeavors have laid a strong foundation for the success of the organization as a whole. Your Directors acknowledge the sincere contribution made by the employees of the Company, during the period under review.

On behalf of the Company, we wish to convey our thanks to Ministry of Petroleum and Natural Gas (MoPNG), Ministry of Corporate Affairs (MCA), Directorate General of Hydrocarbons (DGH), Ministry of Environment and Forests (MoEF), Government of India, the State Governments of Gujarat and Delhi, residents and the general public in and around the work areas for their gratitude support, cooperation and guidance. The Directors value the trust shown by the shareholders in their ability to operate and manage the Company. We expect that with the exemplary encouragement and support of our shareholders, we shall be successful in achieving the desired objectives in future.

For and on behalf of the Board

Place : NOIDA VIJAY MISRA

Date : 23rd May 2013 Chairman


Mar 31, 2012

The Directors of your Company take pleasure in presenting the Twenty First (21st) Annual Report of the Company for the financial year ended 31st March, 2012.

1. FINANCIAL PERFORMANCE

(In Rs.)

Particulars 2011-2012 2010-2011

Total Income 6198431 7150541

Gross Profit/(Loss) before Interest, (2305488) (4683786) Bank Charges, Depreciation & Tax

Less : Interest & Bank Charges 27312 75628

Depreciation 68921 137085

Profit before Tax (2401721) (4896499)

Less: Provision for Taxation Nil Nil

Profit after Tax (2401721) (4896499)

Amount carried to Reserves Nil Nil

Equity Share Capital (Paid-up) 249212000 249212000

Net Worth 375165761 377624496

2. DIVIDEND

In view of the losses incurred during the financial year 2011-12, the Directors regret their inability to recommend any dividend for the year under review.

3. OPERATIONS

Drilling of new well in Modhera field

During the year, after obtaining all the requisite permissions and approvals from the concerned authorities, the Company drilled a new well (well#2) in Modhera field during the months of April-May 2011. The well was drilled as a deviated well to a measured depth of 19185 metres (vertical depth of 1717.4 metres). The well showed fluorescence while drilling and hence was taken up for testing subsequently. Wells testing in Baola and Modhera fields

During the year, the company tested the newly drilled Modhera well # 2 in the months of August-September 2011. This was followed by well intervention in Modhera well # 1 in September-October 2011 and extended well testing at Baola well no. 8 in October-December 2011.

The testing at Modhera well # 2 remained inconclusive, since the formation was very tight and did not flow on perforation. Your Company has planned to conduct a hydraulic fracture job to assess the potential of the well. Similarly re-intervention and testing at Modhera well # 1 also remained inconclusive due to operational issues. Your Company has planned to re-enter the well and test the same after resolving the operational issues. Both these operations are likely to be performed in the current financial year.

The extended well test at Baola well #8 resulted in production of a very small quantity of oil. As the Company believes that the oil could be produced in commercial quantities from this well, it has planned to continue testing the well in the current financial year after carrying out a well stimulation job.

Flow testing of old wells in Baola Field

The Company also conducted flow tests in wells# 1 & 5 in the Baola field, to assess their potential for commercial production of the natural gas. After carrying out the test in different bean sizes, the Company has estimated that the wells together can produce about 8,000 cubic metres of gas per day together with water. As the result was encouraging, the Company is taking up work-over job to stop/reduce water production and achieve higher gas production from these wells. This will also help the Company in saving costs towards formation water handling and disposal. The gas produced during the flow test was found to be of very good quality as it contains about 98% Methane and a net calorific value of 8050 Kilo calories per cubic metre.

The Company is in discussion with the potential buyers to sell the gas on a medium to long term basis.

Refurbishment of Gas Collecting Station

The Company has started refurbishment of the facilities at the Gas Collection Station at Baola field to keep the facilities in operating condition in order to receive, process and dispose the gas (likely to be produced from well #1 and 5 after work over).

4. SIGNIFICANT DEVELOPMENTS

In the last year's report, the Company had informed that it had taken an External Commercial Borrowing (ECB) facility of USD 8 Million from DBS Bank Ltd., Singapore. The entire amount was drawn and utilized for the appraisal of the Baola and Modhera fields during the period under review. The Company has taken a further ECB of USD 1 million in the month of May 2012 from DBS Bank Ltd., Singapore to fund the activities in Modhera & Baola fields. The security for the borrowings has been provided entirely by M/s Jit Sun Investments Pte. Limited, a promoter group Company.

Your directors are also happy to announce that the Bombay Stock Exchange has upgraded the category from 'Trade to Trade' to 'B' category in which the shares of the Company were being traded.

5. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, with respect to the Directors' Responsibility Statement, your directors confirm that:

(i) In the preparation of the annual accounts for the year ended March 31, 2012, the applicable accounting accounting standards read with requirements set out under schedule VI of the Companies Act 1956, have been followed and there are no material departures from same;

(ii) the Directors have selected such accounting policies and applied them consistently and judgments and estimates that are reasonable and prudent so as to give a true and fair view of state of affairs of the Company as at 31st March 2012 and of the loss of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts on a 'going concern' basis.

6. DIRECTORS

Dr. Kenneth Gerard Pereira, resigned as the Man aging Director of the Company with effect from 14th October 2011.

He also resigned from the directorship of the Company on 21st November 2011. The Board expresses its sincere appreciation for the valuable service rendered by him during his association with the Company.

Mr. Gopal Pallipuram Srinivasan, the then Chief Financial Officer was elevated as the Managing Director of the Company w.e.f. 14th October 2011, subject to the approval of the General Meeting & Central Government. The Shareholders' approval by way of Special Resolution was obtained in Extraordinary General Meeting held on 29th November 2011. The approval of the Central Government is expected shortly.

Further, Dr. Ambrose Gerard Corray, the then Chief Operating Officer has been inducted as an Additional Director on the Board with effect from 14 October 2011. He also stands relieved from the executive role in the Company. The Company has received a notice from a member, as required under section 257 of the Companies Act, 1956, along with the requisite deposit in respect of Dr. Ambrose Gerard Corray, proposing his appointment as the director of the Company.

Further, Mr. Lee Chye Cheng Adrian and Mr. Vijay Misra, the Directors, retire by rotation at the ensuing Annual General Meeting and being eligible, they offer themselves for re-appointment, in accordance with the applicable regulations.

For the perusal of shareholders, a brief resume of the directors being proposed to be appointed/reappointed, their nature of expertise, their shareholding in the Company, the names of the Companies in which they hold directorships and details of the Committees in which they hold membership(s) or Chairmanship(s)are given as annexure to the notice, as required under clause 49 of the Listing Agreement. The Board recommends their reappointment.

7. SUBSIDIARY COMPANY

The Company has one wholly owned subsidiary namely Interlink Petroleum Pte. Limited incorporated under the laws of Singapore. The Company did not come across a suitable acquisition opportunity during the period under review, and accordingly no activity was made in the said Company during the period.

However, the efforts to acquire acquisition opportunity are being made on a continuous basis. The Directors' and Auditors' Report, and accounts of the subsidiary, along with the statement pursuant to the section 212 of the Companies Act, 1956, are made part of the Annual Report."

8. PERSONNEL

In terms of the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors' Report. Having regard to the provisions of Section 219(1)(b)(iv) of the said Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

9. CORPORATE SOCIAL RESPONSIBILITY

Your Company stresses in fulfilling its Corporate Social Responsibility. That's why the Company, despite, no operational revenues, did following activities in compliance of its Corporate Social Responsibility policy, during the period under review:

1. Repair and maintenance of pond for rain water harvesting in Baola field; and

2. Repair and maintenance of road connecting villages- canal and the field. This road has been quite useful for the villagers in their daily life.

10. CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standard (AS-21) the audited consolidated financial statements are being provided in the Annual Report.

11. AUDITORS & AUDITORS' REPORT

The Auditors, M/s Shirish Desai & Co. (Firm Registration No. 112226W), hold office until the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The requisite certificate under section 224(1B) of the Companies Act, 1956 has been received from M/s Shirish Desai & Co. expressing their willingness and eligibility to accept office, if reappointed.

The Auditors' Report read with Notes to the Accounts referred to therein, are self-explanatory and therefore do not call for any further comments.

12. COST ACCOUNTS & AUDIT

The Cost Audit has been made mandatory for the Company Vide Ministry of Corporate Affairs Order No. F. No. 52/26/CAB-2010 dated 2nd May 2011 with effect from 1st April 2011. In pursuance of the above order the Company has appointed M/s K L Jaisingh & Co. practicing cost accountants as Cost Auditor of the Company, for the FY 2011-12. Since no objection has been raised, by the Central Government the approval is deemed to be granted by the Central Government. The report of the Cost Auditor shall be submitted to the Central Government in due course.

13. INFORMATION PURSUANT TO CLAUSE 5A I & 5AII OF THE LISTING AGREEMENT

During the year there were no shares issued pursuant to public issue or any other issue that remained unclaimed and are lying in the escrow account. Further, there are no shares issued in physical form pursuant to public issue or any other issue which remained unclaimed. Accordingly, clause 5AI & 5AII of the listing agreement is not applicable on the Company.

14. PUBLIC DEPOSITS

During the year the Company did not accept any Public deposits within the meaning of section 58 A of the Companies Act 1956.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

As required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules 1988, a statement showing particulars with respect to conservation of energy, technology absorption and Foreign Exchange earnings and outgoings is given in Annexure I.

16. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION & ANALYSIS

As required under clause 49 of the listing agreement, Management Discussion & Analysis and Corporate Governance Report form part of the Annual Report and are given as Annexure-II& Annexure-III respectively.

17. HEALTH SAFETY & ENVIRONMENT (HSE)

There were 20 meetings on HSE held at Baola and Modhera fields during the year, in addition to daily pre job safety briefing on day to day basis. There was no untoward accident and the overall operations were conducted safely. Due attention was given to environmental protection, compliance of applicable regulations, and all statutory approvals were timely obtained from the concerned authorities.

18. ACKNOWLEDGMENTS

Your Company is fortunate to have a team whose endeavors have laid a strong foundation for the success of the organization as a whole. Your Directors acknowledge the exemplary contribution made by the employees of the Company.

On behalf of the Company, we would also like to convey our thanks to Ministry of Petroleum and Natural Gas (MoPNG), Ministry of Environment and Forests (MoEF), Ministry of Corporate Affairs (MCA), Government of India, Directorate General of Hydrocarbons (DGH), the State Governments of Gujarat and Delhi, residents and the general public in and around the work areas for their gratitude support, cooperation and guidance. The Directors value the trust shown by the shareholders in their ability to operate and manage the Company. We expect that with the continuing encouragement and support of our shareholders, we shall be successful in achieving the desired objectives in the near future.

ANNEXURE - I

INFORMATION AS PER SECTION 217(1)(e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS REPORT FOR THE YEAR ENDED 31st MARCH, 2012.

CONSERVATION OF ENERGY

(a) Energy conservation measures taken;

Improvement in energy efficiency is a continuous process at Interlink and conservation of energy is given high priority in all its areas of operations.

(b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy;

Reduction in energy consumption measures includes usage of energy efficient light-bulbs/appliances where ever possible and turning off CPUs, Monitors, Printers, Fans, Lights and all other electrical points where-ever not in use. This helps in bridging the gap between energy demand and supply partly apart from savings in electricity bills.

(c) Impact of the measures at (a) and (b) for reduction of energy consumption and consequent impact on the cost of production of goods; and Higher awareness levels of energy consumption and savings derived through reduction of wastage.

(d) Form A

Not Applicable.

TECHNOLOGY ABSORPTION

Efforts made in technology absorption as per Form-R of the Annexure in the Rules.

1. Research and Development (R & D)

(a) Specific areas in which R&D carried out by the Company:

None.

(b) Benefits derived as a result of above R&D:

None.

(c) Future Plan of Action

There is no plan for any R&D activity at present.

(d) Expenditure on R & D Rs.

(i) Capital NIL.

(ii) Recurring NIL

(in) Total NIL

(iv) Total R & D expenditure as percentage of net sales NIL

Technology Absorption, adoption and innovation

(a) Efforts in brief, made towards technology absorption, adoption and innovation International Oil field practices and latest technology are applied in areas of operation which is yielding results to the expected level in addition to helping the company in overall resource optimisation.

(b) Benefits derived as a result of the above efforts

This has benefited the company execution of petroleum operations without any time and cost overrun.

(c) In case of imported technology (Imported during the last 5 years reckoned from the beginning of the financial year) following information may be furnished (i) Technology imported

(ii) Year of import

(iii) Has technology been fully absorbed

(iv) If not fully absorbed, areas where this has not taken place, reason therefore and future plans of actions, No specific technologies imported.

FOREIGN EXCHANGE EARNINGS AND OUTGO

(a) Activities relating to export initiative; taken to increase exports, development of new export markets for products and services and export plans,

Not applicable.

(b) Total Foreign Exchange used and earned

The Company's foreign exchange earnings during the year were Rs. Nil (Previous Year Rs. Nil). The total foreign exchange utilized during the year amounted to f 598.52 lakhs (Previous year Rs. 629.07 lakhs.). Details of foreign Exchange earned and utilized during the year are given in Note No. 21 of the Notes on the Financial Statement.

For and on behalf of the Board

Biaksh Chandra Bora Chairman

Place : NOIDA Date: 13th July 2012

 
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