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 ÂI.
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
Mar 31, 2011
Dear Members,
On behalf of the Board of Directors of your Company, I take pleasure in
presenting before you the twentieth Annual Report of the Company for the
financial year ended 31st March, 2011.
1. FINANCIAL PERFORMANCE (Rs. in Lacs)
Particulars 2010-2011 2009-2010
Total Income 71.51 115.28
Gross Profit/(Loss) before Interest,
Depreciation&Tax (46.85) 10.47
Less:Interest 0.74 0.25
Depreciation 1.37 2.58
Profit before Tax (48.96) 7.64
Less: Provision for Taxation Nil Nil
Profit after Tax (48.96) 7.64
Amount carried to Reserves Nil Nil
Equity Share Capital (Paid-up) 2492.12 2492.12
Net Worth 3768.61 3814.29
2. DIVIDEND
In view of the loss incurred during the year, your Directors regret
that they are unable to recommend any dividend.
3. OPERATIONS
Your Company has experienced an eventful year operationally. After
receiving all the required approvals, the Company drilled and tested a
well, Baola No. 8, located in the Baola field during the period between
August and October 2010. Subsequent to a short flow test, the Company
announced a discovery of oil. The flow test was witnessed by a
representative from the Directorate General of Hydrocarbons, Ministry
of Petroleum and Natural Gas.
You may recall that the Baola field was known as a gas field, and hence
this discovery of oil may provide the Company with additional prospects
for future development.
To further understand the technical aspects and commercial viability of
the oil discovery in Baola Well No. 8, your Company intends to conduct
an Extended Well Test (EWT) during the second quarter of the financial
year 2011-2012. Based on the results of this EWT, your Company will
chart an appropriate course of action for Baola field.
Subsequent to the end of the 2010 Ã 2011 financial year, and, after
obtaining all requisite approvals, your Company also commenced drilling
activities in our Modhera field in April 2011. The well, Modhera no.
2, reached its target depth in May 2011. In accordance with the work
program, the well was cased and operations were suspended. The Company
has scheduled the testing of Modhera no. 2 in the second quarter of
2011- 2012 and the results of the tests will be declared upon receiving
the necessary approvals from the Directorate General of Hydrocarbon.
During the current 2011 Ã 2012 financial year, we also plan to re-enter
Modhera no.1 to conduct some well intervention activity as we believe
that such an endeavor shall improve our overall understanding of the
Modhera field. We further believe that successful outcomes from the EWT
program in Baola field, the initial testing of Modhera no. 2 and the
well intervention activities to be carried out in Modhera no. 1, will
result in the production of oil and / or gas from Baola&Modhera in the
financial year 2012 -2013.
4. SIGNIFICANT DEVELOPMENTS
During the year, Jit Sun Investments Pte Ltd. (Jit Sun), an integral
member of our promoter group, transferred its entire shareholding in
Loyz Oil Pte Limited to M/s Sim Siang Choon Limited (SSC), a company
listed on the Singapore Stock Exchange. In compensation, Jit Sun was
issued shares in SSC for the value of the transfer. This corporate
action resulted in SSC having to make a Mandatory General Offer in
India for the shares of your Company. Through this action, SSC acquired
a further 3.90% shares of the Company from the General Public category.
Jit Sun, accordingly, also continues to remain an indirect promoter
Of the Company in view of its shareholding in SSC.
SSC currently holds 10.41% of shares in the Company directly and 41.37%
shareholding through its subsidiary Loyz Oil Pte Limited.
During the year, the Company obtained approval for an External
Commercial Borrowing facility from DBS Bank Ltd., Singapore to the
extent of USD 8 million to fund its operational requirements pertaining
to Modhera & Baola fields. As at the end of the year, an amount of USD
4 million was drawn to fund the activities of the Company and the
remaining amount of USD 4 million was drawn in April 2011. The said ECB
is secured by the Corporate Guarantee provided by M/s Jit Sun
Investments Pte Limited, a promoter Company.
5. DIRECTORS'RESPONSIBILITYSTATEMENT
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, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) accounting policies selected were applied consistently. Reasonable
and prudent judgments and estimates are made so as to give a true and
fair view of state of affairs of the Company as on 31st March 2011 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 annual accounts on a going concern
basis.
6. DIRECTORS
In accordance with the applicable regulations, Mr. Lai Kai Jin Michael
and Mr. Arun Agarwal, the Directors, retire by rotation at the ensuing
Annual General Meeting and being eligible, they offer themselves to be
reappointed.
For the perusal of shareholders, a brief resume of the directors being
proposed to be reappointed, their nature of expertise, their
shareholding in the Company, the names of the Companies in which they
hold directorship and details of their membership of the Committees of
the Board are given as annexure to the notice, as required under clause
49 of the Listing Agreement. The Board recommends their reappointment.
7. SUBSIDIARYCOMPANY
The Company has one wholly owned subsidiary namely Interlink Petroleum
Pte. Limited. The subsidiary company is continuously assessing
acquisition opportunities in the region. 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
Information pursuant to section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 (as amended)
forms part of this report. However as per the provision of section
219(1)(b)(iv) of the Companies Act, 1956, the Report and Accounts is
being sent to all shareholders of the Company excluding the aforesaid
information. Shareholders interested in obtaining this information may
write to the Company Secretary at the Registered Office address of the
Company.
9. CORPORATE SOCIAL RESPONSIBILITY
Despite no operational revenues, the Company conducted and completed
the following activities in compliance with its Corporate Social
Responsibility policy:
a) Distribution of Tricycle to polio affected persons at Modhera,
b) Digging and maintaining of pond for rain-water harvesting at Baola,
and,
c) Construction of Road in the operational area which is also available
for use in rural areas of Modhera.
10. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard (AS-21) the audited
consolidated financial statements are provided in the Annual Report.
11. APPOINTMENTOFAUDITORS&AUDITORS'REPORT
The Auditors M/s Shirish Desai & Co. retire at the conclusion of the
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 continue, 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 for the same. The same is subject to the approval of the
Ministry of Corporate Affairs. The report of the Cost Auditor will be
Submitted to the Ministry of Corporate Affairs, annually.
13. INFORMATION TO SHAREHOLDERS
The Company, pursuant to order dated 11th October 2010, issued by the
Company Law Board (Mumbai Bench), has shifted its registered office to
the state of National Capital Territory of Delhi. The new addresses of
the Registered Office and Registrar & Transfer Agent are mentioned in
the Corporate
Governance Report.
Keeping in view the benefits associated with the Dematerialisation, the
Company is encouraging its shareholders holding shares in physical
mode to convert their holding in Dematerialisation mode.
14. INFORMATION PURSUANT TO CLAUSE 5AI &5AII OF THE LISTING AGREEMENT
There are 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.
15. PUBLICDEPOSITS
The Company has not accepted any Public deposits during the year.
16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUT GOINGS
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 ÃI.
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 at Annexure-II & Annexure III respectively.
18. HEALTH SAFETY & ENVIRONMENT (HSE)
There were 12 meetings on HSE held at Baola GCS during the year. In
addition, a number of safety meetings and drills were carried out
during the drilling of Modhera well # 2. There was no untoward accident
and the overall operations were conducted safely. Due attention was
given to environmental protection and regulation and all statutory
approvals were granted.
19. ACKNOWLEDGMENTS
Your directors wish to place on record their appreciation of continued
support extended by the Shareholders to the Company. Your directors
also would like to place on record their gratitude for the support &
co-ordination received from Ministry of Petroleum & Natural Gas,
Directorate General of Hydrocarbons, The State Governments of Gujarat
and Delhi, residents and the general public in and around the work
areas. The Company would also like to express its sincere appreciation
to all the dedicated officials, employees and workers for their
continued commitment towards the Company.
On behalf of the Board
Place : NOIDA Bikash Chandra Bora
Date : 11/07/ 2011 Chairman
Mar 31, 2010
The Directors have pleasure in presenting for your consideration and
approval the Nineteenth Annual Report for the year ended 31st March,
2010.
1. FINANCIAL PERFORMANCE: (Rs. in Lacs)
Particulars 2009-10 2008-09
Total Income 115.28 66.88
Gross Profit / (Loss)
before Interest,
Depreciation & Tax 10.47 (176.15)
Interest 0.25 3.60
Depreciation 2.58 7.86
Provision for Taxation
(Including FBT) NIL 1.81
Net Profit / (Loss) 7.64 (189.42)
2. DIVIDEND:
In view of inadequacy of profit, the Board does not recommend payment
of dividend to the Shareholders for the year under review.
3. RETROSPECTIVE AND PROSPECTIVE REVIEW OF OPERATIONS:
Upon completion of the takeover activities, the new management pursued
and obtained the Mining Lease for Modhera oil field (located in the
Cambay Basin in close proximity to Baola field). In addition, for
Modhera, the Company took over the management of the field in February
2009 (the Production Sharing Contract for Modhera had been previously
signed by the Company in the year 2001).
The 3D seismic data acquisitions of Baola and Modhera were conducted as
planned and were completed during the year. Data processing for both
fields were also completed but interpretation work could only be
finalized for Baola during the year under review. The interpretation
work for Modhera was still in progress as at the end of the year.
The seismic interpretation results for Baola have provided the Company
with a few leads for drilling of a proposed well. The Company, after
extensive technical analysis, has selected the best technically
acceptable geological location for drilling an exploratory cum
development well. The well is scheduled to be spud in the second
quarter of the 2010-11 financial year. In addition, your Company is
also planning to drill a well in Modhera during the third or the fourth
quarter of the 2010-2011 financial year, if the seismic prognosis
results in credible drilling leads.
It is hoped that the production of oil/gas from the Baola field and
oil/gas from Modhera field (contingent on the outcome of a drilling
phase) is expected to commence from the financial year 2010-11 and
2011-12 respectively.
On the international front, the Companys wholly-owned subsidiary,
Interlink Petroleum Pte. Limited (incorporated in Singapore during the
year 2008-09), has yet to commence operations.
4. MANAGEMENT DISCUSSION AND ANALYSIS:
4.1 Industry Structure and Developments:
The petroleum industry in India remains regulated by the policies of
the Government of India. The industry, however, faces tough challenges
from the environmental policies being implemented in the country which
are getting stricter with each passing day. This is impacting the
industry, resulting in delays in project implementation as well as
adding to finding and developing costs. Further, the recent apex
court pronouncement on the ownership of gas and its pricing guidelines
relating to gas related transactions has also changed the industry
landscape.
4.2 Opportunities and Challenges:
The price of oil appears to be maintaining a level of approximately
US$60 - US$80 per barrel. This has catalyzed the industry and
exploration and development activities are on the uptrend. This current
oil price level is expected to remain in the medium term. The rise in
oil prices may result in an escalation in service costs to its
pre-downturn levels.
In contrast, the natural gas prices that had plunged along with oil
prices have not rebounded to their pre-downturn levels and are still
posing some challenges to the gas producers. Natural gas, remains a
largely a regional product and continues to be monopolized by the
suppliers or consumers or transporters.
4.3 Operations and Performance:
Overall Review:
The Company seized a partial advantage of the economic downturn in late
2008 and carried out its operations, mainly the 3D seismic acquisition,
processing and interpretation at moderate costs. We also achieved our
objective of completing the program on schedule, enabling us to plan
for a drilling program to commence by mid 2010.
In this area the Company will continue to seek opportunities to obtain
competitive pricing for services.
Quality, Health, Safety & Environment:
Your Company is committed to protect the health, safety and environment
in all aspects of its work. The Company therefore places high emphasis
on compliance to its HSE policy by all the stake holders, the
employees, contractors and associates.
4.4 Future Outlook:
Threats :
As is the case with any oil and gas exploration and production player,
the CompanyÃs overall performance is impacted by oil / gas price and
finding, development and operational costs. The size of the CompanyÃs
future revenue will rely on successful development of the fields being
held and will also depend on oil and gas prices prevailing in the
international market. To try to mitigate fluctuations in the CompanyÃs
performance with oil price fluctuations, the Company may resort to
processes such as hedging. Such measures will be suitably undertaken at
the appropriate time. In the meanwhile, the gas price continues to
remain a challenge for the Company as the estimated gas accumulations
in its fields requires a reasonable price support for it to be
economically produced.
Efforts are being made by the Company to secure such gas prices from
its present and prospective consumers.
4.5 Internal Control Systems and Risk Management:
The Company is already practicing an adequate Internal Control System
in respect of efficiency of operation, financial reporting, compliance
with laws and applications etc., which is supplemented by Internal
Audit conducted regularly to review the adequacy and effectiveness of
Internal Control and to suggest improvement. The Audit Committee
regularly reviews the significant observations of the Audit and also
meets the Companys Statutory Auditors to obtain their observations on
Financial Reports and Controls.
4.6 Financials:
A brief of the financial analysis of the Companys operations for the
year is given herein above and therefore the same is not repeated.
4.7 Cautionary Statement :
Certain Statements made in the Management Discussion & Analysis may be
Forward-looking statements. within the meaning of applicable
securities laws & regulations and actual results may differ materially
from those expressed and implied. Factors that could make differences
to the Companys operations include competition, price realizations,
changes in the Government policies and regulations, tax regimes,
economic development within India and other incidental factors.
5. CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES :
During the year under review, the Company issued and allotted 65,20,000
shares to Non Promoter Foreign Investors in compliance with SEBI (ICDR)
Regulations, 2009, on repatriation basis, to raise funds to undertake
substantial expansion of operational activities, to meet a part of the
proposed capital expenditure and to augment long term working capital
requirement of the Company. These shares have also been listed on the
Bombay Stock Exchange Limited
6. SIGNIFICANT DEVELOPMENTS
During the year, M/s. Jit Sun Investments Pte. Limited Singapore, the
Promoter of the Company, transferred its entire shareholding in the
Company (1,03,10,000 Equity shares representing 41.37% of the paid up
capital of the Company) to its wholly owned subsidiary, M/s. Loyz Oil
Pte. Limited, Singapore, with due compliance of SEBI (SAST)
Regulation.
As per communication received from M/s Jit Sun Investments Pte Limited
(one of the Companys promoters) and Mr. Kenneth Gerard Pereira, they
have on 28th April 2010, entered into a Share Purchase Agreement with
M/s Sim Siang Choon Limited, a Company listed in the Singapore Stock
Exchange, proposing to sell their shareholding (total of 11,934,000
shares) in the Company, in exchange of shares in M/s Sim Siang Choon
Limited subject to approval of the relevant authorities in India and
Singapore.
7. DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed;
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
ii) that the Directors have 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 at the end of the financial year March 31st,
2010 and of the Profit of the Company for the year;
iii) that the Directors have taken proper and sufficient care to
maintain 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;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
8. DIRECTORS :
Mr. Vijay Misra and Mr. Bikash Chandra Bora, the Directors, retire at
the ensuing Annual General Meeting and being eligible, they have
offered themselves for reappointment.
For perusal of the Shareholders, a brief resume of the Directors being
reappointed, their nature of expertise, their shareholding in the
Company, the names of the Companies in which they hold directorship and
the details of their membership of the Committees of the Board are
given as Annexure I to the notice, as required under clause 49 IV G
of the Listing Agreement. The Board recommends their reappointment.
9. CORPORATE GOVERNANCE:
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement relating to Corporate Governance in all material
respects as applicable, during the year under review.
A report on Corporate Governance, together with a Certificate of its
Compliance, forms part of this report in the enclosed Annexure - III.
10. SUBSIDIARY COMPANY:
The Directors and Auditors Reports and Accounts of the Subsidiary
Company are annexed to this report along with the statement pursuant to
Section 212 of the Companies Act, 1956.
11. STATUTORY DISCLOSURES:
11.1 Personnel :
Information under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975, forms part of this
report. However, as per the provisions of Section 219 (1) (b) (iv) of
the Companies Act, 1956, the Report and the Accounts is being sent to
all shareholders of the Company excluding the aforesaid information.
Shareholders interested in obtaining this information may write to the
Dy. Company Secretary at the Registered Office of the Company.
11.2 Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo :
As required under Section 217 (1) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules,1988, statement showing particulars with respect to
conservation of energy, technology absorption and foreign exchange
earnings and outgo, is given in the enclosed Annexure-II.
11.3 Consolidated Financial Statements:
In accordance with Accounting Standard AS-21, the audited consolidated
financial statements are provided in the Annual Report.
12. PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any public
deposits as per under Section 58A of the Companies Act 1956.
13. AUDITORS, AUDIT REPORT AND AUDITED ACCOUNTS :
M/s Shirish Desai & Co., Chartered Accountants, retire as Auditors at
the conclusion of the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment.
The Auditors Report read with the notes to the accounts referred to
therein, are self-explanatory and therefore, do not call for any
further comments.
14. ACKNOWLEDGEMENTS :
Your Directors place on record their sincere appreciation for the
continued co-operation and support extended by you and the service
providers, to the Company. Your Directors would also like to record
their gratitude for the support and co-operation received by your
Company from agencies of the Government of India namely, Ministry of
Petroleum and Natural Gas, Directorate General of Hydrocarbons and
Government of Gujarat . Your Directors also express their sincere
appreciation to our dedicated employees for their continuing efforts
towards the growth of your Company.
For and on behalf of the Board,
Bikash Chandra Bora
Chairman
Place: Noida
Date:10-06-2010