Mar 31, 2015
NOTE 1
In view of the signing of MOU with Sun Petrochemicals Limited and the
performance of the fields of the Company, the indications for
impairment exist as per AS-28 issued by the ICAI. Considering the
uncertainty of recoverability of the carrying amount of CVyiP at Baola
and Modhera field, Impairment loss amounting to ' 837,821,141/- for
both the fields have been charged to the Statement of Profit & Loss as
Exceptional Items, as assessed by the management on the basis of
certain assumptions as per AS-28 issued by the ICAI.
NOTE 2
The company has made provision for impairment loss amounting to
Rs.837,821,141/- in the financial statements due to which the company
has accumulated losses and its net worth has been fully eroded which
indicate the existence of material curtailment of the operations that
cast a substantial doubt on the Company's ability to continue as a
going concern. However company has the plan to remain in operations in
Exploration & Production of natural resources and allied activities.
Accordingly the company has entered into Memorandum of Understanding
for transferring of its rights of both the fields which will give
revenue to the company on success, Hence financial statements has been
prepared on the assumption of going concern.
NOTE 3
Lives of certain fixed assets have been revised consequent upon the
changes in useful life of assets in Schedule- II of Companies Act,
2013. Depreciation of Rs.411,405/- on account of assets, whose useful
life is already exhausted before 01.04.2014, has been adjusted against
opening Profit & Loss Account.
NOTE 4
During the year, the Company has entered into a binding Memorandum of
Understanding dated 24.03.2015 with Sun Petrochemicals Private Limited
through its exploration and Production division, Sun Oil & Natural Gas,
for transfer and assignment of the Production Sharing Contract in
respect of its participating interests over the Modhera and Baola
fields, for further development, subject to approval of Directorate
General of Hydrocarbons. An application in this regard is filed to
Directorate General of Hydrocarbons and is under consideration and
consent is awaiting.
NOTE 5
Taking into consideration the financial health of the company, the
Promoter Company has agreed for not to insist for payment till the
improvement of the financial health of the Company. Therefore the
interest on ECBs for the period from 1st October 2014 to 31st March,
2015 has been waived off and has not been provided.
NOTE 6: CONTINGENT LIABILITIES & COMMITMENTS (TO THE EXTENT NOT
PROVIDED FOR)
a. Contingent liabilities amounting to Rs. 8 Lacs towards legal case
filed by Mr. Vinayakrao S. Desai against the company before the
Ahmadabad High Court has not been acknowledged by the Company as the
Company expects the verdict in its favor.
b. The Income-Tax assessments of the Company have been completed up to
the Assessment Year 2012-13 (in previous Year up to 2011-12). Demand
has been raised of Rs.37.33 Lacs (Previous Year: Rs.40.58 Lacs) up to
the said Assessment Year, against which the company has filed appeal
before Appellate authority.
NOTE 7:
The Company is engaged in extraction of crude oil and natural gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17 on Segment Reporting.
NOTE 8:
The Company has substantial carried forward losses and unabsorbed
depreciation. Hence, there is no deferred tax liability arising at the
end of the current year. Further, in view of the absence of virtual
certainty of realization of carried forward tax losses, the Company has
not created any deferred tax asset as envisaged in Accounting
Standard-22 on Taxes of Income issued by The Institute of Chartered
Accountants Of India.
Mar 31, 2014
The previous year figures have been regrouped / reclassified, wherever
necessary to conform to the current year presentation.
a. Foreign Currency Loan - From Banks, is taken from DBS Bank,
Singapore for which the security has been provided by M/s Jit Sun
Investments Pte Ltd., a promoter group Company, detail of the External
Commercial Borrowings (ECB) are as follows:
I. During the financial year 2010-11 & 2011-12, the Company had drawn
the ECB of US$ 8 Million against the facility agreement entered in to
with DBS Bank Ltd., Singapore which carries interest at LIBOR plus 275
basis points. The loan agreement is for tenure of 5 years with 2 years
moratorium for repayment of the principal amount that is repayable in 8
equal quarterly installments starting from the 39th month from the
month of withdrawal. Interest is, however, paid every quarter as it
falls due.
II. During the financial year 2012-13 the Company had drawn the ECB of
US$ 1 Million against the facility agreement entered in to with DBS
Bank Ltd., Singapore which carries interest at LIBOR plus 300 basis
points. The loan agreement is for tenure of 4 years with 2 years
moratorium for repayment of the principal amount that is repayable in 8
equal quarterly installments starting from the 27th month from the
month of withdrawal. Interest is, however, paid every quarter as it
falls due.
b. Foreign Currency Loan - From Others, is from Loyz Oil Pte Ltd, the
Company''s promoter shareholder, and it includes US$ 40,873.90 accrued
interest upto 31st March 2014.
Foreign currency loan drawn during the financial year 2012-13 from Loyz
Oil Pte Ltd of US$ 1.25 Million, carries interest at LIBOR plus 300
basis points. The loan agreement is for tenure of 5 years with 3 year
moratorium for repayment of the principal amount that is repayable in 8
equal quarterly installments starting from the 39th month from the
month of withdrawal. Interest payable shall starts accruing with
respect to outstanding amount from the date of draw down and interest
for moratorium period is payable in 8 equal quarterly installments
starting from the 39th month from the month of withdrawal and other
interest is payable every quarter as it falls
c. A part of the Long Term Borrowings that is due for repayment within
twelve months from 31st March 2014 amounting to Rs. 262,893,750/-
(Previous Year Rs. Nil) has been transferred to Other Current
Liabilities. The balance has been shown under the head "Long Term
Borrowings".
d. The entire loan drawn till end of the year has been shown under the
head "Long Term Borrowings"after adjusting for the notional foreign
exchange loss of Rs.145,118,690/- (Previous year Rs. 86,662,500/-).
e. The loan, interest and effect of foreign exchange fluctuation have
been dealt with in the books of accounts in accordance with Accounting
Standards 11 & 16.
NOTE 1: CONTINGENT LIABILITIES & COMMITMENTS (TO THE EXTENT NOT
PROVIDED FOR)
i. Contingent liabilities amounting to Rs. 8 Lacs towards legal case
filed by Mr. VinayakRao S Desai against the companybefore the
AhmadabadHigh Court has not been acknowledged by the Company as the
Company expects the verdict in its favor.
ii. The Income-Tax assessments of the Company have been completed up to
the Assessment Year 2011-12 (in previous Year up to 2010-11). Demand
has been raised of Rs. 40.58 Lacs (Previous Year: Rs. 11.38 Lacs) up to
the said Assessment Year, against which the company has filed appeal
before Appellate authority. The demand of Rs. 40.58 lacs are new
demands. The Company has filed an appeal with CIT (Appeals), Vadodara
and is confident of getting the appeal in its favor as advised by the
Company''s Tax Consultant. Hence, no provisionhas been made. The demand
of Rs.11.38 lacs outstanding in the previous year have been rectified
and withdrawn.
NOTE 2:
The Company is engaged in extraction of crude oil and natural gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17 on Segment Reporting.
NOTE 3:
The Company has substantial carried forward losses and unabsorbed
depreciation. Hence, there is no deferred tax liability arising at the
end of the current year. Further, in view of the absence of virtual
certainty of realization of carried forward tax losses, the Company has
not created any deferred tax asset as envisaged in Accounting
Standard-22 on Taxes of Income issued by The Institute of Chartered
Accountants of India.
Mar 31, 2013
NOTE 1: CONTINGENT LIABILITIES & COMMITMENTS (TO THE EXTENT NOT
PROVIDED FOR)
i. Contingent liabilities amounting to T8 Lacs towards legal case filed
by Mr. Vinayakrao S Desai against the company before the Ahmadabad High
Court has not been acknowledged by the Company as the Company expects
the verdict in its favor.
ii. The Income-Tax assessments of the Company have been completed up to
the Assessment Year 2010-11 (Financial year 2009-10). The additional
demand of tax of T11.38 Lacs (Previous Year: Nil) up to the said
Assessment Year is towards classification of business income as other
income and has been made erroneously passed by the Assessing officer.
The Company has filed an appeal with CIT (Appeals), Vadodara and is
confident of getting the appeal in its favor as advised by the
Company''s Tax Consultant. Hence, no provision has been made.
NOTE 2:
The Company is engaged in extraction of crude oil and natural gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17 on Segment Reporting.
NOTE 3:
The Company has substantial carried forward losses and unabsorbed
depreciation. Hence, there is no deferred tax liability arising at the
end of the current year. Further, in view of the absence of virtual
certainty of realization of carried forward tax losses, the Company has
not created any deferred tax asset as envisaged in Accounting
Standard-22 on Taxes of Income issued by The Institute of Chartered
Accountants Of India.
NOTE 4:
a. Value of Raw Materials Consumed: NIL
b. Value of Store & Spares Consumed:
Mar 31, 2012
NOTE 1: SHARE CAPITAL
Other Information:
a. Reconciliation of the shares outstanding at the beginning and at
the end of the reporting period There is no change in the number of
shares outstanding at the beginning and end of the financial year.
b. Terms/Rights attached to the Equity Shares
The Company has only one class of equity shares having a par value of
10/- per share, each holder of equity shares is entitled to one vote
per share.
NOTE 2: LONG-TERM BORROWINGS
a. During the year, the Company had drawn the balance amount of US$ 4
Million (173,160,000/-) against the facility agreement entered in to
with DBS Bank Ltd, Singapore during the previous year for an External
Commercial Borrowing (ECB) of US$8 Million, for the purpose of carrying
out further appraisal and development work in the Baola and Modhera
Oilfields, in which the Company has 100% participating interest.
b. Foreign currency loan carries interest at LIBOR plus 275 basis
points. The loan agreement is for tenure of 5 years with
3 year moratorium for repayment of the principal amount that is
repayable in 8 equal quarterly installments starting from the 39th
month from the month of withdrawal. Interest is, however, payable every
quarter as it falls due.
c. The loan has been guaranteed by M/s Jit Sun Investments Pte Ltd., a
group Company.
d. The entire loan after adjusting for the foreign exchange loss of
Rs. 58,920,000 (Previous year Rs. 1,480,000) on the
principal amount has been shown under the head "Long Term Borrowings".
e. The loan, interest and effect of foreign exchange fluctuation have
been dealt with in the books of accounts in accordance with Accounting
Standards.
NOTE 3: SHORT-TERM PROVISIONS
a. Provision towards employee benefits was Nil as the Company has
obtained a policy under the group gratuity scheme from Life Insurance
Corporation of India during the year. Accordingly, there is no year-end
liability towards the same.
b. Other provisions represent the estimate for various expenses in the
normal course of business.
Note: since Baola field Production rights (Gross amount Rs. 1,535,000)
have been fully amortised, the same is not reflected in the above
table.
Impairment of Assets:- The Company has no independent Cash Generating
Units (CGU) in the above assets and hence no impairment test has been
carried out.
NOTE 4(II): WORK-IN-PROGRESS & INTANGIBLE ASSETS UNDER DEVELOPMENT
a. As per Significant Accounting Policy (g), the Company, during the
year, has capitalized as a part of "Capital Work
in-Progress/Intangible Assets Under Development", an amount of
330,569,910/- (Previous year Rs. 218,774,211/-) , being the expenses
incurred in the appraisal/development of two oil/gas fields viz. Baola
and Modhera.
b. The amount will be transferred to "Producing Property" as and when
the underlying fields are ready for commencement of commercial
production.
c. The above includes Borrowing cost (net of adjustment arising from
interest earned on temporary cash surplus from External Commercial
Borrowing) amounting to Rs. 2,582,861/- (Previous year Nil).
d. As per Significant Accounting policies (o)(iii), foreign exchange
fluctuation of Rs. 57,947,615/- (Previous year Rs. 1,480,000)
pertaining to principal and interest amount of loan has been
capitalized and included in Intangible Assets Under Development.
e. As the oil and gas fields are still under appraisal, no impairment
test has been carried out.
NOTE 5: SHORT TERM LOANS AND ADVANCES
a. Due from subsidiary represents the amount spent by the Company for
the maintenance of its
wholly owned subsidiary, Interlink Petroleum Pte Limited, Singapore.
The maximum balance at any time during the year is Rs. 339,734/- (Previous
year Rs. 218,268/-).
b. In the opinion of management, the current assets including loans,
advances, deposits etc, is fully realizable in the normal course of
business.
c. The balances of loan & advances as appearing above are fully
confirmed.
NOTE 6: Other Current Assets
a. The VAT credit of Rs. 94,952 has been realized to the extent of Rs.
46,016/- and the balance has been charged to Statement of Profit and
Loss.
b. Balance with Government Authorities represents the advance tax
resulting from tax deducted at source from interest earned during the
year and excess service tax deposited that is fully adjustable against
future liability.
NOTE 7: OTHER INCOME
a. Interest on Short term bank deposits represents interest earned on
deposit from Company's own funds.
b. The interest earned, on Short term bank deposit made from
temporary cash surplus out of External Commercial Borrowings, during
the year amounting to Rs. 9,879,702/- (Previous year Rs. 624,618/-) has
been adjusted in Intangible Assets Under Development as per Accounting
Standard 16 and is not included above (Refer Note 8 II).
NOTE 8: EMPLOYEE BENEFITS EXPENSES
a. Salaries and wages include payment for gratuity to Life Insurance
Corporation of India.
b. The gross employee benefits expenses during the year is Rs.
25,948,947 (Previous year Rs. 31,692,284), of which an amount of Rs.
23,411,326 (Previous year Rs. 28,562,189) was capitalize as a part of
"Intangible assets under development" (Refer Note 8(II)) as per
accounting policy (Refer policy (g))being the amount spend towards
appraisal and development of the oil & gas fields.
c. During the year on 14th October, 2011 Mr. Gopal Srinivasan
appointed as a whole time director. The Company has made an application
for approval of remuneration of whole time director. The approval is
still awaiting.
NOTE 9: RELATED PARTY DISCLOSURE
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below: i. List of related parties where
control exists and related parties with whom transactions have taken
place and relationships:
Sl No. Name of Related Party Relationship
1 Loyz Energy Limited
2 Jit Sun Investments Pte Limited Group Companies
3 Loyz Oil Pte Limited
4 Interlink Petroleum Pte. Limited
5 Gopal Pallipuram Srinivasan Key Managerial
Personnel
6 Kenneth Gerrad Pereira
7 Vijay Misra Directors & Relatives
8 Sushila Devi
NOTE 10:
The Company is engaged in extraction of crude oil and natural gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17 on Segment Reporting.
NOTE 11:
The Company has substantial carried forward losses and unabsorbed
depreciation. Hence, there is no deferred tax liability arising at the
end of the current year Further, in view of the absence of virtual
certainty of realization of carried forward tax losses, the Company has
not created any deferred tax asset as engaged in Accounting Standard-22
on Taxes of Income issued by The Institute of Chartered Accountants of
India.
NOTE 12:
a. Value of Raw Materials Consumed: NIL
NOTE 13: PREVIOUS YEAR FIGURES
Till the year ended 31st March 2011, the Company was using pre-revised
Schedule VI to the Companies Act 1956, for preparation and presentation
of its financial statements. During the year ended 31 March 2012, the
revised Schedule VI notified under the Companies Act 1956, has become
applicable to the Company. The Company has reclassified previous year
figures to conform to this year's classification.
Statement pursuant to section 212 of the Companies Act, 1956 relating
to Subsidiary Company
1. Name of the Subsidiary : Interlink Petroleum Pte. Ltd.
2. Financial year/period
ended on : 31st March, 2012
3. No. of equity shares held
by Interlink Petroleum : 2 (Two) Equity
Shares of Limited in the
Subsidiary SGD $ 1 each
fully paid
4. Extent of interest of
Interlink Petroleum
Limited in the capital of : 100%
the subsidiary
5. Net Aggregate amount of
profits of the subsidiary
so far as it concerns the
members of Interlink
Petroleum Limited, and
is not dealt with in the
Company's accounts
(a) Profit/(Loss) for the
financial year ended on : SGD $ (2,739), (Rs.(110,892))
31st March, 2012 of the
subsidiary.
(b) Profit/(Loss) for the
previous financial years : SGD $ (7,847),(Rs.(265,856))
of the subsidiary since
it became subsidiary of
Interlink Petroleum
Limited.
6. Net Aggregate amount of
Profit/(Loss) of the
subsidiary so far as
dealt with or provision
is made for those
Profit/(Loss) in
Interlink Petroleum
Limited's accounts.
(A) For the subsidiary's
financial year ended on : NIL
31st March, 2012
(b) For its previous
financial years
since it became : NIL
the subsidiary of
Interlink Petroleum
Limited
Mar 31, 2011
1. During the year, the Company has entered into a facility agreement
with DBS Bank Ltd., Singapore for an External Commercial Borrowing
(ECB) of US$8 Million, at an interest rate of LIBOR plus 275 basis
points, for the purpose of carrying out further development work in the
Baola and Modhera Oilfields, in which the Company has 100%
participating interest. The agreement is for tenure of 5 years with 3
year moratorium for repayment of the principal amount that is repayable
in 8 equal quarterly installments starting from the 39th month from the
month of withdrawal. Interest is, however, payable every quarter as it
falls due. The security for the loan is provided by M/s Jit Sun
Investments Pte Ltd., the Company's promoters'. The Company has drawn
the first installment of US$4 Million (Rs.17,71,20000) on the 23rd
February 2011, which is shown under the head "Unsecured Loan" after
adjusting for the foreign exchange fluctuation. The loan, interest and
effect of foreign exchange fluctuation have been dealt within the books
of accounts in accordance with Accounting Standards 11&16.
2. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of the absence of virtual certainty of
realization of carried forward tax losses, the Company has not created
any deferred tax asset / liabilities as envisaged in AS-22 on Taxes of
Income issued by The Institute of Chartered Accountants Of India.
3. Impairment of Assets :- The Company has examined carrying cost of
its identified Cash Generating Units (CGU) by comparing present value
of estimated future cash flows from such CGUs, in terms of Accounting
Standard à 28 on Impairment of Assets, according to which no provision
for impairment is required as assets of none of the CGUs are impaired
as on 1st April, 2010. There have been no indications of impairment
during the financial year ended 31st March, 2011.
4. In line with the Policy no. (f) -Significant Accounting Policies
Schedule 14, the Company, during the year, has capitalized as "Capital
Work-in-Progress " an amount of Rs. 2187.74Lacs (Previous year Rs.
1090.24 Lacs) representing expenses incurred in the
appraisal/development of two oil/gas fields viz. Baola and Modhera.
The amount will be transferred to "Producing Property" as and when the
underlying fields are ready for commencement of commercial production.
5. The balances of debtors, creditors and loan & advances appearing in
the balance sheet are subject to reconciliation and confirmation.
6. In the opinion of directors, the current assets including loans,
advances, deposits etc, shall realize the values shown there under, if
realized in the normal course of business
7. Sundry Creditors include Rs. Nil (Previous Year Rs. Nil) due to
small scale industrial undertakings to the extent such parties have
been identified by the Management from available information.
8. The Company has not received any intimation from the 'suppliers'
regarding their status under the Micro, Small and Medium Enterprises
development Act, 2006 and hence disclosures if any relating to amounts
unpaid as at March 31, 2011 together with interest paid / payable as
required under the said Act, have not been given.
9. The Company has made a provision of Rs.14.32 Lacs during the year
(Previous Year Rs. 8.55) towards accrued Gratuity liability in
conformity with Accounting Standard-15 issued by the Institute of
Chartered Accountants of India. Part of the provision made amounting to
Rs.12.94 Lacs (Previous Year Rs. 7.79 Lacs) has been capitalized as a
Part of Capital Work in Progress. The Company does not have a policy for
encashment of earned leave. Accordingly, no provision has been made for
leave encashment as required to bemade.
10. The company has submitted bank guarantees worth Rs298.72 Lacs to
Government of India for 10% of the budget for the year 2010-11, as
required under the Production Sharing Contract for Modhera Field.
Towards this, the company has provided alien on Term Deposits with bank
worth Rs.308.93 Lacs.
11. Managerial Remuneration paid to Dr. Kenneth G. Pereira, Managing
Director was in receipt of a salary of Rs.12 (Previous Year Rs. 8) only
during the year at the rate of Rs.1 per month
12. The Company is engaged in extraction of natural oil and gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17on Segment Reporting.
13. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of the absence of virtual certainty of
realization of carried forward tax losses, the Company has not created
any deferred tax asset / liabilities as envisaged in Accounting
Standard-22 on Taxes of Income issued by The Institute of Chartered
Accountants Of India.
14. List of Related Parties:
a. Associate Companies : Sim Siang Choon Limited
Jit Sun Investments Pte Limited
Loyz Oil Pte Limited
Loyz Energy Pte Limited
Subsidiary : Interlink Petroleum Pte. Limited, Singapore
b. Key Management Personnel and Related Parties
Managing Director : Dr. Kenneth G.Pereira
Director : Mr. Vijay Misra
Mother of Director : Mrs. Sushila Devi
Wife of Director : Mrs. Harpriya Misra
15. Additional Information pursuant to the provisions of paragraph 3,
4C and 4D of part II of Schedule VI of the Companies Act, 1956.
b. Consumption of Raw Materials: NIL
16. Previous year figures have been regrouped and rearranged wherever
necessary in order to make them comparable with that of the current
year.
Mar 31, 2010
1. In line with the Policy no. (f) of (A) - Significant Accounting
Policies of Schedule 14, the Company, during the year, has capitalized
as Capital Work-in-Progress Exploration Expenses an amount of
Rs.1090.24 Lacs (Previous year Rs.173.00 Lacs). The amount will be
transferred to Producing Property as and when the underlying fields
are ready for commencement of commercial production.
2. Impairment of Assets :- The Company has examined carrying cost of
its identified Cash Generating Units (CGU) by comparing present value
of estimated future cash flows from such CGUs, in terms of Accounting
Standard 28 on Impairment of Assets, according to which no provision
for impairment is required as assets of none of CGUs are impaired as on
1st April, 2009. There have been no indications of impairment during
the financial year ended 31st March, 2010.
3. During the year, the Company has written off Fixed Assets
comprising Furniture and Fixture, Computers and Office Equipment having
written down value of Rs.4.40 Lacs (Previous Year Rs. Nil) as the same
has no further useful life.
4. (a) During the year, the Company had re-classified the amounts
lying under the head Unsecured Loans amounting to Rs.114.23 Lacs as
Current Liabilities.
(b) The Company had made a payment of Rs.39 Lacs in full and final
settlement of the amount due towards inter-corporate deposit of Rs. 78
Lacs, which was transferred to Current Liabilities as stated in 7 (a)
above. The balance amount of Rs.39 Lacs has been shown as an income
during the year.
5. (a) During the year, the Company has issued 6,520,000 Equity Shares
having face value of Rs.10 per share on preferential allotment basis at
a premium of Rs.23 per share. Accordingly, the amount received against the
same has been accounted for under the Head Share Capital Account and Share
Premium Account respectively. Simultaneously, the Company also enhanced its
Authorised Share Capital from Rs.1900 Lacs in the previous year
to Rs.3000 Lacs.
(b) During the year, the Company forfeited 8800 shares towards which an
amount of Rs.44,000 remained as calls-in-arrears. An amount of
Rs.44,000 that was received against the shares which was remaining
under the head Share Capital Account was forfeited and transferred to
Share Forfeiture Account under the head Reserves and Surplus.
6. The Company is engaged in extraction of natural oil and gas only
and therefore there is only one reportable segment in accordance with
Accounting Standard 17.
7. The Company has substantial carried forward losses and unabsorbed
depreciation. In view of the absence of virtual certainty of
realization of carried forward tax losses, the Company has not created
any deferred tax asset / liabilities as envisaged in AS-22 on Taxes of
Income issued by The Institute of Chartered Accountants Of India.
*Auditors remuneration excludes Rs.1.40 Lacs paid to the proprietary
firm of a partner (Previous year Rs.1.20 lacs) and Rs.0.40 Lacs paid to
Auditors Firm for certification work, which is transferred to Capital
Work In Progress as the underlying payment pertains to expenses
incurred for the development of Baola and Modhera fields.
* Kenneth Gerard Pereira, Managing Director, received a salary of Rs.8
only during the year at the rate of Rs.1 per month from 4 August 2009,
the date of his appointment.
8. Additional Information pursuant to the provisions of paragraph 3,
4C and 4D of part II of Schedule VI of the Companies Act, 1956.
9. In the opinion of directors, the current assets including loans,
advances, deposits etc, shall realize the values shown there under, if
realized in the normal course of business.
10. The balances of debtors, creditors and loan & advances appearing
in the balance sheet are subject to reconciliation and confirmation.
11. a) Sundry Creditors include Rs. Nil ( Previous Year Rs. Nil) due
to small scale industrial undertakings to the extent such parties have
been identified by the Management from available information.
b) The Company has not received any intimation from the ÃsuppliersÃ
regarding their status under the Micro, Small and Medium Enterprises
development Act, 2006 and hence disclosures if any relating to amounts
unpaid as at March 31, 2010 together with interest paid / payable as
required under the said Act, have not been given.
12. The Company has made a provision of Rs.8.55 Lacs during the year
(Previous Year Rs. Nil) towards accrued Gratuity liability in
conformity with AS15 on ÃAccounting for Retirement Benefitsà issued by
the Institute of Chartered Accountants of India. Part of the provision
made amounting to Rs.7.79 Lacs (Previous Year Rs. Nil) has been
capitalized as a part of Capital Work in Progress. The Company does not
have a policy for encashment of earned leave. Accordingly, no provision
has been made for leave encashment as required to be made.
13. The company has submitted bank guarantees worth Rs.72.17 Lacs to
Government of India for 10% of the budget for the year 2009-10, as
required under the Production Sharing Contract for Modhera Field.
Towards this, the company has provided a lien on Term Deposits with
bank worth Rs.78.91 Lacs.
14. Previous year figures have been regrouped and rearranged wherever
necessary in order to make them comparable with that of the current
year.
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