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Notes to Accounts of Selan Exploration Technology Ltd.

Mar 31, 2015

1. Rights, preferences and restrictions attaching to equity shares :

The Company has issued only one class of equity shares having par value of R 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

2. Corporate Information :

Selan Exploration Technology Limited (referred to as the Company or Selan) was incorporated on 5th July, 1985 under the Companies Act, 1956. The Company is engaged in the business of oil & gas exploration and production. The Company has signed Production Sharing Contracts (PSCs) with Government of India (GoI) for Bakrol, Indrora, Lohar, Ognaj and Karjisan fields.

3. Capital Commitments :

Outstanding commitments for capital expenditure (net of advances) - Rs. 1,080,931 (previous year Rs. 6,202,065)

4. The Company has taken premises on operating lease. The lease payments charged during the year in the statement of profit and loss amounts to Rs. 8,482,208 (previous year Rs. 6,095,458). Amount due within one year Rs. 10,233,301.

5. In the Arbitration proceedings between the Company and the Ministry of Petroleum and Natural Gas, Government of India (GOI) with respect to the Lohar Oilfield, inter alia, the issue is whether Profit Petroleum is payable to the GOI in a financial year, when the Investment Multiple in the preceding year is less than 3.5. The Company had won an Award in its favour in May 2010, from the Arbitral Tribunal, against which the GOI had appealed to the Hon'ble Delhi High Court. The Single Bench of the High Court ruled in favour of the GOI. The Company has appealed against this to the Division Bench of the High Court, which case is in progress.

6. The Company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act, 2006". Disclosure relating to amount unpaid at the year-end together with interest payable, if any, as required under the said Act are not ascertainable.

7. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of the current assets, loans and advances in the ordinary course of business will not be less than the amount stated in the Balance Sheet.

8. As a result of change in the Accounting Policy no. 1.07 regarding the period of amortisation, the amortisation is lower by Rs. 157,921,010 and consequently the profit of the year before tax is higher by Rs. 139,515,010, as compared to the period previously followed. The corresponding impact on managerial remuneration is higher by Rs. 7,200,000 and provision for current tax on MAT basis is higher by Rs. 29,346,000.

9. Segment Reporting as per Accounting Standard - 17 :

The Company is primarily engaged in the business of exploration and production of oil and natural gas. Therefore, it is a single segment business.

10. Corporate Social Responsibility (CSR) :

The Company is required to spend a further sum of Rs. 5,047,977 towards Corporate Social Responsibility relating to the financial year 2014-15, as required under section 135 of the Companies Act, 2013. This is expected to be spent in the succeeding financial year.

11. Previous year figures have been regrouped wherever necessary to correspond with the current year figures.


Mar 31, 2013

1. Corporate Information :

Selan Exploration Technology Limited (referred to as the Company or Selan) was incorporated on 5 July, 1985 under the Companies Act, 1956. The Company is engaged in the business of oil & gas exploration and production. The Company has signed Production Sharing Contracts (PSCs) with Government of India (GoI) for Bakrol, Indrora, Lohar, Ognaj and Karjisan fields.

2. Capital Commitments :

Outstanding commitments for capital expenditure (net of advances) - R978,000/- (previous year R3,898,865/-)

3. The Company has taken premises on operating lease. The lease payments charged during the year in the statement of profit and loss amounts to R6,138,462/- (previous year R5,580,807/-) Amount due within one year R5,992,566/-.

4. In the Arbitration proceedings between the Company and the Ministry of Petroleum and Natural Gas, Government of India (GOI) with respect to the Lohar Oilfield, inter alia, the issue is whether Profit Petroleum is payable to the GOI in a financial year, when the Investment Multiple in the preceding year is less than 3.5. The Company had won an Award in its favour in May 2010, from the Arbitral Tribunal, against which the GOI had appealed to the Hon’ble Delhi High Court. The Single Bench of the High Court ruled in favour of the GOI. The Company has appealed against this to the Division Bench of the High Court, which case is in progress.

5. The Company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act, 2006”. Disclosure relating to amount unpaid at the year-end together with interest payable, if any, as required under the said Act are not ascertainable.

6. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of the current assets, loans and advances in the ordinary course of business will not be less than the amount stated in the Balance Sheet.

7. The disclosures of Employee Benefits as defined in the Accounting Standard - 15 are given below :

8. Segment Reporting as per Accounting Standard - 17 :

The Company is primarily engaged in the business of exploration and production of oil and natural gas. Therefore, it is a single segment business.

9. Previous year figures have been regrouped wherever necessary to correspond with the current year figures.


Mar 31, 2012

A) Rights, preferences and restrictions attaching to equity shares :

The Company has issued only one class of equity shares having par value of R 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

Cash EPS is calculated after adding back Development of Hydrocarbon Properties written off, deferred tax and depreciation to net profit.

1. Corporate Information :

Selan Exploration Technology Limited (referred to as the Company or Selan) was incorporated on 05 July 1985, under the Companies Act, 1956. The Company is engaged in the business of oil & gas exploration and production. The Company has signed Production Sharing Contracts (PSCs) with Government of India (GoI) for Bakrol, Indrora, Lohar, Ognaj and Karjisan fields.

2. Capital Commitments :

Outstanding commitments for capital expenditure (net of advances)

- R3,898,865/- (previous year R6,910,000/-)

3. The Company has taken premises on operating lease. The lease payments charged during the year in the statement of profit and loss amounts to R 5,580,807/- (previous year R3,324,012/-). Amount due within one year R5,600,951/-.

4. In the Arbitration proceedings between the Company and the Ministry of Petroleum and Natural Gas, Government of India (GoI) with respect to the Lohar Oilfield, inter alia, the issue is whether Profit Petroleum is payable to the GoI in a financial year, when the Investment Multiple in the preceding year is less than 3.5. The Company had won an Award in its favour in May 2010, from the Arbitral Tribunal, against which the GoI had appealed to the Hon'ble Delhi High Court. The Single Bench of the High Court ruled in favour of the GoI. The Company has appealed against this to the Division Bench of the High Court, which case is in progress.

5. The Company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act, 2006". Disclosure relating to amount unpaid at the year-end together with interest payable, if any, as required under the said Act are not ascertainable.

6. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of the current assets, loans and advances in the ordinary course of business will not be less than the amount stated in the Balance Sheet.

7. The disclosures of Employee Benefits as defined in the Accounting Standard - 15 are given below :

8. Segment Reporting as per Accounting Standard - 17 :

The Company is primarily engaged in the business of exploration and production of oil and natural gas. Therefore, it is a single segment business.

9. Oil and Natural Gas Corporation Ltd., vide letter dated 27.01.2012 has revised retrospectively the charges relating to handling and processing of crude oil at their terminal. The revision includes charges relating to the period 2008-09 to 2010-11 aggregating to R19,698,997/-

10. Previous year figures have been regrouped wherever necessary to correspond with the current year figures.


Mar 31, 2011

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