Notes to Accounts of Sterling International Enterprises Ltd.

Mar 31, 2016

1 8,46,53,068 (8,46,53,068) Shares out of the issued, subscribed and paid up share capital were allotted as equivalent to Global Depository Receipts (GDR) since inception

2 Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period, is as under:

2.3 The Company has only one class of shares referred to as equity shares having par value of Rs, 1 each. Each holder of equity share is entitled to one vote per share except GDR Holders / Depository. The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and approved by Shareholders at the Annual General Meeting except in case of Interim Dividend. In the event of liquidation of the Company the holders will be entitled to receive remaining assets of the Company, after distribution of all preferential distribution in proportion to the number of Equity Shares held by the shareholders.

3 Segment Reporting

In accordance with AS-17 "Segment Reporting", segment information has been given in consolidated financial statements of the Company, and therefore, no separate disclosure on segment information is given in these financial statements.

4 MSME Disclosures

Based on the information received by the Company from Vendors regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have not been given.

5 Related Party Disclosures

A) Related Parties and their relationship i) Subsidiary (Direct Holding) ii) Subsidiary (Indirect Holding)

British Oil & Gas Exploration Pvt Ltd, British Oil Resources Ltd, Mauritius

Mauritius. British Oil & Gas Exploration Ltd, BVI *

Sterling Oil Resources Ltd, BVI * Geodynamics-Geospectra Ltd, BVI *

* Subsidiaries of British Oil Resources Ltd

iii) Enterprise in which significant influence is exercised

a) Sterling Exploration and Energy Production Company Limited, BVI

b) Sterling Oil Exploration and Energy Production Co. Ltd, Nigeria

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Jun 30, 2015

1. Segment Reporting

In accordance with AS-17 "Segment Reporting", segment information has been given in consolidated financial statements of the Company, and therefore, no separate disclosure on segment information is given in these financial statements.

2. MSME Disclosures

Based on the information received by the Company from Vendors regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have not been given.

3. Related Party Disclosures

Related Parties and their relationship

I) Subsidiary (Direct Holding) II) Subsidiary (Indirect Holding)

British Oil and Gas Exploration Private Limited, Mauritius. British Oil Resources Limited, Mauritius

British Oil & Gas Exploration Limited, BVI * Sterling Oil Resources Limited, BVI * Geodynamic Geospectra Limited, BVI * * Subsidiaries of British Oil Resources Limited

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Jun 30, 2014

1.1 8,46,53,068 (8,46,53,068) Shares out of the issued, subscribed and paid up share capital were allotted as equivalent to Global Depository Receipt (GDR) since inception.

1.2 The Company has only one class of shares referred to as equity shares having par value of Rs. 1 each. Each holder of equity share is entitled to one vote per share except GDR Holders / Depository. The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and approved by Shareholders at the Annual General Meeting except in case of Interim Dividend. In the event of liquidation of the Company the holders will be entitled to receive remaining assets of the Company, after distribution of all preferential distribution in proportion to the number of Equity Shares held by the shareholders.

2. Segment Reporting

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. The Primary Segment is related to Information Technology.

3. MSME Disclosures

Based on the information received by the Company from Vendors regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have not been given.

4. Related Party Disclosures

A) Related Parties and their relationship I) Subsidiary (Direct Holding) British Oil and Gas Exploration Private Limited, Mauritius.

II) Subsidiary (Indirect Holding) British Oil Resources Limited, Mauritius

British Oil & Gas Exploration Limited, BVi * Sterling Oil Resources Limited, BVI * Geodynamic Geospectra Limited, BVI * * Subsidiaries of British Oil Resources Limited

III) Enterprise in which significant influence is exercised

Sterling Exploration and Energy Production Company Limited, BVI

LIABILITIES (Amount in Rs)

5.CONTINGENT LIABILITIES (To the Extent Not Provided for) As at June As at June 30,2014 30, 2013 Contingent Liabilities

Corporate guarantees given by 4,850,000,000 4,850,000,000 Company

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Jun 30, 2013

1

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment.

The Primary Segment is related to Information Technology.

2

Based on the information received by the Company from Vendors regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have not been given.

3 Related Party Disclosures

A) Related Parties and their relationship

I) Subsidiary (Direct Holding) II) Subsidiary (Indirect Holding)

British Oil and Gas Exploration Private Limited, Mauritius. British Oil Resources Limited,

Mauritius

British Oil & Gas Exploration Limited, BVI*

Sterling Oil Resources Limited,

BVI*

Geodynamic Geospectra Limited, BVI*

* Subsidiaries of British Oil Resources Limited

III) Enterprise in which significant influence is exercised Sterling Exploration and Energy Production Company Limited, BVI

B) Transactions during the year with related parties

4 CONTINGENT LIABILITIES AND COMMITMENTS

(To the Extent Not Provided for)

As at As at

June 30, 2013 June 30, 2012

(Amount in )

Contingent Liabilities

Corporate guarantees given by Company 4,850,000,000 4,850,000,000

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Jun 30, 2011

1. Quantitative Details;

The Company is engaged in the development of Computer Software, The production and sale of such software can not be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under paragraph 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956.

2. Contingent Liabilities

Estimated amount of contracts remaining Nil Nil to be provided on Capital Account

Guarantees Given by the Company Nil Nil

Nil Nil

3. The company has a wholly owned overseas subsidiary, British Oil and Gas Exploration Private Limited, Mauritius.

The Company has indirect holdings in the Mowing Companies,

a) British Oil Resources Limited, Mauritius - wholly owned subsidiary of British Oil & Gas Exploration Private Limited, Mauritius,

b) British Oil & Gas Exploration Limited, BVI - subsidiary of British Oil Resources Limited, Mauritius.

c) Sterling Oil Resources Limited, BVI — wholly owned subsidiary of British Oil Resources Limited, Mauritius.

d) Geodynamics Geospectra Limited, BVI - wholly owned subsidiary of British Oil Resources Limited, Mauritius.

4. Figures of previous year have been regrouped to confirm to current year's presentation.

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Jun 30, 2010

1. During the year, the Company has issued 8,46,53,068 underlying Equity Shares of Rs. 1/- each representing 2,11,63,267 GDRs for US $201.26 million.

2. An amount of Rs. 5,19,94,348/- has been credited to Foreign Currency Monetary Item Translation Difference Account under Reserves and Surplus onaccount of Exchange Fluctuation.

3. Quantitative Details:

The Company is engaged in the development of Computer Software. The production and sale of such software can not be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under paragraph 3,4C and 4D of part II of Schedule VI ofthe Companies Act, 1956.

4. The company has wholly owned overseas subsidiary, British Oil and Gas Exploration Private Limited, Mauritius. British Oil and Gas Exploration Private Limited has wholly owned subsidiary British Oil Resources Limited, Mauritius. British Oil Resources Limited has three wholly owned subsidiaries namely British Oil and Gas Exploration Limited at BVI, Sterling Oil Resources Limited at BVI and Geodynamic Geospectra Limited at BVI.

5. Figures of previous year have been regrouped to confirm to current years presentation.

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Jun 30, 2009

1. Quantitative Details:

The Company is engaged in the development of Computer Software. The production and sale of such software can not be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under paragraph 3,4C and 4D of part II of Schedule VI of the Companies Act, 1956.

2. Contingent Liabilities

Estimated amount of contracts remaining Nil Nil to be provided on Capital Account

Guarantees Given by the Company Nil Nil

Nil Nil

3. The company has wholly owned overseas subsidiary, British Oil and Gas Exploration Private Limited, Mauritius. British Oil and Gas Exploration Private Limited has wholly owned subsidiary British Oil Resources Limited, Mauritius. British Oil Resources Limited has three wholly owned subsidiaries namely British Oil and Gas Exploration Limited at BVI, Sterling Oil Resources Limited at BVI and Geodynamics Geospectra Limited, BVI.

4. Figures of previous year have been regrouped to confirm to current year's presentation.

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Jun 30, 2008

1. Quantitative Details

The Company is engaged in the development of Computer Software. The production and sale of such software can not be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under paragraph 3, 4C and 4D of part ii of Schedule Vi of the Companies Act, 1956.

2. During the year company incorporated wholly owned overseas subsidiary, British Oil and gas Exploration Private limited, Mauritius. British Oil and gas Exploration Private limited incorporated wholly owned overseas subsidiary British Oil Resources Private limited, Mauritius. British Oil Resources Private Limited incorporated three wholly owned overseas subsidiaries namely British Oil and gas Exploration Limited at BVI, Sterling Oil Resources United at BVI and geodynamic geospectra limited, BVI.

3. Figures of previous year have been regrouped to confirm to current year's presentation.