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 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 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 – 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.