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EQUITY - MARKET SCREENER

Asian Energy Services Ltd
Industry :  Oil Drilling / Allied Services
BSE Code
ISIN Demat
Book Value()
530355
INE276G01015
54.614338
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
ASIANENE
4.82
359.76
EPS(TTM)
Face Value()
Div & Yield %
19.43
10
0
 

As on: May 19, 2022 01:29 PM

To the Members,

Your Directors are pleased to present the 28th Annual Report and the Company's audited financial statement for the financial year ended March 31, 2021. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

Financial Results:

The Company's financial performance, for the year ended March 31, 2021 is summarised below:

(Rs. in Lacs)

Particulars Consolidated Standalone
2020-21 2019-20 2020-21 2019-20
Revenue from operations 22,878.98 27,315.38 14,074.84 6,449.81
Other Income 542.03 346.83 1,165.38 1,144.43
Total Revenue 23,421.01 27,662.21 15,240.22 7,594.24
Profit / (Loss) before Finance Cost, Depreciation and Tax 6,090.25 7,001.59 4,485.16 2,952.45
Finance Cost (71.34) (285.20) (76.02) (323.81)
Depreciation (2,332.98) (1,965.94) (1,357.55) (1,329.29)
Exceptional items (1,234.46) (686.55) (887.17) (829.14)
Profit/(Loss) before tax 2,451.47 4,063.90 2,164.42 470.21
Tax expenses (194.32) (1,140.37) - -
Net Profit/(Loss) after tax 2,257.15 2,923.54 2,164.42 470.21

Dividend:

The Directors have not recommended any dividend for the year ended March 31, 2021.

Transfer to Reserves:

The Company does not propose to transfer any amount to reserves out of the profits earned during the financial year 2020-21.

State of Company' Affairs:

The Company used to provide services to the oil and gas sector. The Company has a strategic vision of emerging as a recognized player in providing services to coal and coke, minerals and other energy exploration sectors. To fast track this strategic vision and to expand and diversify its business in new and profitable areas, the Company at their meeting held on September 11, 2020 approved the alteration of the Memorandum of Association of the Company.

Subsequently the name of the Company had been changed to 'Asian Energy Services Limited' and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Mumbai on October 1, 2020.

Company's Performance:

On consolidated basis, revenue from operations for the financial year 2020-21 stood at ^ 22,878.98 Lacs which was lower by 16.24% over last year (^ 27,315.38 Lacs in 2019-20). Net Profit for the year stood at ^ 2,257.15 Lacs as against net profit of ^ 2,923.54 Lacs in the previous year.

On standalone basis, revenue from operations for the financial year 2020-21 is ^ 14,074.84 Lacs which has increased by approx. 118.22% over last year (^ 6,449.81 Lacs in 2019-20) whereas net profit for the year is ^ 2,164.42 Lacs as against net profit of ^ 470.21 Lacs, in the previous year.

Consolidated Financial Statements:

The Consolidated Financial Statements for the year under review are in accordance with the Indian Accounting Standard (IND-AS) notified by the Ministry of Corporate Affairs, which are applicable to the group for the accounting periods beginning on or after April 1, 2017.

Subsidiary Companies:

The Company had 4 (four) subsidiaries as on March 31, 2021. Ivorene Oil Services Nigeria Limited has ceased to be a step-down subsidiary of the Company during the year under review. There has been no material change in the nature of business of the subsidiaries.

The consolidated financial results reflect the operations of all the subsidiaries (including step down subsidiary) viz. Asian Oilfield & Energy Services DMCC, AOSL Petroleum Pte. Limited, AOSL Energy Services Limited, Optimum Oil & Gas Private Limited and Ivorene Oil Services Nigeria Limited (up to June 17, 2020).

As per Section 129(3) of the Companies Act, 2013, the consolidated financial statements of the Company, its subsidiaries, in accordance with applicable Accounting Standards issued by The Institute of Chartered Accountants of India, forms part of this Annual Report. The performance and financial position of each of the subsidiaries, for the year ended March 31, 2021 is attached to the financial statements hereto in Annexure A.

In terms of section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are also kept at the Registered Office of the Company and are available on the website of the Company.

Performance of Subsidiaries:

Asian Oilfield & Energy Services DMCC, Dubai:

The net sales of Asian Oilfield & Energy Services DMCC for the financial year 2020-21 is ^ 10,837.26 Lacs compared to ^ 24,258.70 Lacs during the previous year. It generated a net profit of ^ 1,234.90 Lacs compared to profit of ^ 2,921.13 Lacs in the previous year.

AOSL Petroleum Pte. Limited:

During the financial year 2020-21, AOSL Petroleum Pte. Limited registered an income of ^ 458.54 Lacs compared to ^ 1,889.90 Lacs during the previous year. It generated a net loss of ^ 92.52 Lacs in the financial year 2020-21 against net profit of ^ 172.47 Lacs in the previous year.

AOSL Energy Services Limited:

AOSL Energy Services Limited (AESL) has not registered any income during financial year 2020-21 and also during previous year but has incurred a net loss of ^ 0.84 Lacs in the current year against net loss of ^ 0.83 Lacs in the previous year.

Optimum Oil & Gas Private Limited

Optimum Oil & Gas Private Limited has not registered any income during financial year 2020-21 and also during previous year but has incurred a net loss of ^ 0.80 Lacs in the current year against net loss of ^ 3.87 Lacs in the previous year.

Ivorene Oil Services Nigeria Ltd (upto June 17, 2020)

During the year Ivorene Oil Services Nigeria Ltd ceased to be the subsidiary w.e.f June 17, 2020. The Company did not register any income during the period and also reported loss of 187.85 Lacs in the period under review.

Particulars of loans and guarantees given, securities provided and investments made:

The Company has complied with the provisions of Section 186 of the Act in respect of loans or guarantees given, securities provided and investments made during the year under review. The details of loans and guarantees given and investments made by the Company during the financial year 2020-21 are provided in the notes to the financial statements.

Related Party Transactions:

The Company has a policy for related party transactions which is also available on the website of the Company (www.asianenergy.com).

All the related party transactions are placed before the Audit Committee as well as the Board for approval on a quarterly basis. Omnibus approval was also obtained from the Audit Committee on an annual basis for repetitive transactions.

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of Company's business. The Company has not entered into any contract, arrangement or transaction with any related party during the financial year which could be considered as material as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.

Related party transactions under Accounting Standard - AS-18 are disclosed in the notes to the financial statements.

Directors' Responsibility Statement:

To the best of their knowledge and information and based on the information and explanations provided to them by the Company, your Directors make the following statement in terms of Section 134(5) of the Companies Act, 2013:

a. that in the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards have been followed and there are no material departures from the same.

b. 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 31, 2021 and of the profit of the Company for that period.

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. They have prepared the annual accounts on a 'going concern' basis.

e. They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Directors and Key Managerial Personnel:

At the 27th Annual General Meeting (AGM) held on September 11, 2020, the shareholders of the Company approved the appointment of Mr. Kapil Garg (DIN: 01360843) as a Non-executive Director of the Company, whose office shall be liable to retire by rotation.

Pursuant to the recommendation of Nomination and Remuneration Committee, the Board has, on February 12, 2021, approved the appointment of Mr. Brij Mohan Bansal (DIN: 00261063) as an Additional Director in the capacity of Independent Director for a term of 5 years with effect from February 12, 2021 to February 11, 2026, subject to the approval of the shareholders in the ensuing General Meeting as an Ordinary Resolution.

Pursuant to the recommendation of Nomination and Remuneration Committee, the Board has, on June 19, 2021, approved the re-appointment of Mr. Ashutosh Kumar (DIN:03021454), as a Whole Time Director and CEO of the Company for a period of three years with effect from August 1, 2021 to July 31, 2024, subject to the approval of the shareholders in the ensuing General Meeting as a Special Resolution.

Dr. Rabi Bastia retires by rotation and being eligible offers himself for re-appointment.

Mr. Nayan Mani Borah, Mr. Kadayam Ramanathan Bharat, Ms. Anusha Mehta, Mr. B.M. Bansal, Mr. Mukesh Jain, Mr. Kapil Garg, and Mr. Ashutosh Kumar continue as Directors of the Company.

Key Managerial Personnel:

During the year under report, the following persons were Key Managerial Personnel of the Company:

1. Mr. Ashutosh Kumar, Whole-time Director & CEO

2. Mr. Sumit Maheshwari, Chief Financial Officer (resigned w.e.f June 30, 2020)

3. Mr. Nirav Bipin Talati, Chief Financial Officer (appointed w.e.f. August 6, 2020)

4. Ms. Archana Nadgouda, Company Secretary and Compliance Officer (resigned w.e.f. December 4, 2020)

5. Ms. Shweta Jain, Company Secretary and Compliance Officer (appointed w.e.f. February 12, 2021)

Changes in the composition of the Board and Key Managerial Personnel between the end of financial year of the Company to which the financial statements relate and the date of the report:

Mr. Devesh Bhargava (DIN: 02001318) stepped down as an Independent Director from the Board with effect from close of business hours on June 30, 2021.

There is no other change in the Directors and Key Managerial Personnel of the Company between the end of the financial year 2020-21 and the date of the report.

Declaration by Independent Directors:

The Company has received necessary declaration from all Independent Directors of the Company confirming that they meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 as well as under Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There has been no change in the circumstances, which may affect their status as independent director during the year.

Board Evaluation:

The Board of Directors have carried out an annual evaluation of its own performance, Board Committees, and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of Board processes, information and functioning, etc. as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent directors, performance of non-independent directors and the Board as a whole was evaluated, taking into account the views of executive directors and non-executive directors. 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. Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated.

Familiarization Programme for the Independent Directors:

In compliance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has put in place a familiarization programme for the Independent Directors to familiarize them with their role, rights and responsibilities as Directors, the working of the Company, nature of the industry in which the Company operates, business model etc. The details of the familiarization programme are explained in Corporate Governance Report.

The Familiarization Programme for the Independent Directors is placed on the website of the Company www. asianenergy.com.

Policy on Directors' appointment and remuneration and other details:

The Company's policy on directors' appointment and remuneration and other matters provided in Section 178(3) of the Companies Act, 2013 has been disclosed in the Corporate Governance Report, which forms part of the Board's report.

The Nomination and Remuneration Policy of the Company is placed on the website of the Company www.asianenergy. com.

Meetings of the Board of Directors and Its Committees

The Board of Directors of the Company met 5 (five) times during the year to deliberate on various matters. The details of the meetings of the Board and its Committees held during the year are stated in the Corporate Governance Report forming part of this Annual Report.

5 (five) meetings of the Board were held during the year on June 18, 2020, August 6, 2020, September 14, 2020, November 11, 2020, and February 12, 2021. For details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this report.

Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of financial year of the Company to which the financial statement relate and the date of the report:

The operations in the first quarter of FY 2020-21 were impacted to some extent due to COVID-19 related lock down in various states in India. However, the Company has witnessed a robust growth in demand of the seismic services.

Management Discussion and Analysis:

In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the Management Discussion and Analysis has been given separately and forms part of this report.

Risk Management:

The Company has in place a Risk Management Policy pursuant to Section 134 of the Companies Act, 2013 and Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It establishes various levels of accountability and overview within the Company, while vesting identified managers with responsibility for each significant risk.

The Internal Audit facilitates the execution of risk management practices in the Company, in the areas of risk identification, assessment, monitoring, mitigation and reporting. Through this program, each function carried on project sites, addresses opportunities and risks through a comprehensive approach aligned to the Company's objectives. The Company has laid down procedures to inform the Audit Committee as well as the Board of Directors about risk assessment and management procedures and status.

This risk management process, which is facilitated by internal audit, covers risk identification, assessment, analysis and mitigation. Incorporating sustainability in the process also helps to align potential exposures with the risk appetite and highlights risks associated with chosen strategies. The major risks forming part of risk management process are linked to the audit.

The Audit Committee of the Board of the Company has been entrusted with the task to frame, implement and monitor the risk management plan for the Company and it is responsible for reviewing the risk management plan and ensuring its effectiveness with an additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

The Risk Management Policy of the Company is placed on the website of the Company www.asianenergy.com.

Internal Financial Control Systems and their adequacy:

The Company has adequate internal control systems including suitable monitoring procedures commensurate with its size and the nature of the business. The internal control systems provide for all documented policies, guidelines, authorization and approval procedures. The Company has appointed M/s. S.P. Chopra & Co., Chartered Accountants as the Internal Auditor who carry out audits throughout the year. The Statutory Auditors while conducting the statutory audit, review and evaluate the internal controls and their observations are discussed with the Audit Committee of the Board.

Corporate Social Responsibility (CSR):

The Company has already constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013. For the Company, social responsibility is a key element of accountability and it will continue to strive in its behaviour and actions to surpass the levels of minimum statutory compliance. The Company believes in the sustainable growth and prosperity of its stakeholders and views its responsibilities not only as business responsibilities but as ethical and social as well.

The CSR policy of the Company is placed on the website of the Company www.asianenergy.com.

The statutory provisions of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company as on March 31, 2021.

Safety, Environment and Health:

The Company's commitment to excellence in Health and Safety is embedded in the Company's core values. The Company has a stringent policy of 'safety for all', which drives all employees to continuously break new ground in safety management for the benefit of people, property, environment and the communities where we operate on sites.

The Company respects human rights, values its employees and the communities that it interfaces with. The Company is aware of the environmental impact of its operations, and it continually strives to reduce such impact by investing in technologies and solutions for economic growth.

The Company considers safety, environment and health as the management responsibility. Regular employee training programmes are in place throughout the Company on Safety, Environment and Health and has well identified and widely covered safety management system in place for ensuring, not only the safety of employees but surrounding population of the project sites as well.

Policy on prevention, prohibition and redressal of sexual harassment at workplace:

The Company has zero tolerance for sexual harassment at the workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.

The Company has not received any complaint of sexual harassment during the financial year 2020-21.

Vigil mechanism/ Whistle Blower Policy:

We have embodied the mechanism in the Code of Conduct of the Company for employees to report concerns about unethical behaviour, actual or suspected fraud or violation of our Code of Conduct. This mechanism also provides for adequate safeguards against victimization of employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit and Risk Management Committee in exceptional cases and no personnel have been denied access to the Audit Committee and Risk Management Committee. The Board, the Audit and Risk Management Committee are informed periodically on the cases reported, if any, and the status of resolution of such cases.

Significant and material orders passed by the regulators or courts:

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

Disclosure requirements:

As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Corporate Governance Report with a Certificate from Practicing Company Secretaries thereon and Management Discussion and Analysis are attached, which form part of this report.

Human Resources:

The human resource plays a vital role in the growth and success of an organization. The Company has maintained cordial and harmonious relations with employees across various locations.

The Company continuously invest in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

Deposits from Public:

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public, was outstanding or unpaid as on the date of the balance sheet.

Conservation of energy, technology absorption, foreign exchange earnings and outgo:

The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, are:

a. Conversation of Energy : Not Applicable

b. Technology Absorption : NIL

c. Foreign exchange earning & outgo :

(Rs. in lacs)

Sr. No. Particulars 2020-21 2019-20
a. Foreign Exchange earnings
Consultancy Services 1778.68 3224.26
Dividend 748.00 745.35
Interest on loan to Subsidiary 15.27 112.42
b. Foreign Exchange outgo towards
Travelling expenses 2.73 41.36
Capital goods 681.81 1329.84
Revenue payment - 98.41

Particulars of Employees and Remuneration:

The information required under Section 197 (12) of the Act read with Rule 5 (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure B forming part of the Report.

In terms of the second proviso to Section 136 of the Act, the Report and Accounts are being sent to the Shareholders excluding the aforesaid Annexure. Any Shareholder interested in obtaining the same may write to the Wholetime Director or Company Secretary at the Registered Office of the Company. None of the employees listed in the said Annexure is related to any Director of the Company.

AUDITORS AND AUDITORS' REPORT

(1) Statutory Auditors:

Walker Chandiok & Co. LLP, (WCC), Chartered Accountants, were appointed as the Statutory Auditors of the Company for a period of five years and hold office till the conclusion of the 32nd AGM to be held in the year 2025.

The requirement to place the matter relating to appointment of auditors for ratification by Members at every AGM has been done away by the Companies (Amendment) Act, 2017 with effect from May 7,2018. Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the ensuing AGM.

Pursuant to Section 141 of the Act, the Auditors have represented that they are not disqualified and continue to be eligible to act as the Auditor of the Company.

Auditors' Report:

a) The Auditors in their Report on standalone Audited Financial Results of the Company for the financial year ended March 31, 2021 have drawn attention in their Report reading as under:

i. Note 41 to the accompanying standalone financial statements regarding recoverability of amounts withheld non-performance of obligations for certain projects awarded to the Company. The Company's management has assessed the tenability of its claims and submissions made to these customers and based on the legal advise obtained, management is of the view that the amounts withheld are recoverable, and accordingly, no adjustments have been made to the accompanying standalone financial statements.

ii. Note 42 to the accompanying standalone financial statements, which describes the impact of COVID-19 pandemic on the Company's operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the financial position and performance of the Company is dependent on the future developments as they evolve.

Their opinion is not modified in respect of the above matters.

b) The auditors in their Report on Consolidated Audited Financial Results of the Company for the financial year ended March 31, 2021 have drawn attention in their Report reading as under:

i. Note 44 to the accompanying consolidated financial statements regarding recoverability of amounts withheld towards non-performance of obligations for certain projects awarded to the Holding Company. The Holding Company's management has assessed the tenability of its claims and submissions made to these customers and based on the legal advise obtained, management is of the view that the amounts withheld are recoverable, and accordingly, no adjustments have been made to the accompanying consolidated financial statements.

ii. Note 45 to the accompanying consolidated financial statements, which describes the impact of COVID-19 pandemic on the Holding Company's operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the financial position and performance of the Holding Company is significantly dependent on the future developments as they evolve.

Their opinion is not modified in respect of the aforesaid matters.

Basis for Qualified Opinion

1. As given in Note 41(a) to the accompanying consolidated financial statements, the following qualification given in the auditor's report dated June 15, 2021 on the financial statement of Asian Oilfield & Energy Service DMCC (ADMCC), a subsidiary of the Holding Company, issued by an independent firm registered in Dubai, and reproduced by us as under:

"Accounts receivable amounting to USD 8,499,254/- remain unconfirmed as at reporting date from one customer M/s Amni International Petroleum Development OML 52 Company Limited, who has issued a notice of suspension of the contract. The customer has already confirmed a balance of USD 6,389,207/- as at September 30, 2020. The management is confident that USD 6,389,207/- is fully receivable as confirmed by customer. The Company's receivables to the extent of USD 2,110,047/- remain unconfirmed & are subject to impairment testing and the net profit, account receivables & net worth are overstated to the extent of impairment, if any."

Explanation to Auditors' Comment:

The Auditors' Qualification has been appropriately dealt with in Note No. 41(a) of the Notes to the consolidated audited financial statements. The Auditors' Report is enclosed with the financial statements in this Annual Report.

(2) Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Hemanshu Kapadia of Hemanshu Kapadia & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year ended March 31, 2021. The Secretarial Audit Report is annexed as Annexure C. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Cost records and cost audit:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

Share Capital:

The paid-up equity share capital as on March 31, 2021 was ^ 38.07 Crores. There was no change in the paid-up equity share capital of the Company during the year under review. The Company has not issued shares with differential voting rights.

Employee Stock Option Plan

Your Company has instituted various employee stock options plans from time to time to motivate and reward employees. The ESOP Compensation Committee administers these plans. The stock option plans are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, as amended ("Employee Benefits Regulations").

During FY 2020-21, there has been no change in the Scheme. Under the Asian Oilfield Service Limited Employee Stock Option Plan 2019 "AOSL ESOP 2019" scheme, 3,25,230 options were vested during the year. Appropriate disclosure prescribed under the said Regulations with regard to the Scheme is available on the Company's website www.asianenergy.com

Compliance with Secretarial Standards:

The Company has complied with all the applicable provisions of Secretarial Standards - 1 and Secretarial Standards - 2 relating to 'Meetings of the Board of Directors' and 'General Meetings', respectively issued by the Institute of Company Secretaries of India.

Annual Return:

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Company has placed a copy of the Annual Return as at March 31, 2021 on its website at www.asianenergy.com. By virtue of amendment to Section 92(3) of the Companies Act, 2013, the Company is not required to provide extract of Annual Return (Form MGT-9) as part of the Board's report.

Business Responsibility Report:

A detailed Business Responsibility Report in terms of Regulation 34 of the SEBI LODR Regulations, 2015 is available as a separate section of the Annual Report.

Other Disclosures:

Your Directors state that disclosure or reporting is not required in respect of the following items as there were no transactions relating to these items during the year under review:

a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

b) Details relating to Deposits covered under Chapter V of the Act.

c) Voting rights which are not directly exercised by the employees in respect of shares for the subscription/ purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can beneficially hold shares as envisaged under Section 67(3)(c) of the Companies Act, 2013).

d) The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.

e) The details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

Acknowledgement:

The Board places on record its deep appreciation for the continued support received from various clients, vendors, suppliers and technical partners, bankers, Government Authorities, employees at all levels and stakeholders, in furthering the interest of the Company.

On behalf of the Board of Directors of
Asian Energy Services Limited
(Formerly Asian Oilfield Services Limited)
Nayan Mani Borah
Chairman
DIN 00489006
Place: Mumbai
Date: August 14, 2021