6 Jun 2007 07:01
Great Eastern Energy Corp Ltd06 June 2007 Press Release 6 June 2007 Great Eastern Energy Corporation Ltd Preliminary Results for the year ended 31st March 2007 Great Eastern Energy Corporation Ltd. (Great Eastern), a Company involved in theexploration, development and production of coal bed methane (CBM) in India, ispleased to announce its results for the year ended 31st March 2007. Great Eastern is pleased to report that during the period significant progresshas been made towards reaching saleable gas production. Highlights • Reserves: - Gas in Place as per the Netherland, Sewell and Associates, Inc. reportof June 1, 2007 is 1.92 TCF which is an increase of 38.5%. • Drilling / Production / Sales: - Field development plan approved - a precedent in India - Completion of 23 wells - including perforation, fracturing and pumpinstallation - Currently producing from 9 wells at a rate of 513 mcfd - On target to produce 1.5mmcfd by end of July - MOU signed with Indian Oil Corporation & CNG Station established • Infrastructure: - Drilling Rig secured and shipped with anticipated arrival at the endof June - Gas Gathering Station in construction with phased commissioning fromAugust - December 2007 • Financials: - Debt facility progress on track - Strong balance sheet with cash of $11 m (31 March 2007) • Gas price: - The price of gas in India has increased from US$ 4.75/mmbtu to US$ 7.5- US$8.5 US$ /mmbtu Commenting, YK Modi, Chairman and CEO of Great Eastern, said: "We have made considerable progress in the last twelve months. The first 20wells of our phased development programme are nearly complete and we have put inplace the necessary infrastructure to distribute the gas produced. We anticipatesaleable production shortly. The second phase of the development plan isunderway and we are encouraged by both the increase in our reserves estimate andcontinuing rise of the gas market in India." -ENDS- For further information: Great Eastern EnergyYK Modi Chairman & CEO + 44 (0) 20 7743 6663 Pelham Public RelationsPhilip Dennis +44 (0)20 7743 6663Hugh Barker +44 (0)20 3008 5009 Arden PartnersRichard Day +44 (0)20 7398 1632Steve Pearce Chairman's statement I am please to report that Great Eastern has made solid progress in the twelvemonths to 31st March, 2007. Our objective is to drill 100 wells over a four year period, the purpose of ourplacing was to fund phase one of the project development plan, which involvedcommitment to the drilling of the first 20 production wells. I am thereforepleased to report that this has now been achieved. This is in addition to the 3pilot production wells drilled earlier. We completed the drilling, fracturing and perforation of twenty wells at the endof 2006 and completed installing pumps on all of these by the end of January2007. In March we received approval from the Directorate of Hydrocarbons inIndia for the field development plan relating to the license area in theRaniganj Coalfields, West Bengal. The approval provides independentcertification for the entirety of the existing project and also overcomesregulatory requirements for further development. This is the first time alicense of this kind has been granted in India. These 23 wells have tested at combined production rates of 991mcfd. Dewateringof the seams is still underway and we expect to achieve saleable production of1.5mmcfd by end July 2007. Unfortunately, the dewatering process has beenmarginally delayed due to sand problems blocking the dewatering pumps. This,however, is a common problem across the CBM industry and we have madesignificant progress in rectifying this issue through the employment of a numberof proven remedies. Dewatering has partially recommenced and we remain confidentthat we will achieve initial production broadly in line with our originaltimeframe. In addition to the above we have drilled an additional 8 core wells in order toacquire data for reservoir modelling and to establish the reservoir boundary forfurther drilling and completions. Preparation for the next phase of the drillingprogramme is underway and we have procured 23 sites for development and havefinalised a contract for cementing and fracturing with Schlumberger. We arecurrently in discussions with suppliers to provide pumps for dewatering and areinvestigating the use of electrical submersible pumps alongside progressivecavity pumps to increase efficiency. We expect to see significant improvementsin the efficiency of the speed of fracturing and dewatering throughout thecourse of Phase 2 as a result of lessons learnt from Phase 1. We are pleased to announce that in a report dated June 1, 2007, Netherland,Sewell and Associates, Inc. (NSAI) have put the Original Gas-in-Place (OGIP) at1.92 TCF, which is an increase of 38.5% from the previous report used at thetime of the floatation of the Company in December 2005. The NSAI report hasbeen prepared in accordance with 2000 petroleum resources definitions approvedby the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), andAmerican Association of Petroleum Geologists (AAPG). In accordance with thestandards, the OGIP will move into reserves after entering into commercialoff-take contracts and providing established production profiles. The drilling rig we procured in April 2006 was shipped from Houston on 11 May,2007 and we expect to take delivery by the end of June. This will both improveflexibility and significantly reduce costs. As previously stated, in order to provide the necessary infrastructure forcollecting and distributing the gas we have undertaken the construction of aGroup Gathering Station and pipeline network. This will be operational in phasesfrom August - December 2007. In the interim period we have established acompressor for the CNG station at Well No 10 and will be commencing sales fromthe CNG dispenser and cascades in the near future. We have also acquired twomore compressors which will be commissioned in August and November 2007. Thesecompressors are movable and will facilitate the sale of gas as the fielddevelops. The Group Gathering Station will have a flow capacity of 11.5mmscfd and willhave a two-level gas compression system. It will also provide a gas dehydrationsystem for the removal of moisture from gas. We also signed a Memorandum of Understanding (MOU) earlier this year with IndianOil Corporation Ltd (IOCL), a Fortune 500 company and India's largest downstreamoperator, for the marketing and distribution of CNG in Asansol and other nearbycities. As part of the MOU we have undertaken to put in place the necessaryinfrastructure to supply one City Gas station. A 12 inch pipeline system is tobe laid from the Group Gathering Station to terminate at the City Gas Station. The Gas market in India has strengthened further in the last six months andconsiderably in the last year. The pool price of gas in India has increased fromUS$ 4.75/mmbtu to US$ 7.5 - US$8.5 US$/mmbtu, partly as a result of the high LNGimport price. The CBM industry in India has seen strong support from the IndianGovernment who are keen to maximize the use of internal resources of natural gasfor not only industrial & CNG, use but also in consumer use, to help meet thecountries increasing energy demands. The Company has spent Rs. 842 million (approx. $20.5 million) in the currentfinancial year on drilling and completing the wells. The expenditure has beenwithin the budget. The cash balance as of March 31, 2007 was Rs. 478.55 million(approx. $11.5 million). We are currently in discussions with a number of financial institutionsregarding the provision of a debt facility to finance the next phase of thedevelopment plan, as indicated at the time of listing. We have received apositive response and are confident that this facility will be finalized thissummer. Outlook We expect to achieve production of 1.5mmcfd by end July 2007. The arrival of thedrilling rig coupled with the Group Gathering Station will increase theefficiency of the second phase of drilling and will provide the necessaryinfrastructure to achievable saleable production going forward. Demand for gas in India has strengthened in line with the country's continuedeconomic growth and domestic gas production has the support of the Government.The price of gas has also risen. The Board is confident that given the strong fundamentals in place, theCompany's prospects look positive for the coming year. Great Eastern Energy Corporation Limited Balance Sheet as at 31st March, 2007 Restated Notes As at March 31, 2007 As at March 31, 2006ASSETSNon-current AssetsProperty, Plant and equipment 3 1,181,024 1,039,640Capital work-in-progress 4 31,913,627 15,418,158Intangible Assets 5 368,571 244,340Prepayments 6 66,122 36,768Other Financial Assets 7 57,689 44,348 33,587,033 16,783,254Current AssetsPrepayments 8 459,929 195,299Advance Income Tax 13 629,129 314,533Other Financial Assets 9 968,431 21,225,631Cash and Cash Equivalent 10 11,032,180 7,350,980 13,089,669 29,086,443Total Assets 46,676,702 45,869,697 EQUITY AND LIABILITIESIssued capital 11 12,246,781 12,246,781Share premium 33,301,944 33,301,944Retained earnings (2,305,483) (1,963,516)Translation Reserves 945,822 (103,291)Total Equity 44,189,064 43,481,918 Non-current LiabilitiesProvisions 15 45,882 13,450Employee benefit liability 12 40,122 33,390Deferred tax liability 13 - - 86,004 46,840Current LiabilitiesTrade and other payables 14 2,387,869 2,171,573Provisions 15 13,765 169,366 2,401,634 2,340,939Total Liabilities 2,487,638 2,387,779TOTAL EQUITY AND LIABILITIES 46,676,702 45,869,697 The notes on pages 6 to 38 are an integral part of these financial statements. As per our report of even date attached On behalf of the Board of Directors Ernst & Young Yogendra Kumar Modi Kashi Nath Memani Chairman and Chief Executive Officer Director Place : Delhi Date : 5th June, 2007 Great Eastern Energy Corporation Limited Income Statement for the year ended 31st March, 2007 Restated Notes Year ended March Year ended March 31st, 2007 31st, 2006IncomeOther Income 16 49,488 198,322ExpensesAdministrative and general expenses 17 1,684,199 1,138,302Operating Loss 1,634,711 939,980 Interest Income 1,301,176 916,936Finance Costs 8,432 6,054Loss before taxes 341,967 29,098 Income Tax Expenses 13 - 2,732Loss for the year 341,967 31,830 Loss per share - basic and diluted loss per share-after rectification of errorvide Note No.26 0.0006279 0.0000676 - basic and diluted loss per share-Before rectification of error 19 0.0005976 0.0000961vide Note No.26 The notes on pages 6 to 38 are an integral part of these financial statements. As per our report of even date attached On behalf of the Board of Directors Ernst & Young Yogendra Kumar Modi Kashi Nath Memani Chairman and Chief Executive Officer Director Place : Delhi Date : 5th June, 2007 Great Eastern Energy Corporation Limited Statement of changes in equity for the year ended March 31st, 2007 Issued Share Share Translation Retained Total Capital premium account reserves earningsAs at 1st April 2006 12,246,781 33,301,944 (103,291) (1,963,516) 43,481,918Foreign Currency Translation 1,049,113 1,049,113Loss during the year (341,967) (341,967)Total Income and expense for 1,049,113 (341,967) 707,146the year As at 31st March 2007 12,246,781 33,301,944 945,822 (2,305,483) 44,189,064 Statement of changes in equity for the year ended March 31st, 2006 Issued Share Advance Share Share Translation Retained Total Capital Capital premium account reserves earnings (net off equity transaction cost)As at 1st April 2005 8,040,722 1,264,344 1,031,826 5,441 (1,934,925) 8,407,408 Input Credit for 3,239 3,239Service tax recognized (Refer Note No. 26) As at 1st April 2005 8,040,722 1,264,344 1,031,826 5,441 (1,931,686) 8,410,647 Restated Foreign Currency (108,732) (108,732)Translation Loss during the year (31,830) (31,830)Restated Total Income and expense - - - (108,732) (31.830) (140,562)for the year Advance received during (1,264,344) (1,264,344)the year Share Issue Expenses (2,951,279) (2,951,279) Shares issued during the 4,206,059 35,221,397 39,427,456year As at 31st March 2006 12,246,781 - 33,301,944 (103,291) (1,963,516) 43,481,918 Nature and Purpose of Reserves: a) Share premium represents the premium paid by shareholders on issue ofshares and is net of equity transaction costs. Under the Indian Companies Act,1956 such a reserve has got a restricted usage. b) Translation Reserves represent exchange differences arising ontranslation from functional currency to presentation currency in accordance withIAS 21 "The Effects of Changes in Foreign Exchange Rates" Great Eastern Energy Corporation Limited Statement of Cash Flows for the year ended March 31st, 2007 2007 2006A. Cash flows from operating activities Profit/loss) after tax (341,967) (31,830)Adjustments for:Liability Written Back (196,682)Interest Income (1,301,275) (916,936)Depreciation 124,655 40,643Amortization 14,852 -Foreign Exchange Loss/(Gain) (49,488) 9,093Provisions (155,849) 240,962Income tax charge - 2,732Operating Profit before working capital changes (1,709,072) (852,018) (Increase)/Decrease in other receivables (939,167) (300,650) (Increase)/Decrease in prepayments (250,577) (192,339) Increase/(Decrease) in payables & accruals 423,219 235,915 Net cash flows from operating activities (2,475,597) (1,109,092) B. Cash flows from investing activities Cash paid for purchase of property, plant and equipment (303,119) (915,776)Cash paid for Capital Work In progress (Development of Wells) (15,592,140) (5,783,846)Cash paid for purchase of Intangibles (128,691) (20,316)Cash paid for purchase of Leasehold land (31,036) (29,395)Proceeds/(Payment) on encashment/(acquisitions) of short term bank deposits 20,577,058 (21,078,711)(Net)Interest received from investments 1,324,294 836,799 Net cash flows from investing activities 5,846,366 (26,991,245) C. Cash flows from financing activities Cash Proceeds from issue of shares - 35,622,422Repayments of borrowings - (121,400) Net cash flows from financing activities - 35,501,022 Net changes in cash & cash equivalents (A+B+C) 3,370,769 7,400,685 Cash and Cash equivalent as on 1st April 7,350,980 1,756Foreign currency translation difference on cash balances 310,431 (51,461)Cash and Cash equivalents as on 31st March 11,032,180 7,350,980 a) Cash and cash equivalents are same as that disclosed under Note No. 10. b) Closing Cash and Cash equivalents include restricted deposits amountingto $ 29,239 (2006 $ 3,082,621). These are margin money deposits against letterof credit issued by banks on behalf of the Company. Restrictions on suchdeposits are released on the expiry of the terms of the respective arrangements. 1. CORPORATE INFORMATION Great Eastern Energy Corporation Limited ('GEECL' or 'the Company') is a publiclimited company incorporated in India with its registered office at 1D, 'BallyHigh', 1 Ballygunge Park Road, Kolkata, India. The financial statements of theCompany for the year ended 31st March, 2007 were authorised for issue inaccordance with a resolution of the directors on 2nd June, 2007. GEECL is apublic limited company incorporated in India, with shares listed as GlobalDepository Receipts in the Alternate Investment Market, London. The Company was incorporated in 1992 to explore, develop, distribute and marketCoal Bed Methane or CBM in India. GEECL originally entered into a licenseagreement in December 1993 with Coal India Limited (CIL) for exploration anddevelopment of CBM over an area of approximately 210 Sq. km (approximately52,000 acres) in the Raniganj coalfields of West Bengal (the Block). Followingthe transfer of CBM administration in India from the Ministry of Coal to theMinistry of Petroleum and Natural Gas (MoPNG), the Company entered into theexisting CBM production sharing contract (PSC) on 31 May, 2001 for the Block. The PSC is effective from 9th November, 2001 as a result of the granting byGovernment of West Bengal of the Petroleum Exploration License on the same dateand provides for a five year initial assessment and market development phase,followed by a five year development phase and then a twenty-five year productionphase, extendable with the approval of the Government of India (GOI). The PSCalso provides that the Company can produce gas during any phase with the priorapproval of the GOI. GEECL is currently still in the exploratory and marketdevelopment phase, with dewatering and production testing underway. To date, 3Pilot wells, 20 production wells and 8 core holes have been drilled. 2. i) Basis of Preparation The financial statements of the Company have been prepared inaccordance with International Financial Reporting Standards (IFRSs). Thefinancial statements have been prepared on a historical cost basis. Thefinancial statements are presented in $ and all values are rounded to thenearest US dollar except when otherwise indicated. ii) Statement of Compliance The financial statements of Great Eastern Energy Corporation Ltd. havebeen prepared on the basis of all the IFRSs effective for the company'sreporting for the year ended 31st March, 2007. iii) Changes in Accounting Polices The accounting policies adopted are consistent with those of theprevious financial year except as follows: The Company has adopted the following new and amended IFRS and IFRICinterpretations during the year. Adoption of these revised standards andinterpretations (wherever applicable) did not have any effect on the financialposition of the company. They did however give rise to additional disclosures. • IFRS 6 Exploration for and Evaluation of Mineral Resources • IAS 19 Amendment-Employee Benefits • IFRIC 4 Determining Whether an Arrangement Contains a Lease • IAS 21 Amendment-The Effects of Changes in Foreign ExchangeRates. The amendment is not relevant to the Company's operations. • IAS 39 Amendments-Financial Instruments: Recognition andMeasurement. The amendment is not relevant to the Company's operations. • IFRIC 5 Rights to Interests Arising from Decommissioning,Restoration and Environmental Rehabilitation Funds (effective from 1st January,2006). IFRIC 5 is not relevant to the Company's operations. • IFRIC 6 Liabilities arising from Participating in a SpecificMarket-Waste Electrical and Electronic Equipment (effective from 1st December,2005). IFRIC 6 is not relevant to the Company's operations. The principal effects of these changes are as follows: • IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 6 ("Exploration for and Evaluation of Mineral Resources") is applicable tothe company with effect from 1st January, 2006. However, since the technicalfeasibility and commercial viability of extracting CBM (the mineral resource)have been demonstrated before the application of IFRS-6, the provisions of thestandard are not applicable to the company. • IAS 19 Employee Benefits As of 1st April, 2006, the Company adopted the amendments to IAS 19. As aresult, additional disclosures are made providing information about trends inthe assets and liabilities in the defined benefit plans and the assumptionsunderlying the components of the defined benefit cost. This change has resultedin additional disclosures being included for the years ending 31st March, 2007and 31st March, 2006 but has not had a recognition or measurement impact, as theCompany chose not to apply the new option offered to recognize actuarial gainsand losses outside of the income statement. • IFRIC 4 Determining Whether an Arrangement contains a Lease IFRIC 4 requires determination of whether an arrangement is or contains a leaseto be based on the substance of the arrangement. It requires an assessment ofwhether: (a) fulfillment of the arrangement is dependent on the use of aspecific asset or assets (the asset); and (b) the arrangement conveys a right touse the asset. The leasing arrangements have been assessed with respect to thisamendment and necessary disclosures have been made. (Please refer Note 21below).The adoption of above did not affect the Company's results of operationsor financial position. iv) Significant accounting judgments and estimates Critical judgments in applying the entity's accounting policies The Company invests in the development and production of coal based methane gas.The assessment as to whether this expenditure will achieve a complete productfor which the technical feasibility is assured is a matter of judgment, as isthe forecasting of how the product will generate future economic benefit.Finally, the period of time over which the economic benefit associated with theexpenditure occurred will arise is also a matter of judgment. Estimates and Assumptions The key assumptions concerning the future and other key sources of estimationuncertainty at the balance sheet date, that have a significant risk of causing amaterial adjustment to the carrying amounts of assets and liabilities within thenext financial year are discussed below: • Pension and Other Post Employment Benefits The cost of defined benefit pension plans and other post employment medicalbenefits is determined using actuarial valuations. The actuarial valuationinvolves making assumptions about discount rates, expected rates of return onassets, future salary increases, mortality rates and future pension increases.Due to the long term nature of these plans, such estimates are subject tosignificant uncertainty. The net employee liability at 31st March, 2007 is $33,008 (2006: $ 73,496). Further details are given in Note 12. • Income Taxes The Company is subject to the provisions of income taxes. Significant judgmentis required in determining provision for income taxes. There are manytransactions and calculations for which the ultimate tax determination isuncertain during the ordinary course of business. The Company recognizesliabilities for experience based adjustment on taxation issue which are open atthe year end. Where the final tax outcome of these matters is different from theamounts that were initially recorded, such differences will impact the incometax and deferred tax provisions in the period in which such determination ismade. • Deferred Tax Assets Deferred tax assets have not been recognised for all unused tax losses as it isnot probable that taxable profit will be available against which such losseswill be utilised. The carrying value of recognised tax losses and furtherdetails are contained in Note 13. v) Summary of Significant Accounting Policies a) Foreign currency translation Functional and presentation Currency-The financial statements are presented in$, which is the Company's presentation currency. The functional currency of theCompany is INR. The Company converts INR balances to $ equivalent balances.Items included in the financial statements of the Company are measured using thecurrency of the primary economic environment in which the entity operates ('thefunctional currency'). The functional currency of the Company is Indian Rupee(INR). The financial statements are presented in United States dollars, which isthe presentation currency. For the purpose of conversion from the functionalcurrency to the presentation currency, the assets and liabilities, except forequity, for each balance sheet presented is translated at the closing rate atthe date of that balance sheet. Income and expense for each income statementpresented are converted using a periodic weighted average rate. All resultingexchange difference is recognized as a separate component of equity. (Refer NoteNo. 27) Transactions and Balances- Foreign currency transactions are translated into thefunctional currency using the exchange rates prevailing at the dates of thetransactions. Monetary assets and liabilities are translated into functionalcurrency at the exchange rates ruling at the balance sheet date. Exchangedifferences arising on the settlement of monetary items or translation at ratesthat are different from those at which they were initially recorded, arerecognized as income or expense in the period in which they arise. Non monetaryitems are measured in terms of historical cost in a foreign currency and aretranslated using the exchange rates as at the dates of the initial transactions. b) Property, Plant and Equipment Plant, equipment and buildings are stated at historical cost including initialestimate of dismantling and site restoration cost, less accumulated depreciationand any impairment in value. Land is measured at cost. Historical cost includesexpenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset's carrying amount or recognized as aseparate asset, as appropriate, only when it is probable that future economicbenefits associated with them will flow to the Company and the cost of the itemcan be measured reliably. All other repairs and maintenance expenditures arecharged to the income statement during the financial period in which they areincurred. When each major inspection is performed, its cost is recognised in thecarrying amount of the plant and equipment as a replacement if the recognitioncriteria are satisfied. Depreciation is calculated on a straight-line basis overthe estimated useful life of the assets. The asset's residual values, usefullives and methods of depreciation are reviewed, and adjusted if appropriate, ateach financial year. • Capital Work in progress Expenses incurred for developing and constructing wells are capitalized andincluded under the head Capital Work-in-progress as Well Development Costs untilthe wells are ready for their intended use. The cost of drilling, wire linelogging and perforation services, cementing and fracturing services, which havebeen outsourced, has been taken to Well Development Costs. Besides, all otherexpenses incurred with respect to developing and constructing wells arecapitalized and included under Capital Work-in-progress. Once the wells areready for their intended use depreciation is charged on the Unit of Productionmethod. Inventories consumed and lying in stock for the purpose of Well Development aregrouped as part of Capital Work-in-progress .These items are not meant for salein the ordinary course of business or for use as supplies in the productionprocess of saleable Gas, but are to be used towards Well Development and hence,are treated as Capital Work-in-Progress. c) Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication thatan asset may be impaired. If any such indication exists, or when annualimpairment testing for an asset is required, the makes an estimate of theasset's recoverable amount. An asset's recoverable amount is the higher of anasset's or cash generating unit's fair value less costs to sell and its value inuse and is determined for an individual asset, unless the asset does notgenerate cash inflows that are largely independent of those from other assets orgroups of assets. Where the carrying amount of an asset exceeds its recoverableamount, the asset is considered impaired and is written down to its recoverableamount. In assessing value in use, the estimated future cash flows arediscounted to their present value using a pre tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific tothe asset. In determining fair value less costs to sell, an appropriatevaluation model is used. d) Intangible Assets Intangible assets acquired separately are measured on initial recognition atcost. Following initial recognition, intangible assets are carried at cost lessany accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed to be finite. Intangibleassets with finite lives are amortized over the useful economic life andassessed for impairment whenever there is an indication that the intangibleasset may be impaired. The amortisation period and the amortisation method foran intangible asset with a finite useful life is reviewed at least at eachfinancial year-end. Changes in the expected useful life or the expected patternof consumption of future economic benefits embodied in the asset is accountedfor by changing the amortisation period or method, as appropriate, and treatedas changes in accounting estimates. The amortisation expense on intangibleassets with finite lives is recognised in the income statement in the expensecategory consistent with the function of the intangible asset. A summary of the policies applied to the Company's intangible assets is asfollows: • Gas Exploration Rights is capitalized at historical costs. • Computer Software-Costs associated with identifiable and uniquesoftware products controlled by the Company having probable economic benefitsexceeding the costs beyond one year are recognized as intangible assets. Costsincurred during the development stage of computer software are shown asintangible assets under development and are not amortized till the software isready for its intended use. These costs are amortized using the straight linemethod over their useful lives not exceeding 5 years : Gas exploration rights Computer SoftwareUseful lives Finite FiniteAmortisation Method used Currently, since the asset is not Amortized on a straight line ready for its intended use, no basis over the period of 5 years amortization is being done.Internally generated or acquired Acquired AcquiredImpairment testing / recoverable Annually Where an indicator of impairmentamount testing existsUnamortized Period Twenty five years Four and half years e) Leasehold Land Lease hold land represents prepayment of lease rentals for land taken on lease.The same is recognised at cost. Prepaid lease rent is charged over the period oflease f) Financial assets Financial assets within the scope of IAS 39 are classified as either financialassets at fair value through profit or loss, loans and receivables, held tomaturity investments, and available for sale financial assets, as appropriate.When financial assets are recognised initially, they are measured at fair value,plus, in the case of investments not at fair value through profit or loss,directly attributable transaction costs. The Company considers whether acontract contains an embedded derivative when the entity first becomes a partyto it. The embedded derivatives are separated from the host contract which isnot measured at fair value through profit or loss when the analysis shows thatthe economic characteristics and risks of embedded derivatives are not closelyrelated to those of the host contract. The Company determines the classification of its financial assets after initialrecognition and, where allowed and appropriate, re-evaluates this designation ateach financial year end. All regular way purchases and sales of financial assets are recognised on thetrade date, which is the date that the Company commits to purchase the asset.Regular way purchases or sales are purchases or sales of financial assets thatrequire delivery of assets within the period generally established by regulationor convention in the marketplace. (i) Loans and receivables Loans and receivables are non derivative financial assets with fixed ordeterminable payments that are not quoted in an active market. After initialmeasurement loans and receivables are subsequently carried at amortised costusing the effective interest method less any allowance for impairment. Amortisedcost is calculated taking into account any discount or premium on acquisitionand includes fees that are an integral part of the effective interest rate andtransaction costs. Gains and losses are recognised in profit or loss when theloans and receivables are derecognised or impaired, as well as through theamortisation process. g) Impairment of financial assets The Company assesses at each balance sheet date whether a financial asset orgroup of financial assets is impaired. (ii) Assets carried at amortized cost If there is objective evidence that an impairment loss on loans and receivablescarried at amortised cost has been incurred, the amount of the loss is measuredas the difference between the asset's carrying amount and the present value ofestimated future cash flows (excluding future credit losses that have not beenincurred) discounted at the financial asset's original effective interest rate(ie the effective interest rate computed at initial recognition). The carryingamount of the asset shall be reduced either directly or through use of anallowance account. The amount of the loss shall be recognised in profit or loss. The Company first assesses whether objective evidence of impairment existsindividually for financial assets that are individually significant, andindividually or collectively for financial assets that are not individuallysignificant. If it is determined that no objective evidence of impairment existsfor an individually assessed financial asset, whether significant or not, theasset is included in a Company of financial assets with similar credit riskcharacteristics and that group of financial assets is collectively assessed forimpairment. Assets that are individually assessed for impairment and for whichan impairment loss is or continues to be recognised are not included in acollective assessment of impairment. If, in a subsequent period, the amount of the impairment loss decreases and thedecrease can be related objectively to an event occurring after the impairmentwas recognised, the previously recognised impairment loss is reversed. Anysubsequent reversal of an impairment loss is recognised in the income statement,to the extent that the carrying value of the asset does not exceed its amortizedcost at the reversal date. h) Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and inhand and short-term deposits with an original maturity of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist ofcash and cash equivalents as defined above. i) Derecognition of financial assets and liabilities Financial assets A financial asset (or, where applicable a part of a financial asset or part of agroup of similar financial assets) is derecognized where: • the rights to receive cash flows from the asset have expired; • the Company retains the right to receive cash flows from theasset, but has assumed an obligation to pay them in full without material delayto a third party under a 'pass-through' arrangement; or • the Company has transferred its rights to receive cash flows fromthe asset and either (a) has transferred substantially all the risks and rewardsof the asset, or (b) has neither transferred nor retained substantially all therisks and rewards of the asset, but has transferred control of the asset. Where the Company has transferred its rights to receive cash flows from an assetand has neither transferred nor retained substantially all the risks and rewardsof the asset nor transferred control of the asset, the asset is recognised tothe extent of the Company continuing involvement in the asset. Continuinginvolvement that takes the form of a guarantee over the transferred asset ismeasured at the lower of the original carrying amount of the asset and themaximum amount of consideration that the Company could be required to repay. Where continuing involvement takes the form of a written and/or purchased option(including a cash-settled option or similar provision) on the transferred asset,the extent of the Company continuing involvement is the amount of thetransferred asset that the Company may repurchase, except that in the case of awritten put option (including a cash-settled option or similar provision) on anasset measured at fair value, the extent of the Company continuing involvementis limited to the lower of the fair value of the transferred asset and theoption exercise price. (iii) Financial liabilities A financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. Where an existing financial liability is replaced by another from the samelender on substantially different terms, or the terms of an existing liabilityare substantially modified, such an exchange or modification is treated as aderecognition of the original liability and the recognition of a new liability,and the difference in the respective carrying amounts is recognised in profit orloss. j) Provisions General Provisions are recognized when the company has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow ofresources embodying economic benefits will be required to settle the obligationand a reliable estimate can be made of the amount of the obligation. Where thecompany expects some or all of a provision to be reimbursed, for example underan insurance contract, the reimbursement is recognized as a separate asset butonly when the reimbursement is virtually certain. The expense relating to anyprovision is presented in the income statement net of any reimbursement. If theeffect of the time value of money is material, provisions are determined bydiscounting the expected future cash flows at a pre-tax rate that reflectscurrent market assessments of the time value of money and, where appropriate,the risks specific to the liability. Where discounting is used, the increase inthe provision due to the passage of time is recognized as other finance expense. k) Employee costs, Pensions and other post-employment benefits Wages, salaries, bonuses, social security contributions, paid annual leave andsick leave are accrued in the year in which the associated services are renderedby employees of the company. The Company has three retirement benefit plans in operation Gratuity, StateAdministered Provident Fund and Superannuation. Superannuation and Gratuity areunfunded. The cost of providing benefits under superannuation and gratuity isdetermined separately for each plan using the projected unit credit actuarialvaluation method. Actuarial gains and losses are recognised as income or expenseas and when they arise. The method of recognition of acturial gains /losses,when the net cumulative unrecognised actuarial gains and losses for eachindividual plan at the end of the previous reporting period exceeded 10% of thehigher of the defined benefit obligation and the fair value of plan assets atthat date is not followed by the Company. The State Administered Provident Fund is a defined contribution scheme wherebythe company has to deposit a fixed amount to the fund every month. l) Leases The determination of whether an arrangement is, or contains a lease is based onthe substance of the arrangement at inception date of whether the fulfilment ofthe arrangement is dependent on the use of a specific asset or assets or thearrangement conveys a right to use the asset. A reassessment is made afterinception of the lease only if one of the following applies: (i) There is a change in contractual terms, other than a renewal orextension of the arrangement. (ii) A renewal option is exercised or extension granted, unless theterm of the renewal or extension was initially included in the lease term. (iii) There is a change in the determination of whether fulfillment isdependant on a specified asset. (iv) There is a substantial change to the asset. Where a reassessment is made, lease accounting shall commence or cease from thedate when the change in circumstances gave rise to the reassessment forscenarios (i), (iii), (iv) and at the date of renewal or extension period forscenario (ii). For arrangements entered into prior to 1st January, 2005, the date of inceptionis deemed to be 1st January, 2005 in accordance with the transitionalrequirements of IFRIC 4. • Company as a lessee Finance leases, which transfer to the Company substantially all the risks andbenefits incidental to ownership of the leased item, are capitalised at theinception of the lease at the fair value of the leased property or, if lower, atthe present value of the minimum lease payments. Lease payments are apportionedbetween the finance charges and reduction of the lease liability so as toachieve a constant rate of interest on the remaining balance of the liability.Finance charges are charged directly against income. Capitalised leased assets are depreciated over the shorter of the estimateduseful life of the asset and the lease term, if there is no reasonable certaintythat the Company will obtain ownership by the end of the lease term. Lease where the lessor retains substantially all the risks and benefits ofownership of the asset are classified as operating leases. Operating leasepayments are recognised as an expense in the income statement on a straight-linebasis over the lease term. m) Interest income Income is recognised as interest accrues (using the effective interest methodthat is the rate that exactly discounts estimated future cash receipts throughthe expected life of the financial instrument to the net carrying amount of thefinancial asset). n) Government grants Government grants are recognised where there is reasonable assurance that thegrant will be received and all attaching conditions will be complied with. Whenthe grant relates to an expense item, it is recognised as income over the periodnecessary to match the grant on a systematic basis to the costs that it isintended to compensate. Government grants relating to the purchase of property,plant and equipment are adjusted against the carrying amount of the relatedasset. o) Taxes Current tax Current tax assets and liabilities for the current and prior periods aremeasured at the amount expected to be recovered from or paid to the taxationauthorities. The tax rates and tax laws used to compute the amount are thosethat are enacted or substantively enacted by the balance sheet date. Deferred tax Deferred income tax is provided using the liability method on temporarydifferences at the balance sheet date between the tax bases of assets andliabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognised for all deductible temporarydifferences, carry-forward of unused tax credits and unused tax losses, to theextent that it is probable that taxable profit will be available against whichthe deductible temporary differences, and the carry-forward of unused taxcredits and unused tax losses can be utilized:- • except where the deferred income tax asset relating to thedeductible temporary difference arises from the initial recognition of an assetor liability in a transaction that is not a business combination and, at thetime of transaction, affects neither the accounting profit nor taxable profit orloss; and The carrying amount of deferred income tax assets is reviewed at each balancesheet date and reduced to the extent that it is no longer probable thatsufficient taxable profit will be available to allow all or part of the deferredincome tax asset to be utilized. Unrecognized deferred income tax assets arereassessed at each balance sheet date and are recognised to the extent that ithas become probable that future taxable profit will allow the deferred tax assetto be recovered. Deferred income tax assets and liabilities are measured at the tax rates thatare expected to apply to the year when the asset is realized or the liability issettled, based on tax rates (and tax laws) that have been enacted orsubstantively enacted at the balance sheet date. Income tax relating to items recognised directly in equity is recognised inequity and not in the income statement. Deferred tax assets and deferred tax liabilities are offset, if a legallyenforceable right exists to set off current tax assets against current taxliabilities and the deferred taxes relate to the same taxable entity and thesame taxation authority. p) Equity instruments Equity instruments, convertible into fixed number of equity shares at a fixedpredetermined price, and which are exercisable after a specific period, areaccounted for as and when such instruments are exercised. The transaction costspertaining to such instruments are adjusted against equity. q) Segment Reporting A geographical segment is engaged in providing products or services within aparticular economic environment that are subject to risks and return that aredifferent from those of components operating in other economic environments. ABusiness Segment is a group of assets and operations engaged in providingproducts or services that are subject to risks and returns that are differentfrom those of other business segments. The Company considers that it operates ina single geography being India and in a single business segment being theproduction and sale of gas. r) Financial risk management The Company's activities expose it to a variety of financial risks; market risk(for example, currency risk, interest rate risk and liquidity risk. • Currency Risk The Company is exposed to currency risk on contracts relating to purchase ofservices for development of wells, which are denominated in $, whereas thefunctional currency of the Company is INR. The Company does not have a practiceof talking any cover against such exposures at present. The Company's exposureto commodity price risk is minimal at present as it is at a very preliminarystage of operations and activities. • Interest rate risk The Company has a practice of borrowing funds at fixed rates of interest, whichexposes it to interest rate risk. The Company does not enter into derivativefinancial instruments to hedge its exposure to such interest rate risk. • Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and cashequivalents and maintaining adequate credit facilities. • Credit risk The Company has not yet commissioned the production facilities commercially. Long term arrangements with the customers are being deliberated on and theCompany intends to securitize transactions in a commercially viable manner tomitigate any possible credit risk. 3. Property, Plant and equipment Freehold Building Plant & Furniture, Vehicles Total Land Machinery Fixture & Office EquipmentCarrying amount as at 1st April, 20,294 28,207 37,847 9,577 5,804 101,7292005, net of accumulateddepreciationAdditions during the year 37,336 423,256 384,376 31,172 103,961 980,101Disposals / Retirements (240) (355) (595)Exchange Fluctuation (441) (393) (724) (184) (112) (1,854)Depreciation charge for the year (8,609) (21,542) (2,732) (6,858) (39,741)As at 31st March, 2006, net of 57,189 442,461 399,717 37,478 102,795 1,039,640accumulated depreciationCarrying amount as at 1st April, 57,189 442,461 399,717 37,478 102,795 1,039,6402006, net of accumulateddepreciationAdditions during the year 79,901 - 96,987 28,800 797 206,485Disposals / Retirements -Exchange Fluctuation 1,338 10,033 9,326 916 2,186 23,800Depreciation charge for the year - (15,619) (56,787) (6,000) (10,495) (88,901)As at 31st March, 2007, net of 138,428 436,875 449,243 61,194 95,283 1,181,024accumulated depreciation As at 1st April, 2006Gross Carrying Amount 57,189 456,199 456,040 49,720 111,925 1,131,073Accumulated Depreciation (13,738) (56,323) (12,242) (9,130) (91,433)Net Carrying Amount 57,189 442,461 399,717 37,478 102,795 1,039,640 As at 31st March, 2007Gross Carrying Amount 138,428 466,232 562,353 79,436 114,909 1,361,358Accumulated Depreciation - (29,357) (113,110) (18,242) (19,625) (180,334)Net Carrying Amount 138,428 436,875 449,243 61,194 95,284 1,181,024 Note : 1i) The estimated useful lives of property, plant and equipment are: Class of Asset 31st March 2007 31st March 2006 (Yrs) (Yrs)Buildings 30 30Plant & Machinery 5-10 5-10Furniture, Fixtures & Office Equipment 5-15 5-15Vehicles 10 10 ii) Depreciation amounting to $ 45,757 (2006: $ 18,874) has beentransferred to Capital-work-in-progress. iii) The carrying value of buildings acquired under finance lease at 31stMarch, 2007 is $275,503 (2006: $283,372). iv) Items of stores and spares included in Property, Plant and Equipmentare net of excise duty and customs duty which have been exempted by theGovernment of India and are being treated as Government Grants. The Companyenjoys exemption from paying Excise duty and Customs Duty on the purchase ofgoods under the Deemed Export category as per EXIM policy of the Government ofIndia. The amount of such exemption relating to items of Property, Plant andEquipment is as follows: Particulars As at 31st March, 2007 As at 31st March, 2006Towards Excise Duty 11,198 -Towards Customs Duty 8,375 778,511Total 19,573 778,511 There are no un-fulfilled conditions or contingencies attaching tothese grants. 4. Capital Work In Progress As at 31st March, 2007 As at 31st March, 2006Cost as at beginning of the year (restated) 15,418,158 8,580,338Additions during the year 15,411,494 7,002,217Disposals (22,195) -Exchange Fluctuation 1,106,170 (164,397)Cost as at end of the year 31,913,627 15,418,158 Notes : i) The company has disclosed certain items as Inventory in its annualfinancial statements for the year ended 31st March, 2006 however, these itemshave now been grouped as part of Capital Work In Progress as on 31st March 2007.Inventory amounting to $ 2,766,311 (2006: $ 376,932) has been accordinglyincluded in Capital Work In progress. These items are not meant for sale in theordinary course of business or for use as supplies in the production process ofsaleable Gas, but are towards Well Development and hence, are treated as CapitalWork in Progress. This regrouping has no impact on the operating results of thecompany and on earnings per share. ii) Items of stores and spares included in Capital-Work-in-Progress arenet of excise duty and customs duty which have been exempted by the Governmentof India and are being treated as Government Grants. The Company enjoysexemption from paying Excise duty and Customs Duty on the purchase of goodsunder the Deemed Export category as per EXIM policy of the Government of India.The amount of such exemption relating to items of Capital Work in Progress is asfollows: Particulars As at 31st March, 2007 As at 31st March, 2006Towards Excise Duty 15,360 7,973Towards Customs Duty 1,199,974 160,355Total 1,215,334 168,328 There are no un-fulfilled conditions or contingencies attaching to these grants. iii) During the year ended 31st March 2007, the Company has written downdamaged and unusable materials amounting to $ 22,195 (2006:NIL). The same hasbeen disclosed under Disposals in the above schedule. 5. Intangible Assets Gas Computer Total Exploration Software RightCost as at 31st March, 2005, net of accumulated amortisation 228,571 20,175 248,746Additions during the year - - -Disposals / Retirements - -Exchange Fluctuation (4,406) - (4,406)Amortisation charge for the year - - -As at 31st March, 2006, net of accumulated amortisation 224,165 20,175 244,340Additions during the year - 128,681 128,681Disposals / Retirements - -Exchange Fluctuation 5,245 5,156 10,401Amortisation charge for the year - (14,851) (14,851)As at 31 March, 2007, net of accumulated amortisation 229,410 139,161 368,571As at 31 March, 2006Cost 224,165 20,175 244,340Accumulated amortization - - -Net Carrying Amount 224,165 20,175 244,340As at 31 March, 2007Cost 229,410 154,622 384,032Accumulated amortization - (15,461) (15,461)Net Carrying Amount 229,410 139,161 368,571 Note : i) Additions to Computer Software include additional SAP user licencecosts acquired during the year. It has a finite useful life and is amortised asper the company's amortisation policy, over a period of 5 years. 6. Prepayments As at 31st March 2007 As at 31st March 2006 Prepayments for leasehold land 66,122 36,768 66,122 36,768 Note : i) Leasehold land represent non current portion of payments made fortaking land on lease for 30-51 years for the Company's site at Asansol, WestBengal, India. 7. Other Financial Assets - Non Current As at 31st March, 2007 As at 31st March, 2006 Advances recoverable in cash or in kind or for 2,580 2,522 value to be received Other Deposits 55,109 41,826 Total 57,689 44,348 i) Other Financial Assets includes Advance to Employees & Security Deposit to Others (Receivable from arelated party $ 27,254 (2006: $ 26,331) ). These are non-interest bearing balances. ii) Advances and Deposits are due within three years and are carried at amortised cost. iii) Terms and conditions with the related party are mentioned in the Note No. 28. 8. Prepayments As at 31st March, As at 31st March, 2007 2006Advances to Vendors 455,293 190,256Less : Impairment of Prepaid Advances (49,631) (48,496)Advances to Vendors (net) 405,662 141,760Prepaid Expenses 52,774 52,751Leasehold Land 1,493 788 459,929 195,299 Notes : i) As at 31st March, 2007, Advance to Vendors at nominal value of $49,631 (2006: 48,496 $) were impaired and fully provided for. Movements in theprovision for impairment of advances were as follows: As at 31st March, As at 31st March, 2007 2006As at beginning of the year 48,496 49,449 Exchange difference on translation 1,135 (953)As at end of the year 49,631 48,496 ii) Leasehold Land represent current portion of payments made for takingland on lease for 30-51 years for the Company's site at Asansol, West Bengal,India. 9. Other Financial Assets - Current As at 31st March, As at 31st March, 2007 2006Advances recoverable in cash or in kind or for value to be received 3,201 -Short Term Bank Deposits 3,788 20,932,233Other Deposits 7,019 80,144Service Tax Receivable (Refer Note No 26) 954,423 213,254Total 968,431 21,225,631 Notes : i) Advances recoverable include Advance to Employees. These arenon-interest bearing balances. ii) The carrying amounts of other current assets are representative oftheir fair values at respective balance sheet dates and have an originalmaturity period of less than a year. iii) Terms and conditions with the related party are mentioned in the NoteNo. 28. 10. Cash and cash equivalents As at 31st March, As at 31st March, 2007 2006Cash at banks and in hand 105,748 4,271,906Short Term Deposits 10,926,432 3,079,074Total 11,032,180 7,350,980 Notes : i) Cash at banks is non-interest bearing. ii) Short-term deposits are made for varying periods ranging from one dayto two months depending on the immediate cash requirements of the Company, andearn fixed interest at the respective short-term deposit rates. These short termdeposits are exposed to fair value interest rate risk. iii) The carrying amounts of Cash and cash equivalents are representativeof their fair values as at the respective balance sheet dates. iv) Fixed deposits with banks include $29,239 (2006: $ 3,082,621) kept asmargin money deposits against letter of credit issued by banks on behalf of theCompany. Restrictions on such deposits are released on the expiry of the termsof the respective arrangements. 11. Share Capital As at 31st March, As at 31st March, 2007 2006Share CapitalAuthorised650,000,000 ordinary shares of INR.1 each 14,724,745 12,571,429($ equivalent 0.0226 ( 2006: 0.0228))Issued, Subscribed and Paid-up544,619,499 ordinary shares of INR.1 each 12,246,781 12,246,781 Share (Number) Value (US Dollars) At 1st April, 2005 358,436,900 8,040,722 Issued on 14th April, 2005 on preferential basis for cash for INR 1 each 60,613,573 1,385,453($ equivalent 0.223) Issued on 13th September, 2005 on preferential basis for cash for INR 1 65,569,026 1,498,554each ($ equivalent 0.223) (on conversion of warrants) Issued on 13th December, 2005 on preferential basis for cash for INR 1 60,000,000 1,322,052each ($ equivalent 0.223) (against 120,00,000 GDRs) At 31st March, 2006 544,619,499 12,246,781 At 1st April, 2006 544,619,499 12,246,781 At 31st March, 2007 544,619,499 12,246,781 Notes : i) During the year ended 31st March 2006, the Company has issued126,182,599 equity shares of Re 1/- each to various investors in India andabroad on preferential/private placement basis. An amount of $ 1,179,651representing the expenses on this issue has been adjusted against the sharepremium account. Out of above, names of holders of 65,569,026 equity shares ofRe. 1/- each have been entered into register of members on surrender of sharewarrants. ii) During the year ended 31st March 2006, the Company has issued GlobalDepository Receipts (GDRs) comprising of 12,000,000 GDRs against fresh issue of60,000,000 equity shares of Re. 1 each and 6,803,504 sponsored GDRs representing34,017,520 equity shares offered by the existing shareholders of the company, ata price of 101 pence per GDR. These GDRs have been listed in AlternativeInvestment Market (AIM) of the London Stock Exchange. A part of the GDR issueexpenses amounting to $ 984,489 incurred by the Company were recovered from theproceeds of the sponsored GDRs on a proportionate basis and the balance remittedto the shareholders who had offered their shares for sale under the sponsoredGDR scheme. An amount of $ 1,771,628 representing the balance issue expense hasbeen adjusted against the share premium account. iii) During the year ended 31st March 2007, the Company has increased itsAuthorized Share Capital by $2,153,316 comprising of 100,000,000 equity sharesof INR 1 each. iv) During the year ended 31st March 2007, the Company has issued sponsoredGlobal Depository Receipts (GDRs) comprising of 57,418,843 GDRs against287,094,215 equity shares of Re 1 each offered by the existing shareholders ofthe company, at a price of 127.50 pence per GDR. These GDRs have been listed inthe Alternative Investment Market (AIM) of the London Stock Exchange. However,this does not increase the amount of issued capital of the Company. 12. Employee Benefit Obligations The company has two post employment unfunded benefit plans, namely gratuity andsuperannuation and one state administered fund, which is a funded plan. Gratuity Gratuity is computed as half-month's salary, for every completed year of serviceand is payable on retirement/termination. The company makes provision of suchgratuity liability in the books of accounts on the basis of actuarial valuation. Superannuation Plan The Superannuation (pension) plan for the company is a defined benefit schemewhere the eligible employees are entitled to 15% of salary every year. Theseentitlements will accumulate at the rate of interest prevailing at the time ofretirement/resignation/termination. At the time of retirement, termination orseparation of employee, accumulated entitlement (including interest) will beutilized to buy pension annuity from an insurance company. The company makesprovision of such pension liability in the books of accounts on the basis ofactuarial valuation. Provident Fund The State administered Provident Fund is a defined contribution scheme wherebythe company deposits an amount determined as a fixed percentage of basic pay tothe fund every month. Vacation Benefit Vacation benefit comprises of leave balances accrued by employees. The Leavebalance is not en-cashable*. These balances can be accumulated up to a maximumof 60 days and carried forward for 2 years. The leave lapses after 2 years ifunutilized, on the employee leaving the Company or on retirement. Vacationbenefit has been measured at cost to the Company basis. Leave pay expenses amounted to $ 21,614 and $ 20,530 for the years ended March31, 2006 and 2007 respectively. Accrued employee cost includes $ 40,105 and $70,817 leave pay obligation of GEECL as of March 31, 2006 and 2007 respectively. * except for 3 employees under the old policy. The following tables summarize the components of net benefit expense recognisedin the income statement and the amounts recognised in the balance sheet for therespective plans - Net benefit expense/(gain) For the year ended For the year ended 31st March, 2007 31st March, 2006 Superannuation Gratuity Superannuation Gratuity Plan Plan Plan PlanCurrent service cost 8,330 4,634 12,938 6,047Interest cost on benefit obligations 1,518 738 954 332Expected return on plan assets - - - -Actuarial (gains)/losses recognised in the (6,917) (2,069) - 80periodPast service costs - - - -Total 2,931 3,303 13,892 6,459 Changes in the present value of the definedbenefit obligation are as follows: For the year ended For the year ended 31st March, 2007 31st March, 2006 Superannuation Gratuity Superannuation Gratuity Plan Plan Plan PlanOpening defined benefit obligation 23,386 10,004 9,311 3,477Current service cost 8,330 4,634 12,938 6,047Interest cost 1,518 738 954 332Actuarial (gains) and losses (6,917) (2,069) - 80Exchange Fluctuation 667 (169) 183 68Benefits paid - - - -Closing defined benefit obligation shown below: 26,984 13,138 23,386 10,004 For the year ended For the year ended 31st March, 2007 31st March, 2006 Superannuation Gratuity Superannuation Gratuity Plan Plan Plan PlanParticularsSalary growth Not Applicable 5.00% Not Applicable 3.00%Inflation Factor Not Applicable 2.00% Not Applicable 2.00%Discount rate Not Applicable 7.50% Not Applicable 7.50% Superannuation Plan (March 31) 2007 2006 2005 2004 2003 Defined Benefit obligations 26,984 23,386 9,311 5,805 3,816(Deficit)/ Surplus 26,984 23,386 9,311 5,805 3,816Experience Adjustment on plan 0% 0% 0% 0% 0%liabilities Gratuity Plan (March 31) 2007 2006 2005 2004 2003Defined Benefit obligations 13,138 10,004 3,477 1,867 966(Deficit)/ Surplus 13,138 10,004 3,477 1,867 966Experience Adjustment on plan 12.25% 0% 7.52% 2.11% 0%liabilities 13. Taxes i) Advance Tax represents tax deducted at source on interest incomeearned from deposits with banks. These are refundable from the Government oncompletion of tax proceedings of the respective years. ii) A reconciliation between tax expense and the product of accountingprofit multiplied by India's domestic tax rate for the years ended 31st March,2007 and 2006 has not been disclosed as there is no current tax expense and nodeferred tax expense/(income) during the year ended 31st March 2007 and 31stMarch 2006. iii) The Company is entitled to Tax holiday for 7 years under Sec. 80(IB)(9) under the Indian income tax act which is expected in the future once thecommercial production commences. iv) Deferred Income Tax as on 31st March 2007 related to the following:- Balance Sheet Income Statement As at 31st As at 31st As at 31st As at 31st March, 07 March, 06 March ,07 March, 06Deferred tax (liability)Accelerated depreciation for tax purposes (77,992) (18,372) (77,992) (18,372) Total (77,992) (18,372) (77,992) (18,372)Deferred income tax assetsLiabilities for various expenses that are deducted fortax purposes only when paid - 18,372 - 24,744Unused tax credit - unabsorbed depreciation 77,992 - 91,237 - Total 77,992 18,372 91,237 24,744Deferred Tax Asset restricted to Deferred Tax Liability - - - -Net Deferred Tax (Liability)/Asset - - - -Deferred income tax income/(expense) - - - (2,732) v) Deferred tax asset has not been recognized on unused tax losses as thesame will expire during the tax holiday period which the company enjoys. vi) The deferred tax in respect of temporary differences which originatesduring the tax holiday period and reversed during the tax holiday period has notbeen recognized. vii) The following are the unused tax losses, and unused tax credits (onaccount of unabsorbed depreciation) for which no deferred tax asset isrecognised in the balance sheet:- Particulars As at 31st March, As at 31st March, Expiry Date 2007 2006Unused Tax Losses2005-2006 138,017 134,861 2013-20142006-2007 309,324 - 2014-2015Unused Tax Credits-Towards UnabosrbedDepreciation2005-2006 158,876 156,329 Can be carried forward for a unlimited time2006-2007 109,497 -do-Total 715,714 291,190 viii) The tax rate has been increased by from 33.66% to 33.996% on accountof 1% increase towards higher education cess. 14. Trade and other payable As at 31st March, As at 31st March, 2007 2006Trade Payables 1,901,107 1,693,715Other Payables 123,426 337,204Employee Benefit Liability 196,967 40,106Other Liabilities 166,369 100,548Total 2,387,869 2,171,573 Notes: i) Trade and Other Payables are non-interest bearing and are generallypayable within one year. ii) The carrying amounts of Trade and Other payables are representative oftheir fair values at respective balance sheet dates and are contractuallypayable within a period of 1 year or less. iii) Other liability includes amount deposits received, statutory dues andother miscellaneous dues. iv) Terms and conditions with the related party are mentioned in the NoteNo. 28. 15. Provisions Provision for Site Provision for Site Demobilization Restoration Current Non-CurrentAt 1st April 2005 48,643 4,571Arising during the year 169,366 8,969Exchange Fluctuation - (90)Utilised during the year (48,643) -At 31st March 2006 169,366 13,450At 1st April 2006 169,366 13,450Arising during the year 25,373 30,848Exchange Fluctuation 544 1,584Utilised during the year (181,518) -At 31st March 2007 13,765 45,882 Notes : i) Provision for Equipment Demobilization A provision is recognized in the accounts for demobilization ofequipments payable to various service providers, as and when the equipmentsreach the site. All expenses under this provision are expected to be incurredwithin the next 12 months are treated as current expense. ii) Site Restoration Costs A provision for restoring the land back to its originality is created byway of site restoration costs, on a well by well basis. Such expenses areprovided when the wells have been drilled substantially. All expenses which areexpected to be incurred within the next 12 months are treated as currentexpense. These are expected to be incurred when the company has commerciallyexploited the proved reserves of the well or when a well which has been drilledhas been declared as a dead well. The provisions under this head are notdiscounted as the impact of the same is not expected to be material. 16. Other Income includes foreign exchange fluctuation on imports during theyear. 17. Administrative and general expenses For the year ended For the year ended 31st March, 2007 31st March, 2006 Depreciation 28,682 20,867 Amortisation of Computer Software 14,851 - Exchange Fluctuation (Net) - 9,082Audit fees 56,102 39,503Employee Benefit Expenses (Refer Note No.18) 294,330 96,289Training Expense 32,170 -Electricity Charges 12,425 10,463Repairs & Maintenance 37,291 28,003Insurance 52,553 22,243Rent 92,175 79,438Rates & Taxes 24,647 7,252Postage, Printing & Stationery 7,035 13,367Telephone/Fax Charges 30,834 20,968Travelling & Conveyance 218,241 247,017Advertisement & Publicity 14,479 -Consultancy Charges 432,902 275,301Survey and Information Expenses 91,917 -Fee & Legal Charges 40,855 1,012Loss on disposal of items of Property, Plant & Equipment 22,195 -Director's Remuneration 91,532 128,753Sitting Fees 13,221 13,318Freight & Cartage - 747Miscellaneous Expenses 75,762 124,679 Total 1,684,199 1,138,302 Note : i) Personnel expenses include amounts paid under defined contributionsschemes amounting to $ 18,122 (2006: $ 19,212). 18. Employee Benefit Expenses As at -31st As at -31st March, 2007 March, 2006Wages and salaries 272,105 75,938Social Security 18,122 19,212Other pension cost 4,103 1,139Total 294,330 96,289 Note : i) Other pension cost as above is exclusive of $ 2,131 (2006:NIL) debitedto Capital Work in Progress. 19. Loss Per Share Basic Loss per share amounts are calculated by dividing net loss for the year attributable to ordinaryequity holders by the weighted average number of ordinary shares outstanding during the year. The following reflects the income and share data used in the computation of basic loss per sharecalculation : For the year For the year ended ended 31st 31st March, 2006 March, 2007Loss after tax attributable to equity share holders for the year 341,967 31,830 Weighted average number of ordinary shares for basic loss per share 544,619,499 470,737,675Diluted weighted average number of shares 544,619,499 470,737,675 -Basic & Diluted loss per share-after rectification of error vide Note 0.0006279 0.0000676No.26-Basic & Diluted loss per share-before rectification of error vide Note 0.0005976 0.0000961No.26 20. Segment Reporting The Company operates in a single geographical segment, being India, and in asingle business segment, being the production and sale of gas. Hence, noseparate segment information has been furnished herewith. 21. Leases and Arrangements containing lease The Company has entered into Equipment lease and other arrangements with variouscontractors for development of its wells, whereby the specific assets leased bythe contractors are used only at the company's well development site and sucharrangements convey the right to use the assets. Some of these arrangementscontain lease as per IFRIC 4. The significant terms and arrangements aredescribed below:- a) Drilling Rig has been taken on Lease from John Energy Limited, for a sixmonths period. The arrangements have terms describing the operating rate perhour, the standby rate per hour and the repair rate per hour. The Leasearrangement is not cancellable and terminates only on happening of a 'forcemajeure' event. The total lease payments made under this contract during theperiod are $ 283,025 (2006: NIL). The future minimum rentals payable under such type of lease are : As at 31st March, As at 31st March, 2007 2006Within one year 122,792 NilAfter one year but not more than five years Nil Nil b) Wire-line logging of Core holes has been contracted to ScintrexGeophysical Services (India) Private Limited, which includes hiring of drillingequipments along with the services of its crew. The lease terms include rate ofequipments hiring along with the payments towards non-lease elements. The Leasearrangement is not cancelable and terminates only on happening of a 'forcemajeure' event. There are no specific terms of renewal or purchase options andescalation clauses. There are no other restrictions imposed in the arrangement.The work has been completed as on 31st March, 2007 under this arrangement. c) The Wire-line logging and perforation services for Production Wells havebeen contracted to HLS Asia Limited. The terms of contract include separatepayment arrangements towards lease and non-lease payments. The lease arrangementis cancellable at the option of either party to the contract. There are nospecific terms of renewal or purchase options and escalation clauses. There areno other restrictions imposed in the arrangement. d) The Company has entered into two different arrangements with MitchellDrilling Operations PTY Limited and Mitchell Drilling International PTY Limitedfor drilling of production wells and core holes respectively. The terms ofcontract include comprehensive payment rates to include both lease and non-leaseelements which are not separable. The arrangement is cancellable at the optionof either party to the contract. There are no specific terms of renewal orpurchase options and escalation clauses. There are no other restrictions imposedin the arrangement. The work has been completed on 6th October under thesearrangements. e) For Cementing and fracturing of wells, equipment and personnel from BJServices Company Middle East Limited have been hired. The arrangement iscancellable at the option of either party to the contract. The terms of contractinclude separate payment arrangements towards lease and non-lease elements.There are no specific terms of renewal or purchase options and escalationclauses. There are no other restrictions imposed in the arrangement. f) Core hole desperation study, has been contracted to CMRI, Dhanbad andbore hole testing including permeability tests of the coal seams have beenarranged with Mesy India Pvt. Ltd. Under both the arrangements equipment andpersonnel have been hired by the service providers. The arrangement iscancellable at the option of either party to the contract. There are no specificterms of renewal or purchase options and escalation clauses. There are no otherrestrictions imposed in the arrangement. The above mentioned arrangements include non-lease elements also and are beingtreated as well development costs along with other costs. The segregation oflease and non-lease elements under some of these arrangements is not possible.The details of total expenses during the year ended 31st March, 2007 are asfollows: Nature 31st March, 2007 31st March, 2006Towards Minimum Lease payments:-Cementing and Fracturing Charges 2,772,810 616,174Logging and Wire line charges 1,205,941 88,423Towards Lease payments under arrangements where lease andnon-lease payments are combinedWell Testing Charges 95,841 17,534Drilling Charges (including core hole drilling) 4,235.455 211,876 g) The company has taken a building on finance lease, the net carryingamount of which is $ 275,503 (2006: $ 283,372). The entire consideration hasbeen paid during the previous year and there are no future lease rentalspayable. h) The Company has acquired a property under an operating lease for aninitial period of three years renewable by mutual consent on mutually agreeableterms. The lease is also cancellable at the option of either party by serving ofappropriate notice. The lease rental of $ 90,186 (2006: $ 48,759) incurred hasbeen charged to the profit and loss account. i) The Company has acquired Compressors on operating lease, which iscancellable subject to certain conditions. The lease period is of two years andis further renewable for the same period of time. The lease rental of $ 17,717(2006: Nil) has been paid as advance during the year. j) The Company has taken. Land on lease on which the Wells are beingdeveloped. The lease period ranges from 30-51 years. The entire amount ofconsideration as lease premium has been paid upon acquisition. The premiums paidas on 31st March, 2007 is $ 67,615 (2006: $ 37,556), which has been disclosedrespectively under the current and non-current assets. 22. Commitments and Contingencies Year Ended Year Ended 31st March, 2007 31st March, 2006 Claims made against the Company not acknowledged as debt. Claims made by Contractors M/s Adkins Services Inc. (i) (Refer Note no.23(a)) 6,379,904 6,234,028 Claims made by Government of India (Ministry of Petroleum & Natural Gas)(ii) (Refer Note no. 23(b)) 154,373 91,908 Future cash outflows in respect of the above are determinable on receipt ofjudgements / decisions pending with various forum / authorities. a) Prepayments (Current) include $ 49,630 (31st March, 2006- $ 48,496)recoverable M/s Adkins Services Inc., (Adkins), a drilling contractor which hasbeen fully impaired. The contract with Adkins was terminated by the Company onthe ground of non-performance and continued breach of contract. The Company inaddition to the above amount has made a claim of $ 4.54 million (31st March,2006 - $ 4.44 Million) for damages on account of delay in providing the servicesby the said contractor. The Contractor has also filed a counter claim of $ 6.38Million (31st March 2006 - $ 6.23 million) against the Company for loss ofprofit, damages etc which the Company disputes. The contractor has also claimed,interest at the rate of 15% per annum from August 2004 till the date ofrealization, interim award and costs incurred on litigation. The Company hadfiled an application before Hon'ble High Court at Calcutta for the appointmentof Presiding Arbitrator for the arbitral proceedings to be started. The Hon'bleHigh Court at Calcutta vide its order dated 18th March, 2004 has appointed thePresiding Arbitrator. Necessary adjustments, if any, will be made in thefinancial statements once the arbitration proceedings are complete. b) The Directorate General of Hydrocarbons, Government of India, hasraised claims amounting to $ 94,058 (31st March 2006- $ 91,908) towardsadditional fee for Gas Exploration Licence. The Company has taken a legalopinion on the possibility of liability against the claim devolving on thecompany. In view of such opinion, which is in favor of the Company, the claimhas been treated as a contingent liability. During the period, DGH has alsoraised claim towards interest on the amount of shortfall, since the date of thecontract. Such additional amount of interest comes to $ 209,271 (2006: $ 93,278)computed upto 31st March 2007, which along with the original claim has beentreated by the Company as a Contingent Liability. This dispute has been referred to Arbitration pursuant to the terms & conditionsof the Production Sharing Contract signed with the Government of India. Thearbitration proceedings have already been initiated. 23. Contingent Asset The Company has entered into arrangements with Mitchell DrillingOperations PTY Limited for drilling of production wells. The work has beencompleted on 6th October under these arrangements. As per the terms of theagreement, the Company has paid mobilization cost $ 166,492 (2006: Nil), fordrilling equipment to be brought at Company's site, subject to the conditionthat after completion of work is the same equipment is moved to another locationwithin India, a proportionate amount would be reimbursed to the company by theoverseas supplier. However, no gain has been recognized in the financialstatements since there is no virtual certainty of realization of such amount. 24. Capital Commitment: As at 31st March, As at 31st March, 2007 2006 Purchase of Land 58,968 50,661Capital Assets 4,942,958 3,505,928 25. Business Developments a) The Company has applied for License for mining activity on the freeholdand leasehold lands and is awaiting the receipt of such license. b) The work on Route Survey, Pipeline network and the Gas Gathering Station(GGS) has also commenced during the period. The survey and design work isnearing completion and the physical work has started in December 2006. TheCompany has awarded a contract to MECON Limited for providing project managementand engineering services for this scheme. The GGS is expected to be operationalby June 2007. c) The Company has entered into a Memorandum of Understanding with IndianOil Corporation Limited (IOC) on 24th August, 2006, for sale of Coal Bed MethaneGas and developing City Gas Distribution network including CNG retailing in thestate of West Bengal in India. The terms and arrangements for sale of CBM Gasare under negotiation with IOC. d) The Company has issued letter of intent to M/S Schlumberger Asia ServicesLimited for Cementing and Fracturing of 20 new drill wells, and fracturing ofadditional 20 wells drilled in the previous campaign as on February 2007. Theterms and conditions of the final contract are still being negotiated. The valueof the contract will be approximately $ 16,021,440. 26. Tax Credit Receivable The Company is eligible for Input Tax Credit for Service Tax paid by it onpurchase of services, in accordance with the relevant Service tax rules inIndia, against Excise Duty to be paid by it once commercial sale of gas begins.Accordingly, $ 954,423 (2006: $ 213,254) have been recognised as current assetsdisclosed under current loans and advances, as Input Tax credit availed but yetto be utilized. The above amount includes $ 213,254 paid until 31st March, 2006.As at 31st March, 2006, these amounts were not separately treated as currentassets but were partly grouped under Well Development Costs, and partly chargedto Income Statement. The following accounting adjustments have been made forrectification of this error. a) For the amount of credit relating to earlier years ending on orbefore 31st March, 2005, adjustment has been made to Well Development Costs $11,958 and Retained earnings $ 3,239, as applicable, as on 1st April, 2005. b) For the amount relating to year ended 31st March, 2006, adjustmenthas been made to Well Development Costs $ 184,620 and Administrative and GeneralExpenses $ 13,437 as applicable, as at and for the period ended 31st March,2006. 27. Translation to Presentation Currency The company has converted INR balances to $ equivalent balances on thefollowing basis: • For conversion of all assets and liabilities, other than equity,as at the reporting dates, the exchange rates prevailing as at the reportingdate have been used, which are as follows: • as at 31st March 2007: $ 1 = INR 43.59 • as at 31st March 2006: $ 1 = INR 44.61 • For conversion of all expenses and income on income statement andthe cash flow statement, for the respective periods, periodic average exchangerates have been used, which are as follows: • For the year ended 31st March 2007: $ 1 = INR 45.38 • For the year ended 31st March 2006: $ 1 = INR 44.30 • For conversion of issued Share Capital and Share Premium,historical exchange rates prevailing on the respective dates of issue of shareshave been taken into consideration. • For conversion of authorized share capital, historical exchangerates prevailing on the respective dates of authorization of such share capitalhave been taken into consideration. 28. Related Party Disclosures For the Year ended For the Year ended 31st March, 2007 31st March, 2006 a) Shareholders having • YKM Holdings Pvt. Ltd • YKM Holdings Pvt. Ltd. Significant influence • YKM Holding International • Bokel Investments Limited Limited • CBM Investments Ltd • Bokel Investments Limited • CBM Investments Ltd b) The following tables provide the total amount of transactions whichhave been entered into with related parties during the year ended 31st March2007 and 2006. Related Lease Payment Reimbursement Provision of Amount owed to rentals towards Services/ (receivable from) Party building on of expenses Lease related party Finance Lease Premium YKM Holdings Pvt. Ltd.March 2007 123,168 - 279 3,477 (45,010)March 2006 - - 6,667 88,291 29,716 CBM Investment Ltd. March 2007 - - - - -March 2006 1,278,781 - - - - Indian Purchase.com InfowareLimited:March 2007 (1,652) - 3,012 - 92March 2006 (1,652) - 1,743 - 917 Khaitan & Co.March 2007 - - - 51,066 (574)March 2006 - - - 125,559 6,784 KNM Advisory Pvt. Ltd. March 2007 - - 3,346 - -March 2006 - - - - - Bokel Investments Ltd. March 2007 - - - 13,928 -March 2006 - 293,725 - 8,369 - Centurian Bank of Punjab Ltd. 31st March, 2007 31st March, 2006 FD made/(matured) during the Year (2,065,470) 5,936,295Closing Balance 3,870,824 5,936,295 c) Compensation paid to Key Management Personnel As at 31st March, 2007 As at 31st March, 2006i) Short Term Employee Benefits 207,458 184,213ii) Post employment benefits 7,605 17,337iii) Defined Contribution Plan 7,741 9,672 Total compensation paid to key management personnel 222,804 211,222 The company has paid $ 13,765 (2006: $ 13,318) as sitting fees to thenon-executive directors for attending various meetings. d. Terms and conditions of transactions with related parties The transactions with the related parties are made at normal marketprices. Outstanding balances at the year-end are unsecured, interest free andsettlement occurs in cash. There have been no guarantees provided or receivedfor any related party receivables or payables. For the year ended 31st March,2007, the Company has not recorded any impairment of receivables relating toamounts owed by related parties (2006: Nil). This assessment is undertaken eachfinancial year through examining the financial position of the related party andthe market in which the related party operates. 29. Standards, interpretations and amendments to published standards thatare not yet effective Certain new standards, amendments and interpretations to existing standards havebeen published that are mandatory for the Company's accounting periods beginningafter 1st April, 2006 or later periods but which the Company has not earlyadopted, as follows: (i) IFRIC 8, Scope of IFRS 2 This IFRIC Interpretation 8, applicable for all accounting periods commencing onor after 1st May, 2006, requires IFRS 2 to be applied to any arrangements whereequity instruments are issued for consideration which appears to be less thanfair value. The Company will apply IFRIC 8 from annual periods beginning 1stJanuary, 2007. (ii) IFRS 7, Financial Instruments: Disclosures and a complementaryamendment to IAS 1, Presentation of Financial Statements - Capital Disclosures(effective from 1st January, 2007) IFRS 7 introduces new disclosures to improve the information about financialinstruments. It requires the disclosure of qualitative and quantitativeinformation about exposure to risks arising from the financial statements,including specified minimum disclosures about credit risk, liquidity and marketrisk, including sensitivity analysis to market risk. It replaces IAS 30,Disclosures in the Financial Statements of Banks and Similar FinancialInstitutions, and disclosure requirements in IAS 32, Financial Instruments:Disclosure and Presentation. It is applicable to all entities that report underIFRS. The amendment to IAS 1 introduces disclosures about the level of anentity's capital and how it manages capital. The Company will apply IFRS 7 fromannual periods beginning 1st January, 2007. (iii) IFRS 8, Operating Segments IFRS 8 requires segment information to be disclosed based on the 'managementapproach' which means using the information reviewed by the key decision makersof an entity. The Companies would be required to identify operating segments onthe basis of internal reports that are regularly reviewed by the entity's chiefoperating decision maker in order to allocate resources to the segment andassess its performance. The standard becomes effective from annual periodsbeginning 1st January, 2009. Since the Company operates in a single geographicaland business segment, management does not anticipate the application of thisstandard would have any impact on the financial statements. (iv) IFRIC 9, Reassessment of Embedded Derivatives IFRIC 9 was issued in March 2006, and becomes effective for financial yearsbeginning on or after 1st June, 2006. This interpretation establishes that thedate to assess the existence of an embedded derivative is the date an entityfirst becomes a party to the contract, with reassessment only if there is achange to the contract that significantly modifies the cash flows. The Companyis still evaluating the effect of this interpretation and expects that adoptionof this interpretation will have no impact on the Company's financial statementwhen implemented in 2007. (v) IFRIC Interpretation 10, Interim Financial Reporting andImpairment This Interpretation addresses whether the frequency of reporting should affectthe amount of any impairment charge recognised in an annual reporting periodrelating to goodwill, and some financial instruments. Since the company does notprepare or present interim financial statements, management does not expect anyimpact of this interpretation on the financial statements. (vi) IFRIC 11, IFRS 2 - Group and Treasury Share Transactions The scope of IFRS 2 is wide and encompasses transactions where an entity'sshareholders issue the entity's equity instruments as consideration for goods orservices it has received, or the equity instruments of any entity within a groupis issued as consideration. However, IFRS 2 itself contains no guidance about whether these transactions areaccounted for as equity-settled or cash-settled transactions. Similar questionshave arisen in cases where the entity uses treasury shares (acquired or held) tosettle its commitments under share based payment transactions. Thisinterpretation provides guidance in such situations becoming effective forannual periods beginning on or after 1st March, 2007. This interpretation willhave no impact on the Company's financial statement when implemented in 2007. (vii) IFRIC 12, Service Concession Agreements This Interpretation gives guidance on the accounting by operators forpublic-to-private service concession arrangements and is applicable with effectfrom annual periods commencing on 1st January, 2008. The interpretation is notapplicable to the company as it does not engage in such activities and hence themanagement does not expect any corresponding impact on the financial statements. 30. Financial instruments Fair values Set out below is a comparison by category of undiscounted amount andfair values of all of the company's financial instruments that are carried inthe financial statements. Carrying Value Fair Value 2007 2006 2007 2006Financial assetsNon current assetsOther Financial Assets - Non Current 57,689 44,348 57,689 44,348Current assetsOther Financial Assets - Current 968,431 21,225,631 968,431 21,225,631Cash and Cash Equivalent 11,032,180 7,350,980 11,032,180 7,350,980Financial liabilitiesNon current liabilitiesCurrent liabilitiesTrade and other payables 2,387,869 2,171,573 2,387,869 2,171,573 31. Figures of the previous period have been regrouped / rearrangedwherever considered necessary (Please Refer Note Nos. 10 and 15). Figures inbrackets represent amounts relating to year ended 31st March 2007. 32. These financial statements were approved by the Board of Directors on2nd June 2007. The notes on pages 6 to 38 are an integral part of these financial statements. As per our report of even date attached On behalf of the Board of Directors Ernst & Young Yogendra Kumar Modi Kashi Nath Memani Chairman and Chief Executive Officer Director Place : Delhi Date : 5th June, 2007 This information is provided by RNS The company news service from the London Stock Exchange
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