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Asian Energy Services Ltd.

BSE: 530355 Sector: Oil & Gas
NSE: ASIANENE ISIN Code: INE276G01015
BSE 13:39 | 17 Jan 169.90 4.50
(2.72%)
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166.60

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172.50

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166.60

NSE 13:29 | 17 Jan 170.15 4.90
(2.97%)
OPEN

168.60

HIGH

173.00

LOW

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OPEN 166.60
PREVIOUS CLOSE 165.40
VOLUME 107191
52-Week high 178.65
52-Week low 86.60
P/E 9.51
Mkt Cap.(Rs cr) 652
Buy Price 169.95
Buy Qty 4.00
Sell Price 170.20
Sell Qty 25.00
OPEN 166.60
CLOSE 165.40
VOLUME 107191
52-Week high 178.65
52-Week low 86.60
P/E 9.51
Mkt Cap.(Rs cr) 652
Buy Price 169.95
Buy Qty 4.00
Sell Price 170.20
Sell Qty 25.00

Asian Energy Services Ltd. (ASIANENE) - Director Report

Company director report

To the Members

Your Directors are pleased to present the 28th Annual Report and the Company's auditedfinancial statement for the financial year ended March 31 2021. The consolidatedperformance 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 summarisedbelow:

(Rs. in Lacs)

Particulars Consolidated Standalone
2020-21 2019-20 2020-21 2019-20
Revenue from operations 22878.98 27315.38 14074.84 6449.81
Other Income 542.03 346.83 1165.38 1144.43
Total Revenue 23421.01 27662.21 15240.22 7594.24
Profit / (Loss) before Finance Cost Depreciation and Tax 6090.25 7001.59 4485.16 2952.45
Finance Cost (71.34) (285.20) (76.02) (323.81)
Depreciation (2332.98) (1965.94) (1357.55) (1329.29)
Exceptional items (1234.46) (686.55) (887.17) (829.14)
Profit/(Loss) before tax 2451.47 4063.90 2164.42 470.21
Tax expenses (194.32) (1140.37) - -
Net Profit/(Loss) after tax 2257.15 2923.54 2164.42 470.21

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 profitsearned 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 astrategic vision of emerging as a recognized player in providing services to coal andcoke minerals and other energy exploration sectors. To fast track this strategic visionand to expand and diversify its business in new and profitable areas the Company at theirmeeting held on September 11 2020 approved the alteration of the Memorandum ofAssociation of the Company.

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

Company's Performance:

On consolidated basis revenue from operations for the financial year 2020-21 stood at^ 22878.98 Lacs which was lower by 16.24% over last year (^ 27315.38 Lacs in 2019-20).Net Profit for the year stood at ^ 2257.15 Lacs as against net profit of ^ 2923.54 Lacsin the previous year.

On standalone basis revenue from operations for the financial year 2020-21 is ^14074.84 Lacs which has increased by approx. 118.22% over last year (^ 6449.81 Lacs in2019-20) whereas net profit for the year is ^ 2164.42 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 withthe Indian Accounting Standard (IND-AS) notified by the Ministry of Corporate Affairswhich are applicable to the group for the accounting periods beginning on or after April1 2017.

Subsidiary Companies:

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

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

As per Section 129(3) of the Companies Act 2013 the consolidated financial statementsof the Company its subsidiaries in accordance with applicable Accounting Standardsissued by The Institute of Chartered Accountants of India forms part of this AnnualReport. The performance and financial position of each of the subsidiaries for the yearended 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 Companyconsolidated financial statements along with relevant documents and separate auditedaccounts in respect of subsidiaries are also kept at the Registered Office of the Companyand 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 year2020-21 is ^ 10837.26 Lacs compared to ^ 24258.70 Lacs during the previous year. Itgenerated a net profit of ^ 1234.90 Lacs compared to profit of ^ 2921.13 Lacs in theprevious year.

AOSL Petroleum Pte. Limited:

During the financial year 2020-21 AOSL Petroleum Pte. Limited registered an income of^ 458.54 Lacs compared to ^ 1889.90 Lacs during the previous year. It generated a netloss of ^ 92.52 Lacs in the financial year 2020-21 against net profit of ^ 172.47 Lacs inthe previous year.

AOSL Energy Services Limited:

AOSL Energy Services Limited (AESL) has not registered any income during financial year2020-21 and also during previous year but has incurred a net loss of ^ 0.84 Lacs in thecurrent 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 financialyear 2020-21 and also during previous year but has incurred a net loss of ^ 0.80 Lacs inthe 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 June17 2020. The Company did not register any income during the period and also reported lossof 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 ofloans or guarantees given securities provided and investments made during the year underreview. The details of loans and guarantees given and investments made by the Companyduring 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 thewebsite of the Company (www.asianenergy.com).

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

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

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

Directors' Responsibility Statement:

To the best of their knowledge and information and based on the information andexplanations provided to them by the Company your Directors make the following statementin 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 2021the applicable accounting standards have been followed and there are no materialdepartures from the same.

b. that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial 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 adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets 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 andthat such internal financial controls are adequate and are operating effectively; and

f. They have devised proper systems to ensure compliance with the provisions of allapplicable 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 shareholdersof the Company approved the appointment of Mr. Kapil Garg (DIN: 01360843) as aNon-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 hason February 12 2021 approved the appointment of Mr. Brij Mohan Bansal (DIN: 00261063) asan Additional Director in the capacity of Independent Director for a term of 5 years witheffect from February 12 2021 to February 11 2026 subject to the approval of theshareholders in the ensuing General Meeting as an Ordinary Resolution.

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

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

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

Key Managerial Personnel:

During the year under report the following persons were Key Managerial Personnel ofthe 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. February12 2021)

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

Mr. Devesh Bhargava (DIN: 02001318) stepped down as an Independent Director from theBoard 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 Companybetween 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 theCompany 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 (ListingObligations and Disclosure Requirements) Regulations 2015. There has been no change inthe 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 performanceBoard Committees and individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of criteria such as the board composition and structureeffectiveness of Board processes information and functioning etc. as provided by theGuidance Note on Board Evaluation issued by the Securities and Exchange Board of India onJanuary 5 2017.

The performance of the Committees was evaluated by the Board after seeking inputs fromthe committee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc.

The Board and the Nomination and Remuneration Committee reviewed the performance ofindividual directors on the basis of criteria such as the contribution of the individualdirector to the Board and Committee Meetings like preparedness on the issues to bediscussed meaningful and constructive contribution and inputs in meetings etc.

In a separate meeting of independent directors performance of non-independentdirectors and the Board as a whole was evaluated taking into account the views ofexecutive directors and non-executive directors. The same was discussed in the BoardMeeting that followed the meeting of the independent directors at which the performanceof the Board its committees and individual directors was also discussed. Performanceevaluation of independent directors was done by the entire Board excluding theindependent director being evaluated.

Familiarization Programme for the Independent Directors:

In compliance with the requirements of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Company has put in place a familiarization programmefor the Independent Directors to familiarize them with their role rights andresponsibilities as Directors the working of the Company nature of the industry in whichthe Company operates business model etc. The details of the familiarization programme areexplained in Corporate Governance Report.

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

Policy on Directors' appointment and remuneration and other details:

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

The Nomination and Remuneration Policy of the Company is placed on the website of theCompany 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 deliberateon various matters. The details of the meetings of the Board and its Committees heldduring the year are stated in the Corporate Governance Report forming part of this AnnualReport.

5 (five) meetings of the Board were held during the year on June 18 2020 August 62020 September 14 2020 November 11 2020 and February 12 2021. For details of themeetings of the Board please refer to the Corporate Governance Report which forms partof this report.

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

The operations in the first quarter of FY 2020-21 were impacted to some extent due toCOVID-19 related lock down in various states in India. However the Company has witnesseda 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 andDisclosures Requirements) Regulations 2015 the Management Discussion and Analysis hasbeen given separately and forms part of this report.

Risk Management:

The Company has in place a Risk Management Policy pursuant to Section 134 of theCompanies Act 2013 and Regulation 21 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. It establishes various levels of accountability andoverview within the Company while vesting identified managers with responsibility foreach significant risk.

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

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

The Audit Committee of the Board of the Company has been entrusted with the task toframe implement and monitor the risk management plan for the Company and it isresponsible for reviewing the risk management plan and ensuring its effectiveness with anadditional oversight in the area of financial risks and controls. Major risks identifiedby the businesses and functions are systematically addressed through mitigating actions ona continuing basis.

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

Internal Financial Control Systems and their adequacy:

The Company has adequate internal control systems including suitable monitoringprocedures commensurate with its size and the nature of the business. The internal controlsystems provide for all documented policies guidelines authorization and approvalprocedures. The Company has appointed M/s. S.P. Chopra & Co. Chartered Accountants asthe Internal Auditor who carry out audits throughout the year. The Statutory Auditorswhile conducting the statutory audit review and evaluate the internal controls and theirobservations are discussed with the Audit Committee of the Board.

Corporate Social Responsibility (CSR):

The Company has already constituted a Corporate Social Responsibility (CSR) Committeein accordance with Section 135 of the Companies Act 2013. For the Company socialresponsibility is a key element of accountability and it will continue to strive in itsbehaviour and actions to surpass the levels of minimum statutory compliance. The Companybelieves in the sustainable growth and prosperity of its stakeholders and views itsresponsibilities 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 Companywww.asianenergy.com.

The statutory provisions of Section 135 of the Act read with Companies (CorporateSocial Responsibility Policy) Rules 2014 are not applicable to the Company as on March31 2021.

Safety Environment and Health:

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

The Company respects human rights values its employees and the communities that itinterfaces with. The Company is aware of the environmental impact of its operations andit continually strives to reduce such impact by investing in technologies and solutionsfor economic growth.

The Company considers safety environment and health as the management responsibility.Regular employee training programmes are in place throughout the Company on SafetyEnvironment and Health and has well identified and widely covered safety management systemin place for ensuring not only the safety of employees but surrounding population of theproject 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 aPolicy on Prevention Prohibition and Redressal of Sexual Harassment at the Workplace inline with the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the Rules there under. The Policy aims to provideprotection to employees at the workplace and prevent and redress complaints of sexualharassment and for matters connected or incidental thereto with the objective ofproviding a safe working environment where employees feel secure.

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

Vigil mechanism/ Whistle Blower Policy:

We have embodied the mechanism in the Code of Conduct of the Company for employees toreport concerns about unethical behaviour actual or suspected fraud or violation of ourCode of Conduct. This mechanism also provides for adequate safeguards againstvictimization of employees who avail of the mechanism and also provide for direct accessto the Chairman of the Audit and Risk Management Committee in exceptional cases and nopersonnel 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 casesreported 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 orTribunals which would impact the going concern status of the Company and its futureoperations.

Disclosure requirements:

As per SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015Corporate Governance Report with a Certificate from Practicing Company Secretaries thereonand 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. TheCompany has maintained cordial and harmonious relations with employees across variouslocations.

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

Deposits from Public:

The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding or unpaid as on the dateof 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 readwith 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 isprovided 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 arebeing sent to the Shareholders excluding the aforesaid Annexure. Any Shareholderinterested in obtaining the same may write to the Wholetime Director or Company Secretaryat the Registered Office of the Company. None of the employees listed in the said Annexureis related to any Director of the Company.

AUDITORS AND AUDITORS' REPORT

(1) Statutory Auditors:

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

The requirement to place the matter relating to appointment of auditors forratification by Members at every AGM has been done away by the Companies (Amendment) Act2017 with effect from May 72018. Accordingly no resolution is being proposed forratification of appointment of statutory auditors at the ensuing AGM.

Pursuant to Section 141 of the Act the Auditors have represented that they are notdisqualified 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 Companyfor the financial year ended March 31 2021 have drawn attention in their Report readingas under:

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

ii. Note 42 to the accompanying standalone financial statements which describes theimpact of COVID-19 pandemic on the Company's operations. In view of the uncertainties inthe economic environment due to the outbreak of COVID-19 pandemic the impact on thefinancial position and performance of the Company is dependent on the future developmentsas 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 theCompany for the financial year ended March 31 2021 have drawn attention in their Reportreading as under:

i. Note 44 to the accompanying consolidated financial statements regardingrecoverability of amounts withheld towards non-performance of obligations for certainprojects awarded to the Holding Company. The Holding Company's management has assessed thetenability of its claims and submissions made to these customers and based on the legaladvise obtained management is of the view that the amounts withheld are recoverable andaccordingly no adjustments have been made to the accompanying consolidated financialstatements.

ii. Note 45 to the accompanying consolidated financial statements which describes theimpact of COVID-19 pandemic on the Holding Company's operations. In view of theuncertainties in the economic environment due to the outbreak of COVID-19 pandemic theimpact on the financial position and performance of the Holding Company is significantlydependent 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 thefollowing qualification given in the auditor's report dated June 15 2021 on the financialstatement of Asian Oilfield & Energy Service DMCC (ADMCC) a subsidiary of the HoldingCompany issued by an independent firm registered in Dubai and reproduced by us as under:

"Accounts receivable amounting to USD 8499254/- remain unconfirmed as atreporting date from one customer M/s Amni International Petroleum Development OML 52Company Limited who has issued a notice of suspension of the contract. The customer hasalready confirmed a balance of USD 6389207/- as at September 30 2020. The management isconfident that USD 6389207/- is fully receivable as confirmed by customer. The Company'sreceivables to the extent of USD 2110047/- remain unconfirmed & are subject toimpairment testing and the net profit account receivables & net worth are overstatedto the extent of impairment if any."

Explanation to Auditors' Comment:

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

(2) Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Companyhad appointed Mr. Hemanshu Kapadia of Hemanshu Kapadia & Associates PracticingCompany Secretaries to undertake the Secretarial Audit of the Company for the year endedMarch 31 2021. The Secretarial Audit Report is annexed as Annexure C. TheSecretarial Audit Report does not contain any qualification reservation or adverseremark.

Cost records and cost audit:

Maintenance of cost records and requirement of cost audit as prescribed under theprovisions of Section 148(1) of the Companies Act 2013 are not applicable for thebusiness 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 nochange 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 tomotivate 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 BenefitsRegulations").

During FY 2020-21 there has been no change in the Scheme. Under the Asian OilfieldService Limited Employee Stock Option Plan 2019 "AOSL ESOP 2019" scheme325230 options were vested during the year. Appropriate disclosure prescribed under thesaid Regulations with regard to the Scheme is available on the Company's websitewww.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 Companyhas placed a copy of the Annual Return as at March 31 2021 on its website atwww.asianenergy.com. By virtue of amendment to Section 92(3) of the Companies Act 2013the Company is not required to provide extract of Annual Return (Form MGT-9) as part ofthe Board's report.

Business Responsibility Report:

A detailed Business Responsibility Report in terms of Regulation 34 of the SEBI LODRRegulations 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 thefollowing items as there were no transactions relating to these items during the yearunder 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 sharesfor the subscription/ purchase of which loan was given by the Company (as there is noscheme pursuant to which such persons can beneficially hold shares as envisaged underSection 67(3)(c) of the Companies Act 2013).

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

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

Acknowledgement:

The Board places on record its deep appreciation for the continued support receivedfrom various clients vendors suppliers and technical partners bankers GovernmentAuthorities employees at all levels and stakeholders in furthering the interest of theCompany.

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

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