13.1 No trade receivables are due from the directors or officers of the Company either severally or jointly with any other person. No trade receivables are due from firms or private companies respectively in which any director is a partner, a director or member.

13.2 The Company is exposed to credit risk from its operating activities, primarily trade receivables which the Company minimizes by dealing with high credit rating counterparties. Outstanding customer receivables are regularly monitored on individual basis and are reconciled at regular intervals. Impairment analysis of trade receivables is done at each reporting date on an individual basis. The expected loss recognised at each reporting date is Nil.

15.1 This amount has been deposited with banks under section 33ABA of the Income Tax Act, 1961 and can be withdrawn only for the purposes specified in the Scheme i.e. towards removal of equipment's and installations in a manner agreed with the Central Government pursuant to an abandonment plan to prevent hazards to life, property, environment, etc. This amount is considered as restricted cash and hence not considered as 'Cash and cash equivalents'.

16.1 There are no amount recoverable from directors or other officers of the Company either severally or jointly with any other persons. No amount recoverable from firms or private companies respectively in which any director is a partner, a director or a member, except ^ 0.59 Lakh (previous year Nil) are recoverable from a private company in which a director of the Company is director.

35.2 There is no income or transaction which has not been disclosed or recorded in the books of accounts which has been surrendered or disclosed as income in the tax assessment during the year 31st March, 2023 and 31st March, 2022.

b) In the Arbitration proceedings between the Company and the Ministry of Petroleum and Natural Gas, Government of India (GOI) with respect to the Lohar Oilfield, Inter alia, the issue is whether Profit Petroleum is payable to the GOI in a financial year, when the investment multiple in the preceding year is less than 3.5. The Company received an Award in its favour in May 2010, from the Arbitral Tribunal, against which the GOI had appealed to the Hon'ble Delhi High Court. The Single Bench of the High Court ruled in favour of the GOI. The Company has been paying the Profit Petroleum as per the order of the Delhi High Court although it has appealed against this to the Division Bench of the Delhi High Court and the same is sub judice.

c) In January, 2022, the Company had received a query from Directorate General of Hydrocarbons (DGH) on calculation and deposit of Profit Petroleum for Lohar field for the first and second quarters of FY 2021-22. Further, during the current year, Company has also received a demand letter dated 12th October 2022, from DGH, on payment of difference of short payment of Lohar Profit Petroleum post extension of Production Sharing Contract (PSC) in March 2020, along with interest. The same was refuted by the Company, and duly responded with reference to the applicable profit petroleum provisions under the PSC Addendum signed between MoPNG and the Company, on extension of lease for Lohar field beyond March 2020. The said matter is sub - judice.

d) The Company, under a Technical Manpower Service Contract, shall reimburse Gratuity, if any, paid by the manpower supply contractor to contractual labour employed in Bakrol, Lohar and Karjisan fields, under the Payment of Gratuity Act, 1972. As per the contractual terms, the said gratuity needs to be paid to the contractual labour by the manpower supply contractor, which shall then be reimbursed by the Company. The said liability arises due to the termination of the contract with the existing manpower supply agency and appointment of a new manpower service agency. Pursuant to the Contract, the company has received a demand from the previous manpower supply agency for payment of gratuity to the workers who have been in continuous engagement for a period exceeding the period, in accordance with the Gratuity Act. The Company is currently in the process to evaluating the authenticity of the said claim, in accordance with the contractual provisions.

In respect of the matters in Note No. 38-B, future cash outflows are determinable only on receipt of judgements/ decisions pending at various forums/ authorities. Furthermore, there is no possibility of any reimbursements to be made to the Company from any third party.

39 NOTE ON PRICING OF CRUDE OIL SUPPLIED FROM KARJISAN FIELD

The Company had received an interim price for the oil produced from Karjisan field. As per the terms of the Karjisan PSC, the interim price is 70% of the Brent price. Negotiations with Indian Oil Corporation Limited (IOCL) are ongoing to arrive at a final price, so that payment of differential included in trade receivables amounting to ' 85.71 Lakhs (P.Y. ' 85.71 Lakhs) can be realised by the Company, inclusive of amounts related to reimbursement of VAT.

40 Disclosures as required for loans given, investments made and guarantee given covered u/s 186(4) of the Companies Act, 2013 and pursuant to SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 :

During the year, Company has not given any loan, security or provided any guarantee and for investments made refer Note No. 8 and 12 of the financial statements.

II Defined Benefit Plans Gratuity

(a) The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The Gratuity plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 days salary for each completed year of service subject to a maximum of ^ 20 Lakhs. Vesting occurs upon completion of five continuous years of service in accordance with Indian Law. The Company has taken a policy with Life Insurance Corporation of India approved by IRDA for meeting the accruing liability on account of gratuity. The present value of defined obligation and related current cost are measured using the Projected Unit Credit Method with actuarial valuation being carried out at Balance Sheet date.

(k) Expected contribution to the defined benefit plan for the next annual reporting period

The Company expects to contribute ' Nil (previous year ' 35.00 Lakhs) to its gratuity fund in 2022-23.

(l) Description of Risk Exposures

Valuation are based on certain assumptions, which are dynamic in nature and vary over time. As such Company is exposed to various risk as follows:-

(a) Salary Increases - Actual Salary increase will increase the plan's liability. Increase in salary, increase in rate assumption in future valuation will also increase the liability.

(b) Investment Risk - Actual return on plan asset may be lower than the discount rate assumed at the last valuation date which can increase the liability.

(c) Discount Rate - Reduction in discount rate in subsequent valuation can increase the plan's liability.

(d) Mortality and Disability - Actual death and disability cases proving lower or higher than asssumed in the valuation can impact the liabilities.

(e) Withdrawal - Actual withdrawal proving higher or lower than assumed withdrawal and change of withdrawal rates at subsequent valuations can impact plan's liability.

III Other long-term employee benefits:

Leave encashment

The Company provides for the expected cost of accumulating paid leave which can be carried forward and used in future periods by the employees. The obligation for accumulating paid leaves has been recognised at the end of the reporting period. W.e.f. 1st September 2022, the Company has discontinued the leave-encashment facility to its employees.

47 DISCLOSURES AS PER IND AS 116 'LEASES' ARE AS FOLLOWS:

The Company's significant leasing arrangements are in respect of leases for land, building, office premises etc. These leasing arrangements which are cancellable ranging between 11 months and 9 years generally, or longer, and are usually renewable by mutual consent on mutually agreed terms. The Company has used the following practical expedients for lease accounting^. Applying a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar remaining lease term.2. Applied the exemption not to recognized right of use assets and liabilities for leases with less than 12 months of lease term and low value leases.3. Used hindsight in determining the lease term whether the contract contained options to extend or terminate the lease.

(e) The weighted average incremental borrowing rate applied to lease liabilities is 10.00%.

(f) The Company does not face a significant liquidity risk with regards to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

48 FAIR VALUE MEASUREMENT

The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date under the current market condition regardless of whether that price is directly observable or estimated using other valuation techniques.

The following methods and assumptions were used to estimate the fair values:

(i) Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short-term loans from banks and other financial institutions approximate their carrying amounts largely due to the short term maturities of these instruments.

(ii) Financial instruments with fixed and variable interest rate are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counter party. Based on this evaluation, allowances are taken into account for the expected losses of these receivables.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique.

Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

(c) During the year ended 31st March 2023 and 31st March 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfer into and out of Level 3 fair value measurements.

49. FINANCIAL RISK MANAGEMENT

The Company's principal financial liabilities comprises lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include Investments, trade and other receivables and cash and bank balances that derive directly from its operations.

The Company's activities expose it to market risk, credit risk and liquidity risk. The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk management policy is set by the Managing Board. The Board of Directors reviews and finalises policies for managing each of these risks, which are summarised below :

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three type of risk: interest rate risk, foreign currency risk and commodity price risk. Financial instrument affected by market risk include investments and deposits, foreign currency receivables, payables, loans and borrowings.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Company's position with regard to interest income and interest expenses to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio. The Company is also exposed to interest rate risk on surplus funds parked in fixed deposits and investments viz. mutual funds, NCDs and MLDs. To manage such risks, such investments are done mainly for short durations, in line with the expected business requirements for such funds.

Interest rate sensitivity

The Company has not availed any borrowings (floating or fixed interest) and also not having substantial long term fixed deposits and other investments, hence is not exposed to interest rate risk.

(ii) Foreign Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The entity has limited foreign currency exposure which are mainly on account of purchases and imports. The Company manages its foreign currency risk by having natural hedge as the revenue on sale of oil and gas is determined and paid in equivalent US dollars.

The Company does not have any foreign currency exposure as well as no hedging instruments outstanding as at 31 March 2023 and 31 March 2022.

(iii) Commodity price risk

The Company is exposed to volatility of the oil and gas prices since the Company does not undertake any oil price hedge. The impact of a falling oil price is however partly mitigated via the production sharing formula in the PSCs, whereby the Company's share of gross production increases in a falling oil price environment due to the cost recovery mechanism. Gas prices are fixed for a certain duration of time and the same are linked to policy guidelines issued by the Government.

(b) Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and advances to suppliers) and from its financing activities, including deposits and other financial instruments.

(i) Trade Receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to individual group of customers. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date on an individual basis for major clients.

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely independent markets.

The ageing analysis of the receivables (gross of provisions) have been considered from the date the invoice falls due:

(ii) Financial Instruments and Cash and bank balances

Credit risk from balances with banks and financial institutions is managed by the Company in accordance with the Company's policy. Investments of surplus funds are made only with the institutions having good credit ratings. Credit worthiness of all theses institutions are reviewed by the Management on a regular basis. All balances with banks and financial institutions is subject to low credit risk due to the good credit ratings assigned to these entities.

(c) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities.

In the management of liquidity risk, the Company monitors and maintains a level of cash and bank balances deemed adequate by the management to finance the Company's operations and mitigate the effects of fluctuations in cash flow. The table below summarises the maturity profile of the Company's financial liabilities at the end of the reporting period based on contractual undiscounted repayment obligations.

50 CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new borrowings or sell assets to reduce borrowings.

51 IMPAIRMENT OF ASSETS AND CUSTOMER/VENDOR BALANCES

(i) As a policy, the Company annually assesses the impairment of property plant and equipment (PPE), Development of Hydrocarbon Properties and other non-current assets by comparing the carrying value of PPE, Development of Hydrocarbon Properties and other non-current assets with its fair value. In case the fair value is less than the carrying value an impairment charge is created. Management has concluded that there is no impairment of PPE, Development of Hydrocarbon Properties and other assets during the current year and in previous year.

(ii) Certain Trade Receivables, Advances and Trade Payables are subject to confirmation. In the opinion of the management, the value of Trade Receivables and Advances on realisation in the ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet.

54 Additional regulatory information required by Schedule III of Companies Act, 201354.1 Relationship with Struck off Companies:

There are no transaction with the companies whose name has been struck off under section 248 of The Companies Act, 2013 or section 560 of Companies Act, 1956 during the year ended 31st March, 2023 and the year ended 31st March, 2022.

54.2 Compliance with number of layers of companies

No layers of companies has been established beyond the limit prescribed as per section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

54.3 Loans or Advances to Promoters, Directors, KMPs and the related parties

The Company has not given any loan or advance in the nature of loan to promoters, directors, KMPs and the related parties (as defined under the Act), either sevarally or jointly with any other person during the year ended 31st March, 2023 and the year ended 31st March, 2022.

54.4 Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any Scheme of Arrangements, hence this clause not applicable to the Company.

54.5 Utilisation of Borrowed Funds and Share Premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other persons or entities including foreign entities (intermediaries) with the understanding that the Intermediaries shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or provided any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.

(ii) The Company has not received any fund from any persons or entities, including foreign entities (funding party) with the understanding that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or provided any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.

54.6 Willful Defaulter

The Company has not been declared as a willful defaulter by any bank or financial Institution or other lender.

55 "Presentation of Negative Amounts"

Unless otherwise stated or the context requires it to be interpreted otherwise, figures in bracket in the financial statements

represent negative amounts.

56 Previous year figures have been rearranged / regrouped / reclassified wherever necessary. Further, there are no material

regroupings / reclassifications during the year.