OIL INDIA CYPRUS LIMITED Lemesou 77, ELIA HOUSE 2121, Nicosia Cyprus HE 295721 REPORT AND FINANCIAL STATEMENTS. The report of the Board of Directors report and the Financial Statements of the company for the period from 21 October 2014 to 31 March 2012 are true copies of those presented at the Annual General Meeting that took place . Signature Director Signature Secretary EKOEZH KAT OIKONOMIKEE KATAETAZEIE. H éxBeon iowa ZuyBoukiou Kor ot oKovopKéc avoorége, ia mv nepioGo. nou édnge onc 3f ‘AexeyBplou” 31/03/2012 anoTeheiy moTév avtiypago Tov KaTareBévrev evioriow. tng Enfowag ewig Euvédeuong nou EN xGpa TpopparéoI Axl j ‘TAX ADVISORY and AUDITING SERVICES: OIL INDIA CYPRUS LIMITED REPORT AND FINANCIAL STATEMENTS Period from 21 October 2011 to 31 March 2012 ANTIFPA®O E@OPoy ETAIPEIONOIL INDIA CYPRUS LIMITED REPORT AND FINANCIAL STATEMENTS Period from 21 October 2011 to 31 March 2012 CONTENTS Board of Directors and other Officers Report of the Board of Directors Independent Auditor's report Statement of comprehensive income Statement of financial position Statement of changes in equity Cash flow statement Notes to the financial statements Additional information to the Statement of comprehensive income PAGEOIL INDIA CYPRUS LIMITED BOARD OF DIRECTORS AND OTHER OFFICERS Board of Directors: Company Secretary: Independent Auditors: Registered office: Registration number: Agarwal Nirmal Kumar Viveshan Ramsamy Pillay Marianna Symeou ‘Aspen Secretarial Services Limited ‘TAU Services Limited Certified Public Accountants and Registered Auditors 444-46 Acropolis Avenue Petrides Building 1st Floor, Office 101 2012 Nicosia, Cyprus Lemesou 77 ELIA HOUSE. 2121, Nicosia Cyprus 298721OIL INDIA CYPRUS LIMITED REPORT OF THE BOARD OF DIRECTORS ‘The Board of Directors presents its first report and audited financial statements of the Company for the period from 21 October 2011 to 31 March 2012. Incorporation ‘The Company Oil India Cyprus Limited was incorporated in Cyprus on 21 October 2011 as a private limited lability Company under the Cyprus Companies Law, Cap, 113, Principal activity ‘The Company was dormant throughout the period from 21 October 2011 to 31 March 2012, Results For period from 21 October 2011 to 31 March 2012 the Company had no results as it was dormant. Share capital ‘Authorised capital Under its Memorandum the Company fixed its share capital at 6,000 ordinary shares of nominal value of €1 each. Issued capital Upon incorporation on 21 October 2011 the Company issued to the subscribers of its| Memorandum of Association 41,000 ordinary shares of €1 each at par. Board of Directors ‘The members of the Company's Board of Directors as at 31/March 2012 and at the date of this report are presented ‘on page 1. All of them were members of the Board of Directors throughout the period from 21 October 2011 to 31 March 2012, In accordance with the Company's Articles of Association, all directors presently members of the Board continue in office, Events after the reporting period Any significant events that occurred after the end of the reporting period are described in note 12 to the financial statements.TAU «x= TAU Services Ltd, Private Limited Liabilty Company, Regis Independent auditor's report To the Members of Oil India Cyprus Limited Report on the financial statements ‘We have audited the accompanying financial statementsof Oil India Cyprus Limited (the Company") on pages to 111, which comprise the statement of financial position as at 31 March 2012, and thatatements of comprehensive Income, changes in equity and cash flows for the period from 21 October 20411 to 31 March 2012, and a summary of significant accounting policies and other explanatory information. Board of Directors' responsibilty for the financial statements The Board of Directors is responsible for the preparation of financial statements that give a true and fair view in ‘accordance with International Financial Reporting Standards as adopted by the European Union and the requirements. Of the Cyprus Companies Law, Cap. 113, and for such internal control!as the Board of Directors determines is. necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibilty ur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements, are free from material misstatement. ‘An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financiat statements. The procedures selected depend on. the auditor's judgment, including the assessment of the risks of ‘material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theveffectiveness of the entity's internal control. An audit also includes evaluating the ‘appropriateness of accounting polices used and the reasonableness of accounting estimates made by the Board of Directors as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our aucit opinion. ion No: 221646 444-46 Acropolis Avenue, Tet Floor, Office 101, 2072 Nicosia - Cyprus eh +987 22919980. Fax: +857 22818827. Email infoBtau.com.cyIndependent auditor's report (continued) To the Members of Oil India Cyprus Limited pinion In our opinion, the financial statements give a true and fair view of the financial position of Oil India Cyprus Limited as at 31 March 2012, and of its financial performance and its cash flaws for the period from 21 October 2011 to 31 March 2012 in accordance with International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113. Report on other legal requirements Pursuant to the requirements of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009, we report the following + We have obtained ail the information and explanations we considered necessary for the purposes of our audit, + In our opinion, proper books of account have been kept by the Company. + The Company's financial statements are in agreement with the books of account. * In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Cyprus Companies Law, Cap. 113, in the manner so required. + In our opinion, the information given in the report of the Board of Directors is consistent with the financial statements. Other matter This report, including the opinion, Has been prepared for and only for the Company's members as a body in accordance with Section 34 of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009 and for no other purpose. We do not, in giving this opinion, accept or assume responsibilty for any other purpose or to any other person ta whose knowledge this report may come to. Nicholas Shiakallis Certified Public Accountant and Registered Auditor for and on behalf of TAU Services Limited Certified Public Accountants and Registered ‘Auditors Nicosia, Cyprus, 21 May 2012OIL INDIA CYPRUS LIMITED STATEMENT OF COMPREHENSIVE INCOME Period from 21 October 2011 to 31 March 2012 Other income ‘Administration expenses Other expenses Loss before tax Tax Net loss for the period Other comprehensive income Total comprehensive income for the period 24/10/2011 31/03/2012 Note uss a7 (6,505) (21823) (9,301) 6 : (9,301) (9,301) ‘The notes on pages 9 to 11 form an integral pait of these financial statements. 5( OIL INDIA CYPRUS LIMITED STATEMENT OF FINANCIAL POSITION 31 March 2012 31/03/2012 Note uss ASSETS. EQUITY AND LIABILITIES Equity ‘Share capital 7 3,380 ‘Accumulated (losses) ——i9200) Total equity 17.921), Current liabilities ‘Trade and other payables 8 7921 7.924 ‘Total equity and liabilities (On 21 May 2012 the Board of Directors ona Cyprus Limited authorised these financial statements for issue. Soke AB LL ses a ttc) ihe ea Director Director ‘The notes en pages 9 to 11 form an integral part ofthese financial statements, 6OIL INDIA CYPRUS LIMITED STATEMENT OF CHANGES IN EQUITY Period from 21 October 2011 to 31 March 2012 Share Accumulated capital (losses) Total Note uss uss uss Comprehensive income Net loss for the period : (9,301) 9,301) Transactions with owners ‘Issue of share capital 7 1,380 - 1,380 Balance at 31 March 2012 1380 (9,301) (7,921) ‘The notes on pages 9 to 11 form an integral part of these financial statements. 7OIL INDIA CYPRUS LIMITED CASH FLOW STATEMENT Period from 21 October 2011 to 31 March 2012 CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax Cash flows used in operations before working capital changes Increase in trade and other payables CASH FLOWS FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital Net cash flows from financing acti ities Net increase in cash and cash equivalents Cash and cash equivalents: ‘At beginning of the period ‘At end of the period 21/10/2011 3103/2012 uss. 30) (9,301) 7,921 (4,380) 1,380 1,380 The notes on pages 9 to 11 form an integral part of these financial statements. 8OIL INDIA CYPRUS LIMITED NOTES TO THE FINANCIAL STATEMENTS. Period from 21 October 2011 to 31 March 2012 1. Incorporation and principal activities Country of incorporation ‘The Company Oil India Cyprus Limited (the "Company") was incorporated in Cyprus on 21 October 2011 as a'private limited liability Company under the Cyprus Companies Law, Cap. 113, Its registered office is at Lemesou 77, ELIA HOUSE, 2121, Nicosia, Cyprus. Principal activity ‘The Company was dormant throughout the period from 21 October 2011 to 31 March 2012, 2. Accounting policies ‘The principal accounting policies adopted in the preparation of these financial statements are set out below. Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) {8 adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap.113. The financial statements have been prepared under the historical cost convention. ‘The preparation of financial statements in conformity with IFRSS requires the use of certain critical accounting estimates and requires Management to exercise its judgement in the process of applying the Company's accounting policies. It also requires the use of assumptions that. affect the reported amounts of assets and liabilities and disclosure of contingent assets and liablities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. 3, Other income 21/10/2011 31/03/2012 uss Sundry operating income —___ 27 4, Other expenses 21/10/2011 31/03/2012 uss Incorporation expenses 2,823 2,823OIL INDIA CYPRUS LIMITED NOTES TO THE FINANCIAL STATEMENTS Period from 21 October 2011 to 31 March 2012 5. Operating (loss) 21/10/2011, 31/03/2012 uss. Operating (loss) is stated after charging the following items: Auditors’ remuneration 507 Incorporation expenses 2,823 6. Tax “The corporation tax rate is 10%. Under certain conditions interest income may be subject to defence contribution at the rate of 15% (10% to 30 ‘August 2011). In such cases this interest wil be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter (in 2011 the rate was 15% up to 30 August 2011 and 17% thereafter). 7. Share capital 31/03/2012 31/03/2012 ‘Number of shares uss Authorised Ordinary shares of €1 each 6,000 8,280 Issued and fully paid Issue of shares 1,000 1.380 Balance at 31 March 000 1,380 Authorised capital Under its Memorandum the Company fixed its share capital at 6,000 ordinary shares of nominal value of €1 each. Issued capital Upon incorporation on 24, October'2011 the Company issued to the subscribers of its Memorandum of Association 1,000 ordinary shares of €1 each at par. 8. Trade and other payables 31/03/2012 uss ‘Trade payables 139 ‘Shareholders’ current accounts - credit balances (Note 9) 7,275 Accruals ‘507, 7.921 ‘The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above. 9. Related party transactions ‘The Company is controlled by Oil India Sweden AB., incorporated in Sweden, which owns 24% of the Company's shares and by Oil India Limited, incorporated in India, which owns 76% of the Company's shares 10OIL INDIA CYPRUS LIMITED NOTES TO THE FINANCIAL STATEMENTS, Period from 21 October 2011 to 31 March 2012 9, Related party transactions (continued) The following transactions were carried out with related parties: 9.1 Shareholders’ current accounts - credit balances (Note 8) 31/03/2012 uss. il India Sweden AB 4,226 il India Ltd 3,049 2.275 ‘The shareholders’ current accounts are interest free, and have no specified repayment date. 10. Contingent liat ‘The Company had no contingent lables as at 31 March 2012. 11. Commitments ‘The Company had no capital or other commitments as at 31 March 2012. 12. Events after the reporting period ‘There were no material events after the reporting periog, which have a bearing on the understanding of the financial statements. Independent Auditor's report on pages 3 and 4 i