Walker Chandiok &Co LLP ‘Walker Chandiok &.C0 LLP omer Water, Chad Ce) 21st Poor, DLF Square caranda Marg, LF Phase ‘Gugson 122002 ia 1 +81 126462 8000 F 91 126462 6001 Review Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ‘To the Board of Directors of Asian Oilfield Services Limited 1, We have reviewed the accompanying statement of unaudited standalone financial results (“the Statement”) of Asian Oilfield Services Limited (“the Company”) for the quarter ended 30 June 2016 and the year to date results for the petiod 1 April 2016 to 30 June 2016, This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibilty is to issue a report on the Statement based on our review. 2, We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute ‘of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures, applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 3. As stated in Note 3(@) to the accompanying unaudited financial results, the Company's trade receivables, short-term loans and advances and long-term loans and advances as at 30 June 2016 include 601.18 lacs, 572.17 lacs and 128.71 lacs respectively (as at 31 March 2016: 601.18 lacs, 532.76 lacs and 128.71 lacs sespectively, and as at 30 June 2015: Rs. 349.39 lacs, Rs. 1,000.31 lacs and Rs, 181.16 lacs respectively) being considered good and recoverable by the management. However, in the absence of sufficient appropriate evidence, we are unable to comment upon the recoverability of the aforesaid trade receivables, short-term Joans and advance and long- term loans and advances, and the consequential impact, if any on the accompanying unaudited financial results. Our audit opinion on the financial statements for the year ended 31 March 2016 and the predecessor auditor's review report on the unaudited financial results for the quarter ended 30 June 2015 were also qualified in respect of this matter 4, Based on our review conducted as above, except for the effects of qualification as described in the previous paragraph, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards, as notified under the Companies (Accounting Standards) Rules, 2006 (as amended) read with Rule 7 of the Companies (Accounts) Rules, 2014 in respect of Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement. ie ha oUF rt th ity horns momar ACR se ge Diese Coma re, Naw 103) eeWalker Chandiok &Co LLP 5. We draw attention to Note 3(b) to the accompanying unaudited financial results which describes the uncertainty related to outcome of legal case filed by the Company in relation to liquidated damages/penalties claimed by a customer after serving a show cause notice for termination of contract, “These matters ace pending litigation with District Court, Jorhat. Pending the final outcome of the aforesaid matters, which is presently unascertainable, no adjustments have been recorded in unaudited financial results. Our opinion is not qualified in respect of these matters. 6. The review of unaudited financial results for the three months period ended 30 June 2015 included in the statement was carried out and reported by Deloitte Haskins & Sells vide their qualified review report dated 1 August 2015 whose review report has been furnished to us and which has been relied upon by us for the purpose of our review of the Statement. Our review report is not qualified in respect of this matter. Mell theveliatn blo UP ‘For Walker Chandiok & Co LLP ‘Chartered Accountants: Firm Registration No: 001076N/N500013 per Anamitra Das * Partner ‘Membership No. 062191 Place: Gurgaon Date: 11 August 2016Asian Oilfield Services Limited fread. office ; Asian Oilfield Services Ltd. 703,7th Floor.TowerA, Iris Tech Park, Sactor-88, Sohna Road, Gurgaon, Haryana 122018, rata SUC Mra) FOR THE QUARTER ENDED 30TH JUNE, 2016 = =i pec ore ncaa] 2299] (aera (262019 lyons Fo The SEV FTSRGT RESTS WHS “SVSABS BY Be RISE CORTIGS SE TERT WHTe OVOS BS BRT BT Ds BOM TORS Ta ETS Ja As 20r Accourting Siardard AS) [ose vaparde Aucto“s oveanatons nt “Segment Racertag" he Company's business alsin 9 single busines Segment ve “Sesmic dota aczusten and it jr reve rape an the above As at 20m sine 2016, ne Company na cenan ong oustanding trade receivable, shor tem lane an advances an ong tm cane and aavarcee amoxeeing foe. 72 17 ace, Re 58275 ea and Re 1287 lace respacusly (ae st Maron 2" 20° Re. 901 8 tes. Re 522 Tacs aha Re. 12571 las renpecivey) THe [Comsany'seasoraayy sera sa ae reverse nea Kure Pence ro YosDN equ oe a me Comaany nad entra nto contacts! agtemact wth 3 customer. ONGC to rode 30 seam services amounting NM Jfecorted revenue ans roeavabes amoung 10 INR 406 lac t 30% une 2018 agains Jrooieaton of oe projet srous have been complied by Ist October 205, Hine Compary waunomsver aie o complete ott by 28 Dacamer 2075 owing ta delay caused by acs and actions onthe sat of ONGC. No 3 nat proved 19 AOS fo camyng out he mebileaton on ire, This delay led lqudsted damages of INR 333 acs bong lved by ONGC JENGO vide ts corescondence dled 28th March 2016 show casos tne Gomany aa fo why ONGC sha not ermraie ne contrac on grounds of ner-attactony Jertormarcety tn Company win 3 penod of 10 aye ch alowed ONGE took ne bak guarantee of NR 91298 acs, Immedately tere soon, The Compary mats gal oosedgs ard fled arbaion peton under Sacion 9 f the Abirtion and Conszion Ac. 1998 wn jee coun. Jer on that he Company wat "ot prove wah adequate secrly by ONGC to enate tt cary outs abgations under bs eatta! 2nd fsetneetreonalanged ths avy of iquidsted damages and prayea for estraarg ONGE tom svokng he bane guaree set Cour, some vide orga ed 21st Apr 2076 ina grant an order of uncon and only sow causa ONGC. The Compary. upon legal adie. fed fn sooea! before tha Gaus High Court sna te gh Cour of Gauhat nas sued an ager of inuneon resting ONGC fom savoing the zerfoesnce San paraioe i the dspoeal of the arbvalon procoodings ang aco passed situs quo ord wih ragard lo tr afresad covespondenee dated 28 March 2076 Jesundty ONGC New date of nanng at Ot Cour, matic St Seplamber, 2016 |The company ha been logalyacvied tat that good case on mais in vecpec of these mars. Accordingly. the management has not record Jestonto qudated samages and bark ararae gion ob Satamer[a7 pate canaasin ate apen ler Oirax Enosy Piva Lined has acqued cnling sake of Sarara Copia Parts Fund miied on Sih August [.16.and ae the now pomotre othe oman. [Tax expense oh year ended Stet March 2076 includes tx expnse relating to eater yoarsarounng to Rs. 17.18 acs, | Pee period wezense forthe year ended Sst Match, 2016 inches adjustment related to opening sock amoung 0 Rs. 9380 lcs and lcense oof ears year Jsrouning'e Rs. 44.67 acs 7) Exceptional tem isthe amount writen back on sozount ful and irl settomant finer corporate desc. ls Figures for he quarter ended 31st March 2016 ae the tatancing gue between the audited fowes forthe year ended Stet March 2016 andthe published year jaca fre or no nine mons ended Tat December 20'S, Is) Previous quarerelyear amounts have eon re-goupedie clatsifed, wherever considered racessary to make them comparable wih tose of the curent rises : Gurgaon bate : atm August, 2016Walker Chandiok &Co LLP Waker Chandiok & Co LLP (Farmer Wale, Chacok X03) 2st Floor, OLF Squre Jacaranda Marg, DLF Phase ‘argson 122002 hos 491 124 462 8000 491 124 462 2001, Review Report on Quarterly Consolidated Financial Results and Consolidated Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ‘To the Board of Directors of Asian Oilfield Services Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results (“the Statement”) of Asian Oilfield Services Limited (‘the Company”) and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”) for the quarter ended 30 June 2016 and the year to date results for the petiod 1 April 2016 to 30 June 2016. This Statement is the esponsibility of the Company's ‘Management and has been approved by the Board of Directors. Our responsibilty is to issue a report on the Statement based on our review. 2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as 0 whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures, applied to financial data and thus provides less assurance than an andit. We have not performed an audit and accordingly, we do not express an audit opinion. 3. As stated in Note 3(2) to the accompanying unaudited consolidated financial results, the Company's trade receivables, short-term loans and advances and long-term loans and advances as at 30 June 2016 include 1,152.49 lacs, 104.05 lacs and 128.71 lacs respectively (as at 31 March 2016: 1,141.08 lacs, 104.05 lacs and 12871 lacs respectively, and as at 30 June 2015: Rs. 349.39 lacs, Rs. 125.59 lacs and Rs, 181.16 lacs respectively) being considered good and recoverable by the management. However, in the absence of sufficient appropriate evidence, we are unable to comment upon the recoverability of the aforesaid trade receivables, short-term loans and advance and long- term loans and advances, and the consequential impact, if any on the accompanying unaudited consolidated financial results. Our audit opinion on the consolidated financial statements for the year ended 31 March 2016 and the predecessor auditor's review report on the unaudited consolidated financial results for the quarter ended 30 June 2015 were also ‘qualified in respect of this matter. 4. Based on our review conducted as above and upon consideration of the review reports of other auditors, except for the effects of qualification as described in the previous paragraph, nothing has come to out attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards, as notified under the Companies (Accounting Standards) Rules, 2006 (as amended) read with Rule 7 of the Companies (Accounts) Rules, 2014 in respect of Section 133 of the Companies Act, se ns ca een nna ‘ete eas nae ‘eca CmupCe,ewSet IECOWalker Chandiok &Co LLP 2013 and other recognised accounting practices and policies has not disclosed the information sequited to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, inchiding the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We diawattention to Note 3(b) to the accompanying unaudited consolidated financial results which describes the uncertainty related (© outcome of legal case filed by the Company in relation to liquidated damages penalties claimed by a customer after serving a show cause notice For termination of contract, These ‘matters are pending litigation with District Court, Jorhat. Pending the final outcome of the aforesaid matters, which is presently unascertainable, no adjustments have been recorded in unaudited consolidated financial sesults, Oue opinion is not qualified in respect of these matter. 6. We did not review the interim financial results of two subsidiaties included in the Statement, whose interim financial results reflect total revenues (after eliminating intes-group transactions) of & Nil for the quarter ended 30 June 2016, net loss after tax (after eliminating intra-group transactions) of & 719.98 lacs for the quarter ended 30 June 2016, ‘These interim financial results have been reviewed by other auditors whose review teports have been furnished to us and our report in respect theteof is based solely on the review reports of such other auditors. Our review report is not qualified in respect of this matte. 7. ‘The teview of unaudited consolidated financial results for the three months period ended 30 June 2015, included in the Statement was carried out and reported by Deloitte Haskins & Sells vide their qualified review report dated 11 August 2015 whose review report has been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our review report is not qualified in respect of this matter, Mollie Uodeda 1 OP For Walker Chandiok & Co LLP ‘Chartered Accountants Fismn Registration No: 001076N/N500013, per Anamitea Das ~ Partner Membership No. 062191 Place: Gurgaon Date: 11 August 2016UNAUDITED CONSOLIDATED FINANCIAL RESULTS OF ASIAN OILFIELD SERVICES LIMITED AND ITS SUBSIDIARIES FOR THE QUARTER ENDED 30 JUNE 2016 Particulars lincome from Operations UNAUDITED. UNAUDITED UNAUDITED 11. Net Sales/income from Operations 927.26 659.98 50.80| 7,766.76 l2._Other Operating Income , - - [Total Income from Operations 927.26 659.98 30.80 7,766.76 Is. Expenses a) Employee benefit expense 560.08 510.20 396.63 1837.94 b) Depreciation and Amortisation 408.27 436.55 445.34 1777.81 ©) Other Expenditure 709.20} 1,466.30 621.86 8296.22 Total Expenses 1,677.55 | 2,413.05| 1,463.83 11911.97| 4. Profiu(Loss) from operations before other income, finance cost and exceptional iterns (750.28)| (1,753.07)| (4,413.03)|_(4,145.21)| 5. Other income 4559| 2,654.20 63.49 2,852.42 6. Profil(Loss) from ordinary activities before finance cost and exceptional items (704.70) 901.13] (1,349.54)| (1,292.79) 7. Finance cost 258.05 316.44 202.92 41,089.18 8. Profiv(Loss) from ordinary activities after finance Jcost but before exceptional items (962.75) sa4.69| (1,552.46)| (2,381.97) 9. Exceptional items {Incomel(Expenses)} 347.61 - - 0. Profit(Loss) from ordinary activities before prior period item and tax (615.14) 584.69 (1,552.46)| (2,381.97) 111. Prior period item - 138.27 - 198.27 112. Profiu(Loss) from ordinary activities before tax (615.14) 446.42 (1,552.46) (2,520.24) H3. Tax expense z 4aT : 185.31 H14. Net/(Loss) Profit from ordinary activities after tax (615.14) 442.25| —(1,552.46)| (2,705.58) 15. Extraordinary items (net of tax) 2 . . - 16. Net Profit! (Loss) for the period (615.14) 44225 | (1,552.46)| (2,708.55) 17. Paid-up equity share capital of Re.10/- each 2,232.44] 2,232.44 2,292.44] 2,282.44 H8. Resefves excluding revaluation reserves as per balance sheet of previous accounting year : : : (1,225.76) }19. Earning per Share (before and after extraordinary items, not annualised) ~ Basic (Rs.) (2.76) 1.98 (6.95) (12.12) - Diluted (RS.) (2.76) (462) (6.95) (12.12) |The Consolidated Financial Results include Results lof the following Compani Name of the Company % Shareholding & voting power of Nature of Interest Asian Oiffeld & Eneray Services OMCC UAE. jubsidiary [2. AOSL Petroleum Pie Limited Singapore 100% Subsidiary fort”NOTES, It) The above Unaudited Consolidated Financial Results were reviewed by the Audit Committee and thereafter were| lapproved and taken on record by the Board of Directors in their meeting held on 11 August 2016. 12) The consolidated accounts of Asian Oilfield Services Limited (the “Company') and its subsidiaries (the “Group’) lhave been prepared as per Accounting Standard (AS) 21 on Consolidated Financial Statements. 13)As regards Auditor's observations in their review report on the above results; la) As at 30 June 2016, the Group has certain long outstanding trade receivables, short term loans and advances and| long term loans and advances amounting to Rs. 1,152.49 lacs, Rs 104.05 lacs and Rs 128.71 lacs respectively (as al] I31 March 2016: Rs. 1141.08 lacs, Rs.104.05 lacs and Rs. 128.71 lacs respectively). The Company is reasonably| certain that the same are recoverable in near future, hence no provision is required for the same. lb) The Company had entered into a contractual agreement with a customer, ONGC to provide 3D seismic services| lamounting to INR §,129 lacs. The Company has recorded revenue and receivables amounting to INR 406 lacs till 30 |June 2016 against the services already delivered. As per the terms of the contract the mobilization of the project lshould have been completed by 1 October 2015. |The Company was however able to complete the mobilization by 28 December 2015 owing to delay caused by acts| land inactions on the part of ONGC. No security was provided to AOSL for carrying out the mobilisation on time, This} [delay led to liquidated damages of INR 333 lacs being levied by ONGC. ONGC vide its correspondence dated 28 March 2016 show caused the Company as to why ONGC shall not terminate the contract on grounds of non-satistactory performance by the Company within a period of 30 days which| lallowed ONGC to invoke the bank guarantee of INR 512.98 lacs. Immediately there upon, The Company initiated legal proceedings and filed arbitration petition under Section 9 of the| [Arbitration and Conciliation Act, 1996 with District court, Jorhat on the ground that the Company was not providea| lwith adequate security by ONGC to enable it to carry out its obligations under the contract and has therefore| |challenged the levy of liquidated damages and prayed for restraining ONGC from invoking the bank guarantee, District Court, Jorhat vide its order dated 21 April 2016, did not grant an order of injunction and only show caused JONGC. The Company, upon legal advice, filed an appeal before the Gauhati High Court and the High Court of IGauhati has issued an order of injunction restraining ONGC from invoking the performance bank guarantee till the| |disposal of the arbitration proceedings and also passed status quo order with regard to the aforesaid correspondence| |dated 28 March 2016 issued by ONGC. Next date of hearing at District Court, Jorhat is 3 September 2016. [The Company has been legally advised that it has good case on merits in respect of these matters. Accordingly, the| Imanagement has not recorded provision in relation to liquidated damages and bank guarantee given to the customer. |4) Pursuant to conclusion of the open offer Oilmax Energy Private Limited has acquired controlling stake of Samara| |Capital Partners Fund | Limited on 5 August 2016 and are the new promoters of the company. I5) The Company has opted to publish Consolidated financial results. The audited standalone results of the Company| {for the above mentioned periods are available on Company's website www.asianoilfield.com. Key standalone financial Quarter ended Year ended Particulars 30.06.2016 | 31.03.2016 | 30.06.2015 | 31.03.2016 Unaudited | Unaudited | Unau Audited income from operations 927.26 589.33 = 936.26 Loss before tax 145.20 (981.20)| (397.92) | (2,939.60) INet Loss 145.20 (981.20)| _(397.92)| (2,939.60) [6) As per Accounting Standard (AS) 17 “Segment Reporting’, the Companys business falls within a single business lsegment viz. “Seismic data acquisition and its related services” dy |[7) Tax expense for the year ended 31 March 2076 includes tax expense relating to earlier years amounting to Rs, 181.14 lacs. [8) Prior period expense for the year ended 31 March 2076 includes adjustment related to opening stock amounting to| IRs. 93.60 lacs and license fee of earlier year amounting to Rs.44.67 lacs. |9) Exceptional item is the amount written back on account of full and final settlement of inter corporate deposit H10) Figures for the quarter ended 31 March 2016 are the balancing figure between the audited figures for the year| lended 31 March 2016 and the published year to date figures for the nine months ended 31 December 2015, 111) Previous quarter'siyear amounts have been re-groupedire-classified, wherever considered necessary to make| them comparable with those of the current year/quarter. for ASIAN OILFIELD SERVICES LIMITED] lk IDate ; 11 August 2016 Director] DIN: iS 017807!