Asian Energy Services Ltd Directors Report.

To the Members,

Your Directors are pleased to present the 27th Annual Report and the Companys audited financial statement for the financial year ended March 31, 2020. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

Financial Results:

The Companys financial performance, for the year ended March 31, 2020 is summarised below:

Particulars

Consolidated

Standalone

2019-20 2018-19 2019-20 2018-19
Revenue from operations 27,304.00 19,385.52 6,440.45 15,682.44
Other Income 358.21 397.72 1,153.79 573.90
Total Revenue 27,662.21 19,783.24 7,594.24 16,256.34
Profit / (Loss) before Finance Cost, Depreciation and Tax 7,001.59 3,685.25 2,952.45 1,702.46
Finance Cost (285.20) (572.06) (323.81) (544.66)
Depreciation (1,965.94) (1944.27) (1,329.29) (909.31)
Exceptional items (686.55) (250.77) (829.14) (85.20)
Profit/(Loss) before tax 4,063.90 918.15 470.21 163.29
Tax expenses (1,140.37) (8.08) - -
Net Profit/(Loss) after tax 2,923.53 910.07 470.21 163.29

Dividend:

In view of inadequate profits for the financial year, the Board regrets its inability to recommend payment of dividend to the shareholders.

Transfer to Reserves:

The Company does not propose to transfer any sum to the General Reserve in view of inadequate profit.

Companys Performance:

On consolidated basis, revenue from operations for the financial year 2019-20 stood at ^ 27,304.00 Lacs which was higher by 41% over last year (^ 19,385.52 Lacs in 2018-19). Net Profit for the year stood at ^ 2,923.53 Lacs as against net profit of ^ 910.07 Lacs in the previous year.

On standalone basis, revenue from operations for the financial year 2019-20 is ^ 6,440.45 Lacs which has decreased by approx. 59% over last year (^ 15,682.44 Lacs in 2018-19) whereas net profit for the year is ^ 470.21 Lacs as against net profit of ^ 163.29 Lacs, in the previous year.

Consolidated Financial Statements:

The Consolidated Financial Statements for the year under review are in accordance with the Indian Accounting Standard (IND-AS) notified by the Ministry of Corporate Affairs, which are applicable to the group for the accounting periods beginning on or after April 1, 2017.

Subsidiary Companies:

The Company had 4 (four) subsidiaries and 1 (one) step down subsidiary as on March 31, 2020. During the year

under review the Company purchased additional 51% in Optimum Oil & Gas Private Limited, the joint venture company and therefore it has become subsidiary of the Company. There has been no material change in the nature of business of the subsidiaries.

The consolidated financial results reflect the operations of all the subsidiaries (including step down subsidiary) viz. Asian Oilfield & Energy Services DMCC, AOSL Petroleum Pte. Ltd., AOSL Energy Services Limited, Optimum Oil & Gas Private Limited and Ivorene Oil Services Nigeria Ltd (step down subsidiary).

Pursuant to provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Companys subsidiaries in Form AOC- 1 is annexed as Annexure A. Pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are also kept at the Registered Office of the Company and 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 year 2019-20 is ^ 24,258.70 Lacs compared to ^ 5,087.87 Lacs during the previous year. It generated a net profit of ^ 2,921.13 Lacs compared to profit of ^ 994.94 Lacs in the previous year.

AOSL Petroleum Pte. Ltd.:

During the financial year 2019-20 AOSL Petroleum Pte. Ltd. registered an income of ^ 1,889.80 Lacs compared to nil during the previous year. It generated a net profit of ^ 172.47 Lacs in the financial year 2019-20 against net loss of ^ 301.42 Lacs in the previous year.

AOSL Energy Services Limited:

AOSL Energy Services Limited (AESL) has not registered any income during financial year 2019-20 and also during previous year but has incurred a net loss of ^ 0.83 Lacs in the current year against net loss of ^ 0.80 Lacs in the previous year.

Ivorene Oil Services Nigeria Ltd.:

Ivorene Oil Services Nigeria Limited (Ivorene) is step down subsidiary of the Company. Asian Oilfield & Energy Services DMCC holds 99.99% shares in Ivorene.

During the year, Ivorene registered an income of ^ 171.82 Lacs as against ^ 14.23 Lacs during the previous year and has generated a net profit of ^ 55.30 Lacs in the current year against net profit of ^ 18.74 Lacs in the previous year. Post the Balance Sheet date, Ivorene has ceased to be a step down subsidiary of the Company.

Optimum Oil & Gas Private Limited:

During the year Optimum Oil & Gas Private Limited had total revenue (other income) of ^ 0.04 Lacs as against ^ 41.99 Lacs during previous year and incurred a loss of ^ 3.87 Lacs against a net loss of ^ 17.02 Lacs in the previous year.

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 of loans or guarantees given, securities provided and investments made during the year under review. The details of loans and guarantees given and investments made by the Company during the financial year 2019-20 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 the website of the Company (www.asianoilfield.com).

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

All related party transactions that were entered in to during the financial year were on arms length basis and were in the ordinary course of Companys business. The Company has not entered into any contract, arrangement or transaction with any related party during the financial year

which could be considered as material as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.

Related party transactions under Accounting Standard - AS18 are disclosed in the notes to the financial statements.

Directors Responsibility Statement:

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:

a. In the preparation of annual accounts for the year ended March 31, 2020, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b. They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year March 31, 2020 and of the profit of the Company for that period;

c. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets 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 and that such internal financial controls are adequate and are operating effectively; and

f. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Complaints Committee:

The Company has constituted a Complaints Committee under the Policy on prevention of sexual harassment at the workplace to consider and resolve all sexual harassment complaints reported. The Complaints Committee shall consist a Presiding Officer being a woman employed at a senior level amongst the employees, at least 2 members from employees committed to the cause or having legal knowledge and 1 external member familiar with issues relating to sexual harassment.

At least one half of the total members of the Committee shall be women. A quorum of 3 members is required to be present for the proceedings to take place. The quorum

shall include the Chairperson, at least two members, one of whom shall be a lady.

The Company did not receive any complaints during the financial year 2019-20.

Directors and Key Managerial Personnel:

During the year under review, following changes occurred in the position of Directors/ KMPs of the Company:

Directors:

During the year under review Mr. Devesh Bhargava was appointed as an Additional (Independent) Director of the Company with effect from May 23, 2019 and his appointment was confirmed at the Annual General Meeting (AGM) of the Company held on 18th September, 2019.

Mr. Mukesh Jain was appointed as a Director in casual vacancy created by resignation of Mr. Gaurav Gupta with effect from May 29, 2019. In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Mukesh Jain retires by rotation and being eligible offers himself for re-appointment.

Mr. Nayan Mani Borah, Mr. Kadayam Ramanathan Bharat, Ms. Anusha Mehta, Dr. Rabi Narayan Bastia and Mr. Ashutosh Kumar continue as Directors of the Company.

Key Managerial Personnel:

During the year under report, the following persons were Key Managerial Personnel of the Company:

1. Mr. Ashutosh Kumar, Whole-time Director & CEO

2. Mr. Sumit Maheshwari, Chief Financial Officer

3. Ms. Archana Nadgouda, Company Secretary and Compliance Officer

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

Mr. Kapil Garg was appointed as an Additional Director of the Company with effect from July 7, 2020 to hold office till the ensuing Annual General Meeting. Being eligible, he offers himself for re-appointment.

Mr. Sumit Maheshwari has resigned from his position of Chief Financial Officer of the Company effective from close of business hours on June 30, 2020. He continues as VicePresident (Commercial) with focus on new opportunities relating to services of coke and coal, minerals and other energy related resources. Mr. Nirav Talati has been appointed as the Chief Financial Officer of the Company with effect from August 6, 2020.

There is no other change in the Directors and Key Managerial Personnel of the Company between the end of the financial year 2019-20 and the date of the report.

Declaration by Independent Directors:

The Company has received necessary declaration from all Independent Directors of the Company 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015. There has been no change in the 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 performance, Board Committees, and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of Board processes, information and functioning, etc. as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent directors, performance of non-independent directors and the Board as a whole was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the Board Meeting that followed the meeting of the independent directors, at which the performance of the Board, its Committees, and individual directors was also discussed. Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated.

Familiarization Programme for the Independent Directors:

In compliance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has put in place a familiarization programme for the Independent Directors to familiarize them with their role, rights and responsibilities as Directors, the working of the Company, nature of the industry in which

the Company operates, business model etc. The details of the familiarization programme are explained in Corporate Governance Report.

The Familiarization Programme for the Independent Directors is placed on the website of the Company www. asianoilfield.com.

Policy on Directors appointment and remuneration and other details:

The Companys policy on directors appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of the Boards report.

The Nomination and Remuneration Policy of the Company is placed on the website of the Company www.asianoilfield. com.

Number of Meetings of the Board:

4 (four) meetings of the Board were held during the year on May 29, 2019, August 7, 2019, November 14, 2019 and February 14, 2020. For details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this report.

Audit Committee:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.

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

The operations in the first quarter of 2020-21 were impacted to some extent due to COVID-19 related lock down in various states in India. However, the Company has witnessed a 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 and Disclosures Requirements) Regulations, 2015, the Management Discussion and Analysis has been given separately and forms part of this report.

Risk Management:

The Company has in place a Risk Management Policy pursuant to Section 134 of the Companies Act, 2013 and Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It establishes various levels of accountability and overview within the Company, while vesting identified managers with responsibility for each significant risk.

The Internal Audit facilitates the execution of risk management practices in the Company, in the areas of risk identification, assessment, monitoring, mitigation and reporting. Through this program, each function carried on project sites, addresses opportunities and risks through a comprehensive approach aligned to the Companys objectives. The Company has laid down procedures to inform the Audit Committee as well as the Board of Directors about risk assessment and management procedures and status.

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

The Audit Committee of the Board of the Company has been entrusted with the task to frame, implement and monitor the risk management plan for the Company and it is responsible for reviewing the risk management plan and ensuring its effectiveness with an additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

The Risk Management Policy of the Company is placed on the website of the Company www.asianoilfield.com.

Internal Financial Control Systems and their adequacy:

The Company has adequate internal control systems including suitable monitoring procedures commensurate with its size and the nature of the business. The internal control systems provide for all documented policies, guidelines, authorisation and approval procedures. The Company has appointed M/s. S.P. Chopra & Co., Chartered Accountants as the Internal Auditor who carry out audits throughout the year. The Statutory Auditors while conducting the statutory audit, review and evaluate the internal controls and their observations are discussed with the Audit Committee of the Board.

Corporate Social Responsibility (CSR):

The Company has already constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013. For the Company, social responsibility is a key element of accountability and it will continue to strive in its behaviour and actions to surpass the levels of minimum statutory compliance. The Company believes in the sustainable growth and prosperity of its stakeholders and views its responsibilities 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 Company www.asianoilfield.com.

However, in view of the inadequate profits for the financial year and losses during previous years, the Company has not pursued any initiative on CSR activities.

Safety, Environment and Health:

The Companys commitment to excellence in Health and Safety is embedded in the Companys core values. The Company has a stringent policy of safety for all, which drives all employees to continuously break new ground in safety management for the benefit of people, property, environment and the communities where we operate on sites.

The Company respects human rights, values its employees and the communities that it interfaces with. The Company is aware of the environmental impact of its operations and it continually strives to reduce such impact by investing in technologies and solutions for economic growth.

The Company considers safety, environment and health as the management responsibility. Regular employee training programmes are in place throughout the Company on Safety, Environment and Health and has well identified and widely covered safety management system in place for ensuring , not only the safety of employees but surrounding population of the project 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 a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Policy aims to provide protection to employees at the work place and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.

The Company has not received any complaint of sexual harassment during the financial year 2019-20.

Vigil mechanism/ Whistle Blower Policy:

In accordance with the Whistle Blower Policy of the Company, no personnel has been denied access to the Chairman of the Audit Committee. The policy provides for adequate safeguards against victimisation of persons who use vigil mechanism. The Whistle Blower Policy is posted on the website of the Company www.asianoilfield.com.

Significant and material orders passed by the regulators or courts:

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

Disclosure requirements:

As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Corporate Governance Report with a Certificate from Practicing Company Secretaries thereon and 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 organisation. The Company has maintained cordial and harmonious relations with employees across various locations.

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

Deposits from Public:

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public, was outstanding or unpaid as on the date of 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 read with Rule 8 of The Companies (Accounts) Rules, 2014, are

a. Conversation of Energy : Not Applicable
b. Technology Absorption : NIL
c. Foreign exchange earning & outgo :
Sr. No. Particulars 2019-20 2018-19
a. Foreign Exchange earnings
Consultancy Services 322,426,210 107,585,058
Dividend 74,535,566 ---
Interest on loan to Subsidiary 11,242,011 22,833,942
b. Foreign Exchange outgo towards
Travelling expenses 4,136,385 2,139,344
Capital goods 132,983,741 179,169,425
Revenue payment 9,841,300 135,491,864

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 is provided 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 are being sent to the Shareholders excluding the aforesaid Annexure. Any Shareholder interested in obtaining the same may write to the Wholetime Director or Company Secretary at the Registered Office of the Company. None of the employees listed in the said Annexure is related to any Director of the Company.

AUDITORS AND AUDITORS REPORT (1) Statutory Auditors:

Walker Chandiok & Co. LLP, (WCC), Chartered Accountants, were appointed as the Statutory Auditors of the Company for a period of five years and hold office till the conclusion of the ensuing 27th AGM. As per the provisions of Section 139(1) of the Act, it is proposed to re-appoint them as the Statutory Auditors of the Company for a further period of five year at the ensuing AGM to hold office from the conclusion of the 27th AGM till the conclusion of the 32nd AGM to be held in 2025.

Auditors Report:

a) The Auditors in their Report on standalone Audited Financial Results of the Company for the financial year ended March 31, 2020 have drawn attention in their Report reading as under:

i. Note 41 to the accompanying standalone financial statements regarding recoverability of amounts withheld/ performance guarantee invoked by customers towards liquidation damages/ non-performance of obligations for certain projects awarded to the Company. The Companys management has assessed the tenability of its claims and submissions made to these customers and based on the legal opinion obtained, management is of the view that the amounts withheld/ performance guarantees that were invoked are recoverable, and accordingly, no adjustments have been made to the accompanying standalone financial statements.

ii. Note 42 to the accompanying standalone financial statements, which describes the impact of COVID-19 pandemic on the Companys operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the financial position and performance of the Company is significantly dependent on the future developments as 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 the Company for the financial year ended March 31, 2020 have drawn attention in their Report reading as under :

i. Note 45 to the accompanying consolidated financial statements regarding recoverability of amounts withheld/ performance guarantee invoked by customers towards liquidation damages/ non-performance of obligations for certain projects awarded to the Holding Company. The Holding Companys management has assessed the tenability of its claims and submissions made to these customers and based on the legal opinion obtained, management is of the view that the amounts withheld/ performance guarantees that were invoked are recoverable, and accordingly, no adjustments have been made to the accompanying consolidated financial statements.

ii. Note 46 to the accompanying consolidated financial statements, which describes the impact of COVID-19 pandemic on the Holding Companys operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the financial position and performance of the Holding Company is significantly dependent on the future developments as they evolve.

iii. The following emphasis of matter paragraph included in the Auditors report dated June 4, 2020 on the audited financial statements of Asian Oilfield & Energy Service DMCC (ADMCC), a subsidiary of the Holding Company, issued by an independent firm registered in Dubai, and reproduced by us as under:

"Material uncertainty relating to going concern:

The COVID-19 outbreak has caused disruptions throughout the world impacting the economic activities with forecast of economic downturns in several parts of the world. Management of the Company has, based on its preliminary assessment & review, assured that the Company would be able to continue its operations in the foreseeable future.

The management of the Company after considering the future projections of revenue, profitability and cash flows is confident that the

Company would be able to honor its commitments as and when they fall due and the Company would be able to operate for the immediate next 12 months. Hence, the financial statements have been prepared on a going concern assumption and our opinion is not modified in respect of the above matter."

iv. Note 42(a) and Note 42(b) to the accompanying consolidated financial statements and the following emphasis of matter paragraphs included in the Auditors report dated June 4, 2020 on the audited financial statements of ADMCC, a subsidiary of the Holding Company, issued by an independent firm registered in Dubai, and reproduced by us as under:

"The Company has filed for arbitration in The London Court of International Arbitration on February 22, 2019 claiming an overdue amount from a settlement agreement with a customer, amounting to USD 2,000,000. Both the parties had agreed on suspension of arbitration proceedings and evaluating an out-of-court settlement. Further, as per the parties joint communication to the Tribunal dated March 31, 2020 and the Tribunals Procedural Order No. 11 dated April 1, 2020, both the parties have mutually agreed to a further extension of the current stay of the arbitration proceedings up to and including June 30, 2020 and the deadline for the parties to produce further documents pursuant to the Tribunals rulings in the Redfern Schedules is extended to July 1, 2020."

"We have relied on certificate of physical verification of assets received from an independent audit firm which has conducted physical verification of the property, plant & equipment lying at various project locations in India."

Their opinion is not modified in respect of the above matters.

The auditors have not reported any frauds under the provisions of Section 143(12) of the Companies Act, 2013 to the Audit Committee of the Company.

(2) Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Hemanshu Kapadia of Hemanshu Kapadia & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year ended March 31,

2020. The Secretarial Audit Report is annexed as Annexure C. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Cost records and cost audit:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

Share Capital:

The paid up equity share capital as on March 31, 2020 was ^ 38.07 Crores. There was no change 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. Although the Company in the Extraordinary General Meeting of its shareholders held on March 27, 2017 has obtained the approval for issuing ESOP to it Employees, but it has not made allotment of equity shares under ESOP scheme during the financial year.

Employee Stock Option Plan 2017:

Details of the shares issued under Employee Stock Option Plan (ESOP), as also the disclosures in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014, are uploaded on the website of the Company www. asianoilfield.com.

During the financial year 2017-18, ESOP Compensation Committee Meeting has granted 174,302 stock options to Employees of the Company, its Subsidiaries and Holding Company, under the Asian Oilfield Services Limited - Employee Stock Option Plan 2017 ("AOSL ESOP 2017") at an exercise price of ^ 165/- and that each of the stock option entitles the holder to apply for one equity share of the Company of ^ 10/- each. A Certificate from the Statutory Auditors of the Company regarding proper implementation of ESOP Scheme shall be available for inspection by the members on request.

Employee Stock Option Plan 2019:

Details of the shares issued under Employee Stock Option Plan (ESOP), as also the disclosures in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014, are uploaded on the website of the Company www. asianoilfield.com.

During the financial year 2019-20, ESOP Compensation Committee Meeting has granted 380,744 stock options to Employees of the Company and its Holding Company, under the Asian Oilfield Services Limited - Employee Stock Option Plan 2019 ("AOSL ESOP 2019") at an exercise price of ^ 80/- and that each of the stock option entitles the holder to apply for one equity share of the Company of ^ 10/- each. A Certificate from the Statutory Auditors of the Company

regarding proper implementation of ESOP Scheme shall be available for inspection by the members on request.

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.

Extract of Annual Return:

As provided under Section 92(3) of the Act, the extract of Annual Return is given in Annexure D in the prescribed Form MGT-9, which forms part of this report. The Annual Return is also placed on the website of the Company www. asianoilfield.com.

Business Responsibility Report:

A detailed Business Responsibility Report in terms of Regulation 34 of the SEBI LODR Regulations, 2015 is available as a separate section of the Annual Report.

Acknowledgement:

The Board places on record its deep appreciation for the continued support received from various clients, vendors, suppliers and technical partners, bankers, Government Authorities, employees at all levels and stakeholders, in furthering the interest of the Company.