Company Background

CALS Ltd., incorporated in 1984 under the name of Computer Aided Learning Systems Pvt. Ltd., was engaged in the business of developing bilingual computer systems. The company made its Initial Public Offer in 1994 and listed itself on Bombay Stock Exchange. The company subsequently wound up its operations in this line of business. The promoters of the Company then inducted Spice Energy Group as a strategic investor in October 2007 and subsequently the name of the Company was changed to Cals Refineries Ltd.

The change in management of the Company was effected by passing a Special Resolution through postal ballot pursuant to Regulations 12 of SEBI (SAST) on June 27, 2008 and SRM Exploration Pvt. Ltd., of Spice Energy group became the Promoter of the Company.

In December 2007, the Company raised US$200 million through a GDR issue which is listed on the Luxembourg Stock Exchange.