The Directors are pleased to present the 21st Annual Report of the
Company and Audited Accounts for the financial year ended 31st March,
The financial highlights of the Company on Standalone basis are as
(Rs. In Lacs)
Particulars 2010-2011 2011-2012
Sales & Other Income 598.21 4563.40
Profit before Depreciation & Taxation 4.25 (32.01)
Depreciation 3.55 3.08
Taxation 1.55 -
Net Profit after tax for the year (0.85) (35.09)
Status of the Project:
The Company is engaged in the business of Oil & Gas exploration and
production, and currently the company is carrying on these activities
through its 100% owned subsidiaries. The Company currently holds 30%
participating interest (through its 100% owned subsidiary) in six
producing Oil & Gas fields in the Cambay Basin. It is an operator in
majority of these fields (with remaining held by ONGC, Government of
India undertaking and GSPCL -Gujarat State Petroleum Corporation
The Company plans to acquire new units producing small & medium sized
Oil and Gas fields in India & abroad to increase production levels. The
Company is planning strategic entry into proven basins across the globe
and own marquee assets - presently evaluating on shore producing assets
in South East Asian Region.
With a view to market the Company across the globe, your company has 4
International subsidiaries. Apart from International subsidiaries,
there are 2 Indian subsidiaries.
Statement under Section 212 of the Companies Act, 1956 relating to
subsidiaries is enclosed herewith. Further as required under Accounting
Standard 21, consolidated account of parent and subsidiary companies
are also enclosed with the accounts.
Particulars of Employees:
There are no employees drawing remuneration exceeding the limit
stipulated under Section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules, 1975.
Particulars of conservation of energy etc. u/s 217(1)(e) are not
applicable as the Commercial Production has not yet commenced. There
are no plans to import any kind of technology for the project and hence
information regarding its absorption is not applicable. There is no
foreign exchange income or outgo.
Mr. Pravinbhai Trivedi and Mr. Hariyant Shelat, retires from the Board
by rotation at the ensuing Annual General Meeting and being eligible
offer himself for reappointment.
Brief resume of the Directors seeking appointment / reappointment
together with membership of Committees of the Board and Shareholding of
non-executive directors as stipulated under Annexure to AGM Notice.
Your company has not accepted any fixed deposit under Section 58A of
the Companies Act, 1956 and hence no amount of principal or interest
was outstanding as at the Balance Sheet date.
The Statutory Auditors of the Company M/s. Pankaj K. Shah Associates,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office of
Statutory Auditors, if reappointed.
The Audit Committee and the Board of Directors recommended
reappointment of M/s. Pankaj K. Shah Associates, Chartered
Accountants, as Statutory Auditors of the Company for the financial
year 2012-13 for shareholder''s approval.
The observations made in the Auditors'' Report, read with the relevant
notes thereon are self-explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
Director''s responsibility Statement:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed:
1. That in the preparation of the Accounts for the Financial Year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 ended on
31st March, 2012 and of the profit and loss of the Company for the year
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
4. That the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on ''going concern'' basis.
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance is given in Annexure - II.
Management Discussion & Analysis:
Management Discussion & Analysis is given separately and forms part of
this Annual Report. Acknowledgment:
The Board greatly appreciates the commitment and dedication of
employees at all levels who have contributed to the growth and success
of the Company. We would also thank all our clients, vendors,
investors, bankers and other business associates for their continued
support and encouragement during the year.
We also thank the Government of India, Government of Gujarat, Ministry
of Commerce and Industry, Ministry of Finance, Customs and Excise
Departments, Income Tax Department, and all other Government Agencies
for their support during the year and look forward to their continued
support in the future.
On behalf of Board of Directors
Date : 04.09.2012 Shalin A. Shah AshokC. Shah
Place: Ahmedabad. Managing Director Director