The Directors are pleased to present the 21st Annual Report of the
 Company and Audited Accounts for the financial year ended 31st March,
 2012.
 
 Financial Results:
 
 The financial highlights of the Company on Standalone basis are as
 below:
 
                                                    (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
 Limited).
 
 Future outlook:
 
 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.
 
 Subsidiary Company:
 
 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.
 
 Statutory Information:
 
 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.
 
 Directors:
 
 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.
 
 Public Deposits:
 
 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.
 
 Auditors:
 
 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.
 
 Auditors Report:
 
 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,
 if any;
 
 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
 under review;
 
 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
 irregularities;
 
 4.  That the Directors have prepared the accounts for the financial
 year ended 31st March, 2012 on ''going concern'' basis.
 
 Corporate Governance:
 
 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