Dear Shareholders,
 
 The Directors have pleasure in presenting the 21st Annual Report
 together with the Audited Statements of Accounts and the Auditors
 Report of your Company for the financial year ending 31st March 2012.
 
 FINANCIAL HIGHLIGHTS::-
 
 The Financial Highlights for the year under review are given below:
 
 
                                                         (Rs. In lacs)
 
                                             Year ended    Year ended
 
    Particulars
                                             31.03.2012    31.03.2011
 
 
    Total Income                                 184.60        953.57
 
 
    Profit before tax                              1.28          5.70
 
 
    Less : Provision for Taxation                  0.40          2.31
 
 
    Profit/(Loss) after tax                        0.88          3.39
 
 
    Add: Balance in P&L Account B/F                6.76          3.37
 
 
    Balance carried to Balance Sheet               7.64          6.76
 
 
 
 
 DIVIDEND::-
 
 The Company has not declared any dividend during the year in order to
 maintain the liquidity of funds for the expansion of the business
 (Previous year – Nil Dividend).
 
 PERFORMANCE::-
 
 The total income for the financial year under review is Rs. 184.60 lacs
 against Rs. 953.57 lacs in previous year. During the year, the Company
 has earned Profit After Tax of Rs.0.88 lacs in comparison to the
 previous year Profit After Tax of Rs. 3.39 lacs. The directors are
 hopeful for better performance in the ensuing years.
 
 DIRECTORS::-
 
 In accordance with the articles of the Company and the provisions of
 the Companies Act, 1956, Mr.  Manash Bose will retire by rotation at
 the ensuing Annual General Meeting and being eligible, offer himself
 for reappointment on the Board of your Company.Your Directors recommend
 his reappointment.
 
 LISTING OF SHARES::-
 
 Equity Shares of the Company are listed at Delhi Stock Exchange and
 Bombay Stock Exchange. Listing fees has already been paid in pursuant
 to Clause 38 of Listing Agreements.
 
 AUDITORS & AUDITORS OBSERVATION::-
 
 M/s S.R.Ghedia & Associates, Chartered Accountants, Mumbai the auditors
 of the Company who hold office until the conclusion of the forthcoming
 Annual General Meeting, being eligible, offer themselves for
 re-appointment, if made, would be within the prescribed limits under
 Section 224 (1B) of the Companies Act, 1956.
 
 The observations of the Auditors as referred to in the Auditor''s Report
 are suitably explained in the notes to the account.
 
 COMPLIANCE CERTIFICATE::-
 
 Pursuant to the provisions of section 383Aof the Companies Act, 1956, a
 Secretarial Compliance Certificate have been obtained by the Board of
 Directors for the Financial year 2011-12 from the Practising Company
 Secretaries, certifying that the Company has duly complied with all the
 applicable provision of the Companies Act, 1956.
 
 COMPLIANCE WITH THE ACCOUNTING STANDARDS
 
 The Company prepares its accounts and other financial statements in
 accordance with the relevant accounting principles and also complies
 with the accounting standards issued by the Institute of Chartered
 Accountants of India.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, Corporate Governance Report and Auditor''s Certificate
 regarding compliance of conditions of Corporate Governance is annexed
 hereto.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT::-
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
 Directors of the Company hereby state and confirm that
 
 I.  In preparation of annual accounts, the applicable Accounting
 Standards have been followed alongwith proper explanation relating to
 material departures.
 
 II. The accounting policies have been selected and applied consistently
 and the judgements and estimates made, 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 financial year 31st March, 2012 and of the Profit & Loss
 account of the Company for that period.
 
 III.  Proper and sufficient care has been taken 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.
 
 IV.  The annual accounts have been prepared on a going concern basis.
 
 PUBLIC DEPOSITS::-
 
 During the year, your Company has not accepted any deposits from the
 public within the meaning of Section 58A of the Companies Act, 1956 and
 the rule made there under.
 
 PARTICULARS OF EMPLOYEES::-
 
 None of the employees of the Company was in receipt of remuneration
 exceeding the limits prescribed under section 217(2A ) of the Companies
 Act,1956 read with the Companies ( Particulars of employees) Rules
 1975.
 
 SHIFTING OF REGISTERED OFFICE::-
 
 W.e.f 14th July,2012.the Registered office of the Company is shifted to
 B-2/M4, M Block, Gupta Plaza, Commercial Complex, Vikas Puri, New
 Delhi-110018 from 304A, Jaina Tower -1,Distrcit Centre, Janakpuri, New
 Delhi -110058 for better accommodation, administration and Business
 Development.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO::-
 
 The statement of particulars under section 217(1)(e) of the Companies
 Act,1956 regarding conservation of energy , technology absorption and
 Foreign exchange earnings and outgo are given below::
 
 a) The operations of your Company are not energy intensive
 .Accordingly, no measures were
 taken for energy conservation and no investment is required to be made
 thereof.
 
 b) No comment is made on technology absorption, considering the nature
 of activities undertaken by your Company during the year under review.
 
 c) No Expenditure has been made for research and development during the
 year under review.
 
 d) There were no Foreign Exchange earnings or out go during the year
 under review.
 
 ACKNOWLEDGEMENT::-
 
 Your Directors would like to place on record their appreciation for the
 assistance, co-operation and whole-hearted support received from
 Company''s bankers, advisors, customers and investors and all, whose
 continued support has been a source of strength to the Company. Your
 Directors place on record their appreciation for the valuable
 contribution made by employees at all levels.
 
 
 
                                               By Order of the Board 
                                          For Pagaria Energy Limited
 
 Place : New Delhi
 
 Date : 23rd August, 2012
 
                                                Rajesh Kumar Pagaria 
                                                  (Managing Director)