(a) Basis of preparation of financial statements
 
 The financial statements are prepared on an accrual basis of accounting
 and in accordance with the generally accepted accounting principles in
 India and provisions of the Companies Act, 1956 and comply in material
 aspects with the accounting standards notified under section 211(3C) of
 the Companies Act, 1956, read with the Companies (Accounting Standards)
 Rules, 2006.
 
 (b) Revenue Recognition Policy
 
 Sale of goods is recognized on transfer of property to the buyers for
 consideration. Income from fuel handling and service charges is
 recognized on the basis of services rendered as per the terms of
 contract. Dividend income on investments is accounted when right to
 receive payment is established. Income from investments is recognized
 based on the terms of the investment. Income from mutual fund schemes
 having fixed maturity plans is accounted on declaration of dividend or
 on maturity of such investments.
 
 (c) Foreign Currency Transactions
 
 Foreign currency transactions are accounted at the exchange rates
 prevailing on the date of the transactions. Gains and losses, if any,
 at the year-end in respect of monetary assets and monetary liabilities
 not covered by the forward contracts are recognised in the Profit and
 Loss Account.
 
 (d) Fixed Assets
 
 The gross block of Fixed Assets is stated at cost of acquisition or
 construction, including any cost attributable to bringing the assets to
 their working condition for their intended use.
 
 (e) Depreciation / Amortisation
 
 Fixed assets have been depreciated under the Written Down Value
 Method at the rates and in the manner prescribed in Schedule XIV of
 the Companies Act, 1956.
 
 (f) Investments
 
 Long-term investments are stated at cost. In case of long term
 investments, provision/ write down is made for diminution in value
 other than temporary in nature. Current investments are valued at lower
 of cost and fair value.
 
 (g) Retirement Benefits
 
 Contributions to defined contribution schemes such as Provident Fund,
 Superannuation Fund etc. are charged to the Profit and Loss account as
 incurred. The Company also provides for retirement/post-retirement
 benefits in the form of gratuity and leave encashment. Such defined
 benefits are charged to the Profit and Loss account based on
 valuations, as at the balance sheet date, made by independent
 actuaries.
 
 (h) Accounting for Oil & Gas Activity
 
 The Company follows Successful Efforts Method for accounting of oil
 and gas exploration activities as set out by the Guidance Note issued
 by the Institute of Chartered Accountants of India on Oil and Natural
 Gas producing Activities.  The cost of survey and prospecting
 activities conducted in search of oil and gas are expensed out in the
 year in which the same are incurred.
 
 (i) Accounting for Taxes on Income
 
 Provision for current tax is made after taking into consideration
 benefits admissible under the provisions of the Income Tax Act, 1961.
 Deferred tax resulting from timing differences between book and
 taxable profit is accounted for using the tax rates and laws that have
 been enacted or substantively enacted as on the balance sheet date. The
 deferred tax asset is recognised and carried forward only to the extent
 that there is a reasonable certainty that the assets will be realized
 in future. However, in respect of unabsorbed depreciation or carry
 forward loss, the deferred tax asset is recognised and carried forward
 only to the extent that there is a virtual certainty that the assets
 will be realized in future.
 
 (j) Provisions
 
 Provisions are recognised when the Company has a present legal or
 constructive obligation, as a result of past events, for which it is
 probable that an outflow of economic benefits will be required to
 settle the obligation and a reliable estimate can be made for the
 amount of the obligation.
 
 (k) Impairment of Assets
 
 If the carrying amount of fixed assets exceeds the recoverable amount
 on the reporting date, the carrying amount is reduced to the
 recoverable amount. The recoverable amount is measured as the higher of
 the net selling price and the value in use determined by the present
 value of estimated future cash flows.