The Directors have pleasure in presenting the 26th Annual Report
 together with the Audited Statement of Accounts of the Company forthe
 year ended 30th June, 2010.
 
 FINANCIAL RESULTS
 
                                               (Rupees in Lacs)
 
                                      Year Ended       Year Ended
 Particulars                          30-06-2010       30-06-2009
 
 Operating Income                       417.55           380.70
 
 Gross Profit                           336.31           301.04
 
 Less: Depreciation                     261.06           260.84
 
 Profit Before Tax                       75.25            40.20
 
 Extraordinary Item                        -                -
 
 Provision for Taxation                  12.00             5.35
 
 Provision for Deferred Tax              10.00             8.25
 
 Net Profit / (Loss) for the year        53.25            26.60
 
 Less: Prior Period Adjustment            3.55              -
 appropriations
 
 Proposed Dividend                         -                -
 
 Dividend Tax                              -                -
 
 Transfer to General Reserve               -                -    
 
 Surplus Balance carried forward to
 Balance Sheet                           49.70            26.60
 
 DIVIDEND
 
 The Directors do not recommend any dividend forthe
 currentyearwithaviewto conserve the resources.
 
 OPERATIONS & FUTURE OUTLOOK
 
 During the year under review, operating income of the Company has
 increased to Rs. 417.55 lacs from Rs. 380.70 lacs in the previous year,
 an increase of 9.68%. Profit After Tax for the year has also increased
 to Rs. 53.25 lacs as compared toRs.26.60 lacs in the previous year, an
 increase of 100.19%.
 
 The new growth areas in oil related business like letting Oil
 Exploration Rigs on hire, Oil Trading, Seismic & Geology Survey etc.
 identified by your company and operated through overseas Subsidiaries
 has given fruits, which are reflected in the Consolidated Financial
 Statements.
 
 ISSUE OF GLOBAL DEPOSITARY RECEIPTS
 
 The Company has raised USD 175 Million by issue of 18,402,841 Global
 Depositary Receipts (GDRs) at an offer price of USD 9.51 per GDR
 equivalent to Rs. 110/- per share in the month of December 2009. The
 Company has completed over allotment option in the month of January
 2010 and raised USD 26.25 Million by issue of 2,760,426 GDRs. Each GDR
 representing 4 underlying Equity Shares of Rs. 1/- each. The GDRs are
 listed on Luxembourg Stock Exchange and underlying equity shares are
 listed on Bombay Stock Exchange Limited.
 
 SUBSIDIARY COMPANIES
 
 The Company has the following direct and indirect overseas subsidiary
 companies:
 
 British Oil & Gas Exploration Private Limited, Mauritius (BOGEPL)
 
 BOGEPL is 100 percent owned subsidiary which is a Holding Company of
 British Oil Resources Limited.
 
 British Oil Resources Limited, Mauritius (BORL)
 
 BORL is 100 per cent owned subsidiary of BOGEPL and holds the entire
 issued share capital of BOGEL, SORL & GGL.
 
 British Oil & Gas Explorations Limited, British Virgin Islands (BOGEL)
 
 BOGEL is 100 per cent owned subsidiary of BORL. The Company is engaged
 in business of oil rigs and associated services, which involves the
 purchase of oil rigs and letting it on hire by deployment of rigs on
 oil fields for drilling.
 
 Sterling Oil Resources Limited, British Virgin Islands (SORL) Sterling
 Oil Resources Ltd is a 100 per cent subsidiary of BORL. The company is
 engaged in the business of oil trading and other related products.
 
 Geodynamics Geospectra Limited, British Virgin Islands (GGL)
 
 Geodynamics Geospectra Limited (GGL) is 100% owned subsidiary of BORL.
 The company provides services in the collection and interpretation of
 seismic data. It is capable of acquiring both two-dimensional and
 three- dimensional seismic data. Seismic data is collected by causing
 an explosion in the area beneath a shot-hole and then capturing the
 resulting resonance by a geophone and a telemetry system.
 Interpretation of the seismic data collected helps in identifying the
 precise points for well drilling.
 
 The members may refer to the Statement under Section 212 of the
 Companies Act, 1956 and information on the financials of subsidiaries
 in this Annual Report for further information on the subsidiaries.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 A separate report on Management Discussion and Analysis relating to
 business and economic environment surrounding your company is enclosed
 asapartofthe Annual Report.
 
 CORPORATE GOVERNANCE
 
 We believe Corporate Governance is at the heart of Stakeholder value
 creation. In pursuance of the system of Corporate Governance instituted
 by SEBI, forming part of the Listing Agreement with the Stock Exchange,
 a report thereon is separately attached to this report.
 
 DIRECTORS
 
 Shri Nitin J. Sandesara, and Shri Chetan J. Sandesara, Directors of the
 Company, retire by rotation at the forthcoming Annual General Meeting
 and being eligible, offers themselves for re-appointment. The Board
 recommend re-appointment of Shri Nitin J. Sandesara and Shri Chetan J.
 Sandesara.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) of the Companies Act, 1956, the
 Directors confirm:
 
 i) That in the preparation of the Annual Accounts for the year ended
 30th June, 2010, the applicable Accounting Standards had been followed
 along with proper explanation relating to material departures;
 
 ii) That the Directors had selected such accounting policies and
 applied them consistently and made judgements and estimates that 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 the financial year and of the
 profit of the Company for the year under review;
 
 iii) 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; and
 
 iv) That the Directors have prepared the Annual Accounts for the year
 ended 30th June, 2010 on a going concernbasis.
 
 FIXED DEPOSITS
 
 The Company did not accept any deposits from the Public during the year
 under review.
 
 AUDITORS AND THEIR REPORT
 
 M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
 shall retire at the conclusion of the ensuing Annual General Meeting
 and having furnished the required certificate pursuant to Section 224(1
 B) of the Companies Act, 1956 are eligible for re-appointment. The
 Board recommends their re-appointment.
 
 In respect of observations made by the Auditors in their Report, your
 Directors wish to state that the respective notes to the accounts are
 self-explanatory, and do not call for any further comments.
 
 PARTICULARS OF EMPLOYEES
 
 The company has no employees of the category indicated under Section
 217(2A) of the Companies Act, 1956, read with the Companys
 (Particulars of Employees) Rules 1988 as amended.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The company is engaged in Software activities and had no manufacturing
 activities during the year under review.  No particulars are therefore
 required to be furnished in this report relating to the conservation of
 energy and technology absorption as required under Section 217(1)(e) of
 the Companies Act, 1956.
 
 During the year under review, the company has no income in foreign
 currency.
 
 ACKNOWLEDGEMENT
 
 Your Directors appreciate the valuable co-operation extended by the
 Central and State Government authorities and are extremely grateful to
 the Financial Institutions and the Companys Bankers for their
 continued assistance, guidance and support. Your Directors are also
 grateful to the Employees, Shareholders, Customers and the General
 Publicfortheirsupportand confidence reposed in the Management.
 
                             For and on behalf of the Board of Directors
 
 Place: Mumbai                              Nitin J. Sandesara
 Date: 19th November, 2010                      Chairman