Your directors have pleasure in presenting the 19^th Annual Report of your Company together
with the Audited Statements of Accounts for the financial year ended 31^st March, 2025.

1. FINANCIAL HIGHLIGHTS:

The financial performance of the Company for the year ended 31^st March, 2025 is summarized
below:

(Rs. In Lakhs)

2. OVERVIEW OF COMPANY'S FINANCIAL PERFORMANCE:

Your directors are pleased to inform that the Company has earned a Total Income of INR 9,978.29
Lakhs during the financial year ended March 31, 2025, as compared to INR 9,282.37 Lakhs in the
previous financial year. The Profit for the year stood at INR 184.08 Lakhs as against INR 622.11
Lakhs in the previous year.

The decline in profit is primarily attributable to an increase in operating expenses and tax
outflows during the year."

3. DIVIDEND:

No dividend is being recommended by the Directors for the year ending on 31^st March, 2025 as
the Board of Directors wants to plough back the profit in the business.

4. TRANSFER TO RESERVES

During the year under review, the company do not propose to transfer any sum to reserve, except
for profit or loss earned during the year, which has been transferred to surpluses account.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND

Company has not declared and paid any divided during the previous years, the provisions of
Section 125(2) of the Companies Act, 2013 are not applicable.

6. CHANGE IN THE NATURE OF THE BUSINESS:

During the year, there is no change in the nature of the business of the Company.

7. CHANGE IN THE SHARE CAPITAL OF THE COMPANY:

The Authorized Share capital of the Company as at 31^st March, 2025 stood at Rs. 10,20,00,000/-
(Rupees Ten Crores Twenty Lakhs) and paid-up capital stood at Rs. 10,12,50,000/- (Rupees Ten
Crores Twelve Lakhs Fifty Thousand)

8. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

During the year, the Company has sold its entire shareholding in M/s. DIL Venture Oil and Gas
Private Limited, and consequently, it has ceased to be a Wholly Owned Subsidiary of the
Company. Further, as on March 31, 2025, the Company does not have any Subsidiary, Joint
Venture or Associate Company. Accordingly, the requirement of providing a statement in Form
AOC-1 pursuant to the first proviso to Section 129 of the Companies Act, 2013 read with Rule 5
of the Companies (Accounts) Rules, 2014 is not applicable.

9. PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any deposit within the meaning of
Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014 (including any statutory modification(s) or re-enactment(s) for the time
being in force). Hence, the requirement for furnishing the details of deposits which are not in
compliance with Chapter V of the Act is not applicable.

10. MATERIAL CHANGES AND COMMITMENT:

No material changes and commitments affecting the financial position of the Company occurred
between the ends of the financial year to which this financial statement relate on the date of this
report.

11. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the period under review, no material or
serious observation has been received from the Internal Auditors of the Company for inefficiency
or inadequacy of such controls.

12. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No significant or material orders have been passed by the Regulators, Courts, or Tribunals which
would impact the going concern status of the Company or its future operations.

13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees or made any investments covered under the
provisions of section 186 of the Companies Act, 2013 during the financial period under review.

14. STATE OF COMPANY'S AFFAIR:

During the year under review, your company has not made any default in repayment of any of its
term loans, have met generally all its obligation in time including its tax liabilities.

15. RELATED PARTY TRANSACTIONS:

During the year no contracts or arrangements were made with related parties falling under the
purview of Section 188 of the Companies Act, 2013.

There are no materially significant related party transactions made by the company with
Promoters, Key Managerial Personnel or other designated persons which may have potential
conflict with interest of the company at large.

16. PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the Company as none of the employees of the
company has received remuneration above the limits specified in the said Rule during the
financial year 2023-24.

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of
the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is given in
the Statement annexed herewith as “Annexure-A”.

17. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The policy on Directors' Appointment and Remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided under
sub-section (3) of Section 178 of the Companies Act, 2013, and under Regulation 19 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 adopted by the Board, is
appended as “Annexure-B” forming part of this report.

18. SECRETARIAL STANDARDS

The Directors states that applicable Secretarial Standards, i.e. SS-1 & SS-2 has been duly followed
by the company.

19. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:

The details of Energy Conservation, Technology Absorption and Foreign Exchange Earning in
terms of Section 134 of the Companies Act, 2013 & rules made thereunder are tabled below:

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Foreign Earnings and Outgo:

During the year, the Company has made following Foreign Exchange Earning and Outgo:

20. DIRECTORS AND KEY MANAGERIAL PERSONNEL

i. Composition of Board

ii. Appointment/Change in Board & KMP

During the year there is no change in composition of Board of Directors and KMPs

iii. Retirement by rotation and subsequent re-appointment:

Mr. Vipul N. Haria (DIN: 01690638) is liable to retire by rotation at the ensuing AGM pursuant
to the provisions of Section 152 of the Companies Act, 2013 read with the Companies
(Appointment and Qualification of Directors) Rules, 2014 and the Articles of Association of
Company and being eligible have offered himself for reappointment. Appropriate resolutions
for the re-appointment are being placed for your approval at the ensuing AGM. The brief resume
of the Directors and other related information has been detailed in the Notice convening the
19^th AGM of your Company.

iv. Declaration of Independence:

All Independent Directors have given declarations that they meet the criteria of independence
as laid down under Section 149 (6) of the Act. In the opinion of the Board, they fulfil the
conditions of independence as specified in the Act and the Rules made there under and are
independent of the management.

v. Evaluation of Board's Performance:

Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued thereunder
and the Listing Regulations (including any statutory modification(s) or re-enactment(s) for the

time being in force), the process for evaluation of the annual performance of the Directors/
Board/ Committees was carried out.

21. NUMBER OF MEETINGS OF THE BOARD

The Company had conducted 7 (seven) Board meetings during the financial year 2024-25 under
review.

22. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (5) of the Companies Act, 2013 (including any statutory modification(s)
or re-enactment(s) for the time being in force), the Directors of our Company confirm that:

a) In the preparation of the annual accounts for the financial year ended 31^st March, 2024,
the applicable Accounting Standards and Schedule III of the Companies Act, 2013
(including any statutory modification(s) or re-enactment(s) for the time being in force),
have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of your Company as at 31^st March, 2025 and of the profit of
the Company for the financial year ended 31^st March, 2025;

c) proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 (including any
statutory modification(s) or re-enactment(s) for the time being in force) for safeguarding
the assets of the company and for preventing and detecting fraud and other irregularities;

d) The directors had prepared the annual accounts on a going concern basis;

e) The directors had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively;

f) The directors had devised proper system to ensure compliance with the provisions of all
applicable laws and that such system was adequate and operating effectively.

23. EXTRACT OF ANNUAL RETURN:

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management
and Administration) Rules, 2014, the Annual Return of the Company is available on the website
of the Company www.aakashexploration.com

24. DISCLOSURE OF VARIOUS COMMITTEES OF BOARD OF DIRECTORS:

Your Company has several Committees which have been established as part of best corporate
governance practices and are in compliance with the requirements of the relevant provisions of
applicable laws and statutes.

The Company has following Committees of the Board:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholders' Grievances and Relationship Committee

d. CSR Committee

A detailed note on the committees with respect to composition, meetings, powers, and terms of
reference is provided under the Corporate Governance Report section of this Annual Report.

25. AUDITORS;

[A] Statutory Auditors:

M/s Parikh Shah & Associates, (FRN No.-123999W) Chartered Accountants,
Ahmedabad as Statutory Auditors of the Company for the period of 5 (five) years to hold
office till the conclusion of 22^nd Annual General Meeting.

There are no qualifications, reservations or adverse remarks made by the Auditors of the
Company, in their report. There are no frauds reported by the auditor in its audit report
in pursuance to section 143(12) of the Companies Act, 2013, during the period under
review.

[B] Cost Auditor:

As the cost audit is not applicable to the Company, therefore the Company has not
appointed the Cost Auditor pursuant to Section 148 of the Companies Act, 2013 read with
the Companies (Cost Records and Audit) Amendment Rules, 2014.

[C] Internal Auditor

The Company has appointed the M/s Bimal Shah Associates, Chartered Accountants,
Ahmedabad as Internal Auditor pursuant to the provision of section 138 of Companies
Act, 2013 read with rule 13 of The Companies (Accounts) Rule, 2014 and other applicable
provisions (including any modification or enactment thereof), if any, of the Companies
Act, for the financial year 2024-25.

[D] Secretarial Auditor:

The Company has appointed M/s. Suthar & Surti, Company Secretaries, Ahmedabad as
Secretarial Auditor to conduct secretarial audit for FY 2023-24 pursuant to the provisions
of Section 204 of the Companies Act, 2013. The secretarial audit of the Company has been
conducted on a concurrent basis in respect of the matters as set out in the said rules and
Secretarial Audit Report given by M/s. Suthar & Surti, Company Secretaries, Secretarial
Auditor of the Company forms part of this report and is marked as “Annexure-C”.

In terms of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company proposes to appoint Suthar & Surti, Company Secretaries
a firm of Company Secretaries in Practice, (Firm Registration No.- P2018GJ068000 and
Peer review No. 1586/2021) as the Secretarial Auditors of the Company to hold office for
a period of 5 (Five) consecutive years to hold office from Financial Year 2025-26 upto
Financial Year 2029-30, on such remuneration, as recommended by the Audit Committee
and as may be mutually agreed between the Board of Directors of the Company and the
Secretarial Auditors from time to time.

26. CORPORATE GOVERNANCE

During the year, pursuant to SEBI (Listing Obligations and Disclosures Requirement)
Regulations, 2015, the Company has complied with applicable provision of Corporate
Governance and a separate report of Corporate Governance is included as a part of Annual Report
along with requisite certificate from M/s. Suthar & Surti, Practicing Company Secretaries,
confirming compliance with the conditions of corporate governance is attached to the Report on
corporate governance.

27. DISCLOSURE OF DEMAT SUSPENSE ACCOUNT / UNCLAIMED SUSPENSE ACCOUNT:

As the company has no shares in demat suspense account / unclaimed suspense account, the
disclosure of the same is not applicable.

28. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has established vigil mechanism and framed whistle blower policy for Directors
and employees to report concerns about unethical behavior, actual or suspected fraud or
violation of Company's Code of Conduct or Ethics Policy.

29. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Pursuant to the provisions of Section 135 of the Companies Act, 2013 read with Companies
(Corporate Social Responsibility) Rules, 2014 and Schedule VII as amended from time to time, a
Corporate Social Responsibility (CSR) Committee of the Board is in place comprising of the two
Executive Director and one Non-Executive Independent Director of the Company. The said
Committee has been entrusted with the responsibility of formulating and recommending to the
Board, a Corporate Social Responsibility Policy (CSR Policy), from time to time indicating the
activities to be undertaken by the Company, monitoring the implementation of the framework of
the CSR Policy and recommending the amount to be spent on CSR activities. The Annual Report
for the year 2024-25 on CSR activities is annexed with this report as an “Annexure- C“.

The detailed CSR policy is placed on the website of the Company at:
https://www.aakashexploration.com/cms images/slider/original/1676008363 CSR%20Polic
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30. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

The Management's Discussion and Analysis Report for the year under review, as stipulated under
Regulation 34(2)(e) of the Listing Regulations is given as an “Annexure-E” to this report.

31. PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE:

The company has taken utmost care and formulated policy to prevent sexual harassment at work
place. Pursuant to the provisions of “The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013” and rules made thereunder, the Company has
formed an Internal Complaint Committee and adopted a “Policy on Protection of Women against
Sexual Harassment at Workplace”. There was no case filed during the year under the sexual
harassment of women at workmen (Prevention, prohibition & Redressal) Act, 2013.

The Company has instituted a Complaints Committee for redressal of sexual harassment
complaint (made by the victim) and for ensuring time bound treatment of such complaints.

32. RISK MANAGEMENT:

The Company has adopted a Risk Management Policy for a systematic approach to control risks.
The Risk Management Policy of the Company lays down procedures for risk identification,
evaluation, monitoring, review and reporting. The Risk Management Policy has been developed
and approved by the Senior Management in accordance with the business strategy.

33. DIRECTOR'S DISQUALIFICATION

All the directors of the Company have confirmed that they are not disqualified from being
appointed as directors in terms of Section 164 of the Companies Act, 2013.

34. DETAILS OF APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER
INSOLVENCY AND BANKRUPTCY CODE, 2016:

There was no application made or proceedings pending under Insolvency and Bankruptcy Code,
2016 during the period under review.

35. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE
BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF.

No such incidence took place during the year.

36. LISTING:

The Equity Shares of the Company are listed on National Stock Exchange (Main Board) from 29^th
September 2020 onwards. The company has paid listing fees to the Stock Exchange for the
applicable year. Further the Company is regular in compliances of various clauses and
regulations of the Listing Agreement and/or LODR.

37. GENERAL:

a. Your Company has not issued any equity shares with differential rights as to dividend, voting
or otherwise; and

b. Your Company does not have any ESOP scheme for its employees/Directors.

38. APPRECIATION:

Your Directors wish to convey their gratitude and place on record their appreciation for all the
employees at all levels for their hard work, solidarity, cooperation and dedication during the
year.

Your directors sincerely convey their appreciation to customers, shareholders, vendors, bankers,
business associates, regulatory and government authorities for their continued support.

For Aakash Exploration Services Limited

Date: 26/08/2025
Place: Ahmedabad

Vipul N. Haria Hemang N. Haria
Chairman Whole Time

Managing Director Director

DIN:01690638 DIN:01690627