annual report - germi.orggermi.org/downloads/germi_annual_report_2007-08.pdf · 4 th annual report...

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CONTENTS

Sr. Particular Page No.No.

1 Board of Trustees .......................................................................................... 3

2 Research Advisory Board ............................................................................... 5

3 Chairman’s Message ...................................................................................... 7

4 Vision, Mission ............................................................................................. 8

5 GERMI Milestones ...................................................................................... 9

6 Trustees Report ........................................................................................... 11

7 Auditors Report .......................................................................................... 25

8 Balance Sheet .............................................................................................. 26

9 Income & Expenditure ............................................................................... 27

10 Schedule forming part of Balance Sheet ....................................................... 28

11 Schedule forming part of Income and Expenditure ..................................... 31

12 Accounting Policies and Notes forming part of Accounts ............................. 33

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BOARD OF TRUSTEES

Shri M. M. Shrivastava, IAS Chairman and Managing Trustee

Shri D. J. Pandian, IAS Vice Chairman and Managing Trustee

Shri Rajeev Khanna Trustee

Prof. Bakul Dholakia Trustee

Shri V. K. Sharma Trustee & Secretary

Prof. N. R. Dave Trustee & Educational Advisor

Shri Nitin Shukla Trustee

Shri P. P. G. Sarma Trustee

Shri M. Y. Farooqui Trustee

Shri Hari S. Bhartia Trustee

Secretary: Shri V. K. Sharma

Auditors: Pankaj R Shah & AssociatesChartered Accountants

Bankers: HDFC Bank LimitedICICI Bank LimitedOriental Bank of CommerceUTI Bank Limited

Regd.Office: Block No.15, 2nd Floor, Udyog Bhavan, Sector - 11,

Gandhinagar - 382 011, Gujarat, India.

Website: www.germi.org

University & Institutions: Pandit Deendayal Petroleum University (PDPU)

Institute of Petroleum Management, Gandhinagar (IPMG)

Institute of Petroleum Technology, Gandhinagar (IPTG)

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RESEARCH ADVISORY BOARD

Shri D. J. Pandian, IAS Shri R. R. AbhyankarVice Chairman & Managing Trustee, Advisor & Head, (RDI),

GERMI, Gandhinagar Ministry of Science & Technology, DSIR, Delhi

Prof. N. R. Dave Dr. M. O. GargDirector, Research & Innovation Centre, Director, Indian Institute of Petroleum,

GERMI, Gandhinagar Dehradun

Shri V. K. Sharma Dr. Sukumar LaikSecretary, GERMI Prof. & Head, Dep. Of Petroleum Engineering,

CEO, GIPL, Gandhinagar ISM, Dhanbad

Shri V. H. Buch Dr. A. K. SinghDirector, Gujarat Energy Development Agency, Director, Electric Reearch & Development

Gandhinagar Association, Vadodra

Shri Kartikeya Sarabhai Dr. Sadanand JoshiFounder Director of CEE, Founder & CEO

Nehru Foundation for Development, Ahmedabad Joshi Technologies International Inc., Tulsa, USA

Dr. Subhash Shah Dr. Kaushik S. C.,Stephenson Chair Professor, Prof. & Head, Centre for Energy Studies,

Mewbourne School of Petroleum and IIT, Delhi

Geological Engineering, Oklahoma

Dr. Mohan Kelkar Dr. Pankaj R. ShahDepartment Chairman Petroleum Engineering CA, Pankaj R. Shah & Associates,

Tulsa University, Oklohama, USA Ahmedabad

Prof. Kartic Khilar Mr. Palak ShethDirector, Institute of Petroleum Technology, Manager (Projects),

PDPU, Gandhinagar GERMI, Gandhinagar

Dr. R. K. MallickGeneral Manager (Exploration),

GSPC, Gandhinagar

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MESSAGE FROM THE CHAIRMAN

Shri M. M. Shrivastava, IASChairman,Gujarat Energy Research & Management Institute, Gandhinagar

An institute which dedicated itself to research always deserves a special place in nation’s

development initiatives. When the seeds of GERMI were sown, it was with a singularintent to create and improve on energy research and management initiatives which would

create wide ranging impact not only in the hydrocarbon sector, but also on alternative

energy resources.

The GERMI initiative was flagged on with an Executive Training Programme focused on

Petroleum Sector and swiftly moved onto the core committee endorsing the necessity tocreate niche Energy Institutes; it resulted in the creation of the Institute of Petroleum

Management and the Institute of Petroleum Technology and in turn paved the way for

the Pandit Deendayal Petroleum University in just 2 years.

The successful creation of these institutes is now inspiring us to expand focus with the

establishment of the GERMI Research and Innovation Centre.

Today, GERMI remain faithful to its vision and mission to fructify its initiatives. It

believes in adhering to international quality standards and actively works toward globalcreation of its institutes, programmes, projects, research and extension initiative.

In the near future GERMI will take bold initiatives in global networking of educationaldelivery systems and establishing linkages for swift professionals and growth of manpower

training, to meet the dynamic needs of the Energy Sector.

I expect that in all these pursuits - establishing of institutes and centres, generic special

course offerings, research knowledge creation and innovations - inherent and mandatory

concern for quality will be the overriding factor.

GERMI is still in its infancy. However dynamic and vibrant academic and research

pursuits need congenial ambience and can flourish with excellent work culture, & I amsure GERMI has the institutional resolve and sincerity to make a lasting impact on the

Energy Sector.

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V I S I O N

Our values and beliefs lead us to envision

… that young professionals in energy sector ought to have an access to theopportunities for being more competent, efficient, highly knowledgeable and

courageous to innovate and experiment in the global arena,

… That the societal concern of a citizen will inspire productive andefficient use of energy with wider perceptions of clean environment and

awareness of futuristic scenario.

M I S S I O N

Train and retrain professional in Energy Sector,

•

Provide facilities and opportunities for creationof knowledge, blue print of futuristic

technologies and new business opportunities,

•

Commit itself for societal good in all walksof human endeavour at macro

as well as grassroot levels..

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GERMI MILESTONES

EVENTS DATES

Sowing the seed of GERMI August, 2003

Sprouting GERMI in Vibrant Gujarat Business Summit September, 2003

GERMI Registration (Society & Trust) April, 2004

Detailed Project Report by PWC Consultants May, 2004

First Corporate Training Programme underExecutive Development Centre January, 2005

Allotment of Land by Govt. of Gujarat February, 2006

Laying of Foundation Stone of The Institute ofPetroleum Management, Gandhinagar (IPMG) May, 2006

Commencement of the first batch of IPMG students December 18, 2006

Laying the Foundation Stone of The Institute ofPetroleum Technology, Gandhinagar (IPTG) April, 2007

Pandit Deendayal Petroleum University (PDPU) ActPromulgated by the State Assembly February, 2007

Gazette Notification by Govt. of Gujarat of the PDPU Act April 4, 2007

Commencement of the first batch of B. Tech. students at IPTG August 16, 2007

Inauguration of the Pandit Deendayal petroleum University October 9, 2007

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TRUSTEE’S REPORT

The Members and Contributors,

Your Trustees are pleased to present the Fourth Annual Report & Financial statements of the Trust together with Auditor’sReport there on for the financial year ended 31st March 2008.

Operating Results:

Particulars For the year For the yearended 31-03-2008 ended 31-03-2007

INCOMEFees & Other Income 5,48,05,108 64,19,830Interest Receipts 39,34,841 82,75,562 Total Income 5,87,39,949 1,46,95,482

EXPENDITUREEstablishment expenses 5,10,53,132 2,00,61,402Depreciation 3,11,36,540 76,41,496 Total Expenditures 8,21,89,672 2,77,02,898

Excess of Expenditure over Income 2,34,49,723 1,30,07,416

During the year under report trust has incurred excess of expenditure for Rs.2,34,49,723 over income as compared to earlieryear excess expenditure of Rs.1,30,07,416/-

Excess of expenditure incurred is mainly due to provision of Depreciation for Rs.3,11,36,540/- on account of investmentinto fixed assets for creating new institute IPTG.

Legal & Tax Structure:

1 GERMI has been registered as ‘Trust’ with Assistant Charity Commissioner, Gandhinagar Region, Gandhinagar,vide Registration No.F/1116/Gandhinagar dated 29-04-2004.

2 GERMI has been registered as ‘Society’ with Assistant Registrar of Societies, Gandhinagar Region, Gandhinagar, videregistration no. GUJ/1160/Gandhinagar dated 29-04-04.

3 GERMI has been registered u/s 12AA of the Income Tax Act, 1961, with effect from 05-03-04, vide registration no.CIT/GNR/12AA/GN-1/2004-05 dated 26-07-04.

4 GERMI has been granted approval u/s 80G (5) of the Income Tax Act, 1961, with effect from 05-03-2004, videregistration no. CIT/GNR/80G (5)/GN-73/2006-07 dated 09-04-07, valid up to 31-03-10.

5 GERMI has been granted approval u/s 10(23C)(iv) of the Income Tax Act, 1961 from A.Y. 05-06 to A.Y. 07-08 videorder No. F.No.CC-IV/ABD/10 (23C) (iv)/GERMI/2007-08 dated 29-11-07. The application for renewal ofexemption U/s. 10(23C)(iv) has been filed. The Approval of the same is awaited.

6 GERMI has also filed an application on 07-08-04 in Form No. 3CF (Rule 6) for grant of approval U/s. 35 (1) (ii) ofIncome Tax Act, 1961. The Approval of the same is awaited.

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7 As per letter of willingness dated 12-01-07 of Mr. Jean Paul Roy, an American national residing at Casa 5, Camino aSan Antonio, Aquas Calientes, Satapequez, Antigua Guatemala, Guatemala, GERMI has received Contribution(Donation) from him in the form of 5,00,000 fully paid and non assessable common stock with a par value of US$0.001 per share of Geoglobal Resources, Inc. – GGR having share certificate no. 000914 dated 16-04-07 with a lockin period of 12 months.

8 GERMI has filed an application on 04-05-07 with Ministry of Home Affairs in Form No. FC-8 for Registrationunder Foreign Contribution (Regulation) Act, 1976, for the acceptance of foreign contribution. Registration has beenreceived vide registration no. 041920018 dated 02-11-07. (Letter No. II/21022/94(0106-01)/2007-FCRA.IIIdated 16-01-08)

9 GERMI has also filed application for grant of approval U/s. 80G(2)(a)(iiif ) of the Income Tax Act 1961 on09-01-08. The Approval of the same is awaited.

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ACTIVITIES

GUJARAT ENERGY RESEARCH AND MANAGEMENT INSTITUTE

Gujarat Energy Research and Management Institute has achieved the excellent growth in pursuing its Energy education andResearch activities. The financial year was historical in putting two new buildings to augment its infrastructure, adding moreteaching staff and giving a shape to its journey of being world class research and education entity.

PANDIT DEENDAYAL PETROLEUM UNIVERSITY

GERMI has established the State University. Pandit Deendayal Petroleum University, passed by Gujarat Act No.14 of2007 dated 4th April, 2007.

Dr. Mukesh Ambani – Chairman and Managing Director, Reliance Industries Ltd. is nominated as the first President of theUniversity. Prof. Arvind Kudchadker took over as first Director General of the University.

The University is currently running two institutes - Institute of Petroleum Management Gandhinagar (IPMG) and Instituteof Petroleum Technology Gandhinagar (IPTG) under Pandit Deendayal Petroleum University. Recognition and Approvalsof Statutory authorities like University Grants Commission and All India Council for Technical Education are under process.

ENERGY EDUCATION

Institute of Petroleum Management

Institute of Petroleum Management has completed one year of its operations and the first batch of management studentsgraduated in June, 2008.

The Institute has established strong links with industries and invited them for placement. Major companies like Reliance,GSPC, British Gas, CAIRN Energy, HPCL, BPCL, Wether Ford, etc. visited the Institute and booked students withattractive terms.

Institute of Petroleum Technology

Institute of Petroleum Technology has commenced its first academic session in Petroleum Engineering at Undergraduatelevel. Teaching facilities are created to support Academic activities. IPTG has also started offering M. Tech. and Ph. Dprogrammes in January, 2008.

INSTITUTE OF PETROLEUM MANAGEMENT

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• Classrooms3 spacious rooms (sitting arrangement of sixty students) with white boards, overhead projectors, projection system etc.

• Tutorial RoomA tutorial room accommodating 50 students which could be used for seminars, panel discussion, cultural eveningsand indoor activities.

• LibraryWith Readers’ capacity of 60 people, it is well stocked with books enriching the subjects and general intellect,subscribes to all well known newspapers, journals, fortnightly and various professional and general interest magazines.

• Faculty CabinsTotal 12 separate cabin with computer, book racks, stack boards is provided to each faculty.

• Computer LabThe lab is well equipped with the latest machines and software for easy access of information and to facilitate studentsin their studies, with a capacity of 60 students.

• CanteenLarge hygienic and well furnished Canteen - caters snacks and meals at very nominal rate. Large plasma TV screen isprovided. The dining hall can accommodate around 100 people at a time.

• Administrative BlockThe administrative block is well equipped with latest technology to run the administration of the Institute efficiently.

• Wi-Fi CampusIt enables students to access internet from anywhere in the campus.

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INFRASTRUCTURE PUT IN PLACE:

Management Building:

The building of the college is in the midst of lush green campus. The main block houses the Library, Administrative Office,classrooms, Computer Lab. The other block provides Director’s Cabin and Faculty Cabins. The small garden spread aroundgives a very aesthetic appeal and reflective mood to the process of teaching and learning.

The facilities provided in management building include:

INSTITUTE OF PETROLEUM TECHNOLOGY

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• ClassroomsAll the 8 classrooms are designed very spaciously to facilitate teaching and learning to about sixty students at a time.Ambience is also very good.

• Tutorial Rooms4 Tutorial Rooms are designed for special interactions and group meetings. Audio and video facilities along withwhite boards are fitted. Seating capacity: 30.

• Teaching and Research LabsHi-Tech state-of-the-art equipment from leading equipment suppliers. Total 6 research labs related to Oil & Gasresearch needs such as Integrated Science lab, Earth science labs etc.

• Lecture Theater2 Lecture Theaters with 240 seats has been designed as one of the most dynamic venues of its kind, offering the bestpossible acoustics for seminars, special conventions and other functions.

• LibraryLibrary rich in learning resources and ambience conducive to self-study. Library is well stacked with text books,reference books, journals, magazines, back volumes, proceedings and e-learning resources.. Readers’ space: 40.

• Computer Labs2 Superb computer laboratories with a capacity of 80 per lab and equipped adequately with the latest computerssystems comprising of Pentium Machines with color monitors and best Operating System in a networking setup.Further more, we possess Laser Printers.

• Data Interpretation LabThe lab is having about 30 computers to facilitate the easy research for the researchers and to get access to all kindsof data.

• Faculty Cabin25 separate spacious faculty cabin is available to each faculty member. Computer and book racks are provided.

• CanteenLarge spacious canteen, with variety of hygienic food and a large plasma TV screen, so that students can enjoy thefood and refresh their mind.

• Network CentreThis lab has network facility, connecting the latest Intel microprocessor based computers to facilitate students interactefficiently for their research work and to get latest knowledge.

• GymFully equipped with state-of-the-art equipments to see the health and fitness of students.

• Doctor RoomDoctor room is available to check the regular health status of students, a temporary doctor is appointed, so thatstudents’ health related problems can be solved.

• Sports RoomThis room is provided with some indoor games such as table tennis and carom and chess.

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Technology & Research Building:

The Institute has grown rapidly in infrastructure and learning resources. It accommodates state- of- the- art physical andinfrastructure facilities. It consists of following important facilities for the students, faculty and other staff:

HOSTEL

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Hostel Blocks:

There are two Hostel Blocks specifically made for Management students. The rooms are constructed in such a manner thatit gives a very spacious view. The University offers hostel facilities for both boys and girls. Both the hostel blocks are locatedwithin the sprawling campus of the University.

The first block has 48 rooms and the second block has 40 rooms with twin occupancy.

The hostels blocks are provided with ancillary facilities such as reading room, television, common room, medical facilities,magazines and newspapers etc. to make the student life comfortable and easy.

RESEARCH PROJECTS IN PROGRESSGERMI also provides support for various research & innovation activities. Following are the projects undergoing:

Ongoing Projects:

1. Title: Ichnology of the Jurassic Rocks of Jara Dome, Western mainland Kachchh, India.This project has been selected for recording, identification, preservation and classification of the Trace Fossils, tounderstand the sedimentological and paleoecological parameters; ichnocoenoses, ichnofacies and ichnofabric analysis ofthe Trace Fossils, and to reconstruct basinal history of the Jara dome.

2. Title: Energy Recovery from Crude Oil residue using Thermal Plasma Pyrolysis.Petroleum refineries separates crude oil into fractions like petroleum gas, gasoline, kerosene, jet fuel and lubricating oiletc. for subsequent processing. In turn, each of these more complex processing units also incorporates a fractionaldistillation. Finally after complete fractional distillation of Crude Oil, crude oil residue (>C

30) is considered as waste

material. Petroleum refineries are facing a great challenge for disposal of this crude oil residue.

3. Title: Should India have strategic Oil Reserves: An economic interpretation?The project currently very much at nascent stage is about preparing a study on Strategic Oil Reserves for India. This isdebated now keeping in mind the looming geo political happenings across the world. The proposed project may be anattempt to look into the various financial economic aspects of strategic oil reserves for India and the extent to which, itmay assure energy security at least for a brief period.

4. Title: Resource allocation mechanisms and their decentralization.The project is concerned with the analysis of resource allocation mechanisms and in particular those that are“decentralizable”. A notable consequence of such a possibility is that the resource allocation implied by the mechanismcan be achieved through an appropriate market economy. It considers a very general model of decentralized resourceallocation which combines both energy markets along with emission markets. The purpose of modeling thisinterdependence is to make energy prices and price of carbon credit depend on one another

5. Title: Plasma surface modification of polyester fiber and fabric to enhance dye uptake properties with natural dyes.In the proposed study, plasma surface modification of polyester will be done to generate functional groups on its surfacewith the help of atmospheric pressure plasma process, which has attracted great interest due to its low cost, highprocessing speed and simple operating system which does not require costly vacuum equipments. The main objectiveof the proposal is to study the various chemical species formed in atmospheric pressure plasma of Ammonia/CO

2/ O

2

and measure the relative concentration of chemical species formed in plasma while changing the process parameters.

6. Title: Development of positive pulse bias plasma (PBBP) source for surface modification of insulating materials.Generally, organic materials are used as the insulating element of electronic instruments. The project is based on howpositive pulse bias plasma can be used for surface modification of insulating materials. The positive pulse bias plasmamethod has been proposed, in which a workpiece to be treated is at the ground potential while the plasma surroundingit is biased to a positive high voltage; thus the ion sheath same as the one in the conventional negative pulse bias methodis formed on the workpiece.

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7. Title: Natural Gas Supply Security: The CGD Context.The supply security “paradigm” for natural gas is no different than for the energy sector overall. The approaches such asflexible, transparent frameworks for private investment facilitate price discovery, impel technological innovation forboth supply and demand and provide for midstream hedging solutions such as storage, a key ingredient, some expertsbelieve to ensure supply-demand balances. Long term strategy therefore should be set by Government for reliability ofgas supply, especially to ensure gas deliveries to the customers who have put in substantial investments in CGD deliveryand in the absence of an effective supply security mechanism most of which go sunk.

Submitted Projects:

Title: Ichnofabric mapping of the Mesozoic rocks of KuchchhMesozoic sediments are exposed in Kachchh, Jaisalmer basins and Zanskar, Lahul & Spiti Himalaya. In Kachchh andJaisalmer, the Mesozoic sediments were deposited in shallow marine (Shelf to Intertidal) palaeoenvironment. Whereas inHimalaya, sediments were deposited in deeper (abyssal plain to shelf ) palaeoenvironment. It is important to note that,Jaisalmer Pakistan (Thar Desert), produces vast Gas reserves, Thick Jurassic Coal sequences. Thus it becomes necessary tounderstand and delineate the sedimentation pattern, palaeoceanographic events, palaeo-basinal configuration of westernIndia.

Completed Projects:

Title: Neoichnology of the benthic communities, around Modwa spit in Gulf of Kachchh, Western IndiaThe project was started with the objectives - to identify the crustaceans and Polychaetes and their behavioral activity in theintertidal zone of the Modwa spit, to decipher seasonal iconological changes in the intertidal zone of the study area, and toclassify various biogenic sedimentary structures, ecological and sedimentological facies and to prepare a model for depositionalenvironment.

FUNDING FOR GERMI:

GERMI has received year wise Fund as Donation for creating Infrastructures for Educational Institutions are as under.

(Amount Rs. in lacs)

Particulars 2004-05 2005-06 2006-07 2007-08 Total

GSPC Ltd. 551.73 500.00 200.00 5204.64 6456.37

GSPC Social welfare Trust 350.00 150.00 500.00

Sabarmati Gas Projects Ltd. 10.00 10.00 20.00

Gujarat State Petronet Ltd. 200.00 200.00

Total 551.73 850.00 360.00 5414.64 7176.37

ACADEMIC COURSES:

Under Pandit Deendayal Petroleum University, GERMI has started few academic courses, which are working on theirmaximum strength. These academic courses are presently serving school students by offering engineering programs with Oil& Gas specialization, management graduates with post graduate programs in management and technology and executivesalso by arranging time to time special executive development courses or training programs. It also facilitates many scholars topursue their Ph. D. degree. Through all these, GERMI has achieved some milestones by starting followings:

1 Institute of Petroleum Management, Gandhinagar2 Institute of Petroleum Technology, Gandhinagar3 Executive Training and Development Centre4 Ph. D. Program

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FUTURE PLAN:

GERMI intends to expand the opportunities for students and professionals to develop intellectual knowledge base withleadership skills to compete in the global energy arena. This objective is expected to be achieved through a number ofspecialised and well-planned undergraduate and post-graduate energy education programmes and intensive research initiatives.PDPU campus is spread over 50 acres of land having a broad list of distinguished academician.

GERMI is also in the process of achieving other milestones for starting followings:

1. Executive Training and Development Centre2. Research & Innovation Centre3. Institutes for Solar Energy4. Institutes for Nuclear Energy

GERMI is also going to construct a new Hostel for undergraduate students, to accommodate around 250 students.

AUDITORS:

Your Trust, being registered under the Bombay public trust act 1950, has appointed M/s Pankaj R Shah & Associates,Chartered Accountant, Ahmedabad as Statutory Auditors & Tax Auditors of the trust.

RECOMMENDATIONS:

Your trustees hereby recommended that,

In the preparation of the Annual Accounts, the applicable accounting standard has been followed along with properexplanation to material departure.

Accounting Policies are selected and applied consistently and judgments are reasonable and prudent so as to give trueand fair view of the financial year and of profit of the trust for that period.

Proper and sufficient care for the maintenance of adequate accounting records in accordance with provision of theBombay Trust act 1950 for safeguarding the assets of the trust and for preventing fraud and other irregularities taken.

The Trustees convey their sincere appreciation of the valuable services rendered by employees at all levels, withoutwhose valuable contribution the excellent performance and growth of the trust / institute would not have beenpossible.

The trustees are extremely grateful for all the support given by the Government of Gujarat at all levels. Their guidance,encouragement and moral support enabled GERMI to develop it to act as a single window entity to meet the skilledmanpower requirement of Oil and gas domain.

The Trustees place on record their sincere thanks to the Government of Gujarat, State energy and petrochemicalDepartment, Finance Department and Donors, GSPC, GSPC Social welfare trust, Sabarmati Gas Projects Ltd andGujarat State Petronet Ltd towards their valued contributions and continuous support, assistant and guidance.

For and on behalf of Turstees,

Date: 29 September, 2008 M. M. Shrivastava, IASPlace: Gandhinagar Chairman & Managing Trustee

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AUDITOR’S REPORT

We have audited the attached Balance Sheet of Gujarat Energy Research & Management Institute - GERMI as at 31st

March 2008 and also the Income and Expenditure Account for the year ended on that date annexed thereto. These financialstatements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financialstatements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. Audit also includes assessing the accounting principles used and significant estimates made by management aswell as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for ouropinion.

We report that:

• We have obtained all the information and explanation, which to the best of our knowledge and belief were necessaryfor the purpose of audit.

• In our opinion, proper Books of Account have been kept by the Trust; so far as appears from our examination of thosebooks.

• The Balance Sheet and Income and Expenditure Account dealt with by this report, are in agreement with the Booksof Account.

• In our opinion and to the best of our information and according to the explanations given to us, the said accounts readtogether with notes thereon give a true and fair view in conformity with the accounting principles generally acceptedin India:

(a) In the case of the Balance Sheet, of the state of the affairs of the Institute as at 31st March, 2008 and

(b) In the case of Income and expenditure, of the excess of Expense over Income for the year ended on 31st March2008.

For Pankaj R. Shah & AssociatesChartered Accountants

Dr. Pankaj ShahPartner

Place: AhmedabadDate: 30 September, 2008

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BALANCE SHEET AS AT 31-03-2008

For Pankaj R. Shah & Associates For Gujarat Energy Research & Management InstituteChartered Accountants

Dr. Pankaj ShahPartner Chairman & Vice Chairman & Secretary & TrusteeM. No. 30683 Managing Trustee Managing Trustee

Place : Ahmedabad Place : GandhinagarDate : 30 September, 2008 Date : 29 September, 2008

Notes forming part of Account 12As per our attached Report even date

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Funds & Liabilities Sch. Amount Amount Property & Assets Sch. Amount Amount2007-08 2006-07 2007-08 2006-07

TRUST FUND: 1 Fixed Assets ( At Cost ) 3Corpus Funds Central Office 225636726 52622541Central Office 717174017 176174017 IPMG 19871794 14153476IPTG 463000 - IPTG 67246258 -

717637017 176174017 R & D Assets 5646107 5646107318400885 72422124

Secured Loan Less: Depreciation FundCentral Office 2 59607615 - Central Office 19382775 3120931

59607615 - IPMG 6122706 3016042IPTG 9595463 -

Current Liabilities 6 R & D Assets 3891370 1718801and Provisions: 38992314 7855774Current Liabilities Net BlockCentral Office 33993144 6692886 Central Office 206253951 49501610IPMG 2514423 1999998 IPMG 13749088 11137434IPTG 6792702 - IPTG 57650795 -

43300269 8692884 R & D Assets 1754737 3927306279408571 64566350

Provisions Capital Work in Progress:Central Office 243070 1661373 Workshop BuildingIPMG - 46166 Central Office 124000 -

243070 1707539 124000 -IPTG Building - GUDA

Income & 7 Central Office - 313353Expenditure Account - 313353IPTG 2058605 2058605 - MDP Hostel

- Central Office 467165 -467165 -

Investments 4Central Office 5000000 5000000 1500000

1500000Current Assets,Loans & Advances: 5Cash & Bank BalanceCentral Office 454657079 3078572IPMG 7736991 3355177IPTG 7690586 -

470084656 6433749Deposits with BanksCentral Office - 95100800IPMG 1420000 -IPTG 8000000 -

9420000 95100800Interest Accrued & DueBut Not Recd.Central Office 149053 1416993IPMG 77549 -IPTG 236040 -

462642 1416993Loans & AdvancesCentral Office 13153219 2205110IPMG 2009320 1188075IPTG 2203106 -

17365645 3393185Central OfficePermenant EndowmentFund - PDPU 1000000 -Sundry DebtorsIPMG 155560 -

155560 -Income & Expenditure Account 7Central Office 34115671 6793180IPMG 5242667 7056831

39358338 13850011TOTAL 822846576 186574441 TOTAL 822846576 186574441

(Amount in Rs.)

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INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED ON 31-03-2008




Notes forming part of Account 12As per our attached Report even date

Income Sch. Amount Amount Expenditure Sch. Amount Amount2007-08 2006-07 2007-08 2006-07

Fees 8 Salary and otherCentral Office - - Emoluments 11IPMG 22981020 6383550 Central Office 1240188 436303IPTG 29033490 - IPMG 7685360 1164044

52014510 6383550 IPTG 5948539 -14874087 1600347

Other Income 9 Recruitment/ Admission/Central Office 15400 35000 AICTE Exps. 11IPMG 938488 1280 Central Office 572274 2437537IPTG 1836710 - IPMG 2607443 5763362

2790598 36280 IPTG 6860250 -10039967 8200899

Interest 10 Books & Periodical Exps. 11Central Office 3226348 8230543 Central Office 184281 71815IPMG 246763 45109 IPMG 3647864 801004IPTG 461730 - IPTG 76279 -

3934841 8275652 3908424 872819Excess of Expenditure Computer & Internet Exps. 11over Income 7 Central Office 666286 95445Carried to Balance Sheet IPMG 432947 134530

IPTG 338070 -Central Office 27322493 5950585 1437303 229975IPMG - 7056831 Research & Development

27322493 13007416 Expenses 11Central Office 1517 2324023IPMG 30553 655346IPTG 302129 -

334199 2979369Travelling &Transportation Exps. 11Central Office 2429931 1167314IPMG 33562 -IPTG 2330541 -

4794034 1167314General & Administrative Exps. 11Central Office 5045754 2995663IPMG 4756986 1956793IPTG 3885538 -

13688278 4952456Interest & CommitmentCharges 11Central Office 1976840 58223IPMG - -IPTG - -

1976840 58223Depreciation 3Central Office 18447170 4629805IPMG 3157392 3011691IPTG 9531979 -

31136541 7641496Excess of Income over 7Expenditure Carried toBalance SheetIPMG 1814164 -IPTG 2058605 -

3872769 -

TOTAL 86062442 27702898 TOTAL 86062442 27702898

27

(Amount in Rs.)

SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31-03-2008SCHEDULE - 1 TRUST FUND - CORPUS FUND

Particulars 01-04-2007 TO 31-03-2008 2006-07

Central IPMG IPTG Total Central IPMG TotalOffice Office

Corpus Fund [ Trustee’s ] 700 - - 700 700 - 700GSPC Ltd. 645173317 - - 645173317 125173317 - 125173317GSPC Ltd. - for Music facility - - 463000 463000 - - -GSPC Social Welfare Trust 50000000 - - 50000000 50000000 - 50000000Gujarat State Petronet Ltd. 20000000 - - 20000000 - - -Sabarmati Gas Ltd. 2000000 - - 2000000 1000000 - 1000000

TOTAL 717174017 - 463000 717637017 176174017 - 176174017

SCHEDULE - 2 SECURED LOAN

Particulars 01-04-2007 TO 31-03-2008 2006-07


Oriental Bank Of Commerce(O/D) 59607615 - - 59607615 - - -

TOTAL 59607615 - - 59607615 - - -

28

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29

SCHEDULE - 3 FIXED ASSETS (Amount in Rs.)

SR. PARTICULARS GROSS BLOCK DEPRECIATION NET BLOCK

NO. OPENING ADDITION DURING THE YEAR SALE/ADJ. TOTAL OPENING DEPRECIA SALE/ADJ. TOTAL W.D.V. W.D.V.BALANCE MORE LESS DURING AS ON BALANCE TION DURING AS ON AS ON AS ON

AS ON THAN THAN THE YEAR 31-03-08 AS ON FOR THE THE YEAR 31-03-08 31-03-07 31-03-0801-04-07 6 MONTHS 6 MONTHS 01-04-07 YEAR

1 BUILDING 49941936 54231718 120801991 - 224975645 2525127 16204952 - 18730080 47416809 206245565

2 R & D ASSETS 5646107 - - - 5646107 1718801 2172569 - 3891370 3927306 1754737

3 PLANT & MACHINERY 2350126 444442 9309196 868256 11235508 212840 964733 63484 1114089 2137286 10121419

4 FURNITURE & FIXTURES 6005751 4302139 19738580 - 30046470 445910 1973127 - 2419037 5559841 27627433

5 OFFICE EQUIPMENTS 3298315 2437266 14196412 - 19931993 353621 1872025 - 2225646 2944694 17706347

6 COMPUTER : 3597545 5434139 5780429 - 14812113 1904805 6010256 - 7915061 1692740 6897052

7 COMPUTER SOFTWARE : 1033565 223910 104650 - 1362125 563199 447961 - 1011160 470366 350965

8 ELECTRIC INSTALLATION : 403906 8482654 175914 - 9062474 46254 1339239 - 1385494 357652 7676980

9 VEHICLES : 991330 - 337120 - 1328450 148700 151679 - 300378 842631 1028072

GROSS TOTAL 73268581 75556268 170444292 868256 318400885 7919258 31136540 63484 38992314 65349323 279408571

SCHEDULE - 5 CURRENT ASSETS LOANS & ADVANCES

Particulars 01-04-2007 TO 31-03-2008 2006-07


Cash & Bank BalanceCash on Hand 38985 22715 45091 106791 88779 7411 96190Bank Balance:In Savings Account 454618094 7714276 7645495 469977865 2989793 3347766 6337559

454657079 7736991 7690586 470084656 3078572 3355177 6433749Deposits with Banks - 1420000 8000000 9420000 95100800 - 95100800Income Accrued & Due ButNot Received 149053 77549 236040 462642 1416993 - 1416993Loans & AdvancesLoan to Staff - 600000 - 600000 74993 - 74993AdvancesAdvances for Expenses 10605434 7876 42438 10655748 12563 116239 128802Prepaid Expenses 310376 771114 633812 1715302 221966 757436 979402PDPU 1989 - 1436856 1438845 - - -Deposits 1143740 597400 90000 1831140 1084489 314400 1398889Advance Inomce Tax 1091680 32930 - 1124610 809614 - 809614Expenses Recoverable - - - - 1485 - 1485

13153219 1409320 2203106 16765645 2130117 1188075 3318192Sundry Debtors - 155560 - 155560 - - -

TOTAL 467959351 11399420 18129732 497488502 101801475 4543252 106344727

SCHEDULE - 6 CURRENT LIABILITIES & PROVISIONS

Particulars 01-04-2007 TO 31-03-2008 2006-07


Payable to IPMG - - 155561 155561 - - -Sundry Creditors 22656746 902418 2777240 26336404 4553565 1227707 5781272Honorarium Payable - - - - - 74022 74022Salary Payable - 84589 - 84589 - 6269 6269Security Deposit 2421860 55373 - 2477233 1883123 20000 1903123Other Deposit - 956500 3300000 4256500 - 480000 480000TDS Payable 569904 65451 52066 687421 233245 - 233245Other Liabilitites: 8344634 450092 507835 9302561 22953 192000 214953

33993144 2514423 6792702 43300269 6692886 1999998 8692884

Provisions 243070 - - 243070 1661373 46166 1707539

TOTAL 34236214 2514423 6792702 43543339 8354258 2046164 10400423

30

SCHEDULE - 4 INVESTMENTS

Particulars 01-04-2007 TO 31-03-2008 2006-07


Indian Overseas Bank 3500000 - - 3500000 - - -Vijaya Bank 1500000 - - 1500000 1500000 - 1500000

TOTAL 5000000 - - 5000000 1500000 - 1500000

(Amount in Rs.)

(Amount in Rs.)

(Amount in Rs.)

4 T H A N N U A L R E P O R T 2 0 0 7 - 0 8

SCHEDULES FORMING PART OF INCOME & EXPENDITUREACCOUNT FOR THE YEAR ENDED ON 31-03-2008

SCHEDULE - 7 INCOME & EXPENDITURE A/C

Particulars 01-04-2007 TO 31-03-2008 2006-07


Opening Balance (6793179) (7056831) - (13850010) 842595 - 842595Excess of Expenditure / Incomeover Income / Expenditure (27322493) 1814164 2058605 (23449723) (5950585) (7056831) (13007416)

TOTAL (34115672) (5242667) 2058605 (37299734) (6793180) (7056831) (13850011)

SCHEDULE - 8 FEES

Particulars 01-04-2007 TO 31-03-2008 2006-07


TUITION FEESTuition Fees - 18473300 23598125 42071425 - 4810000 4810000

- 18473300 23598125 42071425 - 4810000 4810000OTHER FEESHostel Fees - 1306800 - 1306800 - 444000 444000Admission Registration Form Fees - 467400 4020845 4488245 - 499550 499550Books & Teaching Materials - 1649920 - 1649920 - 480000 480000Student Welfare Activity Fees - 206500 1273000 1479500 - 60000 60000Others - 695600 119520 815120 - - -Insurance Coverage - 181500 22000 203500 - 90000 90000

- 4507720 5435365 9943085 - 1573550 1573550

TOTAL - 22981020 29033490 52014510 - 6383550 6383550

SCHEDULE - 9 OTHER INCOME

Particulars 01-04-2007 TO 31-03-2008 2006-07


Misc. Income 400 835588 1827710 2663698 - - -Fine - 23000 - 23000 - 80 80Tender Fees 15000 - 9000 24000 29000 - 29000Rent - 59000 - 59000 - - -Late Fees - 20900 - 20900 - 1200 1200Prior Period Adjustment - - - - 6000 - 6000

TOTAL 15400 938488 1836710 2790598 35000 1280 36280

31

(Amount in Rs.)

(Amount in Rs.)

(Amount in Rs.)

SCHEDULE - 10 INTEREST

Particulars 01-04-2007 TO 31-03-2008 2006-07


Interest onSaving Bank Account 341720 169214 225668 736602 114907 45109 160016Fixed Deposits 2884628 77549 236062 3198239 8100001 - 8100001Income Tax Refund - - - - 15635 - 15635

TOTAL 3226348 246763 461730 3934841 8230543 45109 8275652

SCHEDULE - 11 EXPENSES

Particulars 01-04-2007 TO 31-03-2008 2006-07


Salary and other Emoluments 1240188 7685360 5948539 14874087 436303 1164044 1600347Recruitment/ Admission/AICTE Exps. 572274 2607443 6860250 10039967 2437537 5763362 8200899Books & Periodical Exps. 184281 3647864 76279 3908424 71815 801004 872819Computer & Internet Exps. 666286 432947 338070 1437303 95445 134530 229975Research & Development Expenses 1517 30553 302129 334199 2324023 655346 2979369Travelling & Transportation Exps. 2429931 33562 2330541 4794034 1167314 - 1167314General & Administrative Exps. 5045754 4756986 3885538 13688278 2995663 1956793 4952456Interest and commitment charges 1976840 - - 1976840 58223 - 58223

TOTAL 12117071 19194715 19741346 51053131 9586323 10475079 20061402

32

(Amount in Rs.)

(Amount in Rs.)

4 T H A N N U A L R E P O R T 2 0 0 7 - 0 8

SCHEDULE 12:

SIGNIFICANT ACCOUNTING POLICIES & NOTES FORMING PART OF ACCOUNTS

A. Significant Accounting Policies

1 Accounting Convention:The financial statements are prepared on the basis of historical cost convention, unless otherwise stated, and on theaccrual method of accounting followed by the going concern concept.

2 Revenue Recognition:The fees received from the students of Institute of Petroleum Management - IPMG and Institute of PetroleumTechnology - IPTG are recognized and accounted on actual receipts basis. Interest on term deposit is recognized onaccrual basis whereas interest on savings account is taken on actual receipts basis as and when credited by respectivebanks.

3 Investments:Fixed deposits with banks are classified under current assets if the duration of the deposit is less than one year.

4 Fixed Assets:Fixed assets are stated at cost plus incidental expenses. In respect of projects under construction, related pre-operationalexpenses form part of the value of the assets capitalized.

5 Depreciation:Depreciation has been provided on at the rates specified in the Income Tax Act, 1961.

6 Foreign Currency Transactions:Transactions denominated in foreign currencies are recorded at the exchange rate prevailing at the time of the transaction.

Any gain or loss arising on account of exchange rate difference on settlement or translation is recognized in the Profit& Loss Account except those relating to the acquisition of fixed assets, which are adjusted to the cost of the fixed asset.

B. Notes Forming Part of Accounts:

1 The Income and Expenditure account of the Trust has been prepared as per Schedule VIII [Vide Rule 17(1)] of TheBombay Public Trust Act, 1950 and Balance Sheet of the Trust has been prepared as per Schedule XI [Vide Rule17(1)] of the Bombay Public Trust Act, 1950.

2 The trust has maintained Books of Accounts as per Mercantile System of Accounting.

3 During the year Trust had carried out activities in following Institutes:

a) Institute of Petroleum Management, Gandhinagar - IPMGb) Institute of Petroleum Technology, Gandhinagar - IPTG

4. Details of Seed Money transferred by GERMI to various Institutes.

33

Name of Starting date of Opening Transferred ClosingInstitute the Operational balance as During the balance as

Activity by on 01-04-07 year on 31-03-08the Institute

Institute of Petroleum 01-12-06 40,02,600 50,00,000 90,02,600Management - IPMG

Institute of Petroleum 16-08-07 - 50,11,000 50,11,000Technology - IPTG

5 GERMI has given Rs. 10,00,000/- during 2007-08 and Rs. 10,00,00,000 during 2008-09 as “PermanentEndowment Fund” to Pandit Deendayal Petroleum University - PDPU as per Section - 24 of Pandit DeendayalPetroleum University Act, 2007.

6 During the year under consideration GERMI has received following donation as to corpus.

Particulars BALANCE AS RECEIVED CLOSINGON 01-04-07 DURING THE BALANCE AS

YEAR ON 31-03-08

Corpus Fund [ Trustee’s ] 700 - 700

GSPC Ltd. 125173317 520000000 645173317

GSPC Social Welfare Trust 50000000 - 50000000

Gujarat State Petronet Ltd. - 20000000 20000000

Sabarmati Gas Ltd. – SGL 1000000 1000000 2000000

TOTAL 176174017 541000000 717174017

7 In the opinion of the Management, the current assets, loans and advances have realizable value equal to the amountshown in the Balance sheet in the ordinary course of business.

8 There are no contingent liabilities to be reported during the year under report.

9 This being the First Year of IPTG, Comparative Figures For F.Y. 2006-07 in respect of IPTG are not given.

10. Previous Year’s figures are regrouped / rearranged wherever necessary.




34

Block No. 15, 2nd Floor, Udyog Bhavan, Secttor - 11, Gandhinagar - 382011, Gujarat, India.Phone: +91-79-66701002 Fax: +91-79-23249386 E-mail: [email protected]

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