Annual Report - 2005-06 - GAIL (India)

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Directors’ Contractual Benefits Since the end of the previous financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest. Share Options During the financial year, there were:- (i) no options granted by the Company to any person to take up unissued shares in the Company. (ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. Auditors The auditors, Nexia Tan & Sitoh, have indicated their willingness to accept re-appointment. For and on behalf of the Board We, (Dr.) U. D. Choubey and Rajeev Khanna, being directors of GAIL Global (Singapore) Pte. Ltd., do hereby state that in our opinion: (a) the accounts set out on pages 5 to 18 are drawn up so as to give a true and fair view of the state of affairs of the Company as at 31st March 2006 and of the results of the business, changes in equity and cash flows of the Company for the year ended on that date; (b) at the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Signed on behalf of the Board of Directors (Dr.) U. D. Choubey Director (Dr.) U. D. Choubey Director Rajeev Khanna Director Place: New Delhi Dated: 24th April, 2006 Rajeev Khanna Director Place: New Delhi Dated: 24th April, 2006 138 Winning Momentum 139
Nexia Tan & Sitoh Certified Public Accountants Balance Sheet As At 31st March, 2006 Report of the Auditors to the Members of GAIL Global (Singapore) Pte. Ltd. We have audited the accompanying financial statements of GAIL Global (Singapore) Pte. Ltd. as set out on pages 5 to 18 for the financial year ended 31st March, 2006. These financial statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, Cap 50 (“the Act”) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2006 and the results, changes in equity and cash flows of the Company for the year then ended on that date; and Notes 2006 2005 2006 2005 US$ US$ Rs.in Crores Rs.in Crores Available for Sale-Financial Assets 3 19,065,966 19,065,966 85.70 83.45 Current Assets Trade Receivable 4 1,316,250 1,038,062 5.92 4.55 Cash at Bank 91,864 194,342 0.41 0.85 1,408,114 1,232,404 6.33 5.40 Current Liabilities Accrued operating expenses 15,403 54,946 0.07 0.26 Amounts due to holding company (non - trade) 5 775,754 434,940 3.49 1.88 Provision for Taxation 40 537 - - 791,197 490,423 3.56 2.14 Net Current Assets 616,917 741,981 2.77 3.26 Non-Current Liabilities Loan from holding company (non trade) 6 16,588,275 17,200,000 77.18 76.94 3,094,608 2,607,947 11.29 9.77 Representing Share Capital 7 2,100,000 2,100,000 9.64 9.64 Unappropriated profit 994,608 507,947 4.41 2.26 Foreign Currency Translation Reserve – – (2.76) (2.13) The notes set out on pages 9 to 18 form part of these accounts. 3,094,608 2,607,947 11.29 9.77 b) the accounting and other records (excluding registers) required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. Certified Public Accountants Place: Singapore Dated: 24th April, 2006 140 Winning Momentum 141
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CONTENTS Chairman’s Message 4 Hig
Page 5 and 6:
“ Winning takes talent but it tak
Page 7 and 8:
“A Winning Combination” Shri S.
Page 9 and 10:
Statutory Auditors M/s S. Mann & Co
Page 11 and 12:
LPG MARKETING PIPELINE INTEGRITY MA
Page 13 and 14:
GREEN GAS LIMITED (GGL): MAHANAGAR
Page 15 and 16:
SAFE PERFORMANCE OF THE COMPANY Dur
Page 17 and 18:
• GREENTECH Safety Gold Award for
Page 19 and 20:
ANNEXURE TO THE DIRECTORS’ REPORT
Page 21 and 22: HDPE Production (MT) 111305 109158
Page 23 and 24: INDIAN GAS SECTOR - PERSPECTIVE OF
Page 25 and 26: Polyethylene market in India is dom
Page 27 and 28: GAIL has borne a subsidy of Rs.428
Page 29 and 30: LPG TRANSMISSION Your Company owns
Page 31 and 32: The other income represents a very
Page 33 and 34: SUNDRY DEBTORS The debtors (net of
Page 35 and 36: ii. Attendance of each Director at
Page 37 and 38: The payment made to Whole-time Dire
Page 39 and 40: GAIL Stock place at BSE (Rs./Share)
Page 41 and 42: Economic Approach Model The Economi
Page 43 and 44: Five Year Profile (B) GAS THROUGHPU
Page 45 and 46: (b) As per the information given to
Page 47 and 48: Profit & Loss Account for the Year
Page 49 and 50: Schedule 3 - Loan Funds (Rs.in Cror
Page 51 and 52: Schedule 5 - Capital Work-in-Progre
Page 53 and 54: Schedule 7 - Current Assets, Loans
Page 55 and 56: Schedule 10 - Manufacturing, Transm
Page 57 and 58: Cash Flow Statement for the Financi
Page 59 and 60: 20. Contingent Liabilities and Capi
Page 61 and 62: and the Income and the expenditure
Page 63 and 64: Sl. Segments Natural LPG No. Gas 1.
Page 65 and 66: Disclosure as required by Clause 32
Page 67 and 68: Schedule of Fixed Assets (Township)
Page 69 and 70: Review of the Accounts of GAIL (Ind
Page 71: Annual Report for the year ended 31
Page 75 and 76: Cash Flow Statement for the year en
Page 77 and 78: Quoted shares as at 31st March, 200
Page 79 and 80: Holding Company GAIL (India) Limite
Page 81 and 82: Auditor’s Report To The Board Of
Page 83 and 84: Schedule 1 - Share Capital Schedule
Page 85 and 86: Schedule 5 - Capital Work-in-Progre
Page 87 and 88: Schedule 7 - Current Assets, Loans
Page 89 and 90: (Rs.in Crores) Year Ended Year Ende
Page 91 and 92: III. Investment other than in Subsi
Page 93 and 94: ) During the year, the Company has
Page 95 and 96: Information About Business Segments
Page 97 and 98: Share of GAIL in assets, liabilitie
Page 99: Gas Industry specific terminologies
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Annual Report - 2005-06 - GAIL (India)

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