Annual Report - 2005-06 - GAIL (India)

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24. In compliance of Accounting Standard 22 on “Accounting for taxes on Income” issued by Institute of Chartered Accountants of India, the Company has provided Accumulated net deferred tax liability in respect of timing difference as on 31st March, 2006. The item- wise details of deferred tax liability as on 31.03.2006 are as under: Deferred Tax Liability (Rs. in Crores) 2005-06 2004-05 a) Depreciation 1408.89 1407.65 b) Differences between carrying assets in the 20.44 26.80 financial statements & Income tax Less :- Deferred Tax Assets a) Provision for Gratuity & Retirement Benefits 15.59 15.96 b) Provision for Doubtful Debts / Claims / Advances 57.12 61.14 c) Preliminary Expenses & others 15.13 71.90 Deferred Tax Liability (net)* 1341.49 1285.45 * It includes an amount of Rs.NIL ( Previous Year :Rs.1.77 Crores) (Deferred Tax Assets) which has been netted of with Deferred Tax Liability. 25. In Compliance of Accounting Standard 27 on “Financial Reporting of Interests in Joint Ventures” issued by Institute of Chartered Accountants of India, the required information is as under : Jointly controlled Operations: The Company has participated in joint bidding under the Government of India New Exploration Licensing Policy and had been allotted 12 Blocks for which the Company has entered into Production Sharing Contract with Government of India along with other partners for Exploration & Production of Oil and Gas. As per the Production Sharing Contract, the Company has a minimum work program commitment of Rs.551.61 Crores (Previous Year: Rs.137.18 Crores). The Company is acting as non-operator and would have to share in Expense/Income/Assets/Liabilities based upon its percentage in production sharing contract. The participating interest in the following twelve NELP - Blocks as on 31st March, 2006 is as under: Joint Venture under NELP Blocks Participating Interest In addition, the Company has farm-in as non – operator with minimum work program commitment of Rs.41.80 Crores (Previous Year : Rs.11.24 Crores) in the following blocks: Blocks 1) A-1,Myanmar 10% 2) CY-OS/2 25% 3) A-3, Myanmar 10% Participating Interest The Company’s share of assets and liabilities as at 31st March, 2006 and the Income and the expenditure for the year in respect of joint operations project blocks has been incorporated in the Company financial statements based upon unaudited statement of accounts submitted by the operators as follows: (Rs. in Crores) 2005-06 2004-05 Income - - Expenses 101.28 37.79 Fixed Assets 1.42 1.05 Other Assets 139.95 45.25 Current Liabilities 76.67 33.53 Jointly controlled Entity: GAIL (India) Limited share in assets, liabilities, income, expenses contingent liabilities and capital commitments of jointly controlled entities as per Annexure - C 26. Un-audited financial statements of a Subsidiary Company – GAIL Global (Singapore) Pte. Ltd. have been included in the consolidation in the absence of the audited financial statements. The figures included in the consolidated financial statements relating to the un-audited accounts of subsidiary Company are as under: i. Total assets are Rs.92.03 Crores (PY Rs.88.85 Crores) and total liabilities of Rs.92.03 Crores (PY Rs.88.85 Crores) and ii. Total revenues of Rs.5.84 Crores (PY Rs.4.66 Crores) and total expenditure of Rs.3.68 Crores (PY Rs.2.39 Crores) 1) MN-OSN-97/3 15% 2) NEC-OSN-97/1 50% 3) MN-OSN-2000/2 20% 4) GS-DWN-2000/2 15% 5) MB-DWN-2000/2 15% 6) CB-ONN-2000/1 50% 7) MN-ONN-2000/1 20% 8) CY-ONN-2002/1 50% 9) AA-ONN-2002/1 80% N.K.Nagpal R.K.Goel S.P. Rao Proshanto Banerjee As per our separate Report of even date Secretary Director (Finance) Director (Projects) Chairman & Managing Director For M/s S. MANN & COMPANY Chartered Accountants 10) AA-ONM-2003/2 35% 11) CB-ONM-2003/2 20% 12) AN-DWN-2003/2 15% Subhash Mann (Partner) Place : New Delhi Membership No. 80500 Dated : April 28, 2006 182 Winning Momentum 183
Information About Business Segments For The Financial Year 2005-06 (Annexure - A) (Rs in Crores) Sl. Segments Transmission Services Natural Gas Petro LPG & GAILTEL City Gas Un Consolidated No. Trading chemicals Liquid Hydro Distri- allocated Total carbons bution Natural Gas LPG (Note 1) (Note 2) (Note 3) 1. REVENUE External Sales 2063.11 308.18 8587.58 1930.83 2201.74 18.32 277.39 414.02 15801.17 Intersegment Sales - - - - - - - - - Total Revenue 2063.11 308.18 8587.58 1930.83 2201.74 18.32 277.39 414.02 15801.17 2. RESULTS Segment Result (Profit before Interest & Tax) 1721.41 157.66 109.90 711.05 603.12 (1.82) 127.77 - 3429.09 Unallocated Expenses - - - - - - - 263.04 263.04 Operating Profit 1721.41 157.66 109.90 711.05 603.12 (1.82) 127.77 (263.04) 3166.05 Interest Expenses - - - - - - - 134.05 134.05 Interest/ Dividend Income - - - - - - - 417.16 417.16 Provision for Taxation - - - - - - - 1025.42 1025.42 Profit/(Loss) from Ordinary Activities 1721.41 157.66 109.90 711.05 603.12 (1.82) 127.77 (1005.35) 2423.74 Extraordinary Items - - - - - - - - - Net Profit/(Loss) 1721.41 157.66 109.90 711.05 603.12 (1.82) 127.77 (1005.35) 2423.74 3. OTHER INFORMATION Segment Assets 4372.63 1144.77 272.33 2435.64 1026.94 50.21 327.48 - 9630.00 Unallocated Assets - - - - - - - 5784.79 5784.79 Total Assets 4372.63 1144.77 272.33 2435.64 1026.94 50.21 327.48 5784.79 15414.79 Segment Liabilities 1615.84 36.92 12.16 460.34 89.59 19.43 44.75 - 2279.03 Unallocated Liabilities - - - - - - - 1533.10 1533.10 Total Liabilities 1615.84 36.92 12.16 460.34 89.59 19.43 44.75 1533.10 3812.13 Cost to acquire fixed assets 167.22 4.58 4.16 67.43 13.31 0.94 50.10 9.67 317.41 Depreciation 247.28 68.97 12.62 137.65 89.11 8.11 29.77 8.37 601.88 Non Cash expenses other than Depreciation 4.89 (0.31) 0.01 5.37 (4.24) - 0.07 30.89 36.68 Notes 1. Includes JV Petronet LNG Limited 2. Includes JVs IGL, BGL, MGL, CUGL, GGL 3. Includes Subsidairy GAIL ( Global) Sinagpore Pte. Limited and Associate Company share Information About Business Segments For The Financial Year 2004-05 (Rs in Crores) Sl Segments Transmission Services Natural Gas Petro LPG & GAILTEL City Gas Un Consolidated No Trading chemicals Liquid Hydro Distri- allocated Total carbons bution Natural Gas LPG (Note 1) (Note 2) (Note 3) 1 REVENUE External Sales 1923.80 301.84 7226.52 1842.05 1837.48 18.42 233.48 227.03 13610.62 Intersegment sales - - - - - - - - - Total revenue 1923.80 301.84 7226.52 1842.05 1837.48 18.42 233.48 227.03 13610.62 2 RESULTS Segment Result (Profit before Interest &Tax) 1193.54 89.54 219.17 804.24 609.00 (1.07) 94.73 - 3009.15 Unallocated expenses - - - - - - - 145.94 145.94 Operating Profit 1193.54 89.54 219.17 804.24 609.00 (1.07) 94.73 (145.94) 2863.21 Interest Expenses - - - - - - - 150.92 150.92 Interest/ Dividend Income - - - - - - - 268.63 268.63 Provision for Taxation - - - - - - - 958.45 958.45 Profit/(Loss) from Ordinary Activities 1193.54 89.54 219.17 804.24 609.00 (1.07) 94.73 (986.68) 2022.47 Extraordinary items - Net Profit/(Loss) 1193.54 89.54 219.17 804.24 609.00 (1.07) 94.73 (986.68) 2022.47 3 OTHER INFORMATION Segment Assets 4528.40 1209.44 364.01 2120.58 1466.32 57.98 356.49 - 10103.22 Unallocated Assets - - - - - - - 4727.16 4727.16 Total Assets 4528.40 1209.44 364.01 2120.58 1466.32 57.98 356.49 4727.16 14830.38 Segment Liabilities 1887.47 38.73 61.30 96.36 123.98 26.48 117.61 - 2351.93 Unallocated Liabilities - - - - - - - 1264.63 1264.63 Total Liabilities 1887.47 38.73 61.30 96.36 123.98 26.48 117.61 1264.63 3616.56 Cost to acquire fixed assets 303.00 436.52 237.09 57.59 0.50 (197.33) 64.52 46.37 948.26 Depreciation 560.44 140.41 12.10 136.80 95.08 7.67 23.77 6.25 982.52 Non Cash expenses other than Depreciation 4.76 (0.20) 0.13 0.06 1.74 - 0.05 11.98 18.52 Notes 1 Includes JV Petronet LNG Limited 2 Includes JVs IGL, BGL and MGL 3 Includes Subsidairy GAIL (Global) Sinagpore Pte. Limited and Associate Company share 184 Winning Momentum 185
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CONTENTS Chairman’s Message 4 Hig
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“ Winning takes talent but it tak
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“A Winning Combination” Shri S.
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Statutory Auditors M/s S. Mann & Co
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LPG MARKETING PIPELINE INTEGRITY MA
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GREEN GAS LIMITED (GGL): MAHANAGAR
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SAFE PERFORMANCE OF THE COMPANY Dur
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• GREENTECH Safety Gold Award for
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ANNEXURE TO THE DIRECTORS’ REPORT
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HDPE Production (MT) 111305 109158
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INDIAN GAS SECTOR - PERSPECTIVE OF
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Polyethylene market in India is dom
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GAIL has borne a subsidy of Rs.428
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LPG TRANSMISSION Your Company owns
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The other income represents a very
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SUNDRY DEBTORS The debtors (net of
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ii. Attendance of each Director at
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The payment made to Whole-time Dire
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GAIL Stock place at BSE (Rs./Share)
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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 and 72: Annual Report for the year ended 31
Page 73 and 74: Nexia Tan & Sitoh Certified Public
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: ) During the year, the Company has
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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