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qfEfEKIn'BT{ ETEFmq ql-s eftfirWtq ffi{ ftaJALALABAD GASTRANSMISsION AND DISTRIBUTION sYSTCM LTD.
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TRANSMISSION LINES & GAS FIELDS OF BANGLADESH
JAIAIABAD FRANCHISE AREA
TITAS FRANCHISE AREA
BAKHRABAD FMNCHISE AREA
TRANSMISSION LINE
GAS UNE TO WEST ZONE (PRO)
GAs FIETD
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C DrsrRrBUTroN AREA
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JALALABAD GAS FRANCHISE AREA
EXISTING TRANSMISSION LINE
TRANSMISSrON LrNE (PLANNED)
DISTRIBUTION AREAS
GAS FIELDS
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rortFk n-:fo6l e ofu?Izn< lsnF{ s:{1E1
Report of the Board of Directors ofjalalabacl Gas Transrnission and Distribution Systern Lirnited
for the Fiscal vear 1,997-98 to the Shareholders at theazt; Annual General Meeting.
Il ismillahir Rahnranir Rahinr.
Ilespected S harehold ers,
Assalamu-alaikurn,
On berhalf of flrc llo;rld of Dircctor:s ol [erlalabad Gas Tri-ittsmissior-r &
Distr:ibutjon Svstern Limitecl it is mV gleat plcasure to have thtr
oppoltunitv to lr,L:lccrrrrc VoLr all to tl-re 12tl-r Annual Ger-reral Meetir-ig of
ihe crtr.rrpraillr. 1 ,.* delighted to present before yor,r the clcr.eloPment,
c-rprer:ationn[, financial ar-rd admitristlatjr.e actir.ities of tl-re comptrlrv ft,r
t1-ri: fiscal rrcar 1c)c)7-9E.
r\ll of vou a,lr€r ll\\rare that the cliscor.erv arrd corrrmercial ttse of lratural gas started rri
Bllglaclesh in tlre sircrecl lancl of l-Iazrat Sl-Lahajalal (lt) arrd Jalirlabacl Clas System wars
forme.cl after infrastructural cler,.eloprrrent of Gas Ttansmissiot-t & Distribution Svsterrr
rurcler tl-rc. supervision of Petrobangla to supplv Gas to Sylhet region which was latt'r
tlansfor:med irrto a Limitecl colnpanv trrrder the Cctmpal.rv's act with an altthorisccl
ci-ipital of Tk. 150 clor:e.
As a seryice orientccl companv the n-rair-r objective of Jalalabad Gas Transmission atrcl
Distr:ibr-r tior-r Systcm Lin-ritecl is to assist sc'rcio-ecorromic derrelopmetrt through
sr-rppiying gas in tl-ie greater Sylhet legion.
Thc ccxrstrlrction of pipeline, installation ancl maintenancc of othel relate'd faciljties ale:
il one to L-l-rsur€-- constatrt transnrission irr-rd clistlibr-ttion of gas to the franchise areal tlf tlrirr()nrpi:rlrV anrl tlrus the comprany l-ias been playing an important role it-t redttcit-lpl,
cle;re111-lcnc€t ott irrrportecl energ\,', savings of foreign ctlrrercv ancl rnainl.'pnngs 1'rl'
ecological balance.
Distinguished Shareholders,
I ',.,',ruld likc to present Lrefore vou a brief account of the clevelopment activities of t1-rt:
r-,.rrFanv fol tlrc ).eal unclelt ttet'ietr\'.
Thirel \atural Gas Development Project:
Llrs Dt-:r'elopment Ploject u,as taker-r r-rp r,t,itl-r finarrcial assistance of ADIIr,c.,r>crl clcn-ianc1 of gas in Svlhet area. Tk.70.98 crore including Tk.37.64
,,-r',:'tlrCv ar-rcl TK. 33.3.t crole as foreigi-r cLrl'r'encV rVele allocated agair-rst
r.l.-, < fleveftrppgpl Irroject uncler anrrna-il Developmer-rt Programnre. A 15
' ..'--r,"-.,lint,fr'om Kailashtilli.i to Kuchai ancl 2tl Km long 5" dia rr,r.-tit-t
--.- -t. rili\LLrrLl S).ll"iet tor,r'n has Ltccrr constrtlctecl. as per the plojcct-' .:- '-:'-'rr,r-r'i-l fte.ci gas sr-rpplr'fl lristir-tS arnc-l iutttt'e indttstrial i'rnd
@tr<-t= ef,gz<F )
ll
\ +l Kt-r'r long E' clja {(:rs
Fil-.eline hrrs beetr ctlnstrr-rctccl
trr lrrcct tl-re futtrle clctnalrcl rlf
g.rs to Cl-rh;itak Cement F'acton'
aftcr BI\4RE ancl othcr'
ploposccl f itctolies ir-rcltrcl ing
L.a farge-Su lrrra Ce'trr ent Fac tclrv
of Chl-rr-rtal< re--sion. As a restllt
sas sales ttt Cl-ratak regiot-i hi'ts
ir-rcr:cersed cttt-tsiclerablv. Or-r thcl
otl-rct: h.rIrcl, thlee [Legulirtior"rg
.rncl Meterir-rg St.l titlt'ts 1'rave:
been installed ttl ci'ttt'l' tht:
irrct:easccl clemarrci oi all
catelgolies rtf cttsttltr-icrs atrcl tcr
Ullstll'(' l)l'()Pt'l' lll()l'litt't'ittS trl
gas fl on'. A tclecorlr nctr'r'tlrk
corn rrru t-t i cati on aIr cl obserrte-rti or-i ilr
ancl chatal< ttf tl-rc Stllrlra rivcl has
tlre lvorks of the prclject have been '
.,igait-tst Tk. 70.t)E clorre proviclccl in
Heac{ Office Building of tl-re Company:
Tl,Le extent .f marintelancc ancl other works of the comparlv has inclea-ised cousider"ablv
rr.ith t6e increase of gars sr-rpplrr nctr,vork in greater Sylhet lcgion as such the office r'r'orks
.f TCITDSI- are being rnn bv arranging accomoclation in hiled houses at different areas
of Sr-,ll-ret Lorr-r'i, as a rr:strlt, intcr clcptrrtmerrtal co-ordination cannot be performed easi11'.
\\ritl-r a vier,r, trt mn the activities of tire compt'lnY fl'om one poir-rt ancl irr consideration oi
15c pr:actic;rl r-rece-ssit). of thc companv 1.50 acres of lar-ic1 r,rras takerr on long term leasc
:r..nr the Goyt. at N{encliba-rgh area of Svlhet tornrn to constrttct the heacl ttffice Lruilclir-rg.
\ P.l, \\rr-rS pr-cp;rrecl to c()nsttll:ct a 10 storied builcling i-raving a plintl-r area of 1,53,80()
<rl It at;,r Ct'rst of TL. l,trtt().tXl L.lcs trorrt t1-iC Compa[\,r'$ 1111111 futlcl.
The cnsturctior-r of tl're builcling \vas schccluled to be compieted by June '98 as P€rr'
.rp.pr-t-r,,,erc-1. P.;, but the plogless has been delaved dr,re to natural calamity during fixing
.i glass on the curtairr rvall arrcl paintirrg of outside r,r''all of the buildrng. The above
-.,.()rks h.rr.e norv beerr cornpletcd and it is l-roped that the constr"uction of the building be'
--, rrrrp1etec1 bv Mirrcl-r, 799c).
Iie ancillan. r,r.orks c.g. the sir-rking of deep tul-,e-r'l'ell, insta.llaltion of getrelattrr,
.rr-<tr-uction of bounclary n,all and interior decoration works har.e alreaclv be'et]
--..:r1frletecl. Inst:rllation of 1000 KVA Electric Substatior-r for tl-re supply of elecricttl'' to the
-,:rl.line has been c'leltrved clne to tegal problen'rs. Under the circumstances steps hare
. ro:.1.lr- been initiatec'l to make-. the building useerble after receir.ing Power supph'fr"om-, l:1: generatol already irrsttellecl.
ffitr<tffio qG-r<q-{ >bbt'
I nstallation t,l' l'i g l-arunclrcr faci lites u rltler TN('
hals also been irrstalled to maitrtain cotrstatrt
the flanchise area. Besides, rit'el ctclssing at Kuchali
been cctmpletecl by dlrectiorra1 drillirrg method and
ccrmpleted in June '98 at a totat cost of Tk. 67.2lcrore
the rcvisecl P.P.
q
I{esperc tcd Sh arelr ol ders,
It is kr-rorvn to \.ctu that lirr:ge sci-]le programme for- cxlratrsion of pipelirrc, of 1c\\, prt-rjcctcould not be taken rrp ;rs tl-re fr"anchise area of JCTDSI- is very liniteci a*c1 also .otcomnrerciiillv prosfrectir-e. Ir-rspite of this, ]alarlabacl gas cngaged irr gas nrarketing ar-rclcnstol}1et: set'r.'ictl f-i;rs acl-iievecl lenarkable sLlccess in inceleasing gtrs cctnrrectiotts,re'\'elrLle it-tcttrne: irnd cotrtrol of sl,stem loss cluring 7997-.)8 compared to the precedi.gy.eirr. Dut'it-rg thr: ).eal uncler rer,,ieu., thc. compan\, has prctr.icled 4,251 EIas conncctionsirrch-rdir-rg I inclustlial au-rd 74 cornmelcial u'l-ricl-r is 3,19i, mole than thc preceding yearafter larvirrg 17tr.cXr I(nr. transrnissiotr, clistr:ibution ancl selvice lines.
Conseque,1ll1', the corrpany has earned a total revenue of Tk. 112.77 crore selling anaverage of 70.00 N{MCF crf g;rs per clav totalling 25550.00 MMCF througl.rout the year tc'r
5373E cttstomels dtrring the fiscal yeat 7997-c)8. Sucl-r extensir.e activities 1-ras againprJavcd a r.itarl role irr coiic'ctiolr of aleal and cullcnt gas bi1ls from arll categorie.s ofCLtstr rnlel':.
Tl-re total arear of tl-re comparry u'as Tk. 24.08 crorc upto 30th Jtlne, 199E excepting Tk.27.84 c1'ol'c cluet from NGFF ar-rc1 it r,r.as equivalc-nt to 2.41 n-ronths ar.erage gas bill asirgait-tst 3.65 morrths of thc plevicrlls vear. Tlre compalrlr flns cor-rstrnctec] a 32.00 Km. arrdlc).110 Kn-i 1ot-tg clistribtrtion r-returork in Beanibazar'& Balalekha.respectir.elv at a cost ofTk.2.77 crore, But gas supplv to these area could not L-rc staltecl as tl-rc productiorr ft:on'rBearnilrazau gats fielcl has notyet commencecl and tl-re
acqr-risition of larnd for tl-re
insttrllartion of Ilegulation &N,{etelirrg Station is rret to ber
.-c)nr Pleted .
It is hopcd to start supplv ofg.,rs u,ithin shortest possibletillr e to Beanibazar: &B.rr'.,rlekhi-r if pr:ocluction flom..rs iielcl is startecl ar-Lc1 the.'.,--.1r-risition of 1ar-rcl for
-,,r->tllLction of RMS is reacly.',-:-,,'.:t l.()il{-l Dorrrestic, 40
-' ::-r-ri,r.rial i,rnd I(l Brick field: : ---' -'r:t'.r rvill bc suppliecl gas
. :'-t ri.. iltt: rer-entre earrrings of
Sr,.stern Loss:
:l-.'I -..1 :-.'<11..e-cs of the maIlaEJement of this compauV was the. cor-rtr:c-r1 ctf systc-rr. ' :- - ::-.' r. ear' I tlclT-g8. The svstem loss of the company in the vear undel rer-iew, .:. .:j:11'.t tl-rc-.-rcceptablc limit of 2"i,' i'r:t gas transmission arrcl c-listribr-rtion
- - ,:r'--r:r:'rg the loss of Tk. 1.50 crore.
etr<,,€< qfz<ra >sst'
Sunna rirrer clirectirrnal rlriiling rrnLlcr. I 'r(
tl-re company rvill also be increased.
Hon'ble State Ministel fol Fnrlrsv at tlre:
functirx-r of 11th A(lN,l
Disconnection :
As a part of rer.enue collcction drive and controlof irregularities cornmitted by the consumers, a
total of 1341 c()nnections were disconnectedduring the year rthich included 1291 domestic,47 commercial and 03 industiral connections and719 connections were reconnectecl on realisationof bills. It ma1, be mentic-r1led tirat the regulardisconnection dlive is creating awareness amon!!the consumers resulting increase in revenuecollection as well.
Emergency Gas Service:
Emcrgency services were provided to 1552 callsto ensure uninlerrupted supply of gas and toavoid accident dur:ir-rg the fiscal year 7997-98 as
against 1460 cal1s of 7996-97. It is notable that theemergency calls are gradually increasing withthe increase of gas connection and ageing of thepipelines. A successful campaign run throughthe press audio and r.idetl,r-r media by theCompany to ensule- pl'oper use of gas and to
avoid acciclent has created sle:rter public a\.vareness. As a result thc nr-rrlber of accjclerrtsand loss of life & property has considerably decrcased.
Civil construction:
T1-re constrcution of boundary rr,.trll of Fenchugarnj Regional clffice has been completed inthe morrth of Februarr, 1998 at a cost of Tk. 8,50,1)60/- to ensure security of the office.Construction wolk of Regional office building at Moulvibazar is also expectecl to becompieted by Febrr-ray,199L) at a cost of Tk. 94,35,435 / -
Il-rer painting of office building and boundalr. r,r,,arlI of Sreemangal Ilegior-ra-il office at a
:ost of Tk. 1,20,935.84 and the maintenance of Harbiganj Regirrnal office at a Cost of Tk.)37,423/- have bee-t-t completecl in all respect in the morrt}r April ar-rc1 September, 19c18
I'cspectir-elri Besicies, tlre ctrr-tstrtrction of approacl-r roacls to Mr-tushibarzar ancl LoyarriDistrict Regulation Stations have been compietecl ir-r tl-re rnor-rth of Fc-.Lrruarr:y, 199E at a-',.st of Tk. 2,E0,E05/-
)rqanograrn :
, rre' organogi'am of the Companv l-ras been revised and appror.ed kceping ir-r vier,r, the-'1-.]t1siol1 actirrities. Pror.ision has been kept in the organogrant to run the orrerall':tir-ities of the Cornprany bv the Managing Dilector through 5 clivisions. In the set up'l''l'ott.of officelsand535postsof staffhavcbeenkept. I'resently 23gofficer:sanc1367-..':i inclucling 11 fenralc officers and14 female staff are engaged in the Con-rpar-ry. Tl-rt
-' ''--ti(tlr of MSIP rccomlflendations mav call for a revision in the olganogram.
mtr{Fo qG-c<q-{ )bbt
Training Programnre :
Dr-rrirrg the \.ear nnclel rer-jerr' -13 r.fficr:rs ar-rcl 8 staff rt ere tlt-rilred in the cour-rtry on gas
regulatior-i and maintenance, \DT, safc'tr' & efficier-rcy, accounting lnana[Jement,
r.velcling ancl irrcl-rstrii-ri rel:rtiorrs. At the- sat-uc time 16 officers receivecl foreign trainirrg
on arclr.alrced gas technologr.
Human Relations
The Compan\- ()rgani-*ecl ;tr-rnua1 sports, picnic, incloor tlantes arrd Milad mahfil duringthe r-eal under revjr.rr- to cier-elop brotherly relatior-is among tl-re officers and staff and tct
lnclease nrr-rtnal unclerstancling ancl credibility. Scholarship-r arncl ceitificatcs wele
arr-.rrdec1 tp thc childre.n of the employees on the basjs of tl-reir results in.\rrnual Sc1-rolarsl-rip exarninations. Besides,the Martyrcla-ry, Independence day and
\-icltrrr- dirr- rr-as obselved r,r.ith dr-re errthusiasm and solernnitY.
Environment Protection :
llrc Lrrtnp;r11y lta: beett co
ordirratir-rg w,ith the concerneddir.i.sior-r of petr:obangla to l-relp
majrrtain ecological balance andplerrent environment pollutionir-r rrier,v of the- nation;rlconrmitment.
Besicles, the compr:rny r-rnd ertake's
trcc plantation plogralmme e\rerv
ve-ar in clifferent establisl-r ments
of tl-re company folloivingnationaI tlcc: p1aniation
L p-grar-1etion ir ork trl Sh,rlrtibazrtr ('NlS
pl()gralnme arrd Plautecl 157
trees . of differer-rt kir-rcls cluringtht' vca t' tttrdt't' t'eV ievt'.
Respected Shareirolders :
I rr orrld like to c-lralv vour kir-rc1 .rttern tior-r tl-rat Jalalabacl gas l-ras been sttstaining the trend
,.i der-elopmcnt in constlr-rt.tion oi 1-ripe liner, gas mitll<eting arrcl rcvenue it-tcome from its
inccptiot-r erncl conseclurentll. the gas sales oi tl-rc cornpany 1-ras increascd to 70 MMCF fronr
lrr \1,\1CF pel dav.
l: ,'..trtr1c-i be rrrolth nrcr-rtioning that enormot'1s oppctrturritv of gas rr-rarketing arrd.. ,. r,t-ilie carnit-tg l-iar.c Lreren crcated follou,ing t1-re govt. & trot-t gor,'t. Pt'r)gralnmes of
, -:-,':1i.i'rrng irlclustr:ial units ir-r Cl-lhatak regior-i. Consequer-rt1y, gas sales of tl-re company'- .i-,..t, .rr-eas rvil1 be increasecl to 43 MMCF fr:on-r 17 MMCF per day rthen Shahjalal
i'rr:,l,ztr. F.rrttrrv is establishcd bt'2001-2002 in place of tl-re cristing NCFF. Moreor.er, it-:'r.'-ic,JiL.J. ti-rat cr nr-\\'100 MW PorveL Plant r,till bc esti'iblisl-recl by PDB besidc the
\1\\ p.1.111t at Fenrhuganj bv thc yeerr' 1999-2000. Wl-ret-r con-rp1etcc1, the.'i.,.:a1cs trr t]-re pou'er stations of the alea r'r'i1l furthcr: increase fronr 18
=:, ',.1\TtF per.l,rr-. :\itcr conrpletic-rn of BMRE of Shtrhjrbazat Por.ver Statior-r
@@4ft6 qft1a6a 5666.
-r I \,IMCF of gas is now being consumed instead of 15 MMCF per clay and this may rise
'.rpr to 38 MMCF per day ir-r the neaL fttture'
\\-her-r tl-re proposecl ner,t (r0 MW. Powel. station is corr-rpleted by the 1'931 19c)9-2000' gas
.:ales t. Shal-rjibazar er-rcl r,tri1l increase to 60 MMCF per day and in order to meet the
irLcreased demancl a ProEJlamme has been taken tcl r-rpgracle tl-re existing District
Regulatirrg Station ar-rd to construct a new reguiating station at a cost of Tk' 1'90 cror:e'
The supply of ir-Lcr:eased quantity of gas to Chhatak Region has been ensured thruogh
the construction of pipe line from Kuchai to Cirhatak under Thiltl Natural Cas
Development projeci. a= such the internatic'rntrl1y reputed' M/s Lapharge-Surma
Cement limited l-ras clecided to establish a cement factory at Chhatak ar-rd completed
Iand accl-risiton. Initially about 2(r MMCF of gas will be reqttiled per: day to rur-L the
Factory from the year 2007-2002 and the preliminary discussion to effect the gas
L-.,rchase-sale agreemer1t has alreacly been jnitiated.
-\ programme for the extension of existing pipe line netr'r'ork of the comPanv has been
taken up from Hydrocarbon Developmenl Fund of Petrobangla irr r-iert' of the orrer all
,le'elopiment .f tire company and in clrder to supply gas to bulk h-rdustries as rt'ell as to
ensure d.evelopment of infrastructule and ecoiogical balance.
-\ prror,,ision has been kept to supply gas to Jairrtapur, Ajimganj' Gobindgani, sylhet
to\\.n, Moulovibagar ancl Sr""-ot-tgal-afier constructing pipeline netlvork at a cost of Tk'
i.36 crorc ,..d corir-t"ctio.s rt,ill be given to 3000 domestic, 80 commercial' 5 Tea Gardens
-'.nc1 5 gas generatol thr"ough the proposed netrtrork'
l- the proposed 60 MW Power Station at Sl-rahiibazar, 100 MW'Port'er Station & Shahjalal
Fertilizer -factory at Fenchttganj anct Lafarge-Surtntr, Pialn & Akiz Cement Factory at
Jhhatak region are constructed, the gas sales of the companV will increase to 775 MMCF
rrrm 70 MMCF per day and the earnings of the comPal-Iy rt'ill also be increased'
Distinguished Shareholders :
l-:-re fiscal year 1997-9E can be marked as a financially successful year for the company'
. :re con-rpany sold 72.577 crore cubic metle of gas argainst the target of 65.860 clore cubic
--L.tre of-gasancl earned Tk. 149.60 crores in revenue rvhich included sales revetrue of
;- 112.77 crores ar-rcl other income of Tk. 6.84 crore. The total operational exPenses
-.-:rir-rg the year was TK. 125.57 crore tnclucling Tk.'12.35 crol'e fol. gars purchase as
.:,:.irrst revenue earning and operational cost of Tk. 144.54 crores ancl Tk 118.'18 crores
: >'--ectively in the preceding year.
-: i. 'L-sr-r1t
of constant efforts during the year 7997-98 to leaiise arrear revenl-le, the total
-r.tr.i1- 9f the company stood at Tk. 18.84 crore rvhich is equirralent to 1.92 months bill
, -:rrtjr-rg the due.s from NGFF & SPPM. The arrear dues from NGFF & SPPM upto 3oth
-t 1998rvas Tk.27.87 croreandTk.5.28crorerespectively. Itmaybementionedthat- -: rrr"e &r-S due against SPPM & NGFF has been increasing compared to 7996-97.
- : -., l.e noted that the NGFF has failed to pay the previous dues as agreed upon' As
: :-ra,,-r\\, that SppM & NGFF of BCIC consume about f / 4il1 of total gas sales, nou-
-- r' -r- er-Lt of bil1s by the Govt. Colporatic-rn against huge Lltlantity of gas used u'ould
ffitr<lffiq qG'6qq-{ 555b'
aclverscll. affect the or.crall actir.itres of the companv ancl also can create problems infuifilling the cor.enants of the Donol Agencies. Moreover, p.iymel1t frrr gLls purchased,
f)SI., ir-rcome tax is also being clclayecl. As sucl-r appropriate actions has becorne
imperative to realise ;llrear c-lues irorn the 2 companies of BCIC. Inspite of the above,
]GTDSL has parid al-r arrrL)unt of Tk. 8.40 crore as Principal & rnterest against ioar-t
receir.ccl b1r 11," Conrp-,3111' anrl fr-r1frilec1 the convenants of loans.
Pre-tax profit:
Tlre pr:etar proht of the conlpanv cluring the year ltnder review stood at Tk. 24 .O3 cror"e
rr hich is lorvel bv Tk. 2.02crore compaled to tl-re prececlingl vcar.
Rate of Return:
The rate of retuln of thecompany during the fiscai yearlqqT-qS is 23.22",,. This \\'rrs
29.36"/,, in the preceding year.
Contribution to GovernmentExchequer :
The company has deposited a
total of Tk. 26.49 crore to theCovt. exchequer in the year1997-98, which includes Tk.(r.13 crore as income Tax 6.36
l{eh-b. l. t- tj c)n ur()rk
crore as DSl,which is lolt er by Tk. 0.83
Loan & Equity :
crore as import tariffs, TK. 5.95
crorc as dir.idend and Tk. 8.05
crore compared to the previous year.
The loan anci equity of the compar-ry ir-r tl-re vear are TK. 95.65 ancl 154.55 crorerespe-ctir.e1,v" The loan and equity ratio has decresed frorn 35:65 of the prer..ious year tolS:62 clurir-rg tire year ur-rder rer.ierv.
Respected Shareholders,
J:ialaL.acl gas has been playing a vital role in saving huge ammount of foreign Currency-',, cirsrlr:ing sr-rpply of gas al-rd its rnaximum use as alternate energy through reducing.:e'--.rr-,.-lence Lln impor:ted energy. On the other hancl, Tea is one of the major exportableir:l- rri R.-urglerdesh arnd Jalalabad Cas has been contributing; a lot by supplying gas for
-- . . r-r.l ._ tr.,.).
I:::-.-",' :e'n'.er-rtroned here with satisfaction that the company has been implementing:t.,, r'r,r'.-:-:cr-i: frr)iects and designir-rg & constructing pipeline, regulating stations on its,.r', .-r -r'.'.it'..'Lt : er'.gaging an\- consultants.
a> a :l-.::.t:,,,t-,'.- al',.i L.rofitabie compat-ry in the gas sector, the officel:s and staff ofTalalai:a.l C-:. r'.:..-. L.et'r-t ctrntributing to the socio -economic developmerrt of the
@@6rffi6 qft-5<q-{ 5>at.
I
countr\r. We firmll, belier.e tlrat the company can e11sr-lre better use of talent of itsnranpo\ver if they are pr()per11. trainecl and rightlv placed rt,ith better w'orking
atrnosphele.
Distinguishecl Shareholders :
The progrr,.ss and prosperity of tl-ie Jalalabacl Clas Transmission & Distribution Systen-r
Ltd. have beeri possiblc due to the hardw'ork, sincerity, intcgrity and the relentless
effor"ts of t1-re officers and staff as r,tell as all out co-operation of tl-ic Ministry at-rd
Pe.trobangla. Orr bel-ralf of tlre Board of Directors, I would like to extend mv heartiest
congratr:lations to tl-re officers and staff of all levels of the cornpany for: discl-rar:gir-rg theircluties and responsibilities tor,r.ards achier.ing the or.eral1 development of the company.
For providing necessary cour-rselling, gr-ridclines assistance and Co-opelation for the
der.elopmerrt of tlre compalry. The Ministrv of Energuy ancl Mineral Resources,
Petrobangla, Economic Relations Divisior-r, Planning Cornmission, Natiotral Board ofl{evenue ancl thc Sylhet Dir,.isional and District Administration cleserve thanks from us.
I w,oulcl atlso like to take the prir.rlege to thank the Gorrernment organisatiorrs ancl
ccrncerned dor-rors for pr"oviding arssistance to the company.
Distinguished Shareholders :
Let me thank yor'r once again for your presence in the 12t1-r Annual General Meeting and
for gir.ing mc a patient healir-ig. At tl-re same time, I request you to kindiy consicler ancl
appro\/e the auclitecl Acconnts, Balance Sheet, the Auditor's Report anci Directttrs'
lieport.
Before concluding, I prav to Almighty Allah fol the continuecl progress ar-rcl prosperitv
-.i Talalabacl Gas T & D Svstem Ltcl.
\ia1z d|lnft help r-rs all irr the days to come.
r-'lr-r behalf of Boarcl of Directols
[wtr\ Icl. N{osharraf Hossain)
Chairman
ffi_aqffiqft-6aqn 5556.
E
TOHA KHAN ZAMAN & CO
CHARTERED ACCOUNTANTS
we have examined the annexed lncome statement for the year ended 30 June 1998 and the
Balance sheet as at 30 June 1998 together with notes thereto of Jalalabad Gas Transmission and
Distribution System Limited, Sylhet'
Our verification was conducted in accordance with generally
includes such tests of accounting records as were considered
accepted auditing standard, which
necessary under the circumstances'
Afier due verification of the books and records we report that:
1.00 The best of our knowledge and belief , we have obtained all the information and
explanations which were necessary for the purpose of our audit:
2.00 ln our oPinion:
2.01 The Balance Sheet and the lncome statement respectively exhibit a true and fair view of
thestateofthecompany'saffairsat30June"lggBandoftheprofitfortheyearendedonthatdateandthatofBalancesheetandthelncomestatementcontainallthernformationrequiredbytheCompaniesACt,lgg4asmodifiedbytheaccountinganddisclosurepolicies applicaUfe to all Petrobangla Group companies:
2.02 Proper books of account as required by law were maintained by the company so far as
aPPeared f rom our examination,
2.Og The Balance Sheet and the lncome Statement are in agreement with the books of
accounts maintained by the company and examined by us:
The Balance Sheet and lncome Statement have been drawn up'
a) ln conformity with the Companies act, 1994; and
[i rn u."oroante with the requirements of schedule to the Securities & Exchange
Bules 1987; and
2.04
3 OO The expenditure incurred during the year was for the purpose of the company's business'
(Toha khan Zaman & Co.)
Chartered Accountants "
@@<rfi{o qG-r<rq >sstr
1 998
PRINCIPAL ACCOUNTING POLICIES
Accounting Convention :
I . The Financial statements of the company are prepared using the historrcal cost convention, on a going
concern basis. the financial statements are prepared in accordance with applicable accounting
standard of the lnstitute of Chartered Accountants of Bangladesh, which are consistent in all material
respects with lnternational Accounting Standards.
Foreign Currencies:
2. Foreign currencies are recorded at the exchange rate at the date of transaction or, where covered by a
forward exchange contract, at the foreign currencies are translated at the closing rate and the resulting
exchange gains and losses are recognized in the income statement, except for gains and losses arising
f rom loans directly related to capital works in progress up to the date of commissioning of the assets
concerned.
Tangible fixed assets (Basis of Valuation):
3. Land is being carried at cost.
4" Other tangible fixed assets are carried at deprectiated historical cost, including the cost of
improvements.
S. Tangible Fixed assets are reviewed for impairment at each balance sheet date and the carrying amount
is reducecl to the extent that this exceeds the amount recoverable from the future use or sale of the
asset concerned.
6. Grants received from Government and donor agencies relating to extensions of the gas supply
inf rastructure are credited to Capital Reserve. contributions received from customers towards the cost
of connection to the gas network are deducted f rom the cost of the relevant extension to the network,
any surplus or dficit being taken to lncome Statement.
Depreciation:
7. Fixed assets other than freehold land are depreciated on a straight-line method. Depreciation on fixed
assets acquired during the first quarler, second quader and third quarter of the year has been charged
on assets acquired during the fourth quafter of the year.
lnterest on borrowings:
B. lnterest on borowings accruing during the period of project execution is capitalized as part of the cost
of the developmet expenditure. All other interestis recognized in the lncome Statement in the period in
which rt is incurred.
Maintenance:
9. Expenditure on maintenance of tangible fixed assets is recognized as an expense in the period in which
it is incureed.
lntangible assetsl
t 0 All expenditure on intangible assets, except that meeting the criteria for deferment under JAS9 is
charged to lncome statement in the year tn which it is incurred. This includes research and
development expenditure, except expenditure on related laboratories and equipment.
" Expenditure on research and development meeting the criteria of JAS9 for deferral is ammortized by
refernce to the period of expepected sale or use of the product or process concerned. The Board
reviews all deferred resarch and development expenditure at the end of each financial year. When the
criteria of lASg,which previously justified the deferral of the expenditure, no longer apply, the
uramortised balance is charged to lnconie statement in the year in which this determination is made.
Current assets:':. i-ventories are valued at average historical cost less provision for deterioration and obsolesecnce.
3cods in transit are valued at cost. No amount is attributed to stocks of hydrocarbons in pipeline.
mtr{F(o q&r<q-{ )bb!r
13. Trade Debtors are valued at estimated realisable value, being the face value of debts less provision forbad and doubtf ul debts. Provision for bad debts have been made @ 2"/" on gas sale (rounded off tothe nearest thousand figure)to non-bulk customers as per board reslution.
14. Short-term loans are included tncurrent assets at the face value of the loans plus accured interest lessany provisions considered by the Directors to be necessary to state such loans at net realisable value.Where such loans are expected not to be realised within one year of the balance sheet date, they areincluded undr the heading of other assets.
15. Bank deposits are classified as other assets where the deposits have a maturity of more than threemonths after the balance sheet date.
Liabilities:
16. Deposits requird under gas supply contracts with customers are shown as a long-term liability. Suchdeposits do not earn interest and are not repayable while gas supply to the customers concernedcontinues.
17. The amounts of long-term loan repayments due within one year of the balance sheet date are includedin current liabilities.
Employees Benefit Costs:
18 The company operates a provrdent Fund, managed by an independent Board of Trustees for thebenef it of employees. The company's current and future liabilities in this respect are fully reflected inits f inancial statements.
I 9. The company provides an end of service gratuity to employees. This liability is accrued in its financialstatements under Government regulations and stated under the heading of long term Iiabilities.
Revenue Reserves:
20. Revenue reserves include only amounts, which are potentially distributable to shareholeders.
lncome:
21 . The Government of Bangladesh sets sales prices for gas,. Sales are valued on an accrued basis,execpt in respect of penalties for late payment by gas customers. Sales are stated net of Governmentlevies at taxes on sales.
22. Under Government regulations concerning inter-company pricing, 4% is deducted from gross salesrevenue io end users as a contribution to th exploration, loan interest costs and loan repayment ofBAPEX. Half of this amount is paid to BAPEX, while the other half is held by Petrobangla to meetBAPEX loan interest costs and loan repayments. The total amount of thjs deduction (referred to as theBAPEX margin) is treated as inter group service charge, which is deducted f rom sales.
23 Under another rulrng of the Government deductions are made from sales to end-users by gasdistribution companies as a contribution to the future capital expenditure of this company and othergroup companies engaged in gas production and transmission. This fund is called the HydrocarbonDevelopment Fund. The amount of these deductions is treated as a cost and the protion of thecompany has been included under capital reserves while the protion of other companies has beengiouped as liability under heading group company accounts.
Expenditure:
2- D rect Costs (excluding bad and doubtful debts)and Administrative Costs have been allocated betweenT anc D Costs using the ratio of Transmission and Distribution line costs. Depreciation of T and D lines-as been a located directly, while the depreciation on other assets have been allocated on the same-:. - as applied for Direct and Administrative Cost.
jr r ?c.r-e. oan interest {or the year rs charged to lncome Statement, except for interest on loans'?.'^: :i'ectlV to specific capital projects under construction. The charging of interest to capital work- cl-:9"€ss 3eases',,,,hen completion of the asset is frornally accepted.
26 inc':-: a)l 'as :'een crovtded on profits as determined bytax regulation attax rates currently in force.
@tr<r6e qGz<rr-+ >xstr
JALALABAD GAS T & D SYSTEM LIMITED
MANAGEMENT RATIOS
Current Ratio:Currrent Assets
Current Liabilities
Quick Ratio:
Quick Assets
Current Liabilities
PROFITABILITIY BATIO:
Operating Profit Ratio:
Operating Profit x100
Net Sales {Sales-(BAPEX+HCDF+Line Rent}
Net Profit Ratio:Net Profit before tax x100
Net SalesRate of Return on Capital Employed:
Net Profit before tax x100
Capital EmployedFixed Asset Turn over:Net SalesFixed Assets at WDV
CAPITAL STRUCTURE RATIO:
Debt Equity Ratio:
Long Term Loan+Deferred Debts
EquityDebts to Total Capital:
Long term loan+Deffered debtsCapital Employed
OTHER RATIOS:lnventory to Current Assets:I nventorve urrent-AssetsGas Purchase to Cost of Gas Sold:Cost of Gasxl 00
Cost of Gas Sold
Administrative Cost lo Cost of Gas salesTransmission & Distribution Costxl 00
Cost Gas salesAnnual Rate of Return:Net Profit (After Tax)+lnterest Costx100
Fixed Assets at WDVDebt Service Ratio:interest+Depreciation+Net Profit 6fter tax)
I nterest+Loan RepaymentSales per Employee:salesiITIfE-^t^',ooq;;i plilEryii;yee'tmplovee UostTctai EmoloveeCost of Purihase Per MMCM:Cost of Purchase
Trtal Saies Volume (N/MCM)
Interest Cost Per MMCM sales:n:erest Cost
Tctal Sales (IUMCM)
0perationalCosttr:r MMCM
9.169.90
5,419.92
u,405.u I
(i4loo,!t- t J,JL
2,317.36x100
12,999.81
2,403.1 1x100
12,999.81
2,403.1 1 x100
25,010.68
12,999.81
8,335.66
8,323.93+1 ,231 .57
-865.17
7M.099,169.90
9,234.65x100
I2,166.30
(1 ,661 .40+271 .02)x100
8,321.27
(271,02+467.56+1 661 .40)
271.02+243.M
1t 2767|t
-l-:-r:-m5
n9.u605
9,2U.U
725.72
271.02
725.72
12,166.30
725.72
1.69:1
'1.56: 1
1.76.1
1.63:1
20.M% 25%-35"/"
20.BEo/" 10"/a'20%
12.31% 15"/o-20"/o
1.70 l-2 times
35:65
0.35:1
0.07:1
70:30
0.70:1
77.29% 75%-80?;
11.56% 10%-15e;
IV,JOIO
3.01:1
24.47
1.03
12.U
0.41
t0,ou
z.t
1:1
11.83%
18.49%
9.61?6
1.56
38:62
0.38:1
0.08:1
75.90%
13.09%
23.22%
4.66:1
23.60
1.29
12.72
0.37
16.76
w_@<tffi+. qG-cqq-{ )bbtr
MANAGEMENTTaka in Lac
,.J
+
_5
_6
8,323.93+1 ,231 .57
25,010.68
7
JALALABAD GAS T& D SYSTEM LTD
COST ANALYSIS
Cost of Gas (Purchase)
Contribution to BAPEX for exploration
HCDF charges
iransmissidn charges (lnter Company)
Transmission cost (lncluding Depreciation)
Distribution cost (lncluding depreclation)
Holding Company Management service charges
lnterest cost
Contribution to WPPF
Taxation (Provision)
Contribution to National Exchequer
9,234.64
571.06
356.92
348.91
646.91
945.80
62.05
271.02
120.16
7 41 .70
594.79
13,893.96
%onTotal Cost
66.49%
4.110/o
2.57"/"
2.51o/.
465%6.81%
0.440/,
1.95%
0.86%
x.5410
4.27"/o
100.00%
Taka
8,837.47
549.99
343.74
362.71
548.67
I I J,IJ18.57
284.01
130.27
508.00
881 40
13,237.96
%onTotal Cost
66.76"/"
4.150/.
2.600/"
2.740/,
4.140k
5.84%
0.14o/"
2.150/"
0.98%
3.847o
b.00%
100.00%Total:
BUDGET VAHIANCE ANALYSIS
Budget
13,269.1 0
650.00
8,697.70
252.70
1 1.50
84.00
19.00
36.00
40.00
3.55
Actual
14,276.70
683.88
9,234.65
225.70
7.01
67.95
16.34
30.11
39.64
3.30
1,007.60
33.88
536.95
27.00
4.49
16.05
2.66
5.89
0.36nr(
7.59o/o
5.21%
6.16%
10.68
39,04
19.10
14.00
16,36
0.90
7.04
13,749,68
704.30
8,837.47
170.61'10.98
75.07
14.36
30.15
37.55
2.83
Fav./(Un-fav) % on Budget
1. tNcoMEGas Sales
Other income
2, Gas Purghase
3. EMPLOYEES COST
SalarY
Wages of Workers
House Rent Allowance
Medical Allowance
Festival Bonus
lncentive Bonus
Convence Allowance
PARTICULARS
PARTICULARS
ffitr<lffi+ qG-r<q-{ >btrtr
1 997-98 1 996-97
JALALABAD GAS T& D SYSTEM LTD
INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 1998
PARTICULARS NOTE I t99B/ Taka I t997 / Taka
SALES:Gas sales: End customersother operational income, inc, late payment Penalties
TOTAL SALES:
COST OF SALES:
Gas Purchase: lnter-company
Contribution to BAPEX for exploration
Transmission charges-inter company
Hydrocarbon development fund charge
Transmission cost, including depreciation
Distribution cost, including depreciation
Holding company management charges
TOTAL COST OF SALES:
OPERATING PROFIT
OTHER INCOMEFINANCIAL COSTS:
lnterest costsLess: lnterest income (gross)
Net interest cost
NET PROFIT BEFORE CONTBIBUTION TO
WORKERS' PARTICIPATION IN PHOFIT
NET PROFIT BEFORE TAXATION
PBOVISION FOR TAXATION
NET PROFIT FOR THE YEAH AFTER TAXATION
APPROPHIATION ACCOUNT:
Add: Profit brought forward from previous year
Add: Prior years' adjustmentPROFITS BROUGHT FORWARD
Less: Contribution to National ExchequerBALANCE TRANSFERRED TO BALANCE SHEET
1.00
2,00
3.00
4.00
5.00
6.00
7007.00
8.00
900
10 00
I 1.00
12.00
13.00
1,427,670,311
20,696,271
1,448,366,582
923,464,674
57,106,812
34,890,526
35,691,758
64,691,128
94,580,1 93
6,205,000
1 .216,630,09.1
231,736,491
7,651,055
(12,938,865)
252,326,411
12,015,543
240,310,868
74,170.486
166,140,382
714,474,272_
880,614,65459,479,000
821 ,135,654
1,374,968,324
23,867,8381 ,398,836,1 62
883,746,961
54,998,740
36,270,970
34,374,212
54,866,823
77,312,712
1,857,000
1.143,427,418
255,408,744
7,745,589
r Dr. M. lsmail)
Director
- , ) Figures have been rounded off to the nearest taka.
. lrl Previous year's figures have been re-arranged for comparison.
: -rl Annexed notes form part of the accounts.: lilr Signed in terms of our separate report of even date annexed.
lated, Dhaka
t2 ltJovember 1998
(10,415,758)
273,570,091
13,027,147
260,542,944
50,800,000
209,742,944
364,044,637228,827,286802,614,867
BB,1 40,595
Director
(Toha Khan Zaman & Co)
Chartered Accountants
ffitrdflfl< q&'Fq-{:ast'
E
JALALABAD GAS T & D SYSTEM LIMITED
BALANCE SHEET AS AT 30 JUNE 1998
PARTICULARS NOTE 1998 /(Taka 1997/ (Taka
CAPITAL AND HESERVES:
Share capital
Cap tal reserve
Revenue reserve
TOTAL CAPITAL AND HESEHVES
LONG TERM BOBROWINGS:
Unsecurecl caas-lcca sources
lirsecurei icans-fore gf sources
OTHEB LONG TEHM LIABILITIES:
P'0,: sror for ear,,e pay and gratuity
Custcners secur ty deposit
TOTAL CAPITAL EMPLOYED
REPRESENTED BY:
FIXED ASSETS:Frxed assets at cost less depreciation
Cap tai i,vork-in-proqres
INVESTMENT AND OTHER ASSETS:Bank deposits
Contractors security
Loans to employees
Other assets
CURHENT ASSETS:lnventories of stores and other materials
Advances, deposits and prepayments
Tracle accounts receival-.le (ex, group a/c)
Cash and bank balances
GROUP COMPANY ACCOUNTS
Gas purchase and transmissionBAPEX & Hydrocarbon developmenl fund transfers
Other Current Accounts
Sub-total-net payables
CURBENT LIABILITIES:iraie credrtors & accrua s (ex. group a/c)
\i/orxers prof it particlpation f und
Cur:ent portlon of long term loanr:xaticn on 0rofit
Sub"totalNET CURRENT ASSETS
NET ASSETS
14 00
15 00
16 00
I7.00
18.00
19 00
20 00
21.00
22.00
500 700
634,022,739
9t 0,993 1 86
1 .545.516,625
576.366 859
2s6,026,s87
832.393.446
57,394,566
65,763.1 16
123,157,682
2,501,067,753
833,s66 271
741, t\A /,14
1 ,61 7,022,690
485.922,274
6,144,864
16,479,498
500,700
509.047,336
70,408,879
210,614,953
497.479,842
138.486,071
916.989,745
(240,637,237)
(1 3 685 550)
(68 533,1 75)
(322,855,962)
94 306 245
12 015 543
38 643 782
74,170,486
219 136056
374.997.7272,501,067,753
500,700
561,644,861
804.331,804
1.366,477,365
474 505,859
r 58 31'r.408
632,817,267
39,892 919
59.206 810
99.099 729
2,098.394,361
Bt 1,023,334
475 051.691
1,286,07s.025
432 51 5,894
1B 138,927
11,362,142
500.700
462,51 7,663
61,565,204
1 19,877 B1 B
591,397 900
82,022,892
854,863,81 4
(244,517,087)
(28,290,715)
(87 1 37 289)
(359,945,095)
40,528,609
13,027,147
24,384,000
67,177,290
1 45,1 17,046
349,801.6732,098,394,361
23.00
24.00
25.00
26.00
31.00
32 00
33.00
27.40
28.00
29.00
30.00
34 00
3s 00
36 00
37.00
@--Dr 1,1 ismail)
) '=,'.-'
\-_:/) ,1------
I i"^2\rt'f]Jn
(uro, irra-f iqu, nan man;
.a','e been rounded off to the nearest taka.
,:a"s i gures have been re-arranged for comparison.-'.3s ::;- 3art of the accounts..''--: :,'r.tr separate repori of even date annexed.
(Toha Khan Zaman & Co)
Chartered Accountants
Director
w_@affia qft-6q6a 5551.
JALALABAD GAS
FUNDS FLOW STATEMENT I
T&D SYSTEM LIMITED
FOR THE YEAR ENDED 30 JUNE 1998
PARTICULARS NOTE 1 99Bi Taka
SOURCES OF FUNDS:
Net Profit before transfer to Workers Profit Participation
Scheme and corporate taxation
Add: Long-term foreign borrowings
Long-term local borrowings
Disposal of fixed assets
Capital Heserve
lncrease in customer's security
Charges not requiring funds:
Depreciation and depletion
lncrease in provision for staff gratuity
Prior year adjustment for depreciation
APPLICATIONS OF FUND:
Acquisition Fixed Assets
Adjustment of Depreciation
lncrease in Capital Work in Progress
Contribution to National Exchequer
Provision for Workers' Profit Participation Fund
Provision for Corporate Taxation
Decrease in Customers Security
Increase in Working Capital
Increase in investment & other assets
INCREASE IN WORKING CAPITAL
Total :
Total :
This year
Current assets 916,989,745
Current liabilities 541.992.018
Net current assets: 374,997,727
STATEMENT OF CHANGES IN WOHKING CAPITAL FOR THE
252,326,411
97,715,179
101 ,86'1 ,000
72,377,878
6,556,306
46,757,538
17 ,501,647-
595,095,959
69,300,475
308,404,728
59,479,000
12,015,543
74,170,486
25,196,054
46,529.673
595,095,959
Last year
854,863,814
505,062.1 41
349,801,673
YEAR ENDED 30 JUNE
273,570,091
97,719,288
52,547,000
8,698,686
161,428,619
43,1 80,1 1 3
4,035,786
228.827,286
870,006,869
188,539,352
228,827,286
151,508,580
BB,I40,595
13,027,147
50,800,000
1,003,803
1 48,1 60,1 06
870.006.869
Changes
62,125,931
(36.929,877j
25,196,054
1 998
aka
Cash and bank accountsReceivablesOther inventoriesDeposits and prepayments
Total :
CURRENT LIABILITIES:Creditors (excluding taxation)lnterest PavableShort-term loansGroup current accountsCoroorate taxationWoikers profit participation fund
Total ;
Net current assets:
138,486,071497,479,84270,408,879
210,614.953916,989.745
94,306,245
38,643,782322,855,96274,170,48612,015.543
s41.992,018374,997.727
82,022,892591,397,900
61,565,204'I 19,877,818854,863,814
40,528,609
24,384,000359,945,095
67,177,29013,027.147
505,062,141349,80'1.673
56,4e3 ' , ?IU < q iP\vv,e 'e,L'e-
Q Q.1a. ^-:g!-Zs i ;!
o t. i t2 "Y,)
lJ,r, :,
, +,:l :*a- - _
J '.:
I JJ *
r.oirr ai:l {h U J! r\ee,e!v,E
mtrayffiq gft-5qq{ 55pb.
100
101
1.02
JALALABAD GAS T&D SYSTEM LTD.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 1998.
INCOME STATEMENT
cAS SALES T0 END CUSTOMERS: Tk, 1,427,670,311
The Government of Bangladesh sets sales prices for gas. Sales are valued on accrual basis.
Customer category-v,rise break up of gas sales is given below:
1 997-98
714,363,094
228,939,875
3,873,917
303,558,265
44,215,091
132,720,069
1 997-983,215,351
37,3256,010,4689,327,0271 ,510,490
595.610
20.696.271
2.00
Power BPDB
Fe rtilize r
Seasonal Industries
Other Industries
Commercial
Domestic
r03
Other operational income is made up as follows:Meter Hent
Connection charges
Surcharge for late payment
Penalties for consumption above contract
Service chargeSale of Gas Bill Books
Total Taka:
3.00 GAS PURCHASE-INTEH COMPANY: Tk. 923,464,674
Sylhet Gas Fileds Co. Ltd.
Bangladesh Gas Fields Co. Ltd
TitasGasT&DCo.Ltd.Total Taka:
Total Taka : 1 ,427,670,311 1,374,968,324
Gas purchases were 727.111 MMCM and gas sales were 725.717 MMCM Gains and losses due tounaccounted for gas may have many causes, including estimating assumptions regarding the
consumption of unmetered domestic consumers, pipeline leakage, fraudulent use o{ gas & metering error.
AS ABOVE OTHER OPEHATIONAL INCOME INCLUDING LATE PAYMENT
PENALTIES: TK. 20,696,271
1 996-97
618,50'1,239
248,524,037
100,153,404
244,623,961
39,820,459
123.345,224
1 996-97
633,854,536
249,225,051
667,374
883,746.961
1 996-97
753761 0
2767251
1 4805
215244
21902302
34374212
1 996-972,830,702
26,757
6,261 ,0'19
1 1 ,629,3142,544,357
575,689
23.867.838
by the Government of
I00 CONTRIBUTION T0 BAPEX FOH EXPLOHATION: TK. 57,106,812
The above amount represents 4% of gross sales revenue as contribution to BAPEX as per government
regulations.
- i3 THANSMISSION CHAHGES-INTER COMPANY: Tk. 34,890,526
The above amount reprsents fk. 0.22 per CM is payable to Gas Transmission Company Limited for use
of their transmission lines.
a :: HYDROCARBON DEVELOPMENT FUND CHAHGE: Tk. 35,691,758-ie break up of the above amount is given as below:
Gas purchased from inter-company at wellhead rate, which is determined
Bangladesh. The break up of the above amount is given as below:
1 997-98
606,214,059
316,239,500
1,01 1,115
923,464,674
f,a li:r lars
Si:rei Gas Fileds Co. Ltd.
3argialesn Gas Fields Co. Ltd.-l:asGasT&DCo Ltd.
Gas -ra:sm ss or Cc Ltd
JGTDSL C,,', n f,c,r'1icn
1 997-98
7,012,768
3,685,577
18,366
2,066,912
22,908,135
35,691,758Total Taka :
@trqffiq q&r<q-+ >aatr
;00 TRANSMrssroN AND DrsrRrBUTroN cosr TNCLUDTNG DEpHEcrATroN: Tk. 1s9,271,921
7 01 Transmisston and Distribution costs are as shown below:
Type of ExPenditure
Direct Costs:
Employees Costs
Reparis & Maintenance
Security ExPenses
Bad & Doubtful Debts,
Other Direct Costs
Total Direct Costs
Administrative Costs
Deprciation
Total Taka:
Transmission Distribution Total 1997-98 Total 1996-97
34,290,923 43,642,994 77,933,917 57'q18'115-+,ggo,sgr o,gga,ooz 1 1,318,933 9,?91,q98
r,oia,r se 1,372.,201 2,450,359 ?,1??'8^6^1
- s,gsg,ooo 3,959,000 3,665,,990
63e5,368 s,tsg.soo 14,5q1.e28 1q'qf'q?s+aid,tao 63A52,957 110,197,137 87,]Bq'999
i,org,sz+ 1,297 ,322 2,316,646 1,81!'1?3
16s27.024 zg,sso,st+ 46,757,538 € 1q9 113
64 1-ir8 94580J93 15s,271,321 132'179,535
Direct costs (Excluding Bad and doubtful debts)_and Administrative costs have been allocated to
Transmission ano pistriSutron costs at rii"iatro oi Transmission and Distribution line costs. Deprectation
on Transmission and Distribution tines rrave'6een arroiiteo directlv, while the deprectation on otherassets
have been allocated on the same ratio as apfifLd for Direct and Administrative Cost'
S00HoLDINGcoMPANYMANAGEMENTCHARGE:Tk'6,205,000The above ,rounii.pr.ients contribution paid to Petrobangla as part of the head of{ice expenses'
I 00 OTHER INCOME: Tk. 7,651,055
Other income compirises the following amounts:
SuPPliers Registration Fees
Sale of Tender Schedule
Other ltems:
Testing Charge
Sale of Store Materials
Penalty and Fines Received against Suppliers
Demurrage
Other Rental lncome
Miscellaneous lncome Totar raka:
10.00 INTEREST COST : Tk.27,102,000
The above amount'repiesents'interest expenses on Local ADP Loan :
1 1.00 INTEREST INCOME (GROSS): Tk' 40,040'865
The break up of the above amount is given as under:
Particulars "
1997-98
Bank lnterest 39'702'612338.253
lnterest on Employees Loan Total Taka: 40.040.865
'2 nn WORKERS' PAHTICIPTION lN PROFIT: Tk' 12'015'543
provision to.. *oix.r-r'pioti'pur.toipition'tun'o #; #;, made @ 5% oi net profit earned during the year
after charging such Provision'
'r 30 PROVISION FOR TAXATION: Tk" 74,170,486
The above amount represents income iur'piorision @ 40% on draft computation of profits as determined
by tax regulation currently in force'
ffitrqffi+ qGr<a-+ >aatr
'1996-97
292,550
21,775
1 996-97
38,601 ,162
215.596
38.816,758
11,'115
6,280,221-
145,743
362,846
7.651.055
125,820
6,459,902
462,044
63,202
61,981
62,315
7.745.589
1 997-98
539,650
31 1,480
J
BALANCE SHEET
14.00 SHARE CAp;TAL:14'01 Authorized Capital : Tk. 1,500,000,000
Particulars
'15,000,000 Ordinary Share of Tk. 100 each
14.02 Issued Subscribed & Paid up Capital : Tk. 500,7005,007 Ordinary Share of Tk. 100 each fully paid up in cash
15.00 CAPITAL RESERVE : TK. 634,022,739
15 01 Capital reserve has been arrived at as under:Particulars Govt. Equity Grants
30-06-98 30-06-97
1,500,000,000 1,500,000,000
500,700 500,700
HCD fund 30-06-98 30-06-97
561,644,861 400,216,242
47,096,000 137,171,833
35,691,758 34,374,2122,373.743 2.354.483
646,906,362 574,116,77112,793,623 12,471,910
634,022,739 561,644,861
and company's own
30-06-97
89,857,532
714,474,272
804,331,904
15.02 Capital Reserve consists of equity invested by the government, foreingn aids, grantsp0]1r0n of Hydrocarbon Development Fund including interest threon.
16.00 REVENUE RESERVE : Tk. 910,993,186
The break up of the above amount is given as under:Particulars
30_06_98General Beserve
Unappropriated Surprus r!?:?31,33iTotal Taka : 910,993,196
i7.00 UNSECUHED LOANS (LOCAL SOUBCES): Tk.S76,966,8S917.01 Local unsecured loans represents ADp loan, which are repayable as under:
Repayable 30_6-98Withrn one year 33,043000Between one and two years 3A,OS1,OOO
Balance as on 01 July 1996 253,081,100 238,869,37i 69,694,390Add: Received during the year 47,096,000Charge to lncome Statement 3,56j,75gBank lnterest Credit 2.975743
300,177,100 239,969,371 107,759,g91Less: Transferred to group Co. j2,783,623
300,177,100 238,869,371 94,976,268
Between two and five years
After five years by installments
Transferred to Current Liabilities
Totat Taka 576,366.85917.02 Tk. 33,043,000 repayable within oneyear has been shown under curreni liabilities.17.03 T,he project-wise. break up of the local unsecued loans is given below:
Name of the Project_ - 90.06-9g
1,) Third Natural Gas Development project 285€47"500
lll 9ylf et Tea Estate Gas Suppty Project phase-t 1O,SSZ,OOO
iil Sylhet Tea Estate Gas Supplyf roject phase-ll 2SS,OS8,+OO
i',, Kailashtila-Chhatak pipe Line_proj'ect 1 4,623,000i.,'r Gas Djstribution to Jalalabad Francis Area SZ,B2O,S}S, ir Crhatak Town Gas Suppty project
f f ,8ZA,OOO
Total Taka 609,409,850
157,204,000
380.51 1,859
609,409,8s9
33.043.000
30-6-97
24,384,00033,184,000
128,264,000
313,057,859
49B,Bgg,B5g
24,384,000
474.505.859
30-6-97.150,947,500
12,292,000248,894,4A0
17,210,000
55,800,95913,745,000
498,899,959
ffitr<tfi6 qrfttqr{ 555tr
-8 00 UNSECURED LOANS (FOREIGN SOURCES): Tk. 256,026,58718 C1 Foreign unsecured loans represents ADB Loan for Thid Natural Gas Development Project
repayable in 12 years having 3 years grace period from the date of release of the fund.
lB 02 Foreign unsecured loans includes provision for translation losses at the Balance Sheet date,
which is given as under:
Loan Project Currency 1997'98
ADB Loan TNG Development Prolect U$ 5,620,593,14 261,627,3691B 3 The repayment profile of this foreign loan rs given as follows:
Repayable 1997-98
Within bne year 5,6000,782Between one and two years 13,999,543
Between two and five years 65,406,844After five years by installments 176,620,200
261,627,360Transferred to Current Liabilities 5.600.782
Total Taka 256.026.587
2,928,830'17,209,056
260,621
15,136,218
30.228,391
65.763,1 16
which is
Details of
1 996-97
158,31 1 ,408
1 996-97
5,277,95639,577,852
1 13,455,600
158,31 1 ,408-_
158.311.408
30.6.973,1 84,836
15,947,537
260,621
14,542,75025.271.066
59,206.810
79,744,745
4,588,834
70,357,198
3,580,569
9,473,1 93
2,62,100
8,629,869
403,487,307
419,951,018
105,206,017
9,125,962
I6,526,398
552,513
28,623,748
1,517,652
2,944,872
1,164,571,995
1,095,271,s20
19.00 PROVISION FOR LEAVE PAY & GRATUITY: Tk. 57,394,566
Provision for gratuity has been made at the rate of two (2) Months last basic pay multiplied by totallength of services of individual officers and staff of the company, while leave pay have been provided @
one month basic pay for each year of service.
20.00 CUSTOMERS' SECURITY DEPOSIT: Tk.65,763,'116
The above amount represents security taken (cash or non-cash) from various customers against the
connection of gas line. Customers' category-wise break up of security deposit is given below:30.6.98
21 00
21 01
lndustrial CustomersTea Estates
Brick Fields (Seasonal)
Commercial CustomersDomestic Customers
Total Taka:
FIXED ASSETS: Tk. 833,566,271
SCHEDULE OF FIXED ASSETS AS ON 30 JUNE 1998
Freehold land
Land lnfrastructure
Freehold constructions & Bricks
Shed & Temporary Structure
Walls & Store Yard
Water Pipe Lines & Tanks
Furniture & Fixture
Transmission Line
Distribution Line
T & D Plants
Office Equipment
Other Equipment
Loose Tools
Light Vehicles
Domestic Appliances
Tube-well & Ponds
Total Taka:
Previous Years Taka:
79,443,927
2,916,641
57,411,012
3,288,856
8,769,022
248,1 00
8521,429
401,491 ,820389,246,405
92,536,1 83
9,045,062
15,503,562
552,513
21,959,748
1,512,152
2,B25,OBB
1,095,271,520
915,430,854
300,818
1,672,193
12,946,1 86
291,713
704,171
14,000
108,440.1,995,487
30,704,613
12,669,834
80,900
1,022,836
6,664,000
5,500
119,784
69,300,475
188,539,352
:
8,698,686
m@<ffi+ qG'r<r+ >sstr
:Nn PARTICULARS VALUE AT COST
Opening
Balance
Addition for the
vear
Adjustment for
the vear
Total Cost
SL, No. DEPRECIATIONWritten down
Value
Openinq Balance Rate I For the vear Adiustment IAccumulated
01
UI
03
04
05
06
07
OB
09
10
11
12
13
14
l5
16JT#uu#tt
22.00
5Yo
2.5%
10o/o
5%
1A%
10%
J.JJ70
5%
5%
15%
15%
25%
20%
15%
10%
917,982
5,078,1 43
3,142,556
3,305,596
173,853
4,820,900
76,151 ,920
139,705,070
20,996,032
7,192,922
8,286,843
441,427
12,808,625
782,215
444,102
284,248,186
469,895,359
158,BB1
1,677,761
46,447
463,670
17,696
606,870
13,417,907
20,452,146
4,912,220
435,965
1,679,069
55,298
2,460,948
1 18,699
253,961
46,757,538
43,1 80,1 1 3
79,744,745
3,51 1,971
63,601,294
391,566
5,703,927
70,551
3,202,099
3'13,917,480
259,793,802
79,279,765
1,497,075
6,560,486
55,788
13,354,175
616,738
2,246,809
833,566,271
81 1,023,334
Total
30-06-97
24,780,153
77,580,738
372,690,800
475,051,691
- 1,076,963- 6,755,904- 3,1 89,003- 3,769,266- 191,549- 5,427,770- 89,569,827- 160,157,216
- 25,908,252- 7,628,887- 9,965,912- 496,725- '15,269,573
- 900,914- 698,063- 331,005,724
(228,827,286) 284,248,186
CAPITAL WORK lN PROGRESSES : TK. 783,456,419
22.01 Capital work in progress is made up as follows:
Project Loan
lnterest
Pipe Line Construction
Buildings Construction
TNG Project
Total Taka
Translation
Loss on
Loan
1 1,773,658
11,773,658
Other cost
33,281,948
101 ,514,184636,886,629
771,682,761
Total
30-06-98
33,281948
101,514,184
648,660,287
783,456,419
23.00 BANK DEPOSITS: fk. 485,922,274
The above amount represents fixed
interest as given below:
Name of Banks
Nationalised Banks
Private Banks
Total Taka:
24.00 CONTBACTOBS' SECURITY: Tk. 6,144,864
The aboave amount represents non cash securities taken
below:
Bank Guarantee
TDR & FDR
Government Securities
Total Taka:
deposits with nationalised and private banks together with accrued
30-06-98 30-06-97
363,102,650 322,620,768
122,.819,624 109.895.126
485.922.274 432.515.894
from contractors, break up of which is given
30-06-98 30-06-97
3,043,164 15,002,227
700,000 560,000
2,401.700 2.576,700
6,144,864 18,138,927
@trqffe eG-r<q-{ )bbr'
26.00 OTHER ASSETS: Tk, 500,700
The above amount represents loans to the government and directors for purchase of shares of the
c0mpany.
27.A0 INVENTOHIES OF STORES & OTHER MATEHIALS:Tk. 70,408,879
lnventories comprise of stock of spares and construction materials including goods-in-transit, break up of
which is given below:
25,00 LOANS T0 EMPLOYEES: Tk. 16,479,498
The above amount consists of as follows:
Particulars
Land Purchase and House Building Loan
Motor Cycle Loan
Advance against overtime on dearness allowance
Total Taka:
Particulars
Stores and Spares
Store in Transit (Foreign)
Total Taka:
28.00 ADVANCES, DEPOSITS AND PHEPAYMENTS: Tk. 210,614,953
28.01 The above balance comprises of the following:
Advance against Purchase
Advances, Deposits and Prepayments
Total Taka:
Domestic
Commercial
Small lndustries
Tea Estate
Brick Field (Seasonal)
Large lndustries
Other Debtors
Total Taka:
Less: Provision for bad & doubtful debts
Total Taka:
30-06-98
13,053,332
2,743,990
a:82.176
16,479,498
30-06-97
8,239,99s
2,437,390
684,757
11,362,142
30-06-97
61,261,505
303,699
61,565,204
30-06-97
1 1,829
1 19,865,989
1'19,877,818
30-06-97
31,109,203
9,483,775
1 0,'1 82,371
15,813,987
1,201,965
540,298,398
1,021.201
609,110,900
I7.713.000
591,397,900
30-06-98
64,213,715
6,1 95,1 64
70,408,879
30-06-98
905
210,614,048
210,614,953
29 00 TRADE ACCOUNTS RECEIVABLE (EX, GROUP I/C):Tk. 497,479,842
29.01 Break up o{ the above amount is given as under:
30-06-98
33,620,206
9,538,987
8,007,058
15,923,090
1,191,237
450,782,018
8-e-240
519,151,842
21,672,000
497,479,842
29.02 During the year under audit provision for bad and doubtful debts has been made @ 2ok on sale(rounded of
to the nearest thousand taka) to non bulk customers as per Board resolution which covers domestic,
commercial and small industries customers.
29.03 Out of the above debts Tk 450,782,018 (Large lndustries) is receivable from NGFF, Chhatak Cement
Factory, Sylhet Pulp and Paper Mills Limited and Bangladesh Power Development Board, which are
owned by the Government of the People Republic of Bangladesh.
ffitr,ilffi+ gG'c<q-{ )bb}.
30.00 CASH AND BANK BALANCES: Tk' 138,486,071
30.01 The break up of cash and bank balances is given as under:
Cash at Bank
Cash in HandTotal Taka:
30,02 Cash at Bank: Tk' 138,345,471
The above amount represents balances of STD
which is given belName o{ Banks ow:
Name of Banks
Nationalised Banks
Private BanksTotal Taka:
30.03 Cash in Hand: Tk. 140,600
30-06-98
138,345,471
140.600
138,486,071
30-06-98
36,849,405
101,496,066
138,245,471
212,576
(414,648)
559,700
(2,264,164)
(17,253,717))
(49,569,801)
28,140
168,639
(68,533,175)
1,265,784
5,640,385
6,144,864
94,306,245
33,043,000
5,600,782
38,643,782
(667,251)
(552,244)
(2,037,610)
(34,875)
(24,9e8,73e)
(28,290,719)
58,006
lcJ,Jsl19,529
(4,991 ,1 65)
(1,505,032)
(18,323,935)
(62,821 ,1 84)
28,140
245,000
(87,137,289)
1 0,44'1 ,1 1 B
4,497,040
7,451,524
1 8.138.927
40,528,609
24,384,000
24,384,000
30-06-97
81,892,292
130,600
82,022,892
Different banks break uP of
30-06-97
27,916,536
53,975.756
81,892,292
31.00 GAS PURCHASE AND TRANSMISSION:Tk. 240,637'237
32.00 BAPEX & HYDROCARBON DEVELOPMENT FUND TRANSFER: Tk. (13,685'550)
Bangladesh Gas Fields Co. Ltd. (845,817)
Gas Transmission Company Ltd. (166,912)
Sylhet Gas Fields Ltd. (1,512'768)
Titas Gas T & D ComPanY Ltd' (53,241)
(1 1 ,106,812)BAPEX Margin Totar raka: (13,685,550)
33.00 OTHEHS CURRENT ACCOUNT: Tk. (68,533,175)
Bakhrabad Gas SYstems Limited
BAPEX Current Account
RPGCL Current Account
Sylhet Gas Fields Ltd.
Titas Gas T&D ComPanY Ltd.
PIU Current Account
Petrobangla Current Account
Modhapara Hard Bock Project
Bangladesh Gas Fields Co. Ltd.
Total Taka:
34.00 TRADE CREDITORS & ACCRUALS (EXC, GBoUP I/C): Tk.94,306,245
Creditors for Goods and Services 81,255,212
and Current Accounts with
Creditors for Expenses
Creditors for Other Finance
Security DepositTotal Taka:
35.00 WORKERS' PBOFIT PARTICIPATION FUND: Tk. 12,015,543
36 00 CURRENT PORTION OF LONG TERM LOAN: Tk' 38,643,782
Unsecured Loans-Local Sources
Unsecured LoansForeign Sources
Total Taka :
37.00 TAXATION ON PROFIT: Tk. 74,170,486
mtrqffia qft-5<n+ >sau'
60000
50000
40000
30000
20000
1 0000
0
YEARwlST P|PEUNE LAYING2000
1500
1 000
500
0
m@a1fiflq qft-5av7q 5555.
Year 1991-92 1992-93 1993-94
For the Year 67 .51 69.50 70 .87
Cumulative 1021.73 1A91 .23 1162.1t)
t994-9s t995-96 1996-97 1997-98
167 53 55.81 8323 176.9r
1329.63 1385.47 1468.70 1645.66
GAs PURCHASf; & 5ATE5 VALUE
1991 -92 1 992-93 1993-94 1 994-95 1 995-96
1 500
1200
900
600
300
0
1996-97 1997-98
ffi Tolal Revenue
rir';] Total Expense
m Prolit before Tax
@tra1ffia qft-6q6a 5551,
GAS PURCI.IASE-sALEs AND SYsTEM LO55
199.1-92 1 992-93 1993-94 1994-95 1995-96 1996-97 1997-98
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