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Page 1: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

rh:il;

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,,,,,,:;,; ,;' *i,dffi $$*$[{t{iiil$iW,l,H\}NrtJ'il'

wffi G3&*,, ANNltAr REPORT 1998

Page 2: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

ilrVrril lil t

)a. E-:{ <fffi$ 4T{fu.q qst )bbq-bbrlzth Annual General Meeting 1997 -98

?Eq. o8, 58oGMarch L8, a999

qfEfEKIn'BT{ ETEFmq ql-s eftfirWtq ffi{ ftaJALALABAD GASTRANSMISsION AND DISTRIBUTION sYSTCM LTD.

Page 3: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

I

II

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O <I{-{l"l{'iqflisa <r:r 1?r:mq

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a Messages

O Notice of The l2tl-r Annual Gener;ai I[,:errns(D Board of Dircctors

8

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28

l9-3031

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34

3-5

-76-43

44-48

Page 4: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

)

/

ma<lFfut elG-r<ET Sbbrr

C DrsrRrBUTroN AREA

oSangu

Page 5: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

JALALABAD GAS FRANCHISE AREA

EXISTING TRANSMISSION LINE

TRANSMISSrON LrNE (PLANNED)

DISTRIBUTION AREAS

GAS FIELDS

o6

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Ministry of Energy & Mirreral Resources

Covernment of the People's Republic

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Chairman Md. Mosharraf Hossain

Chairman

Petrobangla, Dhaka

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Director Lt. Col. (Retd) AS M Waliullah

Director (Planning)

Petrobangla, Dhaka

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Director Md. Shafiqur Rahman

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BCIC, Dhaka

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Director S M Shamsul lslam

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BOARD OF

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Director AT M Fazlul Karim

Depufy Secretary

Ministry of PE & MR, Dhaka

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Director Dr. M lsmail

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Jalalabad Gas, SYlhet

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SGFL, Sylhet

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Director M A Mumin

Vice-President, FBCCI

Kazitula, Sylhet

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Page 21: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 22: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

\ +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.

Page 23: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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.

Page 24: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 25: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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.

Page 26: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

-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'

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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

Page 28: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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.

Page 29: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 30: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 31: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

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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

Page 33: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

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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'

Page 35: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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.

Page 36: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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.

Page 37: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 38: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

;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

Page 39: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 40: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

-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

Page 41: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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'

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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.

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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

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Page 44: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

Page 45: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

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

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Page 46: qffi ft5ie, qte-fr s lfrw q*fq {EcirE-s uiqerqEe

GAS PURCI.IASE-sALEs AND SYsTEM LO55

199.1-92 1 992-93 1993-94 1994-95 1995-96 1996-97 1997-98

m@4ffi4 qS'6aqa 1656r

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1992-93 1993-94

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