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A
PROJECT REPORT`
ON
INDUSTRIAL TRAININGAT
OIL AND NATURAL GAS
CORPORATION LIT
SUBMITTED TO
HEMCHANDRACHARYA NORTH GUJARAT UNIVERSITY
PATAN
GUIDED BY: PREPARED BY:
MS.SWATI BATIYA PATEL DARSHANA D
TYBBA
ROLL NO-71
EXAM NO-
SMT.S.B.PATEL INSTITUTE OF BUSINESS
MANAGEMENT VISNAGAR
ACADEMIC YEAR 2008-2009
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PREFACEThis report has been prepared in accordance with the guideline of
SMT.S.B.PATEL INSTITUTE OF BUSINESS MANAGEMENT
VISNAGARforTYBBA. Curriculcum to understand industrial training for
21 days.
This report covers specialy Finance department This type of industrial
training can put as one step in related field and addition in theoretical
knowledge with the help of industrial training, the knowledge of students can
really increased and they can get a golden chance in future. I have tried my
level best to prepare this report. If mistake any Wrong information has been
enclosed in the report please forgive me.
In every field of education important to the student practical training.if
possible should be given to the student. This will help the student to bring out
& exhibit the qualities, which is no way can. Be exhibited by theoretical
training.. It helps us to get a better prospectus and understanding of working
condition of the various industries.
Patel Darshana
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ACKNOWLEDGEMENTIt was indeed as opportunity to prepare this report New
experience fill with enthusiasm & zeal. For a student of T.Y.B.B.A.
levelpreparation of such kind of report calls for intellectual
nourishment, professional help encouragement from many quarteas
Practical knowledge is very vital for management student. It helps
him to develop his managerial skill and to increase our skill. Our institute
organizes industria training.
I forget Mr. M.S.Garasia HR Executive of my company who gave
me a strong support and proper guidelines to complete my project and other
staff members of the company.I also thanks to Mr.S.k.jain for supporting me.
I am very thankful to our principal Mr.Madhubhai for
giving me an opportunity to visit such a big organization Oil And Natural
Gas Corporation Ltd.
I am very thankful Ms. Swati Bhatiya, who have shaped my
understanding
Patel Darshana
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EXECUTIVE SUMMURY
I am the student of T.Y.B.B.A So,as a part of training for 21 days , I have
selected Oil And Natural Gas Corporation fy training . This company is a
large scale unit .
This project in which matter has been theoretically
described and the student have gained practical knowledge from the course.
The topic selected by me is Ratio Analysis of Oil and Natural Gas
Corporation limited in Mehsana city.
Executive summary is the brief introduction are
mentioned in the report.. My report has included the ratio analysis of Oil and
Natural Gas Corporation limited Company. My project has also included the
company details.
.
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INTRODUCTION OF ONGC:
A modest entity in the serene Himalayan settings - Oil and Natural Gas
Corporation Limited (ONGC) was set up as a Commission on August 14,
1956. The company became a corporate on June 23, 1993, which has now
grown into a full-fledged horizontally integrated petroleum company. Today,
ONGC is a flagship public sector enterprise and Indias highest profit making
corporate, achieving the record of being the first Indian corporate to register a
five digit profit figure of Rs. 10,529 Crore in the year 2002-03.
ONGC has produced more than 600 million metric tons of crude oil
and supplied more than 200 billion cubic meters of gas since its inception,
thus fuelling the increasing energy requirements of the Indian economy.
Today, ONGC is the most valuable company in India, contributing 77 percentof Indias crude oil production and 81 per cent of Indias natural gas
production.
To sustain this growth, ONGC has drawn up ambitious strategic
objectives, which include doubling the oil and gas reserves. Having accreted
six billion tons oil and oil equivalent reserves in its first 45 years of
operation, ONGC now aims to double these reserves by 2020. The second
strategic objective is to augment the global recovery factor from the existing
28 per cent to the global norm of 40 per cent in next 20 years. Out of the sixbillion tons of oil and gas reserve accretion, four billion tons is expected to
come from Offshore and Deep Waters. To improve the recovery factor from
the existing fields, ONGC is investing Rs. 2,000 crore in 15 re-development
schemes.
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HISTORY & DEVELOPMENT
1947-1960
During the pre-independence period, the Assam Oil Company in the
northeastern and Attock Oil company in north-western part of the undivided
India were the only oil companies producing oil in the country, with minimal
exploration input. The major part of Indian sedimentary basins was deemed
to be unfit for development of oil and gas resources.
After independence, the national Government realized the importance oil and
gas for rapid industrial development and its strategic role in defense.
Consequently, while framing the Industrial Policy Statement of 1948, the
development of petroleum industry in the country was considered to be of
utmost necessity.
Until 1955, private oil companies mainly carried out exploration of
hydrocarbon resources of India. In Assam, the Assam Oil Company was
producing oil at Digboi (discovered in 1889) and the Oil India Ltd. (a 50%
joint venture between Government of India and Burmah Oil Company) was
engaged in developing two newly discovered large fields Naharkatiya and
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Moran in Assam. In West Bengal, the Indo-Stanvac Petroleum project (a joint
venture between Government of India and Standard Vacuum Oil Company of
USA) was engaged in exploration work. The vast sedimentary tract in other
parts of India and adjoining offshore remained largely unexplored.
In 1955, Government of India decided to develop the oil and natural gas
resources in the various regions of the country as part of the Public Sector
development. With this objective, an Oil and Natural Gas Directorate was set
up towards the end of 1955, as a subordinate office under the then Ministry of
Natural Resources and Scientific Research. The department was constituted
with a nucleus of geoscientists from the Geological survey of India.
A delegation, under the leadership of Mr. K D Malviya, the then Minister of
Natural Resources, visited several European countries to study the status of
oil industry in those countries and to facilitate the training of Indian
professionals for exploring potential oil and gas reserves. Foreign experts
from USA, West Germany, Romania and erstwhile U.S.S.R visited India and
helped the government with their expertise. Finally, the visiting Soviet
experts drew up a detailed plan for geological and geophysical surveys and
drilling operations to be carried out in the 2nd Five Year Plan (1956-57 to
1960-61).
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In April 1956, the Government of India adopted the Industrial Policy
Resolution, which placed mineral oil industry among the schedule 'A'
industries, the future development of which was to be the sole and exclusive
responsibility of the state.
Soon, after the formation of the Oil and Natural Gas Directorate, it became
apparent that it would not be possible for the Directorate with its limited
financial and administrative powers as subordinate office of the Government,
to function efficiently. So in August, 1956, the Directorate was raised to the
status of a commission with enhanced powers, although it continued to be
under the government. In October 1959, the Commission was converted into
a statutory body by an act of the Indian Parliament, which enhanced powers
of the commission further. The main functions of the Oil and Natural Gas
Commission subject to the provisions of the Act, were "to plan, promote,
organize and implement programmed for development of Petroleum
Resources and the production and sale of petroleum and petroleum products
produced by it, and to perform such other functions as the Central
Government may, from time to time, assign to it ". The act further outlined
the activities and steps to be taken by ONGC in fulfilling its mandate.
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1961-1990
Since its inception, ONGC has been instrumental in transforming the
country's limited upstream sector into a large viable playing field, with its
activities spread throughout India and significantly in overseas territories. In
the inland areas, ONGC not only found new resources in Assam but also
established new oil province in Cambay basin (Gujarat), while adding new
petroliferous areas in the Assam-Arakan Fold Belt and East coast basins
(both inland and offshore).
ONGC went offshore in early 70's and discovered a giant oil field in the form
of Bombay High, now known as Mumbai High. This discovery, along with
subsequent discoveries of huge oil and gas fields in Western offshore
changed the oil scenario of the country. Subsequently, over 5 billion tons of
hydrocarbons, which were present in the country, were discovered. The most
important contribution of ONGC, however, is its self-reliance and
development of core competence in E&P activities at a globally competitive
level
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After 1990
The liberalized economic policy, adopted by the Government of India in July
1991, sought to deregulate and de-license the core sectors (including
petroleum sector) with partial disinvestments of government equity in Public
Sector Undertakings and other measures. As a consequence thereof, ONGC
was re-organized as a limited Company under the Company's Act, 1956 in
February 1994.
After the conversion of business of the erstwhile Oil & Natural Gas
Commission to that of Oil & Natural Gas Corporation Limited in 1993, the
Government disinvested 2 per cent of its shares through competitive bidding.
Subsequently, ONGC expanded its equity by another 2 per cent by offering
shares to its employees.
During March 1999, ONGC, Indian Oil Corporation (IOC) - a downstream
giant and Gas Authority of India Limited (GAIL) - the only gas marketing
company, agreed to have cross holding in each other's stock. This paved the
way for long-term strategic alliances both for the domestic and overseas
business opportunities in the energy value chain, amongst themselves.
Consequent to this the Government sold off 10 per cent of its share holding in
ONGC to IOC and 2.5 per cent to GAIL. With this, the Government holding
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in ONGC came down to 84.11%.
In the year 2002-03, after taking over MRPL from the A V Birla Group,
ONGC diversified into the downstream sector. ONGC will soon be entering
into the retailing business. ONGC has also entered the global field through its
subsidiary, ONGC Videsh Ltd. (OVL). ONGC has made major investments
in Vietnam, Sakhalin and Sudan and earned its first hydrocarbon revenue
from its investment in Vietnam.
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ORGANIZATION STRUCTURE
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MANAGEMENT BODY
BOARD OF DIRECTORS
Shri R.S.Sharma -Chairman&Managing DirectorsShri A.k.Gupta -ED Asset Manager
Shri M.L.G upata production manager
Shri S.K.Gove - Finance manager
Shri S.R.Maddodi -H.R.Manager
BANKER
State Bank Of India
REGISTERED OFFICE)
K.D.M.Bavan,
Palavasana,
Mehsana
CORPORATE OFFICE
Jeevan bharti Tower-2,
124-Indian Chowk,
Connaught Place,
New Delhi-110001
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MISSION &VISION
To be a world-class Oil and Gas Company integrated in energy businesswith dominant Indian leadership and global presence.
World Class
Dedicated to excellence by leveraging competitive advantages in R&D
and technology with
involved people.
Imbibe high standards of business ethics and organizational values.
Abiding commitment to safety, health and environment to enrich quality
of community life.
Foster a culture of trust, openness and mutual concern to make working a
stimulating and challenging experience for our people.
Strive for customer delight through quality products and services.
Integrated In Energy Business
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Focus on domestic and international oil and gas exploration and
production business opportunities.
Provide value linkages in other sectors of energy business.
Create growth opportunities and maximize shareholder value.
Dominant Indian Leadership
Retain dominant position in Indian petroleum sector and enhanceIndia's energy availability.
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2
FINANCE
DEPARTMENT
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INTRODUCTION
In modern economy money may be defined as the provision of the
money at the time it is wanted. Finance is necessary for any business or
organization because money is the blood for any business . The ambition of a
businessman would remain more dreams unless adequate capital is available.
In past the labor was more important relatively then capital therefore capital
was not much consequence the industial revolution changed therefore it is
necessary to have a sound capital structure.
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FINANCIAL INFORMATION OF THE COMPANY
ACCOUNTING POLICIES:
The company follows the accrual method of accounting. The
company has followed all the applicable accounting standards mad
mandatory by the institute of chartered accountants of India.
EQUITY CAPITAL:
The fully paid up equity capital of the company was as.During the
year under review there was no change in the equity capital structure of
There is no issued preference capital in Sterling Ceramic Ltd.There are no
warrants waiting to be convered into equity. Nearly per-cent of the
companys equity is comprised of bonus shares. The company last made a
bonus issue in issuing two bonus shares for one share held in the
company.
LOANS :Oil and Natural Gas Corporation Ltd loan funds decreased from in the
previous year to during the year. During the current year the ratio of
secured long-term funds to tangible net worth increased to in the previous
year.
FIXED ASSETS:
The gross and net block of the company as on were and respectively.
plant and machinery constituted of the gross block and net block
respectively.
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DEPRECIATION:
Depreciation accounted for in the current year compared to in the
previous year compared to in the previous year. There is no change in the
accounting policy for depreciation over the last year.
CORPORATE TAX:
In view of loss during the year under review, the company has not
provided for any tax liability this year also.
DEBTORS:
During the year under the review the sundry debtors were compared to in
the previous year representing of sales compared to of sales in the previous
year. The sundry debtors are net of provision for doubtful debts of The
increase in sundry debtors is due to market conditions
INVENTORIES:
Inventories decreased from in the previous year to during the current year
to during the current year. Of this finished goods, raw materials and spares
inventory of stock in process however increased by
WORKING CAPITAL:
The working capital gap during the current year was lower at which is
lower than in the previous year. The working capital of is founded by bank
borrowing to the extent of and the balance is founded out of companys own
resource. Each rupee of working capital generated of gross turnover in the
current year compared to in the previous year. Oil And Natural Gas
Corporation Ltd shall continue to make efforts to further improve working
capital management by stricter control over inventories and book debts.
RESERVES:
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Oil And Natural Gas Corporation Ltd reserves stood at as on Nearly per
cent of the companys reserves were earned; per cent comprised capital
reserves. There were no revaluation reserves as on . During the year under
review a sum of representing exceptional items and representing deferredrevenue expenditure have been adjusted against general reserve.
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3.RATIO ANALYSIS
LIQUIDITY RATIO
This ratio measures the firms ability to meet current obligation. A firm
ensures that it does not surer from lack of liquidity and also does not have
excess liquidity. The failure of a company to meet its obligation due to lack
of sufficient liquidity will result in a poor credit worthiness loss of creditors
confidence or even in legal tangle resulting in the closure of the company.
Current Ratio = Current Asset
Current Liabilities
2007-2008= 387850 =2.77:1
139932
2006-2007= 326279 =3.08:1
105951
2005-2006 = 285477 =2.62:1
108763
RATIO
2.6
2.7
2.8
2.9
3
3.1
3.2
2005-06 2006-07 2007-08
RATIO
The ONGC has current ratio is more than 2:1. The current ratio
represent margin of safety for creditors, the firms ability to meet their
obligation.
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o Quick Ratio:
Quick Ratio =Current Asset Inventories
Current Liabilities2007-2008 = 387850-30338 =2.55:1
139932
2006-2007= 326279-30385 =2.79:1
105951
2005-2006= 285477-25692 =2.38:1
108763
YEAR RATIO
2005-2006 2.38
2006-2007 2.79
2007-2008 2.55
RATIO
2
2.2
2.4
2.6
2.8
3
2005-06 2006-07 2007-08
RATIO
The ONGC has quick ratio is also more than 2:1 which indicate more
penetrating test of liquidity than the current ratio.
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o Net Working Capital Ratio:
NWC = NWC or Net Current Asset
Net Asset or Capital Employed
2007-2008 = 307063.43 =0.56
540744
2006-2007 = 265735.87 =0.52
493763
2005 -2006= 227860.02 =0.54
419926
YEAR RATIO
2005-2006 0.54
2006-2007 0.52
2007-2008 0.56
RATIO
0.5
0.52
0.54
0.56
0.58
2005-06 2006-07 2007-08
RATIO
The ONGC has Net working capital ratio indicate the firms
potential reservoir of funds.
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o Debt-Equity Ratio:
Debt-Equity Ratio =Total Debt
Net Worth
2007 -2008= 27594 =1.29:1
21389
2006-2007 = 37043 =2.59:1
14259
2005-2006 = 37293 =2.61:1
14259
YEAR RATIO
2005-2006 2.61
2006-2007 2.59
2007-2008 1.29
RATIO
0
0.5
1
1.5
2
2.5
3
2005-06 2006-07 2007-08
RATIO
The ONGC has Debt-Equity ratio indicate, numerator is an
equity part while denominator is a debt part. So we can easily say that equity
part is more than debt part.
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Activity Ratios
o Inventory Turnover Ratio:
Inventory Turnover ratio =Cost of goods sold
Inventories
2007 -2008=284110 =9.37
303382006 -2007=210666 =6.93
30385
2005 -2006=225670 =8.78
25692
6.93
2005 =360 =41.00
8.78
YEAR RATIO
2005-2006 8.78
2006-2007 6.93
2007-2008 9.37
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RATIO
0
2
4
6
8
10
2005-06 2006-07 2007-08
RATIO
The ONGC has Inventory turnover is indicate the inventory is
turning into receivable through sale which decrease than previous year.
o Asset Turnover Ratio:
Asset Turnover Ratio =Sales
Net Asset or Capital Employed
2007-2008 =590575 =1.09
540744
2006 -2007=494397 =1.00
493763
2005 -2006=472454 =1.13
419926
YEAR RATIO
2005-2006 1.13
2006-2007 1.00
2007-2008 1.09
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RATIO
0.9
0.95
1
1.05
1.1
1.15
2005-06 2006-07 2007-08
RATIO
The ONGC has asset turnover ratio indicate that the firms ability
to generate sales from all financial resource committed to total asset which is
better than the previous year.
o Working Capital Turnover Ratio:
Working Capital turnover Ratio =Sales
Net Working capital
2007-2008=590575 =1.94
304021
2006-2007 =494397 =1.86
265664
2005-2006 =246784 =1.16
212895
YEAR RATIO
2005-2006 1.16
2006-2007 1.86
2007-2008 1.94
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RATIO
0
0. 5
1
1. 5
2
2. 5
200 5-06 2006-07 2007-08
RATIO
The ONGC has Net working capital ratio 0.116 indicate that for
one rupee of sales, the co. needs Rs 0.116 of net current asset.
Profitability Ratios
o Gross Margin Ratio:
Gross Margin Ratio =Gross Profit or EBIT*
Sales
2007-2008 =306465 =0.5189 =51.89%590575
2006-2007 =283731 =0.5738 =57.38%
494397
2005 -2006=246784 =0.5220 =52.20%
472454
YEAR RATIO
2005-2006 0.5220
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2006-2007 0.5738
2007-2008 0.5189
RATIO
0.48
0.5
0.52
0.54
0.56
0.58
2005-06 2006-07 2007-08
RATIO
The ONGC has Gross margin ratio reflects the efficiency with which
management produce each unit of product. Gross profit is 52.20% which is
slightly less than previous year.
o Net Profit Ratio:
Net Profit Ratio =Profit after tax
Sales
2007-2008 =156429 =0.2648 =26.48%
590575
2006 -2007=144308 =0.2918 =29.18%
494397
2005 -2006=129830 =0.2747 =27.47%472454
YEAR RATIO
2005-2006 0.2747
2006-2007 0.2918
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2007-2008 0.2648
RATIO
0.25
0.26
0.27
0.28
0.29
0.3
2005-06 2006-07 2007-08
RATIO
The ONGC has Net profit ratio which indicates that
management efficiency in mfg., administering, and selling the product. Net
profit 27.47% which slightly less than previous year.
o Return on Equity:
Return on Equity =PAT
Net Worth
2007-2008 =156429 =0.2547 =25.47%
614099
2006 -2007=144308 =0.2692 =26.92%
535934
2005-2006=129830 =0.2800 =28.00%
463142
YEAR RATIO
2005-2006 0.2800
2006-2007 0.2692
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2007-2008 0.2547
RATIO
0.24
0.25
0.26
0.27
0.28
0.29
2005-06 2006-07 2007-08
RATIO
The ONGC has Return on Equity indicates that in this co. return on
Equity which is continuously increasing.
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4.
CONCLUSION
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CONCLUSION
This is my remember able moment to have training in Oil and naturalgas corporation Ltd. This is one the leading company in Oil and natural gas
corporation Ltd.. The members of management age of very efficient and co-
operative. It is small-scale industry somehow it was not provide us much
information regarding finance department I am very well familiar withal the
aspect and operation of the company. The management of company has
kindly provided me all the necessary information for preparing the project
report. I hope it would remain for long period of time as twinkle stars,
remains in the sky.
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5.
BIBLIOGRAPHY
BIBLIOGRAPHY
www.ongcindia.com
PRASANNACHANDRA -- Finance Management
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6.
ANNEXURE
Profit and Loss Account
(Rupees in millions)
2005-2006 2006-2007 2007-08
INCOME
Gross Sales 467112.48 482443.90 569123.06
Less: Excise Duty 3492.03 2729.01 2708.93
Net Sales 463620.45 479714.89 566414.13Other income 17251.47 23484.98 42291.99
480871.92 503199.87 608706.12
EXPENDITURE
(Increase)/Decrease in stock (298.62) (2115.83) 197.26
Purchase 51013.16 34337.97 59401.05
Production, Transportation, Selling
and Distribution Expenditure
168428.25 170296.55 210901.30
Depreciation, Depletion and
Amortization
162014.23 83021.72 94666.79
Financing Costs 409.63 298.14 394.79
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Provision and Write-offs(Net) 2828.25 3437.65 3342.34
284693.52 289276.20 368903.53
Profit before Tax, Prior Period
and Extraordinary
196477.02 213923.67 239802.59
Adjustments Relating to priorPeriod(Net)
178.43 (1957.84) (7851.08)
Extraordinary Items-Excess of
Insurance Claims Over Book Value
0.00 6405.39 4750.61
Profit before Tax 196655.45 218371.22 236702.12
Provision for Taxation
-Current Tax 69817.00 63481.00 77870.00
-For Earlier Years (26.22) 926.07 0.00
-Deferred Tax (2965.79) 9112.87 1869.65
-For Fringe Benefit Tax 0.00 543.50 533.30Profit after Taxation 129830.46 144307.78 156429.17
Surplus at the Beginning 0.31 0.10 0.43
BALANCE AVAILABLE FOR
APPROPRIATION
129830.77 144307.88 156429.60
Balance sheet
(Rupees in millions)
2005-2006 2006-2007 2007-08
Sources of Fund
Shareholders Fund
Share Capital 21388.87 14259.30 14259.30
Reserved and Surplus 597850.39 525337.39 454194.87
619239.26 539596.69 468454.15
Loans Fund
Unsecured loan 3737.39 1069.76 18221.55
Differed Tax Liability(Net) 65227.44 63551.33 54438.46
Liability for Abandonment Cost 147353.27 126153.35 80940.64
Total 835557.36 730374.13 622054.80
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Application of FundsFixe Assets
Gross Block 520380.67 478823.45 429838.49
Less: Depreciation and Impairment 431989.53 400401.48 371473.18
Net Block 88391.14 78421.97 58365.31Producing Properties
Gross Cost 614943.21 560896.49 486169.73
Less: Depletion and Impairment 319258.54 285063.12 256563.10
Net Producing Properties 295684.67 275833.37 229660.63
Capital Work - in Progress 48250.99 28231.01 43186.68
Exploratory/Development Wells-
in-Progress
34005.98 29602.83 17357.87
Investments 57020.51 48885.73 40366.66
Current Assets, Loans andAdvances
Interest Accrued 7268.63 3509.48 4357.27
Inventories 30337.58 27642.48 23924.19
Sundry Debtors 27594.40 37042.76 37293.07
Cash and Bank Balance 136705.08 42792.65 58488.06
Deposit with Scheduled Bank
Under the site Restoration Fund
Scheme
56102.86 45335.56 36180.55
Loans and Advances 185945.25 212549.33 159637.38Other Current Assets 0.35 0.21 10.11
Current Liabilities 88169.70 65270.11 51904.17
Provisions 48721.02 37866.81 40126.44
136890.72 103136.92 92030.61
Net Current Assets 307063.43 265735.87 227860.02
Miscellaneous Expenditure 5140.64 3663.35 5311.63
Total 835557.36 730374.13 622054.80
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