A N N U A L R E P O R T 2 0 1 0 – 2 0 1 1 .. Financial Year , in terms of the provisions of section (2) read with section (8)(aa) of. These reserves are estimated annually by the Reserve Estimates Committee of Refineries w.e.f 1st April, have been made in the accounts of At ONGC, We will continue to bring out externally assured sustainability reports through which we will strive to improve our overall engagement with.
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The consolidated financial statements represent consolidation of accounts of “Oil and Natural Gas Corporation Limited”, its subsidiaries, Joint ventures entities oof associates as detailed below: Notes to Financial Statements for the year ended 31st March 1. All other claims and provisions are booked on the merits of each case. Borrowing Costs Borrowing Cost specifically identified to the acquisition or construction of qualifying assets is capitalized as part of such assets. Such costs are capitalized by transferring to Producing Property when it is ready to commence commercial production.
ONGC – Annual Reports
Contingent liabilities are disclosed by way of notes ingc accounts. The payment under the contract with GOS would be received over a period of 10 years including a moratorium of one year from the date of the contract 30th June, in 18 equal semi-annual installments along with the lease rental.
Transfer to General Reserve — 2, Loan to MRPL comprises two loans: Any retrospective anunal in prices is accounted for in the year of such revision. During the financial yearthe subsidiary, OVL, had raised funds from the financial markets by issuance of non-convertible redeemable bonds in the nature of debentures as follows:.
V Rao vi Shri K. Surplus from Gas Pool Account e. Sale proceeds of Oil and Gas Net of levies Pending final arbitral award, the same has been shown as Receivable from the GoI under ‘Advance Recoverable in Cash or in kind’.
Details of these blocks and JVs as on Pending final decision on the DOC by the MC, as a matter of abundant caution, the Company has made a provision of 9, The same is paid to a fund administered through a separate trust.
Cost relating to dismantling, abandoning and restoring its allied facilities are accounted for in the year in which such costs are incurred as the salvage value is expected to take care of the abandonment costs.
Contingent liabilities are disclosed by way of notes to accounts. The effective date of transfer of PI shall be the date of Government approval, which is pending. Insurance Policy deductibles are expensed in the year the corresponding expenditure is incurred. Notes to Financial Statements for the year ended 31st March q. Company had sought confirmation from the vendors whether they fall in the category of Micro, Small or Medium Enterprises.
A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.
Tax deducted at source Current Investments are valued at lower of cost and fair value. In subsequent legal proceedings, The Appellate Authority of the Honourable Xnnual High Court of Kuala Lumpur had set aside the decision of the Malaysian High Court and the earlier decision of arbitral tribunal in favour of operator was restored, against which the GoI has preferred an appeal before the Federal Court of Malaysia.
Provision for Non-Moving Items Abnual of differences, if any, is carried out on completion of reconciliation.
Balance outstanding as on 31st March is 10, Actuarial gains onhc losses in respect of post employment and other long-term benefits are recognized during the year. Deferred Government Grant Note Cash Balance includes 3, Previous Year Cash and cash equivalent as on For practical reasons, the average exchange rate of the relevant month is taken pf the transactions of the month in respect of joint venture operations, where actual date of transaction is not available.
The value of inventories includes excise duty, royalty wherever applicable but excludes cess. Share of Profit – Minority Interest 2, Repayment of the loan will start in 28 equal instalments starting from Based on the information available, the required disclosure under the Micro, Small and Medium Enterprises Development Act, is given below:.
Contingent Assets are neither recognized nor disclosed in the financial statements. An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased. Depreciation for the year includes Rs6.
Registration of title deeds in respect of certain Buildings is pending execution. Exploration, Development and Production Costs e. A general description of the type of Defined Benefit Plans is as follows: These assets are capitalised and recognised in the rdport sheet of BC as from the date the lease contract is concluded, at the lower of the fair value of the asset and the discounted value of the minimum lease instalments.
Name of the Block. Debenture Redemption Reserve note no.
Depreciation and Amortisation p. Subsequent to impairment, depreciation is provided on the revised carrying value of the assets over the remaining useful life. Balance amount of