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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Contingent Assets are neither recognized nor disclosed in ajnual financial statements. Transferred to General Reserve. The company had made a provision towards the claim made by the GoI in earlier years and the amount of provision outstanding as on 31st March, is Rs 8, The Company’s share in assets, liabilities, income, expenses, contingent liabilities and capital commitments of Jointly Controlled Entities:.
In view of the several subsidiaries and Joint Ventures of annuql company, with each entity operating under different regulatory requirements in different countries and adopting different policies and disclosure, the information required under Accounting Standard AS on Employee Benefits is not disclosed in Consolidated Financial statement due to impracticability.
Republic of South Sudan is a landlocked country. Insurance Policy deductibles are expensed in the year the corresponding expenditure is incurred. The Company is engaged in exploration, development and production of crude oil and natural gas. Deduction during the year 3.
Foreign currency monetary assets and liabilities at the year end are translated using mean exchange rate prevailing on the last day of the financial year. Company has taken a political risk insurance policy for 12th and 13th installments.
The impact of discount is as under: Net Profit after Tax in million.
Balance outstanding as on 31st March is 8, Tax deducted at source 2, Previous YearrS Nil 6. No dividend has been received during the year. Depreciation, Depletion, Amortization And Impairment.
ONGC – Annual Reports
Reimbursable subsidies and grants d. As at 31st March, Such costs are capitalized by transferring to Producing Property when it is ready to commence commercial production. An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased. Sarraf up to Figures in parenthesis as given in these Notes to Financial Statement relate to previous year. Consolidated Balance Sheet as at 31st March, The Company has not advanced any money to its employees for the purposes of investment in the securities of the Company.
There has been no default in payment of interest during the year. Deferred Government Grant Note Employees are gifted a silver plaque nogc, depending upon their level.
ONGC- Sustainability Reports
The recoverable amount is its ‘value in use’ or ‘net selling price’ if determinable whichever is higher. An impairment loss is recognized, whenever the carrying amount of such assets exceeds the recoverable amount. Such assets are included as a receivable at an amount equal to the net investment in the lease. The distribution will be in proportion to the number of equity shares held by the shareholders. The risks od rewards incidental to ownership are largely transferred to the lessee.
Interest due and payable for the period of delay in making payment which have been paid but beyond the. Surplus from Gas Pool Account e.
Current investments are valued at lower of cost and fair value. The effective date of transfer of PI oncg be the date of Government approval, which is pending. Previous Year Rs nil. Tax on Dividend 13, In case, events and circumstances indicate any impairment, recoverable amount of these assets is determined.
Details of Nature wise Expenditure. Cash and Cash equivalents Includes Fixed deposits of Rs 52, In case, events and circumstances indicate any impairment, recoverable 201-12 of these assets is determined. Depreciation for the year includes Rs6.
The company declares and pays dividends in Indian rupees. Abnormal Rig days’ costs are considered as unallocable and charged to statement of profit and loss. Rig Mounted Platform RS Further interest remaining due and payable even in the succeeding years, until such date when the interest.
A general description of the type of Defined Benefit Plans is as follows: Expected rate of return on plan assets is based on market expectations, at the beginning of the year, for return over the entire life of the related obligation.