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PRIVATE & CONFIDENTIAL

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Titas Gas Transmission and Distribution
Company

Auditor,s Report
&,
Financial Statements
For the year ended 3Oth |une , ZOZ3

CHATTOGRAM OFFICE : DHAKA OFFICE :

NATIoNAL HoUSE (1st FLooR), sHATABDI cENTRE lath a oth rtoon)
109, AGRABAD COMMERCIAL AREA, 292, INNER CIRCULAR ROAD.
CHATTOG RAM-4 1 OO, BANG LADESH. FAKI RAPOOL, MOTIJ H EEL, DHAKA.
PHONE :880-31-711561 PHONE/FAX : 880-2-7 1 92098,
PHONE/FAX : 880-3 1 -7 23680 Cell : +BB 01730-080666
Web : www. shafiqbasak.com E-mail : skzislam86@9mail.com
E-mail : basak_sbc@yahoo.com skz4sbc@gmail.com
basa k@shafiq basa k.com Web :www.shafiqbasak.com
ln Practice Since 1993

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CHATTOGRAM OFFICE: SHAFIQ BASAK & CO" DHAKAOFFTCE - (1) :
National House (1st Floor), Shatabdi Centre (6th Floor)
109, Agrabad Commercial Area,
CHARTERED ACEOUNTANTS 292, lnner Circular Road.
Chattogram -41 00, Bangladesh. Partners: Fakirapool, Motijheel, Dhaka.
Phone :880-31-71 'l 561 Md. Shafiqul lslam, FCA Phone/Fax | 880-2-7 "l 92098,
Pho/Fax :880-3 -723680
1 Sampad Kumar Basalc FCA Cell: +8801730-080666
Web : www. shafiqbasak.com Sarwar Mahmood, FCA E-mail : skzislam36@gmail.com
E-mail : basak sbc@yahoo.com Sheikh Zahidul lslam, MBA, FCA skz4sbc@g mail.com
basak@shafiq basak.com Web : www.shafi qbasak.com

Independent Auditor's Report

To The Shareholders of Titas Gas Transmission and Distribution Company Limited
Report on the Audit of the Financial Statements

Qualified Opinion

We have auclited the financial statements of Titas Gas Transmission and Distribution Company Lirrited wliich
colrprise the statement of fir,ancial position as at 30 June 2023, the statement of protit or loss and otl,er
comprehensive income, statement of changes in equity and statement of cash flows for the year ended, and notes to
the financial statements, inclLrding a stlmmary of significant accounting policies and other explanatory infbrrnation.
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ln our opinion, except for the effects of the matters described in the -Basrs for Quali/ied Opinion section of our
L leport, the accompanying financial statements give a true and fair view of the financial position of the Company as
at 30 .lLrne 2023, and of its financial performance and its cash flows for the year ended ir-r accordance wilh
International Financial Reporling Standards (lFRSs).

Basis for Qualified Opinion

a. Long-term liabilities as disclosed in (Note #24)tothe financial statements include customers'security deposit
of Tk. 2,947 .65 crore as on 30 June 2023. The Head Office of the Company maintains control ledgers with the
infonnation received from zone offices. Br-rt during our audit at zone /RSO offices we found some differettces
u'hich yet to be reconciled.

b. Due to delay in payment of bills by the bulk custorrrers the Company calculates and charges penal interest ot.r
thebill alrollntsof-therespectivecustomers.Assuchatotal arnountofTk. l29.62crorehasbeenrecogrlizedas
interestincomeupto30 Jurrre2023 andincludedinTradeReceivablesshownin(Note#11).Ontheotherhand,
the Company accounted for meter rent and demand charges on its customer namely, PDB for Tk 187.89 crore
& EGCB Demand charges for Tk. 21.69 crore up to the year 2022-23. Fufther, the Company accounted for
another incorne of Higher Heating Value (HHV) from its Private Power custotners atrrounting to Tk. 38.84
\ crore Llp to the year 2022-23. The Cornpany has been recognizing these income and receivables since the year
2002. Or-rt of the said aggregated amount of Tk. 378.04 crore, there is no realization till date. On a qLrery \!e
came to know that the said cllstomers are not interested to pay sLrch penal interest as well as tneter rent, dernand
charges and high heating value whicl-r remain unrealized for long. As a result, there is a substantial doubt as
regarcls realization of the said penal interest, meter rent and high heating value receivable which require full
provision in the accounts.

c. Receivable from Encashment of FDR (Note# 14) for Tk 58.61 crore as disclosed in investrlent in Fixed
Deposit Receipt (FDR) with Padrna Bank Lirnited (formerly known as "The Farmers Bank Limited"). Because
of rveak creclit worll-riness of the said bank there is a substantial doubt as regards realizatiott ol the saicl
investment which require full provision in the accounts. But necessary provision in this regarcl has not been
made in the accounts.

d. The carrying amount of inventories as shown in the statement of financial position as on 30 .lr-rne 2023 is
'lk.
299.13 crore. But the accounting policies of the Company state that inventories are valued at cost which is a
non-compliance with International Accounting Standard (IAS) 2: lnventories. IAS 2 requires valuation of
inventories at the lower of cost and net realizable value. Physical verification of inventories done at 30 Jr-rne
2013 identifred dead stock rvorth Tk. 10.44 crore and obsolete stock wofih Tk. 3.33 crore by the inventoil'

INDEPENDENT MEMBER OF
DHAKA OFFICE - (2) : House - 4211st Floo0, Road - 01, Block - A, Niketan, Gulshan - 01, Dhaka.
ABACUS Phone : 88-02-99859602-3, 01 81 9-2851 96, E-mail.mah mcods.bd@gmail.com
WORLDWIDE
ln Practice Since i 993
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committee at that time. But the Company did not make any adjustrnent in the accounts for the said items.
Further, the Company conducted physical verification of inventories as on 30 June 2023.It identified huge
quantities of dead' and obsolete iterni but could not determine the value of such inventories. As a result, the
value of inventories as on 30 June 2023 may include huge quantities of dead and obsolete items which could
r;l\ not be quantified thereof due to lack of information. Thus, the carrying amount of inventories of the Company
as on 30 J:ul;re2023 appears to be overstated.

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e. As per subsidiary loan agreement (SLA) between the Government of the Republic of Bangladesh and Titas Gas
Transmission and Distribution Company Limited (TGTDCL), the Company has received Tk.24.78 crore as
l.' equity and recognized it as share money'deposit. As per GazelteNotification No. 146/FRC/Adm./SRO/2020101
aated OZ March 2020 by Financial Reporting Council (FRC), the capital received as share money deposit or
whatever the name wtriih is included in the Equity part of any company that cannot be refunded and the said
amount shall be converted into share capital witfrin OO (six) months from the date of such receipt. Further, such
share money deposit shall be considered in calculation of Eamings per share. However, the outstanding amount
of such share mbney deposit stands at Tk.282.74 crore as at 30 June 2023.Btttthe company has not converted
this Share Money Oepoiit into the share capital of the company as per the instruction given by FRC'

f. According to Tax Law 2023, Section-89 Rule-03 Customers deducted Advance Income Tax (AIT) against gas
bill of Tiias gas and then deposited the money in favour of NBR. According to the law, the entire amount of the
gas bill is cJnsidered for tax deduction, even though Titas Gas's income consists primarily of the distribution
irargin and other minor sources of income such as demand charges and meter rent, which make up a small
portlon of the total bill. Starting from the assessment year2015-16 (FY 2014-15), a significant disparity has
emerged between the Advance Income Tax deposited and the actual Tax Liability owed and
from the assessment year 2015-16 to 2023-24, an excess amount of Taka 2,239,46 crore has been deposited to
NBR over the tax. Thafs why Company fall in liquidity crises-tremendously. They should take initiative to
settle the AIT issue with NBR.

We conducted our audit in accordance with International Standards on Auditing (ISA0. Our responsibilities under
those standards are further described inthe Auditor's Responsibilitiesfor the Audit of the Financial Stqtements
section of our repofi. We are independent of the Company in accordance with the International Ethics Standards
Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our qualified opinion

Emphasis of )Iatter
Attention to be given to the Note # 15 Cash & Cash Equivalent in to the financial statement as on 30 June 2023
out of 89 collection accounts 47 numbers of collection accounts yet to be reconciled by removing bug problems in
software.

CHARTERED
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Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the
in the context of our audit of the financial
financial statements of the current period. These matters were addressed
statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these
matters. We have determined the matters described below to be ttre key audit matters in our report.

}} 1. Revenue
E
See Note # 30 to the financial statements
Key audit matters How the matters were addressed in our audit
At the year end the Company reported total revenue Our audit procedures to addressr the risks of material
of Tk. 26,508.83 crore, equivalent to 107.79o/o of misstatement relating to revenue recogrition, which was
the Company's total assets, which is significantly considered to be a significant risk, includes the testing of
focusing
material to the financial statements. The Company design and operating effectiveness ofkey controls
recognizes revenue on consumption basis through on the following:
issuing invoices at the end of each month to the
customers (except domestic customers) for o Recalculation of consumption
units and bill amounts;
consumption of gas. The revenue from domestic o Evaluation of meter reading process along with proper
customers are recognized on fixed rate basis. The authorization;
Company recognizes sales revenue in accordance . Segregation of duties in invoice creation and
with the order issued by BERC Order # 2022109 modification;
dated 0 4 I 0 6 I 2022 and SRO No- 1 4-L aw I 2023, dated o Effectiveness of the information systems to record and
18 January 2023, issued by the Ministry of Power, present accurate amount of revenue;
Energy & Mineral Resources. . Payment habits of customers and its overall impact on
Therefore, there is a risk of revenue being misstated operational cash flows;
due to incorrect recognition. o Timing of revenue recogtition, etc'

Our substantive procedures in relation to the revenue

recognition comprises the following:

o Obtaining supporting documentation for sales

transactions recorded either side of year to determine
whether revenue was recognized in the correct period;
o Obtaining supporting documentation and records from
different zones and zonal sales offices to match with
. accounts revenue control account;
. Reviewing accounting records and overall information
generation systems;
o Reviewing gas sales agreements with customers (Bulk)
and underlying policy documentation with a view to
ensuring that agreed terms were properly adhered to;
and
o Critically assessing manual journals posted to revenue
to identify unusual or irregular items, etc'

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\i 2. Property, plant and equipment and capital work-in-progress
5 See notes # 5 & 6 to the financial statements

Key audit matters How the matters were addressed in our audit
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F At the reporting date, the carrying value of the o We obtained an understanding of the client and its
Company's property, plant and equipment and environment to consider inherent risk related to property,
capital work-in-progress amounted to Tk. 958.35 plant, and equipment. Our understanding includes:
crore and Tk. 717.42 crore respectively which
represent 3.89% and 2.90yo of total assets F Obtaining an understanding of the internal control
respectively. The valuation of property, plant, and over property, plant, and equipment.
equipment and capital work in progress were F Assessing the risks of material misstatement and
identified as a key audit matter due to the designing tests of controls and substantive
sigrificance of this balance to the fr:rancial procedures that cover the following aspects:
statements, as well as the significance of
o Substantiate the existence of property, plant, and
management's judgments in determining its
equipment.
valuation.
o Establish the completeness of recorded propefty, plant,
and equipment.
In considering the valuation of property, plant, and
equipment,'we focused on the assessment of the
o Veri& the cut-off of tansactions affecting property,
plant, and equipment.
followings:
r Establish the proper valuation or allocation of property,
o lnherent plant, and equipment and the accuracy of transactions
risks associated with propefty, plant and
equipment.
affecting property, plant, and equipment.
r Potential misstatements in property, plant,
o Determine the correctness and appropriateness of
and
equipment on account offrauds and errors.
classification of propefty, plant and equipment.
. Assessment of useful lives of assets.
. Assessment of impairment of assets.
o We obtained an understanding of the potential
misstatements in property, plant, and equipment on
account offrauds and erors.
Inherent risks associated wittr property, plant and
equipment
o We evaluated the assumptions made by management in
the determination of useful lives to ensure that these are
o consistent with the principles of IAS 16. "Propefty, Plant
Property, plant and equipment may include
and Equipment".
assets that should have been derecognized
r We compared the useful lives of each class of assets in
following sale, other transfer of rights,
the current year to the prior year to determine whether
abandonment or impairment.
o Expenditure that should have been recognized there were any significant changes in the useful lives of
as
assets, and considered the reasonableness of changes
property, plant and equipment but has not been
based on our knowledge of the business and the indushy"
so recognized, including capitalized finance
costs.
r We verified records e.g. contractor bills, work orders and

o Depreciation may have been incorrectly

certification of work performed by the specialized
personnel to ensure that the assets under construction or
calculated.
pending installation and not yet ready for intended use
o Potential misstatements in property, plant, and
are classified as work- in- progress.
equipment on account offrauds and errors.
o Purchase of an asset at an inflated price
especially from a related party.

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Key audit matters How the matters were addressed in our audit
. Wrong write-off of the asset as scrqp, o We also verified the date on which the assets are moved
obsolescence, missing, donated, or deskoyed. from the capital work- in- progress account to the
q o Expenditures for repairs and maintenance property, plant and equipment (the date on which the
recorded as property, plant and equipment or asset is ready for intended use), so that the depreciation
vice versa. on property, plant and equipment has been computed
o Capttalization of expenditure which are not correctly.
normally attributable to the cost of the property, o We reconciled the movement of capital work- in-
plant and equipment. progress from opening to closing, specifically veri$ing
. Recording ofan asset purchased, which in effect additions during the year, capital assets completed during
has not actually been received by the entlty at the year and impairment of any opening capital work- in-
all. progress items.
o We assessed whether there are circumstances that
Valuation of capital work- in- proeress to ppE
indicate a possible impairment of properfr plant and
Management needs to ensure that the assets urder equipment and if such circumstances exist, how the same
construction or pending installation and not yet have been dealt with by the entity.
ready for intended use are classified as work- in-
progress. An appropriate system needs to put in o We were satisfied that the property, plant and equipment
place to capture all directly identifiable costs, which recognition and measurement policies have been applied
oan be capitalized, to be so accumulated to capital appropriately. Based on the work performed, we
work- in- progress whilst expenses which are not concluded that property, plant and equipment have been
eligible for being capitalized are identified and recorded appropriately.
charged to revenue in the normal course.

Assessment of useful lives of assets

Management applies estimates and judgments in its

determination of useful lives of assets and reviews
the useful lives of assets at each financial year end
and adjusts for changes, where appropriate.

Impairment of assessment

At the end of each reporting period, management

assesses whether there is any indication that an
asset may be impaired. If any such indication exists,
management estimates the recoverable amount of
the asset. If the recoverable amount of an asset is
less than its carrying amount, the carrying amount
of the asset is reduced to its recoverable amount.

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3. Measurement of Deferred Tax Liability

See Note # 2l to the financial statements
Key audit matters How the matters were addressed in our audit
3 Company reporled net deferred tax liability totaling We obtained an understanding, evaluated the design and
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Taka12.78 crore as at30 June2023. tested the operational effectiveness of the company's key
controls over the recognition and measurement of deferred
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Significant judgment is required in relation to tax assets and liabilities and the assumptions used in
i deferred tax liability as it is dependent on forecasts estimating the future taxable expense of the company.
of future profitability over a number of years.
We also assessed the completeness and accuracy of the data
used for the estimations of future taxable expense.

We evaluated the reasonableness of key assumptions,

timing of reversal of temporary differences and expiration
of tax loss carry forwards, recognition and measurement of
deferred tax liability.

We assessed the adequacy of the company's disclosures

setting out the basis of deferred tax liability falances and
the level of estimation involved.

We also assisted in evaluating the tax implications, the

reasonableness of estimates and calculations determined by
management.

Finally assessed the appropriateness and presentation of

disclosures as per IAS 12'. Income Tax.
4. IT systems and controls
Key audit matters How the matters were addressed in our audit
Our audit procedures have been focused on IT We tested the design and operating effectiveness of the
systems and controls due to the pervasive nature company's IT access controls over the information systems
and complexity of the IT environment, the large that are critical to furancial reporting.
volume of transactions processed in numerous
locations daily and the reliance on automated and We tested IT general controls (logical access, changes
IT is dependent on manual controls. management and aspects of IT operational controls). This
included testing that requests for access to systems were
We have focused on master data management, user appropriately reviewed and authorized.
access management and developer access to the
production environment and changes to the IT We tested the Company's periodic review of access rights.
environment. Among others, these are key to We also inspected requests of changes to systems for
ensuring operating effectiveness of manual with appropriate approval and authorization. We considered the

automated control and automated controls. control environment relating to various interfaces,
configuration and other application layer controls identified
as key to our audit. Where deficiencies were identified, we
tested compensating controls or performed alternate
procedures.

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Other lnformation
|'zlslagement is responsible for the other information. The other
information comprises all of the information in the
Annual Report other than the financial statements-and- our auditor's
report thereon. The Annual Report is expected
GI to be made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the other information
and we do not express any form of
assurance conclusion thereon.
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I In connection with our audit of the financial statements, our responsibility
is to read the other information identified
above when it becomes available and, in doing so, consider
whither the other information is materially inconsistent
statements or our tnowteoge obtained in the audit or otherwise to be materially
X'*rj["0.**cial "pr.*r
When we read the annual report, if we conclude that there is a material misstatement herein, we will communicate
the matter to those charged with governance of the Company.

Responsibilities of Management and Those Charged with Governance

for the Financial Statements and
Internal Controls

Management is responsible the prepmation of the financial statements that give a true and fair
accordance with International-for view in
Financial Reporting standards lmnssj, the companief
Exchange Rules 2020, relevant notifications issuia by eangladesh
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6gi,the Securities and
slc*iti"s and Exchange commission @sEC)
and other applicable laws and regulations and for suci inteiral
controi as management determines is necessary to
enable the preparation of financial statements that are free
from maie.iat misstatement, whether due to fraud or
errot.

In preparing the financial statements, management is responsible

for assessing the Company,s ability to continue as
a going concerr! disclosing, as applicable,-mattel;s rq$ed goint and using the going concern basis of
accounting unless management either intends to liquidate 1o "on"..,
' trr. tonr]ury
---E----J or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing
the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes our opinion.
Reasonable assurallce is a high level ofassurance, but is not guarantee
a that an audit conducted in accordance with
ISAs lvill always detect a material misstatement when it exists]Misstatements
can arise from fraud or error and are
considered material if, individually or in the they could reasonably be expected to influence the
economic decisions of users taken on the basis of_aggregate,
these financiai statements.

As part of an audit in accordance with ISAs, we exercise professional judgment

and maintain professional
skepticism throughout the audit. We also:

' Identify and assess therisks of material misstatement of the financial statements, whether due
to fraud or
e[or, design and perform audit procedures responsive to those risks, and obtain auJit evidence that is
sufficient and appropriate to provide a basis for.bur qualified opinion.
The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from
eror, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the oierride
of intemal control.
r obtain an understanding ofinternal control relevant to the audit in order to design
audit procedures that are
appropriate in the circumstances.

o Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates
and related disclosures made by management.
a Conclude on the appropriateness of ofthe going concem basis of accounting and, based
on the audit evidence obtained, whether exists related to events or conditions that

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may cast significant doubt on the Company's ability to continue as a going concern. [f rve conclude that a
material uncertainty exists" rve are required to draw attention in our auditor's report to the related
disclosures in the financial statements or, if sLrch disclosr-rres are inadequate, to rrodify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. I-lowever,
littttre evettts or conditions ma\ cause the Company to cease lo continrre a5 a goirrg concern.

a E,valuate the overall presentation, structLlre and content ol the financial staternents, including the
disclosures, and whether the flnancial statenlents represent the underlying transactions and eveuts iu a
t't1
e rnanner that achier es laiI presentation.
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We comrnunicate with those charged with governance regarding, among other matters, the planned scope and
tirning olthe audit and significant audit findings. including any significant deficiencies in internal control that we
identill dtrring our audit.

We also provide those charged with governance with a statement that we have cornplied with relevant ethical
requirements regarding independence. and to communicate with them all relationships and other matters that ma1,,
reasonably be thought to bear on our independence. and ivhere applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the crurent period and are therefore the key audit matters. We
describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a malter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on other Legal and Regulatory Requirements

As required b1,the Companies Act 1994. the SecLrrities and Exchange Rules 2020 and relevant notifications issued
by Bangladesh Securities and Exchange Commission (BSEC) we also repoft the following:

a) we have obtained all the information and explanations which to the best of our knor.vledse and belief rvere
necessary for the purposes of our audit and made due verification thereol

b) in our opinion, proper books ol accourlts as required by law have been kept by the Conrpany, so far as it
appeared from our eramination olthese books;

c) the statelnents of financial position and statement of profit or loss and other conrprehensive incorre dealt
with by the report are in agreement with the books of accounts and returns; and
d) the expenditure incurred was fbr tl.re purposes of the Company's business.

Dated: 25 October,2023
Sheikh Zahidul Islam FCA, MBA
Dhaka.
Enrolment No-1394
Partner
Shafiq Basak & Co.
Chartered Accountants
DVC : 23 1 026 I 394A561527 1

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CHART ERED ACCOLINTANTS

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I.,\S I sl(a) Titas Gas Transmission and Distribution Company Limited
IAS I l0(e).51(b) Statement of Financial Position
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IAS l.5l(c) As at30 Jrune2023
IAs I 5l(d).(e) AMOUNT IN TAIiA
Particulars Notes
IAS]II3 30.06.2023 30.06.2022
Assets
I,\S I 56 Non-current assets 132

IAS 1.54(a) 9.58"3-5 7.1.188 9 77.5 1.75.17.1

Propert-r,. plant & e quipntent (at cost less Dcprecialion) 5
IAS l.-i4(ai Capital lork in progress 6 7. I 7.42.84.364 6.90.1t. 10.07.1

.t IAS l.-54(b) lnvestnrents 7 36.09.i 1.8 r.017 ll. I 1.28.69.267

s r.-\s r54(b) lnter-cor.npany loar.r 8 q l0 )0 77 t)i 9.98,.17,3 6.12 5
rAS r 51(b) Loan to emplol'ees 9 3.3 6.07.70.43 8 2 89.30.79.1 l4

(lurrcnt assets I 705

IAS I 5a(g) I nr'entories 10 2,99.I3 21 866 l.08 77.5i.692
rAS r 51(h) I'r-ade rcceivables lcss pror ision lirr bad anci doubtiul dcbt 11 99 sR lJ 0) S5x -j9.3 1.0 r.58.648
t.\s I t7 .Adr' ances. depos its anrl prcpar,rnents 12 -5 2.82.3 -5.3 5.6 8 8 17.1 1. I 6.97 728
IAS t.66 Grotrp cllrrent aocoriltts 13 29.63.27. l 63 I9.6i.1i 0.i4
IAS I,66 (lther curent assets 14 1,79.68.27.8 t6 l.-5(r.8.1.1,:1.0i.l
IAS r.51(j) Cash and cirsh equivalents I5 23, I 1.9 1.26.73 I ilReli()lile
Total assets 2,45,92,44,31,954 I ,86,86,58,49,859
Equity' & t.iabilities
Shareholders' cqu it.r, 70,97 712
l/\S I l9 Share capital t6 9,89,22 r8 i r0 9 89.22 18.,1 l0
I,,\S II9 Sirare rnonet cleposil 17 ).82.1414.695 2.5 7.97.7,r.606
IAS 1.5'l(r) Reserve firnd l8 81.04.48.:14i B 1.01.i6.(r93
L\S 1.78(e)108 l{er. enue resen e t9 57.14. I 9,98.264 60.08.2.5.82 060

IAS 1.71 Non-currcnt liabilitics 3'.l 33

IAS 1.55 Long terrn loans (net of current maturit),) 20 1.01,92.87,i2 r j.90 07. 1 8. 1 q7
iAS 1.54(o) Deferred tar liabilitv 21 72 78.2t.189 8,i.5,1.6-5.919
rAS r9.120 Retirement benefit obligations 22 3.61 74.ll.6i1 1.97.()i.7.1 12.i
rAS I 9. 120 Leave par 23 8.0 t 10.988 I 0.76.)7.765
]AS I,56 Cuslomers' secr-rritr' ciepos its 24 29.17 65.12.40,1 26. I 0.1;t.70.287

I,\S I 69 (lurrent liabilities

IAS I ,6I Ctrrrent portion of long ternt Ioans 20 24.60.62.14 8 r2 78.r8 t60
I.,\S I 54(k) Trade pal,ables 25 99.7 t.4.5.82.6-i_l .l 2.8 8.99.72, i 6,1
IAS ] 69 Group current accou.nts 26 65,26.2i. i 72 78" 08.2 i.7 89
Ir\S i l0.l Worl<ers' prolit participation funcl and WF pavatrle 11
9.9 I,17. I-57
tAS t2.17 Provision lbr iucolnc tax 28 32.0 1.24,75,6-i7 i2,01.24.7-i.6._i7
I,\S I,7(] t-lnclair-ncd Divrdend ,o 1.6-i.36.696 I .28.4 l" I95
t.\s L70 t-iabilitl, fbr erpenses 30 4,3 5, B 8.5 -5.982 3.64. 14.0,1.265
Tot:tl liablitics 1,74,95,22,92,242 1,1 3,50,1 1,39,190
'l'otal equity & liabilities 2,45,92,44,31,9s4 I ,86,86,58,49,859

Net assets \,nlue per share (Ni\\') 43 71.'7s '14.16

'l'he
annexed notcs fbrm an intesral S tater lrents

G*
Md, Lutful Hyder Masum
A4-"
Islanr
,\rpana Engr. NId. Fltronrrr li.ashid \lullah i\lrl. Nurul r\lanr
Company Secretary (iNl (Finance) Nlanaging Director Chairnran

'fhts is the State,lent of Financial Position

referreci to in our separate report ot'even ciate

Dated: 25 October 2023 Islam FCA, M

Place : Dhaka Enrollment No-1394
Partner
Shafiq Basak & Co.
Chartered Accountants
DV( :23 10261 J94A56 15271

J
 SHAFIQ BASAK & CO
L CHARTERED ACCOUNTANTS

IAS I 5l(a) Titas Gas Transmission and Distribution company

rAS r r0(b).8 rA
Limited
Statement of Profit or Loss and Other Comprehensive
Income
IAS L5 l(b).(c)
For the Period .Iu 2022- June 2023
IAS I 5 l(d).(e)
Particulars AMOUNT IN TAKA
IAS I,IIJ Notes
July-2Z to June-23 July-ll to June-22
Revenue
3l 2,65,09,93,96,246 1,93,70,23,92,913
IAS I 82(a) Less: Cost ofsales
32 .50.48 t2 I 7r. iu 1.685
rAS 1. t03 Gross profit/(Loss)
t-. 1,58,35,57,934 7,10,53,51 ,228
IAS 1.85 Less: Operating cxpcn5cs
\e
6 5,47 1
rAS l.B2(b) General adr-n ini strati ve expenses
33 6.81 -"15.1 8,757 5 .27 .67 .37 .018
tAS I 82(b) Transrnission & Distri bLrtion e\pcllscs 34 I 5"21 .3 I
Add: Other operating incon.rc
.579 _20.00.77.282
35 .379 10"87 .50.953
rAS 1.51(h) Gross operating profit/(Loss) for the year
(4,89,97, 09,024) 1,73,72,97,990
rAS r.82(b) Less: F'inance cost
36 2.81 047 17.-16.058
Net operating profiti(Loss) for the vear
(4,92,69,47,071) 1,72,55,41,922
IAS 1.8,5 .Adcl : Non-oper.ati ng incomc
3,11,7 .666 )it 6,3 1,948
lnrrestr.nent inconte
37 2,02.55.99.820 I .54. I I .87.3 78
Financial inconte I rl
38 t,t/ 846 80"54.44.570
Profit/(Loss)before WppF and WF
(1,77 ,90,04,405) 1,07,21,73,770
rAS 1.99 l.ess: Provision fbr contr.ibr-rtion to Wpl)F & Wl.
20.36.08.688
IAS t.85 Profit/(Loss) before income tax
(7,77 ,90,04,405) 3,86,95,65,091
rAS t.82(d) I-ess: Incorle tar expenses(llrcome)
rAS t2.82(b) 68.8i.5-1.295
Current tax
39 110.3i"i9"(r7l
rAS t2.82(b) Def'elrecl tax
2t 12.76.42,.110)
Net profit/(Loss) after income tax _i I I.-19.ri{i.376)
(7,65,13,61,965) 3,18,02,1 1.786
IAS I.82A L)tlrer conrprehensive i ncorne
40 3 ,11 ,7 s0 .1.98.800
1'otal comprehensive income/(Loss)
IAS 33 66 Earning/(Loss) per Share (EpS)
4t (1.67) 3.2-l

TI're ar.rnered notes lorm an integrar part of trrese Financiar Staternents

c--_-.__- A4-, ./
Md. Lutful Hyder Masum
Company Secretary
Arpana Islam
GM (Finance)
Engr. Md. Haronur Rashid Mullah
Managing Director
,o Mo,,-
Chairman
-
This is the Statement of Financial Position referred
to in our separate reporl of'e'en date.

Dated: 25 October 2023

Sheikh Zahidul Istam FCA. MBA
Place: Dhaka
Enrollment No-1394
Partner
Shafiq Basak & Co.
Chartered Accountants
DY C :23 I 02 6139 4 AS6t s27 1

.a)

'4.,i t
 I
SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
L

t\

IAS l.sl(a) Titas Gas Transmission and Distribution Company Limited

IAS 1.10(c) Statement of Changes in Equity
IAS 1.51(c) For the Period July 2022 - Jtne2023
IAS i.5 I (d),(e)
s
Share Share Money
IAS 1.113 Particulars Reserve f,'und Revenue Reserve Total Equity
Capital Deposit
Balance as on July 01,
9,892,219,310 2,579,773,606 810,136,691 60,082,582,059 73,364,710,669
2022
Net profit after tax for the
(1,6s 1,361,965) (1,65 1,361,965)
IAS L l0(a) year
Cash Dividend for the year
(989,221,831) (989,221,831)
2021-22 @ t0%
Share money deposit
transferred from long term 247,760,450 247,7 60,450
loan
Fair value adjusbnent of
marketable securities
311.750 31 r,750
Refund of Share money
deposit to Govt. (59,361) (59.361)
Balance as on june 30,
9,892,218,310 2,827,474,695 810,448,44'l 57,441,998,263 70,972,139,712
2023

For the Period July 2021 - Jlune 2022

Share Share Money

Particulars Reserve Fund Retained Earnings Total Equify
Capital Deposit
Balance as on July 01,
9,892,219,310 2,057,918,478 809,637,891 59,078,658,301 71,839,432,982
2021

Net profit after tax for the

period july-2 1 to June-22 3,180,2r1,786 3,1:80,211,786
IAS Ll0(a)
Cash Dividend for the year
2020-21@22% (2,176,288,028) (2,176,288,028)
Share money deposit
transferred from long term 521,855,128 521,855,128
loan
Fair value adjustment of
marketable securities 498,800 498,800
Balance as on June 30,
9,892,218,310 2,579,773,606 810,136,691 60,082,582,059 73,364,710,669
2022

,/
A+* .M
Md. Lutful Hyder Masum Arpana Islam Engr. Md. Haronur Rashid Mullah Md. Nirrul Alam
Company Secretary GM (Finance) Managing Director Chairman

Dated: 25 October 2023

Place : Dhaka

,
 SHAFIQ BASAK & CO
CHARTERED ACCOUNTANTS

Titas Gas Transmission and Distribution company Limited

rAS l.l0(d) Statement of Cash Flows
For the Period 2022- Jwe2023
IAS l.5l(c)
AMOUNT IN TAKA
rAS 1.1 l3(d),e Notes
G. PARTICULARS Jnlt22 to June'23 Jul'21 to June'22
rAS 1.113
tAS 7 10 A.Cash flows from operating activities
223,996.560,462 181,771,437,508
IAS 7.l8(a) Receipts from Revenue
2,830,0 1 7,50 I 2,198,928,074
a IAS I.85 Irrterest received
1 09,540,596 412,187,999
Other Income received
(206,684.293 -320) (177 ,603,156,949)
rAS 1.140 Payment against gas Purchase (3,s27
(3,679,969
Payment for salary & other cost (259,421,911
(99.117,157)
Payment for WPPF
3,836,912 111,604,615
Inter ComPanY a./c's (l 1,746,058)
(139.1 64,364)
IAS 7.33 Interest paid
(5,629,455,020) (4,42r,263,603)
IAS 7.35 lncome tax paid
(164,222,61 43,234,027
Advance, Deposits & PrePaYments
'7 r96
Other Creditors
12,110,857,522 300,157',262
Net cash from operating activities
IAS 7.IO B. Cash flows from investing activities
(2,980,000,000) I
(e
rAS r.54(b) Fixed deposit
3,500,762.54s 3,438,826,324
Security received from customers I

130,000,000 l 30,000,000
Loan re-payment made bY BAPEX |

(384,600,000) |
Loan to GTCL
t,131 ,259,200 1,fi7,762,615
Loan re-payment made bY GTCL |
( l ,1 68,479,863) (1,491,833,755
IAS 7.16(a) Acquisition of fixed assets I

( 2,1 06, I 25,203) (2,035,491,745)]

Acquisition of stores ]

(864,894,809) (il 5,492,5 1 6)

Employees'loan
(8,492,800)
IAS 19.120 Cratuity fund
(85,220,307) (l 02,258,839)
IAS 19.120 Leave pay
444,561,097 663, I 54,036
IAS 19.120 Pension fund
(70,EIJ_IE (70,406,597)
IAS 19.120 Provident fund
777
Net cash used in investing activities
tAS 7.10 C.Cash flows from financing activities
247,',760,450 52 1,855,1
Share money received
(s9,36 I )
Share money dePosit refunded
371,551,634 182,782,692
rAS 7.17(d) Loan received
(12'7,8 (86,789,382)
IAS 7.17(c) Re-payment of long-term loan
,795 53 71
Dividend paid (1,092,132,433
(496,360,890)
Net cash used in linancing activities
D, Net increase/decrease in cash & cash equiYalents
(A+B+C)
rAS 7.50(d)

E. Unrealisetl foreign exchange gain/ (loss)

F.Cash & cash equivalents at beginning ofthe year 13,891,502,549 22,461,960,938

23,119,126,131 13,891
G. Cash & cash equivalents at end of the period (D+E)
42 1? 10 030
Net Operating Cash Flow Per Share (Taka)

G:___,/ A+-,
Engr. Md. Haronur Rashid lllullah Md.Nr Alam
NId. Lutful Hvder Nlasum Arpana Islam
Managing Director Chairman
Company SecretarY GM (Finance)

Dated: 25 October 2023

Place : Dhaka

J
 l SHAFIQ BASAK & CO.
- CHARTERED ACCOUNTANTS
;
IAS l.sl(A) Titas Gas Transmission and Distribution company Limited
IAS 1.s1(e) Notes to the Financial Statements
iAS 1.51(c) For the year ended 30 June 2023
IAS I.38 1. Background and Introduction
i Titas Gas Transmission and Distribution company Limited (hereinafter
referred to as ,,TGTDCL or the company ,,)
was established in the year 1964. After liberation of the
country the company was nationalized under the presidential
order No' 2711972 and its overall activities has been placed under the suiervision
& Mineral corporation (BOGMC)
and control of Bangladesh oil , Gas
commonly named 'petrobangla'. Subsequently, the company,s
Board was vested
with full autonomy and exercise all financial powers as per Company's
notification No' Fi-qr<a lEmE oql flJH-vtooq(qtrf-ol,yqug dated
act 1994 as stated vide the gor;.ri
,;';;
5 November 2002. Thecompany has been listed
withDhakastockExchange (DSE) on 09 June 2008 andwithchittagongStockExchange
(cse) on lg June 200g
under the direct listing rules of Securities & Exchange commission
offloading 25%o of itsshares in the stock markets .
Currently, Petrobangla holdsT5o/o of the Company'paid up share capital.

The aim and objective of the company is to transmit natural gas

from the gas fields to different a.reas to distribute the
same to the consumers in power, fertilizer, industrial, commercial, captiv! power,
feed gas for CNG, and domestic
categories within its franchise areas viz' greater Dhaka
& Mymensingh dirt i"tr. After construction of the 5g miles long
original 14" diameter gas transmission pipeline from Brahmanbaria
activities in April 1968 supplying gas to Siddhirganj Power Station
to Demra the c";";; ;;.j it, ,o*...riul
which was it's first gas consumer. Thereafter, the
company constructed different distribution lines in phases towards
Dhaka city area, Ghorashal and Ashuganj for
suppling gas to the customers in all categories. Till the liberation
of the country in 1g7l TGTDCL had been able to
supply gas to two power stations, one fertilizer factory
and about 2000 customers in other categories.
The company since its inception has been developing its
activities day by day and at present it has a gas pipeline
network of about 13,391.32 km and a total connection of gas
customer irzg,lt,lsl including 17 gott.power stations,
9 private power stations and2 fertilizer factories in the
bulk category.
IAS 1.117 2. Basis of preparation of the tr'inancial Statements
2.1 Statement of compliance
The financial statements have been prepared in accordance with
the requirements of the companies Act 1994,
Securities and Exchange Rules 1987, Securities and Exchange
ordinance 1969, the Listing Regulations of Dhaka
Stock Exchange (DSE) and other relevant local laws as applicable,
and in accordance with the International Financial
Reporling Standards (IFRSs) issued by the International Accounting
Standards Board (IASB) and adopted by Institute
of Chartered Accountants of Bangladesh (ICAB).
2.2 Other regulatory compliance
The Company is also required to comply with the fbllowing
statues:
-The Income Tax Act,2023;
-The Income Tax Rules, 2023; \
-The Value Added Tax and Supplementary Duty Ac t, 2012:
-The Value Added Tax and Supplementary Duty Rules, 2016;
-The Customs Act, 1969;
i -The Bangladesh Labour Act, 2006 (Amended in 2013
&201g);
-Bangladesh Energy Regulatory Commission; etc.
2.3 Authorization for issue
The audited financial statements as at and for the year ended 30
llune 2023 were authorized to issue by the Board of Directors
on25 October2023.
2.4 Basis of measurement
Measurement is the process of determining the monetary amounts
at which the elements of the financial statements are
to be recognized and carried in the statement of l.rnancial position
and profit or loss and other comprehensive income.
These financial statements have been prepared under the historical
cost convention and on a going concem basis.
2.5 Going concern assumption
when preparing financial statements, management makes an assessment
of TGTDCL's ability to continue as a going
concern' TGTDCL prepares financial statements considering going
concern assumption as per IAS-l(25).

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2.6 Components of X'inancial Statements

The Financial Statements comprises as follows:
-Statement of Financial Position;
- Statement of Profit or Loss and Other Comprehensive lncome;
-Statement of Changes in Equity;
-Statement of Cash Flows; and
-Notes to the Financial Statements.
2.7 X'unctional and presentation currency
These financial statements are presented in Bangladesh Taka (Taka/BDT/Tk.), which is also the functional currency of
the Company. The amounts in these financial statements have been rounded off to the nearest integer. Because of these
rounding off, in some instances the totals may not match the sum of individual balances.
2.8 Use of estimates and judgments
The preparation of the financial statements of the company requires management to make and apply consistently the
judgments, estimates and assumptions for records and balances that affect the application ofaccounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected. In parlicular, information
about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the
most significant effect on the amounts recognized in the financial statements is included in the following notes:

Note: 5 Property, plant and equipment

Note: ll Trade receivables
Note: 25 Trade payables
Note: 28 Provision for income tax
2.9 Reporting period
The financial period of the company covers one year from 0l July to 30 June and is being followed consistently
2.10 Status of of International Financial Standards
IAS Title Remarks
1 Presentation of Financial Statements Complied
2 Inventories Not complied
7 Statement of Cash Flows Complied
8 Accounting Policies, Changes in Accounting Estimates and Errors Complied
l0 Events after the Reporling Period Complied
t2 Income Taxes Complied
16 Property, Plant & Equipment Complied
t9 Employee Benefits Complied
2l The Effects ofChanges in Foreign Exchange Rates Complied
24 Related Parly Disclosures Complied
JJ Earnings Per Share (EPS) Complied
34 Interim Financial Reporting Complied
36 Impairment of Assets Complied
37 Provisions, Contingent Liabilities and Contingent Assets Complied
38 Intangible Assets Complied

IFRS Title Remarks

7 Financial Instruments: Disclosures Complied
9 Financial Instruments Complied
13 Fair Value Measurement Complled
15 Revenue from Contracts with Customers Complied

i)

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3. Summary of significant accounting policies

IAs 16.21 3.1 Property, plant and equipment (ppE)
IAS 16.73(a) i) Recognition and Measurement
Property' plant & equipment are recognized if it is probable that
future economic benefits associated with the assets
will flow to the company and the cost of the assets can be reliably
1.,
measured. All fixed assets axe stated at cost less
accumulated depreciation as per IAS-16 "Property,
Plant and Equipment', except land
cost of acquisition of an asset comprises its purchase price
*h#il;d * .".'*r, ,"
and any directly attributable cost of bringing the asset
working condition for its intended use inclusive of inward to its
freight, duties and non-refundable taxes.
Leases
IFRS 16: Leases introduces a single, on-balance sheet
lease accounting model for lessees. A lessee recognises
to-use asset representing its right to use the underlying a right-
asset and a lease liability representing its obligation
lease payrnents' There are recognition exemptions to make
for short-term leases and leases of low-value items. Lessor
accounting remains similar to the current standard-
i.e. lessors continue to classif! leases as finance or
The standard is effective for annual periods beginning operating leases.
on or after I January zoig, butalso with permission for
adoption. early

TGTDCL has applied the exemption for short-term leases

and booked its rentar payments as expenses in profit
or loss
ii) Subsequent costs
The cost of replacing a part of an item of property, plant
and equipment is recognized in the carrying amount
item if it is probable that future economic benefits of the
associated with the item will flow to the entity
item can be measured reliably. All other repairs and the cost of the
and maintenance costs axe charged to the Statement profit or Loss
and other comprehensive Income during the financial period of
in which they incurred.
IAS 16.73(c) iii) Depreciation
L{s 1 55. Depreciation is charged on property (except land), plant
and equipment using ,straight line method, to allocate
costs over this estimated useful lives' Depreciation the
on addition to propefty, plant and equipment is charged
date when the asset is put into use for commercial from the
operation. No depreciation is charged on the asset from
assets are disposed' The rates of depreciation the date the
varies from 3o/o to 3oyop.a. based on ur.ful lives and
nature of the assets.
Rates of depreciation are as follows:

Category ofPPE Rate (%)

Land and land
Nir
3-1 0
Fumiture & fixtures 10-15
Office 15
Other
15-30
& distribution lines 3-'10
Water selvices 10-20
Vehicles 20
Software 20
Other assets 10-20
3.2 Intangible assets
i' An intangible asset is recognized if it is probable that the future
economic benefits that are attributable to the asset
r'vill flow to the er.rtity and the cost of the assets can be
measured reliablv.
ii' software represents the value of computer application software licensed
for the use of the company. lntangible
assets are carried at its cost, less accumulated amor-tization
and impairment loss (if any).
iii' Initial
cost comprises license fees paid at the time of purchase
and other directly attributable expenditure that are
incured in customizing the software for its intended use.
iv' Expenditure incurred on soltware is capitalized only when it enhances and extends
the economic benefits of
computer software beyond their original specifications
and lives and such cost is recognized as capital improvement
and added to the original cost of softr,vare.
v. The web-based integlated customized software, commonly
known as the TGTDCL System, was developed by the
local vendor M/S. Divine IT Ltd. It is being amortized
using the straighrline method over an estimated useful
five (5) years. As of the end of the financial year 2022-23, the life of
entire value of the intangible assets has been fully
amoftized.

a\

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IAS 1.54(a) 3.3 Capital work_in_progress

The cost of self-constructed assets includes the
cost of materials, direct labour and other directly attributable
These expenditures costs.
is capitalizedand recognized as items ofppE when they
are ready for intended use.
IAS 2.36 (a) 3.4 Inventory
The company maintains inventory of materials &
i spares for the construction of pipelines and for
existing transmission and distribution Pipelines for maintenance of
unintemrpted customer services. out of total inventory
very emergency in need and those af,e not available some are
in the local market and also it is difficult to procure instantly
needed. It is mentionable that these are slow when
t moving items of inventory in the store.

The company has to maintain a huge stock of

materials and other inventory for its maintenance. It is
that there axe some obsolete/dead stock items in also mentionable
the inventory. For disposing those items the company
to conduct an auction to write-off. has an intention

3.5 Financial assets

The company initially recognizes loans and receivables
and deposits on the date that they are originated. All
financial assets are recognized initially on the trade other
date, which is the date the company becomes
contractual provisions of the instrument. J vvvvrrrvo a party to the

The company derecognizes a financial asset when

the contractual rights to the cash flows from the asset
transfers the rights to receive the contractual cash expires, or it
flows on the financial asset in a transaction in which
the risks and rewards ofownership ofthe financial substantially all
asset are transferred.

Financial assets include trade receivable, advances,

deposits and prepayrnents, loan to related companies
bank balances, etc. and cash and
3.5.I Trade receiyables
Trade receivables are carried at original invoice
amount less an estimate made for doubtlul debts, if
review of all outstanding amounts at the period end. any, based on a
IAS I 54 (i) 3.5.2 Cash and bank balances
include cash in hand and cash at bank which are held
and avalabre ror use by the company
;XlTii#::J1q:,',X*o
3.6 Financial liabilities
The company recognizes all financial liabilities on
the trade date which is the date the company becomes pafiy
contractual provisions of the instrument. The company a to the
derecognizes a financial liability when its contractual
obligations are discharged, cancelled or expired. Financial
liabilities comprise trade payables and other financial
3.6.1 Trade payables
These liabilities are recorded at the amount payabte
for settlement in respect of gas supplied in Titas,s gas pipeline
netrvork' A dispute had been being caried for a very
long period as GTCL (Gas Transmission company Limited)
not making accurate computation of gas while feeding was
in the company's pipeline network ignoring complaints by the
company' In this state, the company calculated the volume
of gas purchases based on sales volume from July l,
2olg,
to December 31,2022' Following the guidelines set
by Petrobairgla (the holding company), the issue was resolved,
there have been no disputes in this regard since and
I January 2o{To maintain consistency with previous years
addressotherrelatedissues,aprovisionof3%onthetotalcostofsalesforthefirstsixmonths and to
(July2022toDecember
2023)' amounting to Tk' 286,12'24'806 has been considered
in calculating the total cost of-sales.,,
3.6.2 Loans and borrowings
Borrowings repayable after twelve months from the date
of statement of flnancial position are classified as non-current
liabilities whereas the portion of borrowings repayable
within twelve months tiom the date of statement of financial
position, unpaid interest and other charges are classified
as current liabilities.
3.6.3 Provisions
The assessments undertaken in recognizing provisions
and contingencies have been made in accordance with IAS
The evaluation of the likelihood of the contingent 37.
events has required best judgment by management regarding
probability of exposure to potential lossigain. the
should circumstances change following unforeseeable developments,
this likelihood could alter.
3.6.4 Liability for expenses
These liabilities are recorded at the amount payable
for settlement in respect of goods and services received by the
Company.

a:

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3.13 Earnings per share (EPS)

Basic earnings per share (EPS) is calculated in accordance IAS-33 dividing the net income attributable to the ordinary
shareholders by the number of ordinary shares outstanding at the end ofthe year. No diluted earnings per share is
required to be calculated for the year as there was no scope for dilution during the year.
3.14 Statement of cash flows
11 Cash Flow Statement is prepared in accordance with IAS 7 under direct method as per requirement of the Securities
and Exchange Rules 1987. A reconciliation of net profit with cash flows from operating activities under indirect
method is also given.
a 4. General
a) The financial statements are presented in Bangladeshi Taka which is both functional currency and presentation
currency of the Company;
b) Figures appearing in these financial statements have been rounded offto the nearest Taka; and
c) Comparative figures and account titles in these financial statements have been rewranged/ reclassified whenever
considered necessary. Details of the rearrangements were given under Note# 51.

o1

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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
rf

Amount
30.06.2023 30.06.2022
5. Property, plant and equipment
(A) Cost
Opening Balance 29.263.286.600 28,344,772,t33
Add: Addition during the yem 921,511,418 1,003,692,1 00
30,184,798,018 29,348,464,233
Less: Disposal during the year 23,20s,84s 8s,177,633
30,161,592,174 29,263,286,600
(B) Accumulated depreciation
Opening Balance 19,488,111,227 18,552,855,263
Add: Charged during the year 1,090,576,623 1,010,146,663
20,578,687,8s0 19,563,001,926
Less: Adjustrnent for disposal 669,865 74,890,699
20,578,017,985 19,488,111,227

(C) Written down value (A-B) 9,583,574,I88 9.775.t15.373

Schedule of property, plant and equipment is given in Annexure - A.

6. Capital work in progress
Opening balance 6,904,110,074 s,290,339,894
Add: Addition during the year 1,12s,664,695 2,230,265,550
Less: Adjustment 305,663,979
7,724,110,790 7,s20,60s,444
Less: Capitalised to property, plant & equipment 549,826,427 616,495,370
7,174,284,364 6.904.r10.074

Capital work in progress includes:

Civil rvork in greater titas franchise area 8,270,129 62,851,223
Prototype prepaid gas meter project 22,193,583
Domestic prepaid gas meter project 42,334,861
Installation of pre paid gas meter proiect (JICA) 7,166,014,234 6,568,534,506
Netryork expansior/refomration work 73,099,190
Replacement of the Existing Gas Network of TGTDCL along
1 r,286,092
Joydebpur-M-vmensingh 4-lane highrvay
Improvement of Natural Gas Transmission and Distribution of
TGTDCL '7,619,196

Replacement of the Existing Gas Network of TGTDCL along Dhaka- '1,483,639

Tangail 4Jane highway Under SASEC Road Connection Project
Digitalization of Gas Distribution Network in Particular Area within
44,205.637
Dhaka City under TGTDCL
Techno-economic Feasibility Study to prepare GIS Design and
Establish SCADA system in TGTDCL Distribution Network under 64,502,r46
Dliaka city and Narayanganj Municipal's
7,174,284,364 6,904,110,074

7. Investments
Investment in FDR (Gofi. Bank) 34,785,000,000 30,140,000,000
Investment in FDR (Scheduled Private Bank) 595,000,000 2,260,000,000
ICB Unit Certificate 709,814,117 709,814,t17
Share of ICB Islamic Bank (Note: 7.1) 3,366,900 3,055,1s0
36,093,181,017 33.112,869.267

iii i
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 SHAFIQ BASAK & CO.
t\ CHARTERED ACCOUNTANTS
a

Amount
30.06.2023 30.06.2022
7.1 lnvestment in Listed Stock

Name of the No. of Cost

Market Price Market Price at
Per Share as on Unrealized loss as
Company Shares Value the end of the
t\
30.06.2023 on 30.06.2023
period
ICB Islamic
623,500 6,235,000 5.4
Bank 3,366,900 (2,868,100)
"J'
The share of ICB Islamic Bank (formar oriental Bank Ltd) had been
alloted in favour of the company by the bank as
per the Bangladesh Bank decision BRPD(R-I) 651/9(10)2007 date
0210812007 section 2(e) at dissolving their
operation as Oriental Bank Ltd against the balance of gas bill collection
oustanding with them.
Break up of long term investment are against:
Customers' security deposit
27,845,000,000 2s,340,000,000
Accumulated Depreciation
4,750,000,000 5,000,000,000
General provident fund
1,014,480,187 994,480,187
Pension flnd 2,480,333.930 1,775,333,930
Invesknent in share (ICB Islamic Bank)
3,366,900 3,055,150
7 33,11
8. Inter-company loan

Loan to GTCL (Note: 8.1) 8,387,077,t25 9,139,736,325

Loan to BAPEX (lrlote: 8.2) 715,000,000 845,000,000
9,102,077 ,125 9,994,
8.1 Loan to GTCL

Opening Batance
9,139,736,32s 10,257,499,000
Add: Addition during the year
384,600.000
9,524,336,325- 10,257,499,000
Less: Refumed during the year
418,973,000
Less: Repayrnent during the yem (Note: 8.1.1) 1,13 7,2s9,200 698,789,675
8,387 ,077,125 736,325
As per Approval of ECNEC (Executive committee of national economic council) project (Construction of
Bakhrabad-Meghnaghat-Horipur Gas Transmission Pipeline) of
GTCL will be financed by GoB and owned Iimd
(Petrobangl4 GTCL, TGTDCL and BGDCL). Total amount
of project cost is 1304.62 crore of which GoB will be
financed by 512.59 crore and owned fund 792.03 crore of which
TGTDCL has to filance 249.13 crore. ln the
financial year 2022-23 TGTDCL has paid amounting to Tk 38.46 crore in
the above mentioned project of GTCL
approved by Titas board. As per loan repayment schedule GTCL has
repaid Tk. 1L3.72 crorein the Fy 2022-23.At
the end ofthe financial yeat 2022-23, the total amount ofTk. 838.70 crore is receivable from
GTCL, with a detailed
project-wise breakup provided below:

Project wise breakup of Loan to GTCL 30.06.2023 30.06.2022

Taka Taka
Loan to Bibiana-Dhanua Gas Transmission Line I 7
Loan to
Anowara-Faujdarhat Gas Transmission Line 1,335,950,000 1,526,800,000
Construction
to Moheshkhali-Arowara Gas Transmission Pipe Line 4,096,837,500 4,558,8 12,500

Loan to Moheshkhali-Zero point Gas Transmission Pipe Line 1,164,123,62s r,297,166,325

Construction
to GTCL for "Bakrabad-Meghnaghat-Haripur Gas Transmission 384,600,000
Line
Total Loan to GTCL 9,397,077,125 9,139,736,325

** {'
I
 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

t\

Amount
30.06.2023 30.06.2022

8.1.1 Loan refund & repaid by GTGL (Repayment during the year)
1,137, ,259,200 l,ll7,'762,675
8.2 Loan to BAPEX
845,000.000 975,000,000
Loan to BAPEX
Less: Refund during the year (Note: 8 2'l) 1 30,000,000 1 30,000,000
71s.000.000 845,000,000

activities in the
As per the approval of Gort, a join venture project of BAPEX with Santos to operate exploration
of Mognama is being implemented at a cost Tk.230.80 crore for which BAPEX will finance
Sea at ring faced area
will finance the rest amount of
Tk. l0.g0 crore tiom or"n ro*.. and Petrobangla along with its other 5 enterprises
As such, the Board of Petrobangla decided that TGTDCL had to pay
Tk.220 crore with an interest of 2%oper amum.
was in the board of TGTDCL consequently. Accordingly the company had paid
Tk.l30 crore which approved
BAPEX has repaid
Tk.130 crore for implementing the joint venture project. As per loan repayment schedule
Tk. 1 30,000,000 tnFY 2022-23.

130,000,000 130,000,000
8.2.1 Loan re-payment made by BAPEX (Repayment during the year)

9. Loan to emPloYees
3,278,546.993 2,799,907,936
Land and house building loan Q.Jote:9.1)
'1'7,089,418 88,779,3 18
Motorcycle loan O{ote: 9.2)
(Note: 9.3) 5,t34,021 4,391,860
Computer loan
r 16n 770 r18 2-893-079.1 l4

purchasing flat/
The company grants loans to its staffs and officers for purchasing land/ constructing building/
purchasing motorcycle/ purchasing computer as per employee loan policy approved by the board. Installments of
loan along with interest thereon are being deducted from monthly salary of the concemed employees regularly that

results in no bad loan to the employees.

schedule of loan:
Dues upto 31-90 Total
Category ofReceivable Dues over 90 days Dues upto 30 days
days

2,797,212,635 366,811,231 114,463,128 3,278,546,993

HB/ LP Loan
4,857 ,869 t,759,s15 472,035 77,089,418
Motor Cycle Loan 7

4,'t 1 I ,605 342,294 20.1 28 5,r34,027

Computer Loan
2,876,902,108 368,913,039 114,955,291 3,360,770,438

9.t Land and house building loan

2,'799,907,936 3,070,398,266
Opening balance
1,164,837,519 196,253,834
Add: Addition dunng the
3,964,745,455 3,266,652,101
Less: Realized during the 686,198,462 466,744,164
, .936

9.2 Nlotorcycle loan

88,779,3 1 8 75,720,985
Opening balance
Add: Addition during the Year 12,206,918 37 ,3r',1,394
r 00,986,236 1 I 3,038,379

Less: Realized during the Year 23,896,8 18 24,259,061

77,089,41 8 88,779,3 I 8

Less: Adjustrnent during the Year

77.089,118 ,779.318

qb

*
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 SHAFIQ BASAK & CO
CHARTERED ACCOUNTANTf

Amount
30.06.2023 30.06.2022

9.3 ComPuter loan 2,631,603

4,39 1,860
Opening balancc 3,614,54'7
2,488,070
Add: Addition during the
6,879,930 6,306,1 50

|,7 45,904 t,9r4,291

Less: Realized during the
5,t34,02'7 4,391,860
4r
Add: Adjustment during the
s.134,027

10, Inventories
and spare parts which has been stored for construction
of
Inventories include gas pipelines, pipeline-related fittings,
that were imported but not
pipelines and operation activities. The significant increase
in inventories is due to items

issued as ofJune 30, 2023.

debt
11. Trade receivables less provision for bad and doubtful
43,828,936,103 17,936,997,',150
Bulk customer (Note: 1 1.1)
(Note: 1 l '2) 64,789,900, 7t4 49,65 1,597,883
Non-bulk customer 8,836,8 I 7 67,588,595,633
l 08,6 1

9,035,434,2s9 8,278,436,985
& doubtful bdebts (Note: 1 1.3)
Less: Provision for bad
59,310, 158,648

11.1 Bulk customer

15,632,025,268 4,250,'149,131
Power (PDB)
3,037,',739,155 437,908,594
Fertilizer
25,159,171,680 13,248,340,025
Power (Private)
103 t7

ll.2 Non-bulk customer

22,394,658,533 r l.ozt,zss,ooe I
Industrial
16,529,439,909 10,634,703,9921
Captive Power
5,602,358,937 5,606,010,864
Feed Cas for CNG ]

19,282,035,87'.l 18,890,647,662
Donrestic
936,140,995 796,213,236
Commercial
45,266,462 45,266,462
Seasonal
789.900,713 49,651,597 .883

is fully secured
t. Debt consirterett good in respect of which the company
Trade receivables are accrued in the ordinary course of
Trade receivables have been stated at their norninal value.
All types of customers except PDB and BCIC are required to deposit secwity as cash and bank gualantee
business.
for 3 month equivalent gas bills'
u. Debt considered good for which the company hold no security
ReceivablesfromPDBandBCICareunsecuredbutconsideredgood.
tU. Debt due by directors or other officers ofthe company
other officers ofthe company'
There is no such trade debtors due by or to directors or

IV. Debt considered doubtful or bad

been
except non-bulk customers and thus provision has
Management considered the trade debtors are collectable of Board of
as per the resolution of 7241h meeting
made of 5% on the increased non-bulk accounts receivable
Directors held on 27.10.2016
y. The maximum amount due by directors or other officers of the company
There are no such debt in this respect as at 30 June 2023'
financial position:
The aging of above trade receivables as on the date of
32,618,816,867 t7,778,424,726
Past due 0-30 daYs
15,066,366,45 I t0,472,2r9,265
Past due 3 i-90 daYs
60.933,653,499 39,337,951,642
Past due more than 90 daYs
7

Detailed aging schedule is given in Annexure-B'

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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
*
i\
Amount
30.06.2023 30.06.2022

11.3 Provision for bad and doubfful debt

Opening balance 8,278,436,98s 8,278.436.985
Add: Addition during the year 756,997,274
9,035,434,259 9,279,436,995

As per the resolution of 724th meeting of Board of Directors held on 27.10.2016 provision for bad debt is made at
the rate of 5% on the increased amount ofnon-bulk trade receivable during the period.

12. Advances, deposits and prepayments

Advance Qrlote:12.1) s2,736,372,184 47,067,123.215
Deposit (Note: 12.2) 63,396,s4s 5 1,655,309
Prepayments Q'Jote: 12.3) 23,766,960 22,919.204
_!2d4di!,gg!_ ____!u!!frLJ 28
a) All the advances & deposits are considered good and recoverable.
b) There is no amount due from directors ofthe company against advances.

12.1 Advances
Advance income tax (Note: 12.1.1) s2,440,300,009 46,810,766,1s6
General Advance 28,785,748 16,763,594
Uniform & Liveries 123,565,513 125,795,293
Incentive Bonus Advance 143,720,914 113.798.172
52.736.372.181 47,067,123,21s

The concemed offlcers are paid cash as general advances to meet up the emergency expenses, for payment of
various regulatory fees, for repairing and maintainance of gas pipe lines etc. After the expenditure the advanced
amounts me adjusted with the approval of proper authority.

Incentive bonus advances are provided to all permanent employees ofthe company with the approval ofthe board of
directors. The incentive bonus scheme has been approved by the finance ministry. Subsequently, the mentioned
advance incentive bonus is adjusted in accordance with the approval ofthe board ofdirectors.

12.1.1 Advance income tax

Opening balance
46,810,766,156 42,389,502,553
Add: deducted at source during the period 5,629,533,852 4,421,263,603
____12.{40J00J09______46d10,756J56_

12.1.2 Income tax paid (Addition during the year) 5.629-533-fl51 4.421.263.603
12.2 Deposits
Bangladesh Oxygen Limited (now Linde Bangladesh Ltd.)* 24,000 24,000
Power Development Board* 28,000 28,000
T&T Board* 1 58,000 r58,000
Security Deposit to Southern Automobiles Ltd., Dhaka 100,000 100,000
Security Deposit to Kamal Trading Agency, Dhaka 200,000 200,000
Security Deposit to Meghna Petroleum Ltd., Dhaka* 1,000,000 1,000,000
ICB Secunties Trading Co. Ltd.* 10,000 10,000
Other Security Deposits (City Corporation, Upazila Parishad)** 61,876,54s 50,135,309
63.396.s4s 51,655,309
xDeposits to Linde Bangladesh Ltd., Power Development
Board, T&T Board, Meghna Petroleum Ltd. Dhaka and
ICB Securities Trading Co. Ltd., Southern Automobile Ltd. and Kamal Trading Agency will continue till the service
is alive.
**A same amount ofcompensation for road cutting restoration is to be deposited to the authority
as security deposit
for getting the road cutting permission for the consffuction ofnew gas iine or for repairing and maintenance works"
After the completion of the work the security deposit amount is returned.

*
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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

Amount
30.06.2023 30.06.2022
12.3 Prepayments
Insurance Premium
23,666,960 22,819,204
Ground Rent
100,000 100,000
\:
23,766,960
Advance payment is made for insurance premium on the
vehicles, buildings, pipelines, store used in the company
cl which will be adjusted in the next year,
C
The aging of Advances, Deposits & Prepayrnents as at the statement of financial posilion date was as follows:
Past due 0-30 days
754,093,563 717,189,740
Past due 3l-90 days
1,t67,826,9st 1,352,301,621
Past due 91-180 days
1,377,598,713 2,228,252,499
Past due more than 180 days
49,524,016,459 42,843,953,867
47,141 ,728
The details breakup of Advance, Deposit and Prepayments
as per requirement of Schedule XI of the companies Act.
1994 are stated below:

Advance, Deposit and prepayrnents exceeding 6 months

49,524,016,459 42,843,9s3,867
Advance, Deposit and prepayments not exceeding 6 months
3,299,5r9,227 4,297,743,861
Advance, Deposits and prepayrnents considered Good
296,072,175 256,357,059
Advance, Deposits and prepaynents considered Good
without Security
s2,527,463,5t1 46,88s,340,669
Advance, Deposits and prepalments due by Other
Officers (against 226,072,175 2s6,3s7,0s9
13. Group current accounts
Bakhrabad Gas Distribution Co.Ltd. (For line rent)
249,797,516 144,878,488
Bakhrabad Gas Distribution Co. Ltd.
18,116,877 18,762,079
Ltd.
10,681,208 10,220,892
Jalalabad Gas T & D Systems Ltd. (For line rent)
5,523,895 4,281,386
Jalalabad Gas T & D Systems Ltd.
9,477,087
Kamafirli Gas Distribution Co. Ltd.
1 r,986,066 8,686,s77
Bmapukuria Coal Mines Current a/c
185,056
Maddhapara Granaite Mining Co.Ltd.
7,994 7,994
Bangladesh Gas Fields Co. Ltd.
28,55 1 28,551
296,327,163
1,1. Other current assets
Interest receivable on investment of GpF & pensionlund
89,724,402 57,900,904
Receivable from ex-employees
Recoverable from employees against Income Tax
8 13,8 12 813,8 l2
134,483 140,385
Other receivables (From RPGCL, UCBL_KB & others)
9,657,200 8,690,528
Compensation receivable from Mohakhali Flyover authority
7,695,400
Store in transit
223,002,221 85,384,408
Interest receivable on FDR
80s,227,2s6 s76,417,337
Receivable from Encashment of FDR
s86,137,948 586,137,948
Receivable against recharge ofprepaid gas meter
23,754,506 2,981,516
Mobile Financial Service
Prepaid to Petrobangla for Feasiblity Study to Establish 5,064,166 15,492,799
Land Based
LNC Terminal 159,1 00,000
General Provident Fund loan to employees
53,311,823 67,668,998
1,796,827.816
15. Cash and bank balances
Cash in hand
97,769 408,610
Cash at bank
23,119,028,962 13,891,093,939
23 731

r:

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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
i

Amount
30.06.2023 30.06.2022
16. Share capital

Authorized capital

sl
2,000,000,000 ordinary shares ofTaka l0 each 20,000,000,000 20,000,000,000
rf
Issued, subscribed and paid up capital
989,221,831 ordinary shares ofTaka l0 each 9,892,218,310 9,892,218,310
i
These shmes are listed with Dhaka Stock Exchange @SE) Limited and Chittagong Stock Exchange (CSE) Limited
and quoted at Tk. 40.90 per share as on 30 Junte 2023 in both stock exchanges.

16.1 A distribution schedule ofthe above shares is given below:

Name of Yo of No. ofshares Amount in Taka

shareholders Holding 30t06t2023 30106t2022 30t06t2023 30t06t2022
Petrobangla 75.00% 741,916,371 't41.916.371 7,419,163,710 7,419,t63,710
Investment
3.30% 326,196,020
Corporation of 32,619,602 32,619.602 326,196.020
Investment
Corporation of 1.s3% 151,133,120
Bangladesh - 15,113,312 15.113.3t2 151,133,120
Institutions 10.38% 102,702,586 109,266,266 1.027.025.860 1,092,662,660
Ueneral
shareholders
9.79% 96,866,060 90,306,280 968,660.600 903,062,800
Total 100.00% 989,217,931 989.221,831 9,892.179.310 9,892,218,310
16.2 Classification of shares by holding at 30 June 2023

No. ofShares 7o ofllolding

Slabs by number of shares
30t06t2023 30t06t2022 30t06t2023 30106t2022
Up to 500 Shares 6,434 6,214 37.0s% 38.0s%
501 to 5,000 Shares 8,321 7,644 47.92% 46.81%
5,001 to 10,000 Shares l ,168 1,090 6.73% 6.67%
10,001 to 20,000 Shares 659 635 3.79% 3.89%
20,001 to 30,000 shares 231 208 r33% 1.27%
30,001 to 40,000 Shares 107 9t 0.62% 0.56%
40,001 to 50,000 shares 97 84 0.s6% 0.51o/o
50,001 to 100,000 Shares t47 148 0.8s% 0.91%
100,001 to 1,000.000 Shares 166 t74 0.96% 1.07%
Over 10,000,000 Shares 36 021% 0.26%
Total 17,366 16,330 1000h lo00A

17. Share money deposit

Opening balance 2,5',79,773,606 2,057,918.478
Add: Received during the year (Note:l 7. 1) 247,760,450 521,855.128
2,827,534,056 2,057,918,478
Less: Refunded during the year 59.361
____2e1,!1!fr5_ __E2JML
It represents the amount released time to time as per the policy by the Govemment of People's Republic of
Bangladesh within the loans granted from ADP for development works/projects to be kept as its equity. urspent If
amount ofthose loans for any project is refundable to the GoB, the proporlionate amount ofshare rnoney deposit is
to be refunded as well.

Project wise breakup of share money deposit:

Installation of Prepaid Gas Meter Projec(IPGM-P-78) 2,765,136,431 2,517,43s,341
System Loss Reduction Projec(2188-2189) 36,695,372 36,695,372
Supply Efficiency Improvement pr oj e ct(2623) 24,987,013 24,987,013
Dhaka Clean Fuel Project(1943) 655,879 655.879
2.827.474.69s 2,579.773.606

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CHARTERED ACCOUNTANTS

Amount
30.06.2023 30.06.2022

17.1 Share money deposit received during the year 247,760,450 521,855,128

18. Resene fund

n
o
Hydrocarbon Development Fund 745,909,726 745,909,726
General Reserve 62,648,827 62,648,827
.-1 Other Capital Reserve 4,',757,990 4,757,990
Reserve for revaluation of share (2,868,100) (3,179,850)
910,448,443 810,136,693
*Ilydrocarbon Development Fund

Hydrocarbon Development Fund QIDF) was maintained by keeping 2.50o/o of revenue on end user prices till
November 1998 for meeting future development expenditure as per the instruction of Petobangla.The amount from
the firnd was used till 30 June 2007 as per the order ofPetobangla.

19. Revenue reserve

Opening Balance 60,082,582,060 59,078,658,302
Net Profit for the Year (1,651,361,96s) 3,180,211,786
58,431,220,095 62,258,870,088
Less: Cash dividend paid during the year 989,221,831 2,176,288,028
57,441,998,264 60,082,582,060

20. Long term loans net ofcurrent matuirity

ADP loan (1.{ote: 20.1) 423,s26,660 43t,967,213

Foreign loan (Note: 20.3) 3.62s.760.661 3.468.750.984
4,049,287,321 3,900,718,197

Current portion of loans and other borrowings

ADP loan (Note: 20.2) 25,598,228 14,534,933
Foreign loan (Note: 20.4) 220,464,02t 113,283,327
246,062,248 127 8,260

20.1 ADP loan

Opening balance 431,967,213 332,s19,744
Add: Addition during the yem 17.246.716 1t3,982,401
449,213,929 446,502,145
Less: Refund during the year 89,041
Less: Transfer to current part 25,598,228 14,534,933
423,526,600 431,967,213

Name of loan Particulars Rate of interest 30.06.2023 30.06.2022

Supply Efficiency lmprovemnet

ADP/GOB 4.lYo 30,460,196 34,811,652
Proiect
lnstallation of Prepaid Gas Meter
ADP/GOB 1 .00/o 393,066,464 397, l s5,560
(rGPM)-P-78
423,526,660 431,961,213
The above fund was provided by GOB as ADP loan for implementation of lnstallation of Prepaid Gas Meter.

20.2 Current portion ofloans and other borrowings

ADP Loan 25,598,228 14,534,9!3

i\
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:l SHAFIQ BASAK & CO.
CHARTEREO ACCOUNTANTS

i Amount
30.06.2023 30.06.2022

20.3 Foreign loan

Non-current Portion
Exchange rate 30.06.2023 30.06.2022
Principle Taka Taka
fluctuation
il

43,283,423 3,468,750,984 2,894,295,313

Opening balance 3,425,467,561
*) 'j
Add: Additions during the Year 29,303,378 383,697,336 687,738,999

3,779,861,518 72,586,801 3,852,448,320 3,582,034,312

Less: ERF adjustment during 6,223,638 6,223,638

the year
66,363,163 3,846,224,681 3,582,034,3t2
3,779,861,518
11, 126,404 220,464,021 l 13, 283,328
Less: Current Portion ofloans 209,33'.1,616
3,672,918,300 55,236,759 3,625,160,661 3,468,750,984

20.4 Current portion ofloans and other borrowings

Exchange rate 30.06.2023 30.06.2022
Principle Taka Taka
fluctuation

6,340,109 113,283,327 82,437,925

Opening balance 106,943,218
209,337,616 11,126,404 220,464,021 r13,283,328
Addition dtring the Year
316,280,834 t7 333,747,348 195,721,253
106,943,218 109 1t3,283,327 82,'437,925
Less: Paid during the Year
tt.126,404 .327
209.337,616

different development projects'

It represents Loan received from Asian Development Bank (ADB) & OECF against
Loao*iseforeignunsecuredloansinclusiveofexchangeratefluctuation(ERF)'
nt in

Name of
loan Particulars Rate of interest 30.06.2023 30.06.2022
provider and
contract uo.

ADB loan no. Sanction amount: 1,364 lakh

5.0% 84,742,794 90,950,1 81
2188 &2189 Period: 10 Years End
BAN (SLRP) Year:2027-28

ADB loanno Sanction amount: 1,090 lakh

5.0% 88,645,030 86,983,538
2623 Period: 12 Years End
BAN(SEIP) Year:2030-31

JICABD- Sanction amount: 11,113 lakh

P78 1.0% 3,452,372,837 3,290,817,265
Repayment Period: 20 Years End
(EPGMP)
Year'.2042-43
s4249
3,625,160,661 3,468,750,984

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SHAFIQ BASAK & CO
CHARTERED ACCOUNTANTS

Amount
30.06.2023 30.06.2022

21. Dcferred tax liability

Opening Balance 855,465,929 970,4s2,305
Additiorr during tlre i ear (127,642,440) (1r4,986,376)
t' 727,823,489 855,465,929

30.06.2023
Taka

I TaxableTemporary
Carrying Amount Tax Base
lun"r.r."
Property, plant and equipment 7,985,940,694 4,346,823,2s0 3,639,117,444
Applicable rate 20o/o

Deferrerl tax liability as on 30 Junc 2023 727,823,489

Deferred tax liability as on 30.06.2022 855,465,929
',642,4401
Dcferred tax Expense/(Income) for the year ended 30 June 2023 {.127

30.06.2022
Taka

I ru*uut. Temporar-v
Carrying Amount Tax Base
oirt"'.u..
I

Property, plant and equipment 8,180,293,318 3,902,963,673 4,277,329,645

Applicable rate 20%
Def'ened tax liability as on 30 Jwe2022 855,465,929
Det'ered tax liability as on 30.06.2021 970,452,305
Def'erred tax expenses for the year ended 30 June 2022 (114,986,376)

22. Retirement benefit obligations

Pension tirnd (l.,lote: 22.1) , i)a ,'ls 617 1.884.459,66 1

(Note: 22.2) 1 ))1 \11 8,221,357

Gratuit;,fund
General provident lund (Note: 22.3) 1,080,948,438 1.077.693.101

:: 3,6L7,411,632 2,910,374,125

22.1 Pcnsion fund

Opening balance 1,884,459,66 I 1,31t,849,026

Add: Company's contribution during the year 1,383.462,368 1,301,617,619
Add: Retum on Investment I 1.) 5A) 70,563,868
'55
3,400,514,284 2,684,030,512
Less: Adjustment during the year
3,400,514,284 2,684,030,512
Less: Payment made during the year 871,278,667 799.570.8sr
2,529,235,617 1.884,459.661

The Surn of Tk.2,480,333,930.00 has been invested in FDR and ICB unit certificate

22.2 Gratuity fund

Opening balance 8,22t,357 15,121,759
Add: Compan.v's contribution during the ,vear 596,000 1,592,398
8,817,357 16,714,157
Less: Transfer to CPF fund 1,589,780 8,492,800
7,227,577 8.221.357
 l
t SHAFIQ BASAK & CO,
CHARTERED ACCOUNTANTS

Amount
30.06.2023 30.06.2022
22.3 General providend fund
Opening balance t,077,693,t07 1,077.591.138
Add: Employee's contribution during the year 71.279.759 71,53 1,080
Add: Retum on Investment s7.663.811 76.725.933
r,206,636,677 t,225,848,151
Less: Payment made during the year 125.688.239 148.155.044
1,080,948,438 1,077,693,107

(a)This fund has been accumulated by employee's contribution and maintained by a Trustee. A separate bank
account is being maintained by the Trustee.

(b) The Sum ofTk.101,44,80,187.00 has been invested in FDR and ICB unit certificate.

23. Leave pay

Opening balance 107,657,765 151,913,822
Add: Addition during the year 57,673,530 57,132,443
Add: Adjustonent during the year 4,593 870,339
1 65.335,888 209,916,604
Less: Payment made during the year Q.tote:23.1) 85,224,900 t02,258,839
80,110,988 107,657,765

23.1 Leave pay (Payment made during the year) 85,224,900 102,258,839

24. Customers' security deposits

Domestic 3,858,749,603 3,760,770,929
Domestic (Metered) t14,308,525 t22,708,290
Commercial 1,019,272,854 892,035,978
lndustrial 10,756,881,723 9,374,316,748
Captive Power 10,900,1 50,404 9,659,440,642
Feed gas for CNG 386,2r0,993 325,767,838
Seasonal 132,235 132,23s
Power @rivate) 2,440,816,067 1,967 ,297 ,626
29,476,522,404 26,702,470,297

This amount represents deposits by the customers as security against gas connection as required under Gas
Marketing Policy 2014 are shown as long-term liabilities. Such deposits are not payable till gas supply to the
customers continues. However total sum of Tk.2,784,50,00,000 have been invested in FDR with banks.

25. Trade payables

Liabilities lor gas production charge (Note: 25.1) 6,s62,762,192 6,398, r 06,829
Liabilities lor transmission charges (Note: 25.2) 1,769,982,s10 1,121,762,252
Liability for Price Deficit Fund (PDF) (Note: 25.3) 314,331,076 314,33t,0',76
Liability lor BAPEX margin (Note: 25.4) 12,175,242 12,1't5,242
t
Deficit Wellhead Margin Fund for BAPEX (DWMFB) (Note: 25.5) 12,240,586 12,240,586
Gas Development Fund (GDF) (Note: 25.6) 2,081,244,177 2,5 10,186,802
Support tbr Sho(fall (Note: 25.7) ltl,829,261 1tl,829,261
Liabllities for net charges for LNG (Note: 25.8) 62,023,082,690 10,233,820,072
Liabilities lbr R-LNG Operational Charge (RPGCL) (Note: 25.9) 24.098"975
Liabilities for VAT (GDF) (Note: 25.10) 15,403 12t,006,t82
Liabilities for VAT (Note: 25.11) 6,279,517,673 4,090,7'.|8,591
Provision for gas purchases liability (Note: 25.12) 18,226,t27,492 r5,364,902,686
Energy Security Fund (ESF) (Note: 25.13) 1,857,875,857 2,534,256,456
BERC Research Fund (BERCRF) (Note: 25.14) 463.398.494 40,477,3ss
99,7'14,582,653 42,889,972,364

r-

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SHAFIQ BASAK & CO.

CHARTERED ACCOUNTANTS

Amount
The gas price for end-users in different 30.06.2023 30.06.2022
categories is determined and fixed by
Regulatory Commission) as well as the Minisfy the BERC @angladesh Energy
of power, Energy & Mineral Resources. For
23, various charges were established by the financial yeu 2022-
BERC Order # 2022/Og dared, 04/0612022,
2022 to Januwy 2023. Conversely. various covering the period from Julv
F , charges for the period from February 2023
according to the gazette SRO No- 14-Law/2023, to June 2023 were determined
dated lg Januarv 2023, issued by the Ministry
Mineral Resources. of power, Energy &

E This end-user price' apart u* chmges related to gas distributiorl is arocated

components include the cost Tt
of gas production 0Mlllrreaa Margin), transmission
among various
components. These
various funds earmarked for future ievelopments costs, vAT charges, fees for
company collects the total end-user -o'.ontiog.rr.ies, which are treated as trade payables. The
price from its customers.foi the gas supplied
amount for these other components of the gas and subsequenfly reimburses the
price to the.lefant p;"*,;;;;petrobangl4
*o
RPGCL' The company retains only the BGFCL, BApEx,
frl"?t;.
distoibution *r,t.t '.oistitutes its primary
,*gir, source of

25.f Liabilities for gas production charge

Opening batance
Add: Addition during the year 6,422,205,804 6,047,123,234
30,671,231,489 28,340,068,080
Less: paid during.the year 37,093,437,293 34,387,191,3t4
101 10
6,562,'762,192
It consists of the amount payable for wellhead
margin to national gas producing companies
namely BGFCL &
BAPEX along with LNG operational charge (RPGCL)
payable to RPGCL
and petrobangla margin charge and net
gas charges for lntemational Oil
Companys, (IOC) payable to BOGMC.
These charges are determined in
accordance with BERC Order # ZO22/0g
dated04106/2022 Md guidelines provided by petrobangla, and SRO
Law/2023, dated 18 January 2023, issued No-14_
bv the Ministry of Power, Energy & Mineral
Company wise break-up is as follows Resources.

Bangladesh Gas Fields Company Ltd.

708,286,223 594,542,754
(IOC Net Charge & petrobagla Charge)
P99MC 5,588,534,007 2,845,624,372
LNG Operational Charge (RPGCL)
35,165,603 24,098,975
Gas ProductionCharge )

Bangladesh Petroleum Exploration 2,743,607,478

& production Co. Ltd. 230,776,359
I

214,332,225l|
6,562,162,192
25.2 Liabilities for transmission charges (GTCL)

Opening balance
Add: Addition during the year
1,12t,762,252 1,632,432,199
6,193,761 ,369 5,844,3 18,944
Less: Paid during the year
7,315,523,621 7,476,751,143
5,54s,541 ,1t1 891
7, l,l2l,
It represents the amount payable to Gas Transmission
Company Ltd. (GTCL) for the gas hansmitted
distribution system by their transmission to Titas
line calculated with the transmission charge
byBERC order. component of gas price fixed
2s.3 Liabilify for price Deficit Fund (pDF)
Opening balance
314,331,076 325,499,4s0
Add: Addition during the yem

314,331,076 325,499,450
Less: Adjusted with Welhead Margin for
BGFCL
11
314,33 1,076 314,33 1,076
Price Deficit Fund
@DF) is payable to Petrobangla and had been created with effect
order no. 15-l(Gas/92(Vol. -z)/) 30 dated Aom lst December l99g as per
29.08.1999 ofthe Ministry of Energy
& Mineral Resources with a view to
meet the possible deficiq if
arises, in payment of gas bills against
the cost of gas purchased
Companies (IOC) under Production Sharing from Intemational Oil
Contract. PDF from 1810912018 by BERC's order #
2018/03.

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SHAFIQ BASAK & CO.
t1 CHARTERED ACCOUNTANTS

Amount
30.06.2023 30.06.2022
2s.4 Liabilities for BAPEX Margin
Opening balance 12,175,242 t2,175,242
Add: Addition during the year
n
12,I75,242 12,175,242
Less: Paid during the year

75,242 75,242
It represents the amount payable to Petrobangla as a contribution to Bangladesh Petrolerxn Exploration & production
Company Ltd. (BAPEX). Bapex margin was dropped off from l8l)gl2}18 by BERC's order # 2018/03.

25.5 Deficit Wellhead Margin Fund for BApEX (DWMF,B)

Opening balance t2,240,586 12,240,586

Add: Addition during the year
12,240,596 12,240,596
Less: Paid during the year
12-240.5n6 12,240,596
DWMFB was created with effect from lst July 2008 as per orderNo qfzmRBnm-e/<T1l1qftFi{ - )b/looc
g() - )e dated 04.01.2009 of the Ministry of Energy & Mineral Resources wlth a view to making payment for
incremental wellhead margin for BAPEX and was payble to BOGMC. DWMFB was dropped off from lgl1g/21lg
by BERC order # 2018/03.
25.6 Gas Development Fund (GDF)
Opening balance 2,510,186,802 1,907,210,t02
Add: Addition during the year 7,128,526,878 6,918.053.607
9,638,713,690 9,925,263,709
Less: Paid during the year 7,s57 ,469,503 6,31 5,076,907
1,244.177 2.51 0,186,902

The Gas Development Fund (GDF) was established by BERC Order No. 2009/8, effective from August 2009.
According to BERC's order and Gazette of the Ministry of Power, Energy & Mineral Resources, this fund represents
a liability for the company, and the amount is payable to Petrobangla. For the financial year
2022-23, addition to Gas
Development Fund was established by BERC Order # 2022109, dated,04l06l2022, covering the period from July
2022 to January 2023 afi for the period from February 2023 to June 2023 was determined in accordance with
Gazette SRO No-14-Lawi2023, dated 18 January 2023, issued by the Ministry of Power, Energy & Mineral
Resources.

2s.7 Support for Shortfall

Opening balance 111,829,261 111,829,261
Add: Addition during the year
lll,82g,26l lll,g2g,26l
Less: Paid during the year
1 ,261 111,829,261
Bangladesh Energy Regulatory Commission@ERC) had re-fixed the end user price of gas and had introduced
a new
component name "Support for Shortfall" from 1 March 2017 by issuing an order (BERC Order # 2}l7l02,Date
:23
February 2017) making it payble to Petrobangla was dropped offfrom l8l)g/2018 by BERC's order # 201g/03.

25.8 Liabilities for net charges for LNG

Opening balmce t0,233,820,072 17,579,138,001,
Add: Addition during the year 184,391,040,772 106,044,755,219
194,624,960,944 123,623,993,220
Less: Paid during the year 132,601,778,154 113,390,073,148
62,023,082,690 10,233,920,072

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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
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Amount
30.06.2023 30.06.2022

LNG Charge is payable to Petrobangla rvhich was incorporated in the gas price as a new component by BERC's
order # 2018/0i dated 16/10/2018, re-fixed by BERC's order # 2022109 dated 0410612022 and SRO No-14-
t.
Lawl2023, dated 18 1anuary 2023, issued by the Ministry of Power. Energy & Mineral Resources.

2s.9 Liabilities for R-LNG Operational Charge (RPGCL)

.r5
Opening balance 39,496,079
Add: Addition during the Year 105,907,729
145,403,808

Less: Paid during the year t21,304,833

_ 24,098,975
TheR.LNG(RegasifiedLiquefiedNatura1Gas)Chargeispayab1etoRP@d,)
for the regasification of imported LNG. This charge was newly incorporated by BERC's order # 2018/03 dated
1611012018, subsequently re-fixed by BERC's order # 2019102 dated3010612019, and again adjusted by BERC's
order # 2022109 dated 0410612022. Furthermore, it is covered in SRO No-14-Lad2023, dated 18 Jantuy 2023,
issued by the Ministry of Power, Energy & Mineral Resources.
ln the earlier order, LNG operational charges were part of LNG charges. Howevet, with BERC's order # 2022109
dated 04106/2022, they have been includetl in production charges. Therefore, in the current financial year, these
charges are displayed under production charges rather than being listed separately.

2s.10 Liabilities for VAT (GDF)

Opening balance 121,006,182 190,073,574
Add: Addition during the Year 658,216,',l78
121,006,182 848,290,352
Less: Adjustment
121,006,182 8,18,290,352
Less: Paid during the year t20,990,779 727.284,170
15,403 121,006,182

VAT( GDF) is a part of the VAT on GDF in the end user price of gas and payable to the national gas production
companies for the supply of gas from their fields and to Petrobangla for the supply of gas from lOCs' fields' and
imported natural LNG had been incorporated by BERC's order # 2018/03 dated 1611012018, re-fixed by BERC's
or der # 2022 I 09 dated 0 4 I 0 6 I 2022.

25.11 Liabilities for VAT

Opening balance 4,090,778,591 4,083,883,382

Add: Addition during the yem 24,534,462,930 15,877,673,696

28,625,241,521 19,961,557,078

Less: Paid during the year 22,345,723,848 r5,870,778,487

6,219,517,673 4,090,778,591

The VAT charge is payable to Petrobangla and production companies. These charge detrrmined tfuough various
BERC (Bangladesh Energy Regulatory Commission) orders and Ministry of Power, Energy & Mineral Resources.
For the f,rnancial year 2022-23, a range of charges was established through BERC Order # 2022/09 dated
0410612022, applicable for the period from July 2022 to January 2023. Conversely, charges for the period from
February 2023 to June 2023 were determined in accordancewith the gazette SRO No-14-Lad2023, dated 18

January 2023, issued by the Ministry of Power, Energy & Mineral Resources.

25.12 Provision for gas purchases liability

Opening balance 15,364,902,686 10,066,991,735

Add: Addition during the Year 2,861,224,806 5,297,910,951

19,226,127,492 15,364,902,686
Tomaintainconsistencywithpreviousyearsaprovisionof3ohontheffixmonths
from July 2022 to December 2023 has been considered

*t {'
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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

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Amount
30.06.2023 30.06.2022

25.13 Energy SecuritY Fund

2,534,256,456 1,920,861,738
Opening balance 7,s93,364,5 56
7,279,855,261
Add: Addition during the Year 9,514,226,294
9,814,111,717
o 7,956,235,860 6,979,969,838
Less: Paid during the Year
1.857,875,857

i's
user gas price had beencreated fiom I September
2015 by
Energy security Fund @sF), anothef component of end
ile; R.cd;".y Commission @pic ora.. # 2015.09, Date : 27 August 2015'
an order of Bangladesh this frrnd represents
& Mineral Resources'
According to BERC's ora., *J-c-.tt" of the Ministry of Power, Energy
a range of
payable to Petrobangla' For the financial yeu 2022-23'
a liability for the company, and the amount is period fromhj,y 2022
applicable for the
charges was established ,rr.oogt ennc otder #-z6zz.109
datedo4l06l2o22,
for the period from February 2023 to J[Irle 2023 were determined in
to January 2023, Conversd, charges
g*.ttSRO NoI A-Lawl2)Z3,dated 18 Janrfr-y 2023, issued by the Ministry of Power' Energy
accordance with the
& Mineral Resources is payalbe to Petrobangla'

25.14 BERC Research Fund (BERGRF)

40,477,355
Opening balance
448,800,1 08 40,47',7 3s5
Add: Addition during the Year
489,277,463 40,471,355
25,878,969
Less: Paid during the Year
40.477,3s5

user gas price had been created from Jwrc 2022 bY an order of
BERC Research Fund , an other component ofend
# 2022109,Date 04 June 2022) andre-{xed bY the SRO
Bangladesh EnergY Regulatory Commission (BERC Order
EnergY & Mineral Resource is PaYable to
No-14-Law/2023, Dated: l8 January 2023 of the Ministry of Power,
to BERC's order and Gazette of the MinistrY of Power,
Bangladesh Energy Regulatory Commission According
this fund represents a liability for the comPanY, and the amount is PaYable to BERC.
Energy & Mineral Resources,

Aging of the above Liabilitiess is given below:

30,469,5'76,183 L'7,241,501,595
Past due 0-30 daYs
48,r29,969,35'7 8,27'.7,061,225
Past due 31-90 daYs
21,115,037,llL t7,371,409,544
Past due over 91 daYs
99,1r

26. GrouP current accounts

32 797 ,892 32,783,892
Bangladesh Petroleum Exploration & Production Co Ltd'
20,576 142,432
Sylhet Gas Fields Limited
7,1 96 ,293 33,320,665
Gas Transmission Co. Ltd.
3,586
t, Barapukuria Coal Mining Co. Ltd
Ltd' 22,540,s37
Jalalabad Gas Transmission & Distribution Systems 1

1,190,899 1 ,198,395
Rupantarita Prakritik Gas Co. Ltd'
575,036,583 575,062,228
Bangladesh Oil, Gas & Mineral Corporation- (Petrobangla)
13,839,991 138,312,591
Sundarban Gas Distribution Company Ltd
652,623,t12 780,823 .789

,,,1 Workers' Pro{it Participation Fund (WPPF)

and Welfare Fund (WF) PaYable
99,117,157 1 s4,930,380
Opening balance
203,608,688
Add: Addition during the
99,111,157 358,539,068
qq 717,157 259,42 t1
Less: Paid duringthe year (Note: 27'l)
(0) 99,11'7.L57

and Welfare firnds @ 5olo of net profit before

The Company recognizes a provision for Workers' Profit Participation
(Amended in 2013 & 2018)' However, in the current financial year, the
tax as per Bangladesh Labour Act, 2006
no provision was made during this period.
company did not generate a net profit, and therefore,

f$[*
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 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS
$l

Amount
30.06.2023 30.06.2022

27.1 Payment for WPPF during the year 99,117,157 259,421,911

28, Provision for income tax

a Opening balance 32,012,475,657 31,209,135,986
Add: Addition during the 803,339,67r
32,012,115,657 32.0t2,475.657
t
-:
As per the Finance Act of 2023, the income tax rate is set at2\o/o onthe profit before income tax, in accordance
S
with income tax laws that are in compliance with IAS-12 'Income Taxes.'However, in the current financial year, the
company did not generate a net profit; instead, it incurred a net loss. Consequently, no provision was made during
this period. Computation of total taxable income and ta"r liability during the year is given in Annexure- C'

years is
Statement of litigations with National Board of Revenue (NBR) regarding income tax dispute for las ten

Tax Demand/
Assessment Tax Provision Tax Paid
Income Year (Refundable) Current Status
Year (Taka) (Taka)
(Taka)
A reference
application is filled in
2012-13 2013-14 316.90 408.16 296.56
the Honourable High
Court
Not received any
2013-14 2014-15 352.95 325
assessment Order

A reference
application is filled
201A-ls 2015-t6 321.51 321.51 308
in the Honourable
High Court

Tribunal order
received +Set
2015-16 2016-t7 240.63 322.57 324
asaid+ partial High
Court

Tribunal order
20r6-l'7 2017-18 174.49 -142.54 327 received +Set
asaid+ Appeal Filed

Tribunal order
received, Set-asaid
20t7-18* 2018-19 1 15.91 1689.65 343
hearing, No order
Received

Tribunal order
received +Sat -asaid
2018-19 2019-20 162.16 541 .33 363
Hearing+No order
Received

Tribunal order
received +Set
2019-20 2020-21 144.8 108.81 396
asaid+ partial High
Court

2020-21 2021-22 87.17 442.18 441 Appeal Filed

Retrun Submitted
2021-22 2022-23 80.33 442 & Reoeived hearing
notice

Total 1,996.85 3,691.67 3,s65.00

*LTU-NBR disallowed various items of cost of sales as non business expenses u/s 29 of ITO 1984.

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SHAFIQ BASAK & CO

CHARTERED ACCOUNTANTS
|a
i

Amount
30.06.2023 30.06.2022
29 Unclaimed Dividend
Opening balance 12,841,395 143,602,277
Add: Addition during the year 4,225,245 6,463,9s7
i 17,066,640 150,066,234
Less: Paid during the year 529,945 137,224,839

i'g 16,536,696
a

As per Dirctive from Bangladesh Securities & Exchange commission Dirctive No. BSEC/CMRRCDI
2021-3g6103,
Dated : 14 January 2021, Section No-(vii) Year-Wise Summary of Dividend Schedule
upto Fy 2022-23 as on
30.06.2023 is given below :

Dividnd as
Dividend Year

967
9-2020

Total

30 Liabilities for expenses

Accruals & provisions
612,243,490 s91,594,t73
Liabilities to govt., customers, contractors &
employees
141,182,689 114,435,438
Other creditors
380,389,904 357,108,379
Liabilities against jobs for third parties for pipetine
construction
820,263,42s 775,163,322
Dividend Liabitities
2,680,326 4,949,214
lnterest on foreign loan Liabilities
410,335 ltt,026,316 )

Liabilities against payroll accounts

2,770,674 5,083,432 |

Liabilities to other companies against salary

accounts 261 AO
1 272,969
Liabilities against jobs for third parties for
replacement pipeline & others 2,398,653,981 1,681 ,770,522
{,J58,855,982 J.641.404.26s

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 SHAFIQ BASAK & CO.
CHARTERED ACGOUNTANTS

Amount In Taka
2022-2023 2021-2022

31 Sales Revenue
(flote-3 1. I ) 254.8'79,814,607 176,350,806,789
t Cas Sales Revenue
(Note-31.2) r 0,208,5 8 1,63 8 7 ,351,576,123
Operational Income
265,088,J96,246 183,
r'E
31.1 Gas Sales Revenue
32,fi7,328,652 5,758,546,230
Power (PDB)
tr 19,423,409,561
Power (Private)
3,4s0,340,704 1,684,170,122
Fertilizer
73,874,232,983 45,324,544,370
Industrial
87,521,196,054 52,1r7,988,190
Captive Power
23,019,233,425 20,150,97r,663
Feed Gas for CNG
2,820,149,675 28, l 83,642,805
Domestic Metered
29,949,284,6s2 1,991,059,449
Domestic Non-Metered
2,128,048,462 1,716,474,399
Commercial
14,607 I 189

a backdown certificate in accordance with the

Since July 2022,TitasGas has been preparing gas consumption certification known as

guidelines ofpetrobangla and BERC orders. During this period, the private power category has been reclassified as the power rate
removal of the Private power category,
and the captive power rate. As a result, there has been a rearrangement that involves the
which are now categorized under power and captive power.

for the year ended 30 june 2023 as required under

euantity wise schedule of sales relating to the financial statement
Schedule XI, Part -ll of the Companies Act 1994 is given:

Particulars 01 July 2022to 30 June 2023 01 July 2021 to 30 June 2022

MMCM Amount (TK) MMCM Amount
3,285 32,r17,328,652 1,657 5,758,s46,230
Power (PDB)
t,484 19,423,409,561
Power
216 3,450,340,704 3r0 t,684,170,122
Fertilizer
4,075 73,874,232,983 4,443 45,324,544,370
Industrial
4,330 87,521,196,054 4,790 52,117,988,190
Power
663 23,0r9,233,425 570 20,150,971,663
Gas for CNG
r54 2,820,149,675 149 1,991,059,449
Domestic Meterd
t,663 29,949,284,652 ) 11< 28,183,642,805
Domestic Non-Metered
72 2,128,048,462 79 1,716,47 4,399
Commercial
14,459 254,879,814,607 15,657 176,350,806,789
Total

31.2 Operational Income

701,811,273 498,423,300
Meter rent
3,646,'712,704 r,819,03 8,608
Higher Heating Value
18"879,749 20,298,829
Connection & recotlnection charges
r,984,936,353 1,686,864,906
Late payment Penalties*
t23.611,283 110,7r5,252
Gas Sales (Domestic) lbr illegal use
385.394 I 98,39 I
Gas connection commission fees
684,307, I38 407,403,030
Penalties and fines againest metered customers
26,685,708 20,639,987
Penalties for Illegal use by dornestic customers
164,949,771 96,430,911
Profit from sale ofstores
I 98,348,067 180,940,803
Gas transmission I ncome+*
2,657,9s4,199 2,510,622,105
Demand Charge***
23

t
 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

t\

Amount In Taka
2022-2023 2021-2022

Penalties'
*penalties and hnes against metered customers and late payment penalties, were showed under the heading'Late Payment
t (Note: 31.2). These have now been rearranged separately and placed under a separate
category,'Operational Income'in same Note

Number
+*Transmission charge income from the gas transmitted through company's own transmission pipeline to Bakhrabad
Gas
t
System Limited (JGTDSL) is shown under
Distribution company Limited (BGDCL) and Jalalabad Gas Transmission & Distribution

s operational income.
from
*r.*Demand charge income on the approved load of the metered customers other than domestic ones is been incorporated
no # 2022109 dated 0410612022
Olll.l l2ltg by BERC order # 2Ol9l2 dated 3010612019. and continue last BERC order
32 Cost of Sales
Note-32.1 30,91r,330,707 29,090,051,797
Gas production cost
Note-32.2 6,26r,7s3,611 6,025,071,076
Gas Transmission Charge
7,206,780,543 7,t32,014,028
Gas DeveloPment Charge
7,359,770,139 7,828,210,882
Energy securitY fund (ESF) charge
453,126,827 41,729,232
BERC Research Fund Charges (BERCRF)
92,990,816 t09,183,226
LNG Operational Charge-RPGCL
186,414,694,775 109,323,461,677
LNG Charge-BOGMC(PB)
24,803,790,895 16,368,735,769
VAT for Gas Purchase
678,573,998
VAT for Gas DeveloPrnent Fund.
263,504,838,312 176,597,.031,685

Particulars July 2022 to 30 June 2023

01 01 July 2021 to 30 June 2022
MMCM Amount(TK) MMCM Amount(TK)
3,422 31,163,r20,34',7 1,691 7. ,762
Power
1,515 l4
Power
229 3,582,071,517 3t7 l I 592
Fertilizer
4,239 75,336,354,169 4,534 45,172,250,490
Industrial
4,504 90,381,036,431 4,888 63,617,316,256
Power
691 23,8r6,3y",209 582 20,420,481,734
Feed Gas for CNG
Domestic Metered 178 2,785,447,205
t,927 34,354,641,778 2,37r 30,262,376,4s2
Domestic Non-Domestic
15 2,085,834,657 80 r,842,908,385
Commercial
L5,265 263,504,838,312 15,978 176,597,031,685
Total

Since July 2022,TitasGas has been preparing gas consumption certification

known as a backdown certificate in accordance with the
t petrobangla and BERC orders. During this period, the private power category has been reclassified as the power rate
guidelines of
the removal of the Private power category'
and the captive power rate. As a result, there has been a rearrangement that involves
been shown in the above note: the meter
which are now categorized under power and captive power. Another rearrangement has
domestic category is now separate from the domestic customer category'

32.1 Gas Production Charge

production cost consists of wellhead margin for national gas fields, petrobangla charge for BOGMC, LNG Operational Charge and

# 2o22l}g, dated 0410612022. Segment wise Production cost is as follows-

net charge for Iocs' gas as per BERC order
3,03 r,557,148 2,939,361,885
Wellhead margin tbr BCFCL
1,164,258.466 1.121,641.296
Wellhead margin fbr BAPEX
90s.292.533 815,'786.7 43
Petrobangla Charge for BOGMC
LNG Operational Charge-RPGLC
92,7 tr,9t0
2,828.461,317
Petrobangla*
25,717,510,650 2 1,384,800,556
Net charges fbr IOC gas
30,91 1,330,707 29.090,051,797
 I
SHAFIQ BASAK & CO.
al
CHARTERED ACCOUNTANTS

al

Amount In Taka
2022-2023 202r-2022

t: Production charge is determined in accordance with BERC Order #2022109 dated 0410612022, guidelines provided by Petrobangl4
t
and SRO No-14-Lad2023, dated 18 January 2023, issued by the Ministry of Power, Enerry & Mineral Resources.
.:
In the earlier BERC order #2022109 dated 04106/2022, they had issued an order to pay the entire amount of production charges to
Petrobangla. However, due to certain considerations, Petrobangla has provided guidelines to make payments for wellhead margin to
national gas producing companies, namely BGFCL & BAPEX, LNG operational charges paid to RPGCL, Petrobangla margin
charges and net gas charges for International oil companies (Iocs) paid to petrobangla.

01 July 2022 to 30 June 2023 01 July 2021 to 30 June2022

Particulars
MMCM Amount (TK) MMCM Amount (TK)
BOGMC (rOC, R-LNG) 10,552 26,715,5t5,093 t1,204 25,029,048,616
BGFCL 4,326 3,03 1,557,148 4,375 2,939,361,885
BAPEX 388 1,164,258,466 399 1,121,641,296
Total 15,265 30,911,330,707 15,978 29,090,051,797

32.2 Gas Transmission Charge

Gas Transmission Cost 6,261,753,611

Gas transmission charge includes charges for gas transmitted by Gas Transmission Company Ltd. (GTCL) through its transmission
pipeline;
33 ..Administrative expenses
Salary and allowance 3,838,327,53 I 3,378,160,742
MD's Remuneration 2,239,196 1,806,460
Professional services 32,179,924 27,332,080
Audit fees 833,750 759,000
Promotional costs 9,446,892 7,799,380
Power costs 34,942,767 37,811,0I8
Communication costs 7,205,806 9,702,252
Transport costs 163,726,709 157,94r,628
Occupancy costs 177,927,843 187,079,429
Administrative costs 150,376,184 194,562,308
Miscellaneous costs 506,658,904 228,764,216
Financial charges 19,999,61s 15,933,136
Bad & doubtful debts provision 756,997,274
Depreciation charges 1,090,s76,623 1,010,146,663
Unrealised foreign exchange loss (Note:33.1) 23,079,740 18,938,707
6,814,518,757 5,276,737,019

33.1 Unrealised foreign exchange loss 23,079,740 18,938,707

Significant Change offoreign exchange loss occured due to significant change in doller rate.

34 Transmission & Distribution expenses 152,131,579 200,077,282

Transmission & distribution expenses include repair and maintenance of plant & equipments, transmission and distribution related
gas pipe line, disconnection & reduction ofsystem loss, publicity ofreduction ofsystem loss and operational advertisement.

''.
t
 SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

61

Amount In Taka
2022-2023 2021-2022

35 Other operating Income

U
Other penalties & {ir.res received r,255,553 r,486,966
Sale ofbill books & application fbrrns 142,570 197,085
House rent income & recoverics 112,590 1 15,603
Income from Consultancy Service 91,041,354 22,486,s33
Testing charges from suppliers 375,055 98,782
Transport income 913,245 l,146,68 I
Profit on disposal offixed assets 65,373 10,125,849
Sale of scrap 13,472,278
Sale of tender documents 2,724,607 1,815,200
Enlistment & renerval fees 73"900 2,307,100
Other Liquidated Dantage 5,000,000
Other rental income 2,100,066 553,000
Load Increase and Decrease fee 454,600 792,700
Killing and Caping fee 647,433 923,122
Name/Orvner Change fee 427,500 596,000
Miscellaneous income * 362,387,898 24,296,765
Olllce rent income & recoveries 7,020,400 6,170,400
Sale ofgas condensate 14,640,836 17,166,889
484,383,379 108,750,953

36 Finance costs
Interest on ADP (LOCAL) loans 3,538,246 1,675,311

lnterest on foreign (ADB ,OECF& JICA) loans 24,599,802 10,070,747

28,138,047 11,746,058

37 Investment Income
Interest income on bank deposits (FDR) 2,025,tr92,U9 1,541,187,378

38 Finance income

Interest income on bank deposits (STD) 816,245,157 s[4,273,556

Interest on land purchase & house building loans 87,793,907 101,075,927
Interest on motor cycle loan 3,400,1 l0 3,081,243
Interest on Computer loan 207,997 134,166
I Interest on loan to Gas Transmission Co. Ltd. 214,595,676 186,879,678
1122242846 805444570
I
39 Current Tax
803,339,671
Provision for income tax during the year

As per the Finance Act of 2023, the income tax rate is set at 20oh on the profit before income tax, in accordance with income tax
laws that are in cornpliance with IAS-12 'Income Taxes.' However, in the current financial year, the company did not generate a net
profit; instead, it incurred a net loss. Consequently, no provision was made during this period. Computation of total taxable income
and tax liability during the year is given in Annexure- C.

J
 I
SHAFIQ BASAK & CO.
CHARTERED ACCOUNTANTS

Amount In Taka
2022-2023 2021-2022
40 Other comprehensive income
L Fair value adjustment of marketable securities
311,750 498,800
I
41 Earning per share
d
!
t Basic EPS
Net Profit attributable to the ordinary shareholders
(1,651,361,965) 3,180,211,786
Number of ordinary shares outstanding
989,221,831 989,221,831
0.67\ 3.21
Starting from June 2022, the Bangladesh Energy Regulatory commission
(BERC) re-f-rxed the company,s distribution margin
through BERC order #2022/09' reducing it liom 0.25 to 0.13 per
cubic meter.on the other hand, During the 2022-2023financial
year' the company reporled a system loss of 5.28% of which
allowable system loss is 2%. That,s why the company had to bear
a
hugeanrountofpurchaseliabilitywithoutgettinganyrevenue,resultinginanetlossofrk.
l65.14crore.consideringtheseleading
to a significant decrease in the company,s earning per share (EpS).
42 Net operating cash flow per share (NOCFPS)
Net operating cash flows
12,170,8s7,s22 300,157,262
Number of ordinary shares outstanding
989,22t,831 989,221,831
I
The significant change in NocFpS is basically due to collection
of gas sales ln respect of relative payments against
purchase liability was higher than that of the previous year,
43 Net Asset Value (NAV) per Share
Net Assets (Total Assets- Liabilities)
70,972,139,712 73,364,710,669
Number of ordinaly shares outstanding
989,221,831 989,221,831
71.75 74.16
4'l Reconciliation of net profit with cash flows from operating
activities:
Net Profit Before Tax
(1 .779.004-40s\
Adjustments for:
Adjustment for WPPF
(203,608,688)
Depreciation
1,090,576,623 1,010,146,664
Bcd Debr
756,997,274
Foreign exchangre loss
23,079,740 t8,938,707
Interest Payment Adj ustment
, ,0,91:,:1] (34,427,3s2)
Profit/ loss on the sale offixed assets
(o),J /J )l (10,t25,849)
\ Income Tar Adjustment
(s,629,45s.020\l (4,421,263,603)
Investment lncome
228.SOg,gD I (20,974,054)
Changes in:
Inventories
(903,571,174) (3 14,780,1
48)
Accounts receivable
(38,763,911,901) (820,336,536)
Advance, deposit & prepayments
(52,382,940) 384,224,531
Group Current Account
(228,184,726) I 85,58 I ,720
Other Current Asset
(228,403,782)l 232,889.5961
Trade and Other Payable
56,824,610.289 I (999,436,140)l
Liability for Expenses
tzt,t+ti,orcl 1.424.813,333
Net Cashflows from operating activities I

12,170,957,522

J
 SHAFIQ BASAK & CO,
CHARTERED ACCOUNTANTS

45 Financial risk management

Intemational Financial Reporting Standard (IFRS

7): Financial Instnunenls: Disolosues - require
discloswe ofinformation
both recoglized and rmrecognized-fina:rcial ir.t o**tr, a"ir-Jgoifia*." and performance, accomting policies, relating to:
conditions' net fair values aad risk information- temrs and
the companies poiicies fo, cortourrg lrr., *J.rp"Jirl..
to the following risks from its use offinancial instrumeng. rn" ,orp-y has exposue

-Credit lsk
-Liquidity risk
-Market risk
d \' -Cumency risk
a
-lnterest rate risk

The Board ofDirectors has overall responsibility

F for the establishment and oversight ofthe compmy,s risk
management framework.
The Board oversees how management *onitors
adequacy of the risk management framework in
co-ptiance J,r,
.irt management policies and procedures, and reviews the
relation to .rrt. fu"aa ty ,t
" "o.p_y.
45.1 Credit risk
credit nsk is the risk of financial loss to the company
if a customer or couterparty to a financial instrurnent fails
to meet
contractual obligations' and arises princrpally fto,,
tle.o.pary's receivable {iom customers and investment securities. its
tnade to Gofi and private porver, fertilizer, industry, The
feed gas for cNG, .o.r"r.iut, domesric metered
;:ffi:';j*:rTe and non-

Exposure to credit risk

The naximrnn exposure to credit risk at the reporting

date was:

Amount
Investments 30.06.2023 30.06.2022
lntercompany 36,093, I 8 1,017 33,112,869,267
Loan to employees 9,102,077,12s 9,984,736,325
Inventories 3,360,770,438 2,893,079,114
Trade & other receilables 2,991,324,866 2,087,753,692
Advance, deposit & prepayments 99,583,402,558 59,3 I 0,158,648
52,823,535,688 47,141,697,728
Group curent accomts
Other current assets 296,327,t63 196,343,054
Cash and bank balances
1,796,827,816 1,568,424,034
23,119,126,731 13,891,502,549
229,166,573,103

Credit exposure by credit rating

As at 30 June 2023
lnvestments Amount (%\
Intercompany loan 36,093,1 81,0 17 l5.75
9,102,07'.|,125 3.97
Loan to employees
3,360,770,438 1.41
Inventories
2,991,324,866 1.31
Trade & other receivables
99,583,402,558 43.45
Advanc€, deposit & prepayments
52,823,535,688 23.05
Group current accormts
296,327,163 0.13
Other current assets
1,796,827,816 0.78
Cash and bank balance
Cash in hand
Cash at bank 97,769 0.00
23,119,028,962 10.09
45.2 Liquidity risk
Liquidity risk is the risk that the company will not
be able to meet its finmcial obligations as they fall
due. The company,s approach
to tnauging liquidity is to ensure' as far as possible,
that it will always have sufficient liquidity to meet
its liabilities when due, under
both nonnal and stressed conditions, without incurring
ruracceptable losses or risking damage to the
compaly,s reputation, Typically,
the cornpany ensures that it lras sufficient cash
and cash equivalent to meet expected operational
expenses, including the servicing of
financial obligation though preparation ofthe cash
forecast, prepared based on time line ofpayment
ofthe financial obligation and
accordingly arange for sufficient riq.idity/flrnd
to rnake the expected payment within due date.
The following are the contractual maturities offinancial
liabilities as at 30 June 2023

J
 SHAFIQ BASAK & CO
CHARTERED ACCOUNTANTS

45 Financial risk management

Carrying Maturity Within 6 months Within 6 -12

Particulars period
Int rate More than I year
Amount or less months
Taka Taka Taka Taka
5.'- Long tem loans net off Latest
4,049,287,321 1-5 4,049,287,32t
current matuirity June 2043

Defened tax liability 727,823,489 727,823,489

*.r-\
dtt Retirement benefit
obligations
3,617.411.632 364,st4,t73 ?59. 7)7 )\) 2,894,1'10,206.36

Leave pay 80,1 10,988 28.023"169 29.650.361 22,437,458

Customers' security 29.476.522"404 29,476,522.404

Cunent portion of loans

246,062,248 lune 2024 1-5 123,031,124 123,031,124
and other bonowings

Trade payable 99.714.582.653 36,898,033,656 62,816,548,997

Group cunent accounts 652,623.172 652,623,172

Workers'profit
partrcipation firnd
(WPPF) and Wl payable

Provision for income tax 32"012.47s.657 32,0t2,47s,657

Liabilities for expenses d 1sR Rss qR, 3.05 1.1 99.1 87 1.089.7 13.995 217,942,799
174.935,755,546 40,464,801'3ro 6s,070,294,902 69,400,6s9.334

45.3 14a1Lg1.1.k

Market risk is the risk that changes in market prices suoh as foreign exohange rate and interest rates will affect the Company's
income or the value ofits holding offinancial inshuments. The objective ofmarket risk management is to manage and conhol market
risk exposrues within acceptable parameters, while optimising the retum.
45.4 Currency risk
The Company is exposed to cunency risk on purchases of spare parts ofplant and machinery that are denominated in a cunency other
than the functional cmency primarily US Dollars and Japanese Yen. The effects of foreign puchase are insignificmt to the Company.
The Company has not entered into any type ofderilatives instrument in order to hedge foreign cunency risk as at 30 Jure 2023.

;15,5 Interest rate risk

Interest rate risk is the risk that arises due to changes in interest rates on bonowings. Local cunency loans are lrowever not
significantly affected by fluctuations in interest rates as the rate is below fiom market rate. The company has not entered into any tlpe
ofderivative instrunent in order to hedge interest rate risk as at the reporting date.

Amount
30.06.2023 30.06.2022
46 Commitment to sanction Ioan

GTCL's OffTransrnission Point Gas Station Installation md Modification Project 1,641,100,000 1,641,100,000
Gas Transmission Company Limited 2,106,700,000 2,491,300.000
3,747,800,000 4,132,,100,000

47 Related party disclosure

\ i) Related party transactions

During the year, the compaly caried out a number oftrmsactions with related parties the nonnal corrse ofbusiness. The nme ofthe
related parlies and natue of these transactions have beer set out in accordance with the provisions of IAS 24: Related Parly
Disclosure.

in Million
Outstanding as on Outstanding as on
Nature of Net transaction 30.06.2023 30.06.2022
Name of Parties Relationship
transaction during the year Receivable/ Receivable/
(Payable) (Payable)
Controlling
Petrobangla (s3,427) (71,865) (1 8,438)
Authority
BAPEX Int€r-company Gas Purchase (1 7) (23 1) Ql4)
BGFCL lnter-company Gas Purchase (i 13) (i08) (5e5)
RPGCL Inter-company Gas Pruchase (11) (35) (24)
GTCL Inter-company Gas Transmission (648) (1.770) (1.122)
BAPEX Inter-company Inter-company loan (130) 715 845
GTCL Inter-company Inter-company loan (r,138) 8.002 9,140
Total (ss.484) (65.892) (10.408)

J
 ]
SHAFIQ BASAK & GO.
CHARTERED ACCOUNTANTS

,15 Financial risk management

ii) Particulars of Directors of Titas Gas Transmission and Distribution Company Limited

Name of Directors BOD ofTGTDCL Entities where they have interests

Secretary, Energy & Ivtineral Resources
Chaiman
Mr. Md. Nurul Alam Divrsion

at
i
N4r. Zanendra Nath Suker
Mr. Md. Saidur Rahman
Ensr. Md. N4ahbubur Rahman
Director
Director
Director
Chaiman, Petrobmgla
Chaimm, BCIC
Chaimm, BPDB
t PS-l to dle PM (Joint Secretary), Prime
Director
Ms. Monira Begum Minister's Office
Dr. Nasima Alhter Independent Director Joint Secretary, Finmce Division
t Eng. Md. Htronur Rashid Mullah Director Mmging Dtector, Titas Gas T& D Co.Ltd
NIr. Md. Saiful Islarn Independent Director N/A
Nlr. Tonmoy Ahmed Director N/A

,18 Disclosure as per Schedule XI, Part II, Para 3 of the Companies Act 1994

The company had 2040 perrnanert ernployees as at 30 Jrme 2022 and l92l pennanerlt employees as at 30 June 2023. AII penranent
ofTk. 216,100 per annum each.
ernployees receive remuneration in excess

30.06.2023 30.06.2022
Number of Staff Number of Staff
Number of Employee:
Head Office Staff 620 784
Other than Head Office 1,301 1,2s6
t,921 2,O40

49 Disclosure as per Schedule XI, Part II, Para 4 of the Companies Act 1994
Managing Director rernmeration and benelit 2239,196 1,806,460

50 Events after the reporting period

The Bord of Directors have recommended 5 % cash dividend of Tk.494,610,916 for the year ended 30 June 2023 in their board
tneeting held on 25th October 2023 subject to approval ofthe shareholders in the Armual General Meeting. The financial statements
for tlte year ended 30 June 2023 do not iuclude the effect of cash dividend which rvill be accounted for the period when the
shareholders' right to receive the payrent is established.

5l Comparative information
Cornparative infonration in the following rnajor areas have been rearanged to confomr to cLment year's presentation:
51,1 LNG operationirl charges
In the earlier BERC order, LNG operational charges were part of LNG chtrges. However, with BERC's order # 2022109 dated
0410612022, they have been included in production charges. Therefore, in the cunent financial year, these charges are displayed under
production charges rather than being listed separately.

51.2 Penaltics and fines agninest metered customers

Previously, pelalties and fines agaiust metered custoners and late payment penalties, were showed under the heading 'Late Paynent
Penalties' (Note: 31.2). These have now been reananged separately and placed under a separate category, 'Operational Income' ir
sane Note Number.

51.3 Rearrangement of private power to power and captive power

Since July 2022,'fitas Gas has been preparing gas consunption certification klown as a backdown certificate in accordance with the
guidelines ofPetrobangla and BERC orders. During this period, the private power category has been reclassified as the power rate
and the captive porver rate. As a result, there has been a rearrangelnent that involves the rernoval of the Private power category, whiclr
are now categorized urder power and captive porver. (Note: 31.1)

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 I SHAFIQ BASAK & CO
CHARTERED ACCOUNTANTS
i
\-

TITAS GAS TRANSMISSION & DISTRIBUTION

CO. LTD
Computation of Total Taxable Income & Tax Liability
Annexure-C
q, Income year: 2022-2023
Assessment year: 2023-202 4

$r Particulars
Amount in Taka

G Net profit before Tax (as per accounts)

(1,779,004,405)
Less: Capital Gain
Add: WPPF For Capital Gain
Actual Net Profit
(1,779,004,405)
Add: Provision for Bad & Doubtful debts
756,997 ,274
Total Taxable Income
(1 1)
Add: Depreciation as per Accourts
1,090,576,623
Less: Depreciation as per IT Schedule
Total Taxable Income 4s1 57
(383,125,065)
Tax Payable @20%

Tax Payable (Current Tax)

46

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