REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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102 CONSOLIDATED 35. The Corporation has taken office accommodations and space for ERP Data Centre. These are classified as operating lease. Lease payment in respect of these amounting to Rs.177.97 lacs is shown under the head ‘Administration Expenses’ in Schedule 15. Future lease payments in respect of these lease agreements are as under: (Rs. in lacs) Maturity profile of For Data Centre For future minimum lease rent payments for ERP Accommodation Not later than one year 39.89 136.67 Later than one year and not later than 5 years 154.93 601.27 Later than 5 years Nil 376.66 Total 194.82 1114.60 36. As part of hedging strategy, the company has executed in some cases Interest Rate Swap on fixed interest rate domestic rupee borrowings to lower cost by taking benefit of interest rate movement. The INR value of the outstanding borrowings on which such Swaps have been executed is Rs. 125,000 lacs. as on 31.03.2010. In respect of foreign currency borrowings, the company has executed cross currency swaps to fully hedge the risk of exchange rate and interest rate variation. The outstanding position of such cross currency swaps as at 31st March 2010. No. of Borrowings outstanding as on INR Contracts 31.03.2010 in foreign currency Equivalent 3 JPY 40,319 Million 165,865 Lacs 1 Euro 64.16 Million 41,772 lacs 37. The portion of Foreign Currency Loans swapped into Indian rupee is stated at the rate fixed in the swap transactions, and not translated at the year end rate. The Bond Series and other secured borrowings are secured by a charge on the receivables, both present and future, in favour of IDBI Trusteeship Services Ltd. and IL&FS Trust Company Ltd., on the basis of joint hypothecation agreement dated 25th January 2008. However, certain specific receivables of Rs.4,30,509 lacs are hypothecated in favour of IL&FS Trust Company Ltd. in terms of that agreement. Refinance loan of Rs.87,000 lacs availed from IIFCL shall also be covered under the same agreement with regard to pooling of securities and IIFCL shall have pari-passu charge on the receivables charged to these Trustees. 38. The Capital Adequacy Ratio of the Rural Electrification Corporation Ltd. as on 31st March 2010 is 16.05% (previous year 11.60%). 39. No loan has been rescheduled during the current year. The movement of the loans rescheduled in the earlier years are as under:- Rs. In Lacs. Particulars As at No. of As at No. of 31.03.2010 accounts 31.03.2009 accounts Opening balance 9 11 Principal 2,28,029.89 2,33,649.93 Interest 1,01,169.91 1,10,172.55 Additions during the year 0 Interest accrued Received during the year * 30,237.55 34,630.97 Principal 29,681.03 5,620.05 Interest 55,150.67 43,633.61 Closing balance 8 9 Principal 1,98,348.86 2,28,029.88 Interest 76,256.78 1,01,169.91 * Also includes one (previous year two) fully prepaid cases. 40. REC Transmission projects Ltd. has not yet commenced commercial operation. 41. The subsidiary companies are wholly owned by the holding company. The Key Management Personnel of these companies are employees of the holding company deployed on part time basis. The details of such key management personnel are as follows: REC Transmission Projects Company Limited S. Name Designation Date of Date of No. Appointment Separation 1. Sh. P. Uma Chairman & 01.03.2008 Continuing Shankar Director 2. Sh. Rama Raman Director 08.01.2007 Continuing 3. Sh. Ajeet Kumar Agarwal Director 27.12.2008 Continuing 4. Sh. Prakash J Thakkar Director 08.01.2007 Continuing North Karanpura Transmission Company Limited S. Name Designation Date of Date of No. Appointment Separation 1. Sh. Prakash Chairman & 30.12.2008 Continuing J Thakkar Director 2. Ms. Valli Natrajan Director 23.04.2007 Continuing 3. Ms. Harinder Kaur Chani Director 23.04.2007 Continuing 4. Sh. T.S.C. Bosh Addl. Director 09.09.2009 Continuing 5. Sh. V.K.Singh Addl. Director 09.09.2009 Continuing
Talcher II Transmission Company Limited S. Name Designation Date of Date of No. Appointment Separation 1. Sh. Prakash Chairman & 01.05.2007 Continuing J Thakkar Director 2. Ms. Valli Natrajan Director 01.05.2007 Continuing 3. Ms. Harinder Kaur Chani Director 01.05.2007 Continuing 4. Sh. T.S.C. Bosh Addl. Director 09.09.2009 Continuing 5. Sh. V.K. Singh Addl. Director 09.09.2009 Continuing Raichur Sholapur Transmission Company Limited S. Name Designation Date of Date of No. Appointment Separation 1. Sh. Prakash Chairman & 19.11.2009 Continuing J Thakkar Director 2. Sh. Subodh Garg Director 19.11.2009 Continuing 3. Sh. Salil Kumar Director 19.11.2009 Continuing REC Power Distribution Company Limited S. Name Designation Date of Date of No. Appointment Separation 1. Sh. P. Uma Chairman & 01.03.2008 Continuing Shankar Director 2. Sh. Rama Raman Director 12.07.2007 Continuing 3. Sh. Sanjiv Garg Director 10.08.2007 Continuing 4. Sh. D.S. Ahluwalia Director 04.04.2008 29.09.2009 5. Sh. Rakesh K Arora Director 29.09.2009 Continuing 42. Pursuant to the Ministry of power, Govt. of India approval vide letter no. 15/2/2010-Trans dated 17th March 2010, two subsidiary companies of REC Transmission Projects Company Ltd. namely North Karanpura Transmission Company Ltd. and Talcher II Transmission company Ltd. will be transferred to the successful bidder M/s. Reliance Power Transmission Ltd. during the next financial year. The successful bidder shall acquire 100% of the Equity shares of the respective companies alongwith all respective companies assets and liabilities. CONSOLIDATED 43. (a) In the case of a Subsidiary, REC Power Distribution Company Ltd., the accounting policy in respect of “Revenue Recognition” has been changed. Accordingly, Mobilization Advance is excluded from Revenue recognition and the work completed but not billed is accounted for. This resulted in decrease in Income recognition by Rs.599.78lacs. (b) In the case of a Subsidiary, the REC Transmission Projects Company Ltd. Accounting policy provides that Professional charges to be charged from each of the selected bidders/ developers for Transmission projects put on Tariff based bidding will be accounted for in the year of transfer of projects specific subsidiary company to them. As the controlling point of revenue recognition in such transactions, the point of time when it is reasonably certain that the ultimate collection of professional charges will be made, the said accounting policy has been modified during the year. Accordingly, professional charges of Rs. 3,000 lacs received/ receivable during the current year has been accounted for. 44. Figures have been rounded off to the nearest Rupees lacs. 45. Schedules 1 to 17 form an integral part of the Balance Sheet and Profit & Loss Account and have been duly authenticated. Signatures to the schedules forming part of the Balance Sheet and Profit and Loss and to the above notes. B.R.Raghunandan H.D.Khunteta P. Uma Shankar Company Secretary Director (Finance) Chairman and Managing Director For Bansal & Co. In terms of our Report of even date For K.G.Somani & Co., Chartered Accountants Chartered Accountants (D.S.Rawat) (B. Maheshwari) Partner Partner M.No.83030 M.No. 88155 Firm Reg. No.: 001113N Place: New Delhi Dated: 19 Firm Reg. No.: 006591N . th May, 2010 103
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CORPORATE OFFICE ZONAL OFFICES REGI
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2 CONSISTENT GROWTH OVER 10 YEARS P
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4 MISSION Mission & Objectives 41st
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6 PERFORMANCE HIGHLIGHTS 41st ANNUA
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8 ACKNOWLEDGEMENTS 41st ANNUAL REPO
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10 41st ANNUAL REPORT 2009-10 82(3)
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16 Shri Venugopal N. Dhoot Dr. Devi
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18 SHRI DEVENDER SINGH Government N
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20 To The Shareholders, The Directo
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22 crore and Fixed Assets of Rs.89.
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24 (DSM), Municipal DSM, Bachat Lam
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30 Electricity Department of Manipu
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32 41st ANNUAL REPORT 2009-10 TABLE
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40 The performance orientation buil
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46 3.1.8 FPO Committee During the y
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48 the Company are published in lea
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Page 54 and 55: 52 SOURCES OF FUNDS Shareholders’
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Page 108 and 109: 106 AUDITORS’ REPORT TO THE BOARD
Page 110 and 111: 108 ADDRESSES OF REC OFFICES Sl. RE
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REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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