REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
REC- 1-51.p65 - Rural Electrification Corporation Ltd.
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30<br />
Electricity Department of Manipur for third party<br />
inspections of 24755 villages in 30 districts of 4 states<br />
which will accrue Rs.21 crore gross income to the<br />
company. The company has established its material<br />
inspections wing to inspect material under RGGVY & FRP<br />
works at manufacturers’ facilities. The company has also<br />
taken new initiatives by empanelling 16 business<br />
associates / agencies for taking projects in IT<br />
implementation and consultancy.<br />
During the year ended 31st March, 2010, third party<br />
inspection of about 15000 villages and 990 feeders were<br />
completed by the company. In addition to this, material<br />
inspections of more than 45000 Distribution Transformers<br />
were completed.<br />
25.4 Financial Performance during 2009-10<br />
During the year ended 31 st March, 2010, <strong>REC</strong>PDCL has<br />
been able to generate an Income of Rs. 10.01 crore and<br />
Profit before Tax & Profit after Tax is Rs. 1.57 crore & Rs.<br />
1.03 crore respectively. It is worthwhile to mention that<br />
turnover of the company has doubled this year and net<br />
worth reached to Rs.4.18 crore against initial capital<br />
injected by <strong>REC</strong> of Rs.0.05 crore. For the year 2008-09,<br />
the company had declared a dividend @ 100% on par<br />
value and for the year 2009-10 also, the Board of Directors<br />
have proposed a dividend @ 100%.<br />
26. DETAILS OF UNCLAIMED SHARES<br />
The Company went for a maiden public offer of<br />
15,61,20,000 equity shares in February, 2008, which<br />
comprised fresh issue of 7,80,60,000 equity shares by the<br />
Company and an offer for sale of another equal number of<br />
shares by the President of India.<br />
Further, the Company went for a Follow on Public Offer<br />
of 17,17,32,000 equity shares in February, 2010 which<br />
comprised fresh issue of 12,87,99,000 equity shares by<br />
the Company and offer for sale of 4,29,33,000 by the<br />
President of India.<br />
The details of unclaimed shares as on 31 st March, 2010 is<br />
given as under :<br />
Sl. Particulars No. of No. of<br />
No. cases shares<br />
involved<br />
IPO – 1.4.2009 to 31.3.2010<br />
1. Aggregate number of shareholders<br />
and the outstanding unclaimed<br />
shares as on 1.4.2009 659 56019<br />
2. No. of shareholders who approached<br />
for transfer of unclaimed shares<br />
during the year. 242 21509<br />
3. Number of shareholders to whom<br />
unclaimed share were transferred. 242 21509<br />
4. Aggregate number of shareholders<br />
and the outstanding unclaimed<br />
shares as on 31.3.2010. 417 34510<br />
41st ANNUAL REPORT 2009-10<br />
Sl. Particulars No. of No. of<br />
No. cases shares<br />
involved<br />
FPO – 6.3.2010 to 31.3.2010<br />
1. Aggregate number of shareholders<br />
and the outstanding unclaimed<br />
shares as on 6.3.2010 205 50790<br />
2. No. of shareholders who approached<br />
for transfer of unclaimed shares<br />
during the year. 119 32370<br />
3. Number of shareholders to whom<br />
unclaimed share were transferred. 119 32370<br />
4. Aggregate number of shareholders<br />
and the outstanding unclaimed<br />
shares as on 31.3.2010. 86 18420<br />
27. FINANCIAL STATEMENTS / DOCUMENTS UNDER<br />
SECTION 212 OF THE COMPANIES ACT, 1956.<br />
On an application made by the Company, the Ministry of<br />
Corporate Affairs, Government of India, vide its letter<br />
dated 18.5.2010 has granted exemption to your Company<br />
from attaching the financial statements of its subsidiary<br />
companies for the financial year 2009-10, pursuant to<br />
Section 212(8) of the Companies Act, 1956. Accordingly,<br />
copies of the balance sheet, profit and loss account and<br />
reports of the board of directors and auditors of the<br />
subsidiaries have not been attached with the balance sheet<br />
of the Company. However, these documents will be made<br />
available upon request by any member of the Company<br />
interested in obtaining the same. As directed by the Central<br />
Government, the financial data of the subsidiaries has been<br />
furnished in the Notes on consolidated financial<br />
statements, which forms part of the Annual Report. The<br />
annual accounts of the Company including that of<br />
subsidiaries will be kept for inspection by any member.<br />
Further pursuant to Accounting Standard-21 (AS-21)<br />
prescribed under the Companies (Accounting Standard)<br />
Rules, 2006, Consolidated Financial Statements presented<br />
by the Company include financial information about its<br />
subsidiaries.<br />
28. STATUTORY AND OTHER INFORMATION<br />
REQUIREMENTS<br />
Information required to be furnished as per the Companies<br />
Act, 1956, Listing Agreement with Stock Exchanges,<br />
Government guidelines etc. is annexed to this report as<br />
under :-<br />
Particulars Annexure<br />
Management Discussion & Analysis Report I<br />
Company’s Report on Compliance with<br />
Corporate Governance II<br />
Certificate on Corporate Governance issued<br />
by the Joint Statutory Auditors of the Company III<br />
Statement pursuant to Section 212 (1) (e) of the<br />
Companies Act, 1956 relating to<br />
subsidiary companies. IV