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

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68 25. Subsequent to settlement of liabilities of REC between MPSEB and CSEB on bifurcation of erstwhile State of MP, there is a legal dispute between them regarding sharing of dues, as a result of which CSEB has been claiming refund of approx. Rs.16,000 lacs plus interest which if accrues shall be payable by MPSEB. 26. The expenses of Rs.643.98 lacs incurred up to 2006-07 on RGGVY implementation were adjusted out of interest earned on such funds. The Corporation had approached MOP for regularization of above adjustments which is still pending. The management considers that amount is still recoverable from Govt. of India. 27. The pay revision of the employees of the Corporation is due w.e.f. 1st January 2007. Pending final calculation of revised pay scales (including perks) as notified by Govt. of India and approved by Board of Directors an estimated additional provision Rs. 2,026.24 lacs based on average salary (Previous year Rs. 463.16 lacs) had been made towards wage revision arrears during the year and accordingly Rs. 3,306.24 lacs (previous year Rs. 1,280 lacs) is cumulatively available toward provision for wage revision including for non executive employee for whom no such notification is available but there arrear have also been considered in line with such notification. Actuarial valuation of employees benefits and incentive have been carried out considering the estimated revised wages. 28. Details of provision as required in AS-29 (Rs. In lacs) As at As at 31/03/2010 31/03/2009 (a) Interim Dividend As per last Balance Sheet - - Addition during the year 25759.80 17173.20 Amounts paid/utilized during the year 25759.80 17173.20 Closing Balance - - (b) Proposed Dividend As per last Balance Sheet 21466.50 25759.80 Addition during the year 34561.07 21466.50 Amounts paid/utilized during the year 21466.50 25759.80 Closing Balance 34561.07 21466.50 (c) Corporate Dividend Tax As per last Balance Sheet 3648.23 4377.88 Addition during the year 10117.19 6566.81 Amounts paid/utilized during the year 8025.26 7296.46 Closing Balance 5740.16 3648.23 29. The Corporation has adopted AS15 (revised 2005) ‘Employees Benefit’. Defined employee benefit scheme are as follows: a. Provident Fund Corporation pays fixed contribution of Provident Fund at pre-determined rates to a separate trust which invests the funds in permitted securities. The trust is required to pay a minimum rate of interest on contribution to the members of the trust. The fair value of the assets of the Provident fund including the returns of the assets thereof, as at 31st March, 2010 is greater than the obligation under the defined contribution plan. b. Gratuity The Corporation has a defined benefit gratuity plan. Every employee is entitled to gratuity as per the provision of the payment of Gratuity Act. The scheme is funded by the Corporation and is managed by separate trust. The liability of Gratuity is recognized on the basis of actuarial valuation. c. Post-Retirement Medical Facility (PRMF) The corporation has Post Retirement Medical Facility and Settlement benefits under which entitled employee (including spouse) are covered as per Corporation’s rule. This is recognized in the profit & loss account on the basis of actuarial valuation. d. Leave Travel Concession (LTC) The Corporation has a scheme of providing LTC to employees and their dependents. This is recognized in the profit & loss account on the basis of actuarial valuation. e. Other Defined Retirement Benefit (ODRB) The Corporation has a scheme for settlement at the time of superannuation at home town for employees and dependents. This is recognized in the profit & loss account on the basis of actuarial valuation.
The summarized position of various defined benefit recognized in the Profit & Loss Account, Balance sheet and the funded status are as under : Expense recognized in P&L A/c:- Rs. In Lacs Particulars Gratuity PRMF ODRB (31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09) a) Current Service Cost 139.91 116.14 57.10 46.79 0.78 0.72 b) Interest Cost 198.00 110.43 168.36 128.48 1.31 1.07 c) Expected Return on Plan Assets (243.67) (135.04) NIL NIL NIL NIL d) Acturial (Gain) Loss recognized in P&L A/c 277.02 (65.04) 452.80 385.24 3.26 3.26 e) Past Service Cost NIL 948.48 NIL NIL NIL NIL f) Expense recognized in P&L A/c 371.26 974.96 678.25 560.51 5.36 5.05 Expenses to be recognized in P&L A/c as per Actuary Less : Contributions received by the Gratuity Trust : Rs. 371.26 lacs from other organizations for new employees Add : Amount recognized on account of employees exited : Rs. 8.17 lacs From services from 01/01/2007 to 31/03/2009 on estimation basis : Rs. 101.63 lacs Net Expenses recognized in P&L A/c : Rs. 464.72 lacs Amounts recognized in Balance Sheet:- Particulars Gratuity PRMF Rs. In Lacs ODRB (31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09) a) Present value of obligation as at the end of year 3142.92 2640.04 2742.05 2244.78 19.16 17.48 b) Fair value of Plan Assets as at the end of the year 2779.83 1672.62 NIL NIL NIL NIL c) Difference (b - a) (363.09) (967.42) (2742.05) (2244.78) (19.16) (17.48) d) Net Assets/ (Liability) recognized *(of gratuity trust) (363.09) (967.42)* (2742.05) (2244.78) (19.16) (17.48) Liability to be recognized in Balance Sheet as per Actuary Add : Liability recognized on account of employees exited : Rs.363.09 lacs from services from 01/01/2007 to 31/03/2009 on estimation basis : Rs.101.63 lacs Total Liability recognized in Balance Sheet : Rs.464.72 lacs Changes in the Present value of defined benefit/ Obligation:- Particulars Gratuity PRMF Rs. In Lacs ODRB (31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09) a) Present value of obligation as at the beginning of the period 2640.04 1577.53* 2244.78 1835.43 17.49 15.29 b) Interest Cost 198.00 110.42 168.36 128.48 1.31 1.07 c) Past Service Cost Nil 948.48 NIL NIL NIL NIL d) Current Service Cost 139.91 116.14 57.10 46.79 0.78 0.72 e) Benefit Paid (105.42) (41.29) (180.98) (151.17) (3.68) (2.86) f) Net Acturial (Gain)/ Loss 270.39 (71.24) 452.80 385.24 3.27 3.26 g) Present Value of defined benefit/ obligation as at the end of the period *(of gratuity trust) 3142.92 2640.04* 2742.05 2244.77 19.16 17.48 69
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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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12 41st ANNUAL REPORT 2009-10 11. A
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14 41st ANNUAL REPORT 2009-10 As me
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16 Shri Venugopal N. Dhoot Dr. Devi
Page 20 and 21: 18 SHRI DEVENDER SINGH Government N
Page 22 and 23: 20 To The Shareholders, The Directo
Page 24 and 25: 22 crore and Fixed Assets of Rs.89.
Page 26 and 27: 24 (DSM), Municipal DSM, Bachat Lam
Page 28 and 29: 26 Sl. Programme No. of No. of No.
Page 30 and 31: 28 21.3 Four quarterly review meeti
Page 32 and 33: 30 Electricity Department of Manipu
Page 34 and 35: 32 41st ANNUAL REPORT 2009-10 TABLE
Page 42 and 43: 40 The performance orientation buil
Page 44 and 45: 42 As a listed company and a good c
Page 46 and 47: 44 (ii) The terms of reference of t
Page 48 and 49: 46 3.1.8 FPO Committee During the y
Page 50 and 51: 48 the Company are published in lea
Page 52 and 53: 50 (xi) Distribution of Shareholdin
Page 54 and 55: 52 SOURCES OF FUNDS Shareholders’
Page 56 and 57: 54 Authorised SCHEDULE ‘1’ CAPI
Page 58 and 59: 56 88th Series - 8.65% Redeemable a
Page 60 and 61: 58 SCHEDULE- ‘5’ FIXED ASSETS A
Page 62 and 63: 60 SCHEDULE ‘8’ DEFERRED TAX LI
Page 64 and 65: 62 SCHEDULE ‘11’ OPERATING INCO
Page 66 and 67: 64 SCHEDULE ‘15’ ADMINISTRATION
Page 68 and 69: 66 15. Auditors’ Remuneration inc
Page 72 and 73: 70 Changes in the Fair value of Pla
Page 74 and 75: 72 Rs. In Lacs. Particulars As at N
Page 76 and 77: 74 For the purpose of application o
Page 78 and 79: 76 In terms of our Report of even d
Page 80 and 81: 78 To The Members of Rural Electrif
Page 82 and 83: 80 by our audit and in the immediat
Page 84 and 85: 82 COMMENTS OF THE COMPTROLLER & AU
Page 86 and 87: 84 CONSOLIDATED SOURCES OF FUNDS Sh
Page 88 and 89: 86 CONSOLIDATED Authorised SCHEDULE
Page 90 and 91: 88 CONSOLIDATED 88th Series - 8.65%
Page 92 and 93: 90 CONSOLIDATED SCHEDULE- ‘5’ C
Page 94 and 95: 92 CONSOLIDATED SCHEDULE ‘8’ DE
Page 96 and 97: 94 CONSOLIDATED SCHEDULE ‘11’ O
Page 98 and 99: 96 CONSOLIDATED SCHEDULE ‘17’ C
Page 100 and 101: 98 CONSOLIDATED 21. Disclosure in r
Page 102 and 103: 100 CONSOLIDATED Amounts recognized
Page 104 and 105: 102 CONSOLIDATED 35. The Corporatio
Page 106 and 107: 104 CONSOLIDATED CONSOLIDATED SIGNI
Page 108 and 109: 106 AUDITORS’ REPORT TO THE BOARD
Page 110 and 111: 108 ADDRESSES OF REC OFFICES Sl. RE
Page 112 and 113: 110 Sl. REC Offices Addresses Telep
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REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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