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

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72 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 0 Interest accrued 30,237.55 34,630.97 Received during the year * 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 76,256.79 1,01,169.91 * Also includes one (previous year two) fully prepaid cases. 40. Previous year figures have been regrouped/rearranged/ recasted, wherever necessary, to make them comparable with the current year figures. 41. Figures have been rounded off to the nearest lacs. 42. Schedules 1 to 17 form an integral part of the Balance Sheet and Profit & Loss Account and have been duly authenticated. 43. Balance Sheet Abstract and company’s General Business Profile as per Part IV of Schedule VI of the Companies Act, 1956. 1. REGISTRATION DETAILS: Registration No. 005095 State Code 55 Balance Sheet Date: 31 03 2010 Date Month Year Amount (Rs. in lacs) 2. CAPITAL RAISED DURING THE YEAR 12,879.90 3. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS Total Liabilities 6702856. 33 Total Assets 6702856.33 SOURCES OF FUNDS Paid up Capital 98,745.90 Reserves and Surplus 10,09,287.59 Secured Loans 46,24,473.81 Unsecured Loans 9,70,349.03 Deferred Tax Liability NIL APPLICATIONS OF FUNDS: Net Fixed Assets (Incl. Capital WIP) 8,990.92 Investments 90,985.87 Net Current Assets (43,118.60) Loans 66,45,261.38 Deferred Tax Assets 736.76 Misc. Expenditure NIL Accumulated Losses NIL 4. PERFORMANCE OF COMPANY (Rs. In Lacs) Turnover 670,760.28 Total Expenditure 405,840.85 Profit before Tax 264,919.43 Profit after Tax 200,141.58 EPS in Rs. 23.06 Dividend Rate Rs. 6.50 per share 5. (On an equity share of Rs. 10/- face value ) GENERIC NAMES OF PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY Item Code No. N.A. Financial Services Signatures to all Schedules 1 to 17 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 Bansal & Co. In terms of our Report of even date For K.G.Somani & Co., Chartered Accountants Chartered Accountants (D.S.Rawat) (Bhuvnesh 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
SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDED 31.03.2010 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS (a) Accounting Convention: - The financial statements are prepared under the historical cost convention on accrual basis and in accordance with generally accepted accounting principles and applicable accounting standard in India. The financial statements adhere to the relevant presentational requirement of the Companies Act, 1956. (b) Use of Estimates: - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure thereof at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Difference between the actual results and estimates are recognized in the period in which results materialize. 2. REVENUE RECOGNITION The Corporation has formulated its own detailed Prudential Norms which are broadly based on the Prudential Norms prescribed by RBI for NBFCs. Accounting is done in accordance with these Prudential Norms of REC and the salient features of the same for Income Recognition, Asset classification and Provisioning are as under: 2.1. Income Recognition a. Income on Non Performing Assets where interest/ principal has become overdue for two quarters or more is recognized as and when received and appropriated. Any such income recognized before the asset becomes non-performing and remaining unrealized is reversed. Unless otherwise agreed, the recoveries from the borrowers are appropriated in the order of (i) costs and expenses of REC (ii) penal interest including interest tax, if any (iii) overdue interest including interest tax, if any, and (iv) repayment of principal, the oldest being adjusted first. In respect of loans whose terms are renegotiated / rescheduled / restructured, income is recognized on accrual basis when it is reasonably expected that there is no uncertainty of receipt of dues from the borrowers and a legally binding Memorandum of Agreement has been executed and there has been satisfactory performance under the renegotiated or rescheduled or restructured terms till a period of at least one year from the effective date of the corresponding MOU. b. Income of Agency Charges on RGGVY Schemes is recognized on the basis of the services rendered and amount sanctioned by the Ministry of Power. c. Income from investments (1) Income from dividend on shares of corporate bodies and units of mutual funds shall be taken into account on cash basis: Provided that the income from dividend on shares of corporate bodies may be taken into account on accrual basis when such dividend has been declared by the corporate body in its annual general meeting and REC’s right to receive payment is established. (2) Income from bonds and debentures of corporate bodies and from Government securities/bonds shall be taken into account on accrual basis: Provided that the interest rate on these instruments is predetermined and interest is serviced regularly and is not in arrears. (3) Income on securities of corporate bodies or public sector undertakings, the payment of interest and repayment of principal of which have been guaranteed by Central Government or a State Government shall be taken into account on accrual basis. 2.2 Assets Classification Loans and advances and any other form of credit are classified into the following classes, namely: (i) Standard Assets: ‘Standard assets’ means an asset which is not an NPA and in respect of which no default in repayment of principal or payment of interest is perceived and which does not disclose any problem or carry more than normal risk attached to the business, or a deemed standard asset which is defined below; and ‘a deemed standard asset’ means A facility made to a state utility against state government undertaking for deduction from central plan allocation for making payment to REC against its unpaid dues. (ii) Sub-Standard Assets: ‘Sub-standard asset’ means: (a) an asset which has been classified as non-performing asset for a period not exceeding 18 months; (b) an asset where the terms of the agreement regarding interest and / or principal have been renegotiated or rescheduled or restructured, until the expiry of one year of satisfactory performance under the renegotiated or rescheduled or restructured terms. (c) The rescheduling or restructuring or renegotiation of a standard infrastructure loan asset shall not cause it to be reclassified if the revised project is found to be viable by the competent authority. (iii) Doubtful Assets: Doubtful asset means an asset which remains a substandard asset for a period exceeding 18 months. (iv) Loss Assets: Loss assets means – a) An asset which has been identified as loss asset by REC to the extent it is not written off by REC or the asset remains doubtful for a period exceeding 5 years, whichever is earlier. b) An asset which is adversely affected by a potential threat of non-recoverability due to either erosion in the value of security or non availability of security or due to any fraudulent act or omission on the part of the borrower. 73
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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
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18 SHRI DEVENDER SINGH Government N
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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 70 and 71: 68 25. Subsequent to settlement of
Page 72 and 73: 70 Changes in the Fair value of Pla
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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